The employers and employees pension guide. Pensions play a crucial role in ensuring financial security and well-being for individuals in their retirement years. In Ghana, the landscape of employer-sponsored pensions has evolved significantly in recent years, reflecting the country’s commitment to improving social safety nets and promoting financial stability for its workforce. Understanding the intricacies of the pension system is of paramount importance for both employers and employees alike. The employer and employed both have responsibilities under the National Pensions Act, 2008 Act 766. If an employer does not comply with the Act, he can incur penalties and suffer a loss of reputation. This comprehensive guide aims to shed light on the essential aspects of employer and employee pensions in Ghana. It will provide insights into the legal framework governing pensions, contribution requirements, the role of regulatory bodies, and the benefits that pension schemes offer to employees. As Ghana’s economy continues to grow and demographics change, the importance of robust pension planning cannot be overstated. Navigating the complex terrain of pension schemes can be challenging, but this guide will serve as a valuable resource for employers seeking to fulfill their obligations and employees looking to secure their financial future. By delving into the nuances of pension contributions, investment options, and retirement planning, this guide will empower both employers and employees to make informed decisions that will shape their retirement years in Ghana.  


Employer’s obligation 

  • Register with both SSNIT and a fund manager of his choice.
  • Ensure all their employees are registered with SSNIT.
  • Deduct and pay contributions on their behalf. 
  • Submit required returns and contributions at the end of every month. 
  • Make pension payments not later than the 14th day of the following month as late payment will attract a penalty.
  • Keep adequate personal records, including their social security numbers, NIA Number, remunerations, payroll reports and monthly returns.
  • Notify SSNIT of change in labour force, location, status, and cessation of operation. 
  • Make available all such information and documents for inspection when required to do so by an accredited officer of the Trust.


Employee’s Obligation

  • Register with SSNIT to get a Social Security number.  
  • Be truthful in the information you provide to register with SSNIT. Untruthfulness can have consequences.
  • Contribute to the SSNIT Scheme during their working life. 
  • Check that your employer deducts and pays your contributions to SSNIT and your pension fund managers. 
  • If your employer does not make deductions and payment on your behalf, notify SSNIT and your fund manager.
  • Do not register more than once. If you lose your card or forget your number, report it to SSNIT and they will help you. It is criminal to register more than once. You also lose your earlier contributions.
  • Notify SSNIT and your fund managers of any changes to your personal data and your next of kin.
  • Notify SSNIT of any disability or decision to take early retirement.
  • To get the full benefits, contribute for 240 months before age 60.
  • An employee cannot opt out till he/she is over 55 years.

In the vibrant tapestry of Ghana’s workforce, the topic of employer and employee pensions has emerged as a vital thread. Pensions are the cornerstone of financial security in one’s twilight years, and understanding their dynamics is crucial for both employers and employees. This concise guide is designed to illuminate the key facets of Ghana’s pension system. It will explore the legal framework, contribution requirements, regulatory oversight, and the tangible benefits that pension schemes offer to employees. As Ghana’s economy continues to evolve, this guide equips employers and employees alike with the knowledge needed to navigate the intricate path towards a secure retirement.

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