NPRA to unveil new ‘governance code’ for pension fund managers

The National Pensions Regulatory Authority has completed work on the proposed ‘governance code’ for corporate trustees, aimed at strengthening regulation in the pension funds industry.

Speaking at the launch of PenSure, an Insurance and pension package between Allianz Life and Pension Alliance Trust, Director of Research at the NPRA, Ernest Amartey Vondee, said the NPRA is awaiting for the creation of its board to approve the implementation of the governance code.

The country’s insurance and pension industry is expanding with the introduction of many innovative products from existing and new firms.

To this end, the NPRA and the National Insurance Commission are collaborating to ensure enhanced regulation.

Amartey Vondee said the promulgation of a governance code is very critical to the industry to meet its growing trend.

It is very important to us because we feel the industry is growing and managers of pension funds should manage the pension funds themselves in order to provide some further protection to the funds. The code will be for corporate trustees and some other fund managers in the industry to boost confidence in the industry” he said.

He therefore believes that the code will be among the first things the board will consider when constituted.

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Managing Director of Allianz Life, Gideon Atarere is confident that the newly launched product will help secure the future of many insured pensioners.

CEO of Pensions Alliance Trust, Ras Boateng, for his part stated that the partnership with Allianz Life Insurance will enable contributors to enjoy even more value from their pension contributions as they do not have to wait until retirement to begin to reap these extra benefits.

This package enhances the financial security of the individual contributor by providing him/her with free hospitalization benefit, disability and life insurance cover.

All Pensions Alliance Trust contributors enrolled on Pensions Alliance Trust Tier 3 and Enidaso Wealth Builder Pension Scheme will automatically enjoy PenSure.