NPRA Unibank

Accra, Mar. 27, - The National Pensions Regulatory Authority (NPRA) says Pension Funds of trustees who have appointed UniBank as their Custodian Bank will not be affected by the appointment of KPMG as official administrator.

This was contained in a statement issued by the NPRA on Monday, in reference to the Bank of Ghana’s announcement of the appointment of an administrator in a press release issued on Tuesday the 20th March, 2018.

The BoG‘s move is in line with the provisions under section 108 of Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

The statement said the National Pensions Act, 2008 (Act 766) as amended, had made special provisions for such takeovers in section 209 (1 and 2) as follows:

"Despite the provisions of any other enactment, pension funds or assets kept with a custodian under this Act shall not be used for the payment of claims of a custodian’s creditors in the event of liquidation of the custodian."

"In the case of winding up, liquidation or cessation of business of the custodian or any or all of its shareholders, the pension funds or assets in the custody of the custodian shall not be seized or be subject to execution of a judgment debt or from transfer to another custodian."

“The Authority wishes to reassure its stakeholders, especially Trustees who have appointed Unibank Ghana Limited as a Custodian, and whose schemes hold bank securities of the Bank, that all the necessary engagements are being held to ensure that pension fund assets are safe guarded,” it said, adding the Authority will not renege on its mission of ensuring retirement income security.

GNA