Enterprise Trustees the leading private pension administration company in Ghana held a   review session for all its service providers on their master trust schemes at the Tang Palace Hotel, Airport Residential Area. The meeting dubbed the “Power Breakfast” was under the theme “Outlook of the Ghanaian economy in 2016 and its likely impact on Pension Funds”. The meeting saw the gathering of leading pension industry experts i.e. Fund Managers, Custodians & the sole Auditor for all schemes E & Y .This gathering included the Scheme Board members under Enterprise Trustees master trust schemes.

Mr. Joseph Ampofo, the General Manager of Enterprise Trustees in his welcome address reiterated the need for Pensions Service providers to act with integrity and constantly strive to improve service to the schemes. He emphasized the point “ the growth of the assets are paramount to ensuring members live their retirement dreams and this must be done by taking prudent investment decisions today”.  He challenged various industry leaders gathered to lead with conviction and steer the pensions industry to greater heights by demanding excellence from each other as well as fostering more collaboration to drive innovation. The General Manager revealed to date it had received into its custody accounts about Ghs54M from the NPRA being, Temporary Pension Fund from January 2010 to December 2013 for some of its clients. These funds have subsequently been invested. He informed the gathering that NPRA intends to transfer by June all outstanding TPF as such participating employers under Tier 2 should rest assured this is a process and would be completed shortly.

The Enterprise Group Chief Executive Officer, Mr Keli Gadzekpo  reaffirmed the support the Group was giving to Enterprise Trustees in a bid to ensure clients under the pensions cluster received the best of services. One of the key Fund Managers under Enterprise Master Trust Schemes, Mr. Alex Asiedu of Stanlib Ghana Ltd led discussions on the 2016 economic outlook and its likely impact on the pension fund for 2016. 2016 being an election year which traditionally has seen governments overspend may be curtailed to some extent. This is because this time round   the external watchdog IMF is keeping a close eye. Though inflation is expected to remain high the yield curve is expected to correct in 2016 as steps are taken to ensure fiscal consolidation. It is predictable the tight monetary policies currently in place will continue as government tries to manage the volatile currency situation exacerbated by an import driven economy.

Suggestions to direct pension funds into more long term investments which have lower yields is likely to impact on returns.  According to Alex the pension industry would evolve and the basis of competition will shift to service delivery. There was also a delivery by Mr. Albert Amekugee, Head of the Ecobank Ghana Custody services enumerated the major role that Custody plays in the current Pensions regime.  Representatives of participating employers who sit on the various Scheme Boards as Member-Nominated Trustees interrogated the issues raised to provide more clarity for 2016 business.

Enterprise Trustees Limited a subsidiary of the Enterprise Group and is the leading private pension’s management company in Ghana and  operates 7 master Trust schemes and provides administration services for more than 20 employer sponsored schemes.