Ghana - Apply for Pension Fund Custodians License

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Procedure

Apply In-Person:

1. Application form for Pension Fund Custodians License is available in the National Pensions Regulatory Authority office in Ghana contact link
2. Applicants approach the NPRA office and applicants can get their application form.
3. Applicant has to enter all the information in the application form.
4. Applicant must make sure to carry both photocopies and originals of all the documents are necessary for completing this procedure.
5. Applicant must make sure to carry all necessary documents that are mentioned under “Required Documents” section of this page. (Both photocopies and originals)
6. Applicant should attach photocopies of documents (whichever is necessary) along with the applicant from while submitting it at the office.
7. The Fee for this procedure has to be paid as per authority’s request.
8. If all the above mentioned procedures were followed properly by the applicant, the application form will be viewed by concerned authorities and the applicant will be notified regarding their License.
9. This application will be processed and information will be verified by the NPRA.
10. If the verification is successful, notification will be sent to the applicant.
11. After the notified period applicant gets certificate as per applicable delivery norms.

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Required Documents

The following are the registration requirements:

• The Applicant must submit to the NPRA, evidence that:
  • It is a body corporate;
  • It is a Bank or a wholly owned subsidiary of a Bank.
  • It has sufficient expertise and management resources in Ghana to conduct its business operations effectively.
• The Application shall be accompanied by:
  • A Certified True Copy of the Regulations of the Applicant Company.
  • Latest three (3) years Audited Accounts & Reports of the Company, or the latest copy of Audited Accounts & Report for a parent Company in operation for less than a year.
  • Attestation of the willingness and capacity on the part of the Applicant to comply with the provisions of the Pensions Act and NPRA’s supervisory requirements and standards on a continuous basis, if the application is approved.
  • Copy of SSNIT Employer Registration Certificate
  • Duly completed application form and supporting documents should be submitted in both hard and soft copies in sealed envelopes to the following address

Office Locations & Contacts

Address: CHIEF EXECUTIVE OFFICER NATIONAL PENSIONS REGULATORY AUTHORITY
PMB, MINISTRIES POST OFFICE, ACCRA.
Government office in Accra, Ghana
Su tower, No.18CastleRd, RidgeAccra
HQ7X+C4Accra.Ghana.
Hours: Closed ⋅ Opens 8AM
Phone: +233 30 296 8692/ +233 (302) 968 693
Toll free number: 0800766000 (MTN Toll Free)
Email id: [email protected]
Website LINK
Contact link
Location link

Eligibility

• An Applicant shall be eligible for appointment as Pension Fund Custodian if that Applicant:
• Issues a Guarantee to the full sum and value of pension fund assets held by it or to be held by it.
• An Applicant shall not be appointed as a Custodian of Pension Scheme assets unless that Applicant:
  • Is a body corporate.
  • Is a Bank or wholly owned subsidiary of a Bank.
  • Has sufficient presence and control in Ghana.
  • Is independent of the Approved Trustee and Pension Fund Managers appointed in respect of the Scheme, and all delegates of the Trustee and Pension Fund Manager

Fees

• The Fee for this procedure has to be paid as per authority’s request.

Validity

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever

Documents to Use

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Sample Documents

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Processing Time

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Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.gIn the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

Please provide other instructions related to the certificate/documents.
E.g. the state office holds birth records since January 1908.

Required Information

• Applicant name
• Applicant address
• Contact number
• Email id
• Name, Address (physical and electronic) telephone numbers of the person to whom enquiries may be referred.
• Address and location of the Applicant’s Registered Office, and Head Office if different from the Registered Office.

Need for the Document

• A Pension Fund Custodian shall present to an Approved Trustee of a registered scheme, for purpose of performing its functions under the National Pensions Act, an Annual Report which shall contain a copy of the audited profit and loss account and the balance sheet for the financial year of the Custodian, together with a copy of the Auditor’s Report on these documents, and the Directors’ Report for that year.

Information which might help

• In developing these requirements, the National Pensions Regulatory Authority (NPRA) has provided Pension Fund Custodians with the minimum requirements as to how it could achieve the prudential objectives of the requirements.
• Furthermore, these requirements are not intended to be all encompassing, references to the Act and the Regulations shall always be taken into consideration.

Other uses of the Document/Certificate

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e.g. Birth Certificate can be used as proof of identity.

External Links

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Others

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