Daakye Personal Pension Scheme

This scheme takes inspiration from the provisions of Article 37(6) (a) of the 1992 Constitution of Ghana which enjoins the State to: "ensure that contributory schemes are instituted and maintained that will guarantee economic security for self-employed and other citizens of Ghana.

Daakye Personal Pension Scheme is established under The National Pensions Law, Act 766 (2008) as amended to address the lack of retirement income for workers in Ghana. Currently, most self employed workers in Ghana's economy have no income to rely on at old age. Established in accordance with the relevant sections of the National Pensions Law, Act 766 (2008) as amended, Daakye Personal Pension Scheme addresses the precarious lack of income at old age for self employed workers and provides a top up enhanced pension for workers who are covered by the basic national social security.

Individuals, Groups and Associations are encuraged to join the scheme for a comfortable financial security at old age.

SUMMARY OF SCHEME RULES

Every member of the scheme shall be issued a membership certificate.
Two (2) separate sub-accounts namely savings and retirement / pension are maintained for each member.

Investment income shall be credited to each Member’s Accounts.

A member may access portion of his or her accrued benefits from the savings account under the terms and conditions below:

CONDITIONS FOR WITHDRAWAL

In accordance with section 110 of The National Pensions Law, Act 766 (2008) as amended, Members shall make withdrawal based on the following qualifying conditions:

• A member may withdraw part of his / her accrued benefits from the scheme after five years from the date of first contribution.
• Following a certification by a medical board that a member is incapable of gainful employment by virtue of a permanent physical or mental disability.
• The beneficiaries of the estate of a deceased contributor shall withdraw the accrued benefits of the deceased from the scheme.
• Income tax shall be charged on the amounts withdrawn if a member does not meet the statutory five years vesting period prescribed in The National Pensions Law, Act 766 (2008)
• A member shall contribute for at least 180 months to qualify for monthly or quarterly pension from age 60 and above.
• A member who was unable to meet the minimum180 months contribution shall be paid a lump sum.
• a foreigner who may be departing permanently from Ghana shall be paid his or her total benefit from the scheme.