Metropolitan Pensions Trust Insurance Ghana Corporate Products
Occupational Pension Scheme
The Metropolitan Occupational Pension Scheme is a mandatory fully funded and privately managed occupational pension (Tier 2) scheme aimed at providing members and their beneficiaries with lump sum pension benefits on termination of service, death or retirement in accordance with the Pensions Act.
At Metropolitan, we combine efficient administration utilizing our team of experienced and well trained staff and a stable administrative technology solution to ensure your retirement funds grow and are secured. We focus on managing the complexities, enabling employers to focus on managing their businesses.
- 5% of gross salary for contributors of tier one
- 18.5% of gross salary for employees exempted from tier one
- Normal Retirement at age 60 and above
- Early retirement from age 50 ( if not employed or self-employed)
- Non Ghanaians emigrating permanently
- Medical Board declaring a contributor as no longer mentally or physically capable of performing the functions of office.
- Upon Death benefit is paid to nominated beneficiaries.
Assignment of Benefit
Use of lump sum benefit as collateral to secure mortgage for primary residence.
Provident Fund Scheme
The Metropolitan Provident Fund Scheme is a voluntary fully funded and privately managed provident fund scheme aimed at providing Members and their Beneficiaries with enhanced pension benefits to complement mandatory in accordance with the Pensions Act.
At Metropolitan, we combine efficient administration utilizing our team of experienced and well trained staff and a stable administrative technology solution to ensure your retirement funds grow and are secured. Now you can afford to maintain a decent lifestyle after retirement.
- Tax exemption up to 16.5%.
- No restrictions on contribution amount
- Withdrawals before 10 years (formal sector) and 5 years (informal sector) do not qualify for Tax benefits.Â
- Employee is paid a lump sum benefits.
Metropolitan Advantage over the others
- Online access: Online benefit statement, live beneficiary update, Projection Calculator, etc
- Over 100 years Group experience and expertise
- Over 6 years experience in managing pension funds in Ghana through our life company (Pension Provider)
- Fidelity and Professional Indemnity Insurance
- A brand endorsed by 10 million clients under admin in Africa – life, pensions and health mainly.
- Financial backbone
- Flexibility to meet requirements of employees including investment choice in terms of:
- Type of risk – conservative or balanced fund options.
- Pension fund managers – EDC, Databank, HFC, Firstbanc, Frontline Capital Advisor Fidelity, NDK, Cal Asset Manager.
- Back up of scheme records and data – Johannesburg, Cape Town and Ghana
- Effective member communication –Account Manager, web access, email, etc.
- Additional Benefits – Discounted/Life/Health
- Dignity and Peace of mind
Admin and Trustee Service
Administrative function (Employer sponsored schemes)
- Keeping of proper accounting records and members’ register
- Preparation and lodging of annual audited financial statements
Trustee function (Master Trust Scheme)
- Scheme Set up and Registration
- Membership management
- Contributions management/allocation
- Process transfers to / from other registered schemes.
- Benefit payment to members
- Management of investment process including formulating the investment policies/strategy and mandates
- Compliance of investment mandates