GLICO Pensions, a subsidiary of GLICO Group Limited, holds an interactive meeting with the Defence Civilian Staff
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A team from GLICO Pensions, a subsidiary of GLICO Group Limited, has held an interactive meeting with the Defence Civilian Staff (DCS) on Wednesday, 20 December 2023 at the Burma Hall, Burma Camp.

The meeting was held to educate the staff on GLICO Pension funds and procedures to follow to access statements digitally.

A member of the Business Development Department, GLICO, Mr Nathan Nana Benyin Boham stated that the enactment of the National Pensions Act, 2008 (Act 766) mandated the introduction of the three-tier pension scheme. The scheme according to him, has made it possible for most institutions, including the Ghana Armed Forces, to establish pension schemes for their employees with an employer remitting thirteen and half per centum (13.5%) on behalf of the employee to the first tier mandatory Social Security and National Insurance Scheme (SSNIT). The second-tier contribution, would have five per centum (5%), which GAF remits to GLICO Pensions, and the third tier being a voluntary scheme of 16.5% contributed by both employer and employee.

He also highlighted some benefits of the three (3) pension tiers. He indicated that the first mandatory tier which was SSNIT offers a regular monthly pension, invalidity monthly pension, and lump sum death benefit to the nominated beneficiaries. He further stated that one would be entitled to enjoy their regular monthly benefits only after contributing for 15 years.

He also mentioned the tier 2 or the GLICO Pension also offers lump sum retirement, disability, and death benefits, whereas the voluntary scheme or 3 tier offers lump sum, retirement disability, and death benefits.

The Director General, Department of Civilian Establishment (DGCE), Brigadier General (Brig Gen) Anita Asmah, and the Deputy Director, Department of Civilian Establishment (DDGCE), Colonel (Col) Eric Annor were also present at the meeting.