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CCT-GH Tier-3 Pension Scheme with PETRA

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Learn about the CCT-GH Tier-3 Pension Scheme with PETRA

PETRA
COALITION OF CONCERNED TEACHERS GHANA
Tier 3 Pension Scheme

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1. Which Laws establishes and governs Tier 3 Pensions in Ghana?

Answer: Pensions in Ghana are governed by and subject to the National Pension Act, 2008 (Act766) and its 2014 revision, the National Pensions revision Act (Act 883).

2. What percentage of my basic salary will be contributed into the
CCT-GH Tier 3 Pension

Answer: Each Member can make a voluntary contribution of between 1.5% to 16% of his/her basic salary to the scheme, which the Controller and Accountant Generals Department will deduct from the Member’s salary each month at the source and pay into the scheme

3. When can I access my Tier 3 funds?

Answer: Your funds will be accessible at any time, although withdrawals before 10 years may be subject to a withholding tax of 15%.

4. Which body is responsible for the investment decisions of the scheme?

Answer: A Board of Trustees has been established by CCT-GH to supervise the scheme’s management and administration. This Board consists of representatives from the employer and the scheme participants and oversees making important decisions pertaining to investments.

5. How can we get registered to be on the CCT-GH Tier 3 Pension Scheme?

Answer: All members who want to be a part of the Tier 3 scheme will be required to complete Employee Application Forms.

Members must provide details of themselves such as
i. Personal Details,
ii. Beneficiary data or next of kin details
iii. Any other relevant biodata.

6. Can I change or amend my personal details or information on file?

Answer: Yes, members may update the following from time to time:
i. Beneficiary nominations.
ii. Name (where sworn changes have been made).
iii. Postal address, telephone number and/or email address

7. What happens to my tier 3 contributions if I leave my current employer?

Answer: When you leave, you have three options

i. Transfer your contributions to your new employer.

ii. Transfer contributions into a personal pension scheme of choice to continue contributing.

iii. Redeem your funds.

8. What happens if a member passes on in active service?

Answer: The beneficiaries stated on the Employee Application Form completed by the deceased member will be paid any benefits due without tax implications.

9. How do I make a withdrawal?

Answer: You must request a redemption form, complete it, and send to the secretariat. The amount you intend to withdraw must be stated in the space provided on the form.

10. Can I use my tier 3 contributions to secure a mortgage?

Answer: Yes. You can use part or all your tier 3 benefits to secure a mortgage for the acquisition of a primary residence.

11. Can I use my tier 3 contributions as collateral for a loan?

Answer: Yes. You can use your accrued benefits as collateral for a
loan.

12. How will I be notified on contributions paid into the account?

Answer: The scheme has employed Petra Trust as an administrator to provide these services to the Board. Petra will send monthly SMS messages on monthly contributions made and
summary statements quarterly via email and SMS if you have provided these details to them.
You may also check the short code *447*70# to check account details
or submit contact details.

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For further information, please contact Petra:
Telephone: +233 (0) 242435037
Email: customerservice@petraonline.com
Web: h@p://www.petraonline.com
Location: 217 Airport West, Roman Ridge, Accra
Mailing Address: P.O. Box CT 3194 | Cantonments | Accra | Ghana

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