NPRA calls for powers to prosecute

The chief executive officer for the National Pension’s Regulatory Authority (NPRA), Hayford Attah Krufi has called for the authority to be given the power to prosecute.

Speaking at a training workshop on the 3-Tier pension scheme, Krufi said, “we need to be given the power to prosecute. In as much as we have to educate and sensitize, it comes to a point where we have to enforce and there is a limit to which we can go.”

“That limit is the fact that we do not have the power to prosecute,” he explained.

He noted that the Social Security and National Insurance Trust (SSNIT) which comes under the NPRA is able to prosecute but the regulator of the industry does not have the power to do so.

Krufi further stated that the provisions in the National Pensions Act, 2008 (Act 766) does not clearly give the authority the power to prosecute anyone who contravenes the provisions of the Act.

He reiterated that this year the authority would bring into force a taskforce.

“If we talk about taskforce, it is no more going to be only talk, we are going to actualize it,” he noted.

The authority is making all efforts to unify all parallel schemes operating before the reform such as the CAP 30 under the 3-Tier Scheme in compliance with section 213 of Act 766.

As part of the efforts, NPRA will later this month convene a high level conference on the process of finally unifying all pension schemes.

The authority has developed a consumer protection policy for the industry, which will serve as the benchmark for assessing the service providers’ with contributors and the general public.

By Joshua W. Amlanu