Zenith Custodian Services FAQs
A. The assets and funds under our custody will be kept separately from the bank’s own assets, both in book entry and in physical cash.
In addition to the above the department maintains separate banking software,
Temenos T24, which enables it to monitor funds belonging to the individual schemes on a daily basis.
Contributions and assets are also monitored externally by the NPRA in the form of the demand for reports on a regular basis.
A. Contributions are lodged with the custodian bank. Thus the collapse or bankruptcy of the
trustee will not affect the contributions by individual employers/employees.
In other words the trustee manages the funds in trust for employers however the physical assets such as cash and
securities are maintained with the custodian bank. The segregation of duties ensures that the risk of the
loss of pensions when a trustee folds up is mitigated.
Higher lump sum benefits, with workers having a better control over their pension benefits under the privately managed second and third tier schemes.
Financial autonomy and independence of pensioners, with consequent improved living standards.
Member involvement in the running of the Schemes at the second and third tier levels, which will help promote a sense of ownership, and create confidence that the schemes are being run properly.
Shorter qualifying period for payment of lump sum for contributors. Under the new pension scheme, members will now require 15 years to qualify for pensions instead of 20 years previously required. In addition, survivors benefit period is increased from 12 years to 15 years.
Allows for additional voluntary contributions into the third-tier scheme so as to accrue more benefits for their retirement. The private management of the second and third-tier schemes under a free competition environment will increase efficiency and reduce costs, which will benefit members ultimately.
Significant source of investment capital for national economic development. Experience of other countries show that, resources accruing from pension schemes have contributed immensely to national savings and investment, and Ghana stands to benefit similarly.
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080010100 (Toll Free)