By Ernest Bako Wubonto
GLICO Pensions Trustee Ltd., a leading pensions trustee company in the country, has officially launched the Teachers’ Provident Fund Scheme (TPFS) – a voluntary personal pension scheme designed to provide enhanced retirement income and financial protection for workers in Ghana’s education sector.
The scheme, developed in line with the National Pensions Act, 2008 (Act 766) as amended and fully registered by the National Pensions Regulatory Authority (NPRA), represents a bold step toward strengthening teachers’ financial well-being across the country.
Speaking at the launch in Accra, Dr. Christopher Boadi-Mensah, Chief Executive Officer (CEO)-National Pensions Regulatory Authority (NPRA), described the initiative as a reaffirmation of collective commitment to Ghanaian workers’ dignity and long-term welfare.
As a regulator, he assured the public that all legal and regulatory requirements have been met, making this a legitimate scheme for educators to embrace.
“This is not merely the introduction of a pension product; it is an instrument of empowerment. The Teachers’ Provident Fund Scheme provides teachers with greater control over their financial future, access to professionally managed funds and an opportunity to build sustainable, long-term wealth within a robust regulatory framework,” he said.
On her part, Deputy Director General-Ghana Education Service (GES), Professor Smiles Dzisi Gavua, commended Glico Pensions for the initiative – noting that a motivated and secure teacher is essential for delivering quality education.
“This is a thoughtful and forward-looking initiative that will go a long way to support teachers. The scheme provides an additional layer of support and protection, addressing lack of motivation directly,” she said.
She urged teachers to take advantage of the scheme and secure their future so they can retire with no regrets.
Reinforcing government’s commitment to teacher welfare, Minister of Education Haruna Iddrisu – in a speech read on his behalf – noted that the initiative aligns with government’s broader plan to improve the welfare of teachers both during active service and after retirement, emphasising that: “Financial security for teachers is not a personal matter but a collective strategic decision for all stakeholders”.
Successful pilot programme
Director-Glico Pensions Dr. Francis Sapara-Grant provided details of the TPFS’s successful pilot phase, which demonstrated strong demand and operational efficiency.
He mentioned that the Teachers’ Provident Fund Scheme was approved and licenced by the NPRA on 5th April 2023.
“As at the end of February 2026, a total 2,649 members – all employees of the GES – have been successfully registered. We have received over GH¢15.2million in contributions and total assets under management have grown to approximately GH¢18million due to efficient fund management.
“Additionally, 36 members have already received retirement benefits totalling GH¢346,661,” he revealed.
Simple and convenient registration
Membership is open to all educational sector workers in Ghana, from basic to tertiary levels.
Registration is simple and fully digital. Workers can enrol through the Glico Pensions website using their staff ID or base number.
The process allows members to enter personal details, add beneficiaries and receive instant confirmation.
For teachers on the Controller and Accountant-General’s payroll, contributions are deducted at source.
Others may opt for bank transfer or mobile money payments. Members receive instant SMS notifications of all contributions and can access their balances 24/7 through the GLICO Pensions web portal.
A comprehensive empowerment package
CEO-Glico Pensions Belinda Dede Tandoh explained that the TPFS was designed with teachers’ unique financial realities at its centre.
The scheme offers a suite of benefits that go far beyond standard savings and some tax advantages.
“Members can contribute up to 16.5 percent of their basic monthly salary tax-free. Further, partial withdrawals of up to 50 percent are permitted after just three years of membership,” she indicated.
She also highlighted added protection for new members, who stand to get GH¢1,000 life insurance coverage during their first three years.
Accumulated savings can be utilised as collateral for mortgages, addressing a major life-goal for many educators.
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