According to reports gathered from the Presidency by Talks Africa Media, President Akufo-Addo indicated that, Government, through SSNIT, would pay the difference in the lump sum payments, between beneficiaries of PNDC Law 247 and those of Act 766, for those retiring in 2020, with effect from 1st January 2020 to 31st December 2020.”

H.E Akufo-Addo made this known on Tuesday, 13th October 2020, when he commissioned the refurbished Hall of Trade Unions of the Trades Union Congress in Accra.

He recalled the contents of a letter dated 24th August 2020, sent to him by the Secretary-General, on behalf of the TUC, requesting his intervention to “correct the injustice and unfairness in the implementation of the three-tier pension system”. 

President Akufo-Addo told the gathering that he referred this matter to the Senior Minister, Hon. Yaw Osafo Maafo, who, after careful studies and deliberations, has laid out the position of Government in this matter.

Indeed, 2020 marks the transition year where all public sector workers, retiring under the Three-Tier Pension Scheme, are having their pensions paid under the National Pensions Act, 2008, Act 766.  

Even though Act 766 clearly offers higher monthly pensions and better lifetime benefits to workers compared to the erstwhile PNDC Law 247, some workers may receive a lower lump sum (made up of the past credit paid by SSNIT and the Tier-2) compared to that paid under PNDCL 247), with the President adding that “a Committee will be established to supervise the implementation of this decision” to ensure that equity prevails and no pensioner is made worse off.