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Business news for Monday, November 23, 2020
Source: www.ghanaweb.com
2020-11-23
File photo of clients of the defunct Gold Coast Fund Management
Some former employees of the defunct Gold Coast Fund Management have lamented their inability to access their provident fund (Level 3) of Pentrust Limited.
This, they said, has made them financially unstable to the point where they are unable to meet the needs of their families.
According to the former staff, the situation has worsened as their marriages are falling apart due to financial disability.
In a press release copied to GhanaWeb, former Gold Coast Fund Management staff noted that “our inability to pay our rents, feed our families and, most importantly, take care of our wives and children, which has led to the dissolution of marriages and loss of respect in our homes. We’re suffering “.
Therefore, they asked the National Pension Regulatory Authority to investigate the matter so that they receive what is due to them.
“We, former Gold Coast Fund Management staff, wish to inform the National Pension Regulatory Authority, the NPRA and the Government of the deliberate attempts by our pension administrator, Pentrust Limited and the Board of Trustees not to pay our Fund. Pension Plan in its entirety (Level 3) contributions ”.
“Since November 2019, several attempts to get our Provident Fund paid to us have been unsuccessful. The fund manager has not fully complied with our demands. Therefore, we consider it very urgent and necessary to notify the National Pension Regulatory Authority, the Pentrust Ltd regulator and the Government about these developments and the plight of former employees ”.
Read the full statement copied to GhanaWeb below:
DELAY IN PAYMENT OF THE PROVIDER’S FUND –
(FORMER GOLD COAST FUND MANAGEMENT STAFF)
NOVEMBER 23, 2020
PRESS RELEASE
We, the former Gold Coast Fund Management staff, wish to inform the National Pension Regulatory Authority, NPRA and the Government of the deliberate attempts by our pension administrator, Pentrust Limited and the Board of Trustees not to pay our Fund of Full forecast (Level 3 Contributions).
Since November 2019, several attempts to get our Provident Fund paid to us have been unsuccessful. The fund manager has not fully complied with our demands.
Therefore, we consider it very urgent and necessary to notify the National Pension
Regulatory Authority, Pentrust Ltd regulator and the Government on these developments and the plight of former employees.
It is very sad to note that these deliberate attempts by Pentrust Limited and the trustees to deny former staff members their contribution to the provident fund have brought us much suffering and financial burden.
These include the inability to pay our rents, feed our families, and most importantly, care for our wives and children, which has led to the dissolution of marriages and loss of respect in our homes. In fact, we are suffering.
Our checks indicate that Pentrust Limited and The Trustees transferred the money from our Provident Fund from the custodian bank, The Republic Bank, to GN Savings and Loans. As of now, our money is locked with the receiver, Mr. Eric Nana Nipah.
This simply means that,
1. Pentrust Limited and the Board of Trustees borrowed our money from the Employer, without our knowledge and without following due process. An act that goes against pension regulations.
2. Our employer invested our money under a different name, ie GN / Gold Coast Trustee. Due to this error by the Trustees, the trustee said they are investigating the transaction.
Therefore, the Ex-Staff Association of Gold Coast Fund Management Ltd respectfully calls on the NPRA, the regulator and the President, His Excellency Nana Akuffo-Addo, as a matter of urgency, to intervene and assist in the payment of our fund. from foresight to Relieve our long sufferings.
We know that the compassionate and listening president will help us through this difficult time.
Thank you
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