These Terms and Conditions apply to the following pension products managed by Shield Pension Trust:

  • Shield Occupational Pension Scheme (Tier 2)
  • Shield Provident Fund Scheme (Tier 3 – Employer Sponsored)
  • Shield Cedi Kor (Tier 3 – Personal Pension Scheme)

By enrolling in or contributing to any of these schemes, you agree to the terms outlined below.

1. General Terms Applicable to All Shield Pension Schemes

1.1. Regulatory Compliance
All Shield Pension Trust Schemes are licensed and regulated by the National Pensions Regulatory Authority (NPRA) under the National Pensions Act, 2008 (Act 766), as amended.

1.2. Custody and Fund Management
Funds are managed by licensed fund managers and held in custody by licensed custodians approved by NPRA. Shield Pension Trust acts as the Corporate Trustee.

1.3. Member Communications
Members will receive periodic statements and notifications via SMS and email. It is the member’s responsibility to keep contact details up to date.

1.4. Privacy and Data Protection
Member data will be processed in accordance with applicable data protection laws. Shield Pension Trust will not share personal information with third parties except as required by law or regulatory obligations.

1.5. Dispute Resolution
Any disputes will be addressed in accordance with the NPRA’s grievance procedures. Where necessary, disputes may be escalated to the NPRA or resolved through arbitration.

1.6 Limitation of Liability

Shield Pension Trust shall not be liable for:

  • Losses arising from market fluctuations or investment decisions made in good faith.
  • Delays caused by third parties (e.g., banks, employers, regulators), provided reasonable steps were taken.
  • Circumstances beyond its control (force majeure events).

2. Shield Occupational Pension Scheme (Tier 2)

2.1. Eligibility
Mandatory for formal sector employees. Employers must remit five percent (5%) of employees’ basic salary (out of the eighteen and half percent(18.5%) SSNIT contributions).

2.2. Contributions

  • Contributions are made monthly by the employer on behalf of the employee.
  • Late remittances attract penalties as stipulated by NPRA regulations.

2.3. Access to Benefits

Qualifying condition

  • Members can access funds upon:
  •  retirement at age Sixty( 60)
  •  under early retirement age of fifty-five(55)years
  • Incapacitation
  • Death-beneficiary benefit
  • Permanent Emigration

2.4. Porting

  • Funds may also be transferred to another Tier 2 scheme upon change of employment.

2.5.Protection of Accrued Benefits

  • Accrued benefits of a member are protected and cannot be attached to judgment debts, pledged, transferred, assigned, or used as security by or on behalf of the member.

2.6.Assignment of Accrued benefits

  • Members can use their accrued benefits to secure a mortgage for the acquisition of a primary residence.

2.7. Exemptions from tax

  • Contributions and benefits paid are not taxable

2.8. Members Accounts and Statements

  • Each member shall have an individual account reflecting all contributions and  returns.
  • Members will receive periodic statements (at least quarterly) and may request statements at any time, subject to administrative provisions.

3. Shield Provident Fund Scheme (Tier 3)

3.1. Eligibility
Voluntary scheme for employers and employees. Contributions may be made by either party or jointly.

3.2. Contributions

  • Flexible contribution rate five percent(5%) to sixteen and half percent(16.5%) (as agreed between employer and employees or either Party).
  • Contributions are eligible for tax reliefs as defined under the Income Tax Act.

3.3. Access to Benefits

  • Full access after Ten(10)years tax exemption
  • Full access upon retirement age at sixty(60)years.
  • under early retirement age at fifty(55)years
  • Incapacitation
  • Death-beneficiary benefit
  • Permanent Emigration
  • Partial withdrawals are permitted; however, applicable taxes will be deducted

3.4. Vesting Rules
       Employers may specify vesting schedules for their contributions.Employees are always entitled to their personal contributions.

     3.5.Porting

  • Funds may also be transferred to another Tier 3 scheme upon change of employment.

3.6.Assignment of Accrued benefits

  • Members can use their accrued benefits to secure a mortgage for the acquisition of a primary residence.

3.7.Exemptions from tax

  • Contributions not exceeding Sixteen and half percent(16.5%) is not taxable.

3.8. Members Accounts and Statements

  • Each member shall have an individual account reflecting all contributions and  returns. Where both employer and employee contribute, the member will have two separate accounts—one for personal contributions and one for employer contributions.
  • Members will receive periodic statements (at least quarterly) and may request statements at any time, subject to administrative provisions.

4. Shield Cedi Kor A Day Personal Pension Scheme (Tier 3 – Personal Pension Scheme)

4.1. Eligibility
Open to self-employed persons, individuals in the formal sector or any person not covered under a mandatory occupational scheme.

4.2. Contributions

  • Minimum  contribution: One Ghana Cedi (GHS1)
  • Contributions are flexible and made on a daily, weekly, or monthly basis.

4.3. Access to Benefits

  • Full benefits available at the age of retirement of sixty (60) years.
  • Full benefits available at early retirement age of Fifty-five (55) years.
  • Full benefits withdrawal after five (5) to ten (10) years.
  • Partial withdrawals allowed after Two (2) years of continuous contributions and up to seventy percent (70%) twice in a year and maybe subject to tax implications.

4.4. Portability
Members can transfer their funds to another registered personal pension scheme at any time, subject to NPRA rules.

4.5. Assignment of Accrued benefits

  • Members can use their accrued benefits to secure a mortgage for the acquisition of a primary residence.

4.6. Exemptions from tax

Contributions are not taxable

4.7. Members Accounts and Statements

  • Each member shall have an individual account reflecting all contributions and returns.
  • Members will receive periodic statements (at least quarterly) and may request statements at any time, subject to administrative provisions.

5.0 Daakye Apomuden-Future Health Cover Upon Retirement

 5.1.Eligibility
      Open to all individuals joining the Shield Cedi Kor A Day Personal Pension scheme.

 5.2. Contributions

  • Minimum Monthly  contribution of Sixty Ghana Cedis (GHS 60.00) and a Maximum of Four Hundred Ghana Cedis (GHS 400.00)

5.3. Benefits

  • Free Annual health screening after three(3) years
  • Telemedicine
  • Free drug delivery services
  • Dietary supplements
  • Critical illness of Fifteen Thousand Ghana Cedis (GHS15,000.00) minimum
  • Death Benefit- five Thousand Ghana Cedis(GHS 5000.00)

5.4. Exemptions

  • People aged fifty-five(55) to sixty-four(64)years can get healthcare for Seven (7) years if they contribute for at least three(3) years.

6. Fees and Charges

Management, administrative, and custodial fees will be deducted in line with NPRA-approved fee structures. Details will be disclosed upon request.

7. Amendments to Terms

Shield Pension Trust reserves the right to update these Terms and Conditions from time to time, subject to regulatory approval. Members will be notified of any changes.

8. Contact Information

For inquiries, complaints, or further information, please contact:0509150253/0509979101/0509979108 or info@shieldpensiontrust.com