Possible Sources of Retirement Benefits for GESOPS Members
The Temporal Pension Fund Account (TPFA) is a members 5% monthly contributions with accrued interest from January 1, 2010 to August 31, 2016.
The TPFA was handed over to the NPRA for onward transfer to all public sector pension schemes, including GESOPS, in November 2017. Education sector workers’ TPFA contributions are currently being managed by GESOPS.
Regular Monthly Contributions
Like all Tier-2 pension schemes, members contribute 5 of the total social security of 18.5% which is deducted from their monthly salaries by the Controller and Accountant General’s Department and paid into your GESOPS Tier 2 pension fund.
With the coming into force of the new pension regime in January 2008, workers were categorized into two groups. Workers who were 55 years and above at the time remained on Social Security and National Insurance Trust scheme and under the provisions of PNDCL 247. For these workers, they had the option of both a lump sum as well as monthly payments from SSNIT. For workers 54 years and below, they were migrated fully unto ACT 766 and would receive monthly payments from SSNIT while a lump sum pension benefit will come from their respective Tier 2 pension schemes. For these workers, SSNIT is mandated to transfer payments it received prior to the coming into force of the new arrangement, along with the interests thereon to their new pension providers. SSNIT has committed itself to this process and is currently undergoing a process of reconciliation with the respective Tier- 2 pension schemes. For persons employed before 1st January 2010, in particular, may be entitled to Past Pension Credits administered by SSNIT. Queries about this are best directed to SSNIT.