27-28 SEPTEMBER 2016

WorldPensionSummit Africa Special

The only platform 'for and by' Pension Professionals, exchanging knowledge and innovative ideas on securing sufficient pension provision. 


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Prospects for Micro Pension Plans in Africa

9/23/2015 1:23:00 PM

This session is to encourage African countries to take bold steps to come up with suitable and innovative pension plans that adequately cater for the needs of informally employed individuals. The case presented will be the micro pension plan from Ghana.

A micro pension is a scheme developed for people with low income in developing countries. In these countries 70-80% of the people typically work in the informal sector and have limited or no financial provisions. As a result people depend on their families for financial support. Enviustarted a project in Ghana. Ghana has been selected because of the relatively stable economy, efficient and broad available mobile network and over 60% of the people is younger than 25. Nevertheless, 79% of the people live on an average of $2 per day. A pension provision of $2 per week will benefit families significantly in particular taking in mind that people get older and the number of elderly people increases. After approval by the regulator, People’s Pensions Trust Ghana will be a fact, targeting 500.000 participants in 5 years. PPT provides a tremendous opportunity for research with respect to the impact of product, product offering and financial literacy training on the acceptance and persistency of micro pensions.

Moderator: Dr. Timi Austen-Peters, Principal Partner, Austen-Peters & Co, Nigeria | Abuja
Presenters: Gerard Bergsma, International Pension Executive on Micro Pensions
Panelist: Samuel Waterberg, CEO People's Pension Trust Ghana



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