The National Pensions Regulatory Authority (NPRA) has introduced a revised fee structure for service providers within the pension industry, encompassing licensed trustees, pension fund managers, and pension fund custodians.

These adjustments aim to secure sufficient funding for the regulation and supervision of pension funds across the nation.

As per a public notice published on the NPRA's website, service providers managing funds for individual trustees will now be subject to a GHC500 renewal and registration fee, up from the previous GHC250 charged last year.

Conversely, the renewal fees for licenses and registration for corporate trustees, pension fund custodians, and pension fund managers have remained consistent with last year's rates, ranging from GHC3,000 to GHC5,000.

Similarly, application, licensing, and registration fees for service providers have been upheld, with costs ranging from GHC2,220 to GHC5,550.

Moreover, registration fees for pension schemes, including master trust, employer, personal, or group personal schemes, have not seen any alterations and continue to range between GHC5,550 to GHC11,100.

The NPRA emphasizes that this updated fee structure is imperative for sustaining the pension industry and upholding effective regulation and supervision of pension funds in Ghana.

Service providers are urged to adhere to these new charges to evade potential penalties or sanctions from the regulatory body.