In this publication, you will understand what the Ghana Education Service Occupational Pension Scheme (GESOPS) is including a list of Frequently Asked Questions (FAQ) to satisfy your quest for knowledge on GESOPS.
All to know about GESOPS: GES Pensions
The Ghana Education Service Occupational Pension Scheme (GESOPS) is a Tier-2 pension scheme registered and regulated by the National Pensions Regulatory Authority under the Pensions Act, 2008, (Act 766) as amended. The Scheme’s membership is drawn from employees of the Ghana Education Service, with members belonging to one of the Unions in the educational sector.
Who manages GESOPS?
GESOPS is managed by a Board of Trustees with representation from relevant institutions such as the Ministries of Education, Finance, the Attorney General’s Department, the various Unions and an Independent Trustee. Like all Tier-2 Pension Schemes, GESOPS receives five (5) out of the 18.5% monthly social security contributions made on workers’ behalf.
Why GES Pensions: What is their Mission?
The mission of GES Pensions is to pay benefits to members and their beneficiaries through prudent investment policies, stakeholder involvement and member satisfaction.
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What is their Vision?
GES Pensions’ vision according to the Scheme is “To be the benchmark scheme for the payment of enhanced lump sum benefits.
What are the Objectives of GESOPS?: Objectives of GESOPS
- To take effective custody of member contributions
- To prudently invest scheme funds
- To provide relevant information on member contributions
- To promptly pay benefits to members
- To leverage technology to provide enhanced services to members
Tier-2 contribution: What is the meaning of Tier-2 here?
To make you understand what Tier-2 is, we will start from Tier-1 to the last tier to enable you to grasp the entire idea.
Tier 1
It is a mandatory, basic national social security scheme managed by the Social Security and National Insurance Trust (SSNIT).
READ ALSO 👉 All about SSNIT including benefits [Read more]
Tier 2
It is a mandatory, fully-funded, and privately managed occupational pension scheme. An example is the GESOPS. The Tier-2 is managed by a corporate trustee who appoints a fund manager and custodian.
Tier 3
Tier-3 is a voluntary, fully-funded, and privately managed provident fund and personal pension scheme.
GESOPS and Tier 2
How do GESOPS get funded?
GESOPS, as a Tier-2 scheme, is designed to provide additional retirement income security for employees of the Ghana Education Service. The Scheme receives 5% of the 18.5% total monthly social security contributions made on workers’ behalf. GESOPS is overseen by a Board of Trustees that represents a diverse array of stakeholders, including unions and government entities/bodies.
How to Register on GESOPS?
To become a member of GESOPS, you have to register. Kindly read till the bottom to know how one becomes a member of GESOPS
How to register on GESOPS portal
To get started, you are to visit the Member login page on the website www.gespensions.com.gh. Once there, follow these simple steps:
- Select “Create One” to register for the GESOPS portal.
- Enter your Staff ID and SNNIT Number.
- Verify the information you provided.
- Enter your email address and create a password.
- Finally, enter your Staff ID and password to complete the process.
What is the USSD code for GESOPS?
GES Occupational Pensions Scheme posts
GESOPS have USSD, which enables members to access documents and services just by dialling a code. Members can view statements, update beneficiaries, view claim status, and so much more by simply dialing 36565# on their mobile phones/smart devices. Also, the Scheme has another short code *733# serving the same purpose. Just dial and REGISTER or have access to the list of services they have for members.
Frequently Asked Questions (FAQ)
Question: How will a member who has gone on retirement be able to access her/his benefits?
👉 Answer: The member should kindly complete the retirement withdrawal form and attach all the required documents.
The member has to attach the following as well:
- Retirement letter
- SSNIT payment advice
- Your national ID (Ghana card)
- SSNIT card
- And send the scanned copies to their WhatsApp number +233271900977 for onward action.
If these questions and many others are on your mind concerning GESOPS then you have the answers right here
- After the automatic 5% is deducted from the 18.5% every month when I receive my salary, why am I not registered on GESOPS?
- As a newly posted teacher and working for nearly a year, where are my 5% going?
- If I register today, will those deducted 5% over this period be transferred to my GESOPS account?
- I think GES Pensions has to be organizing a programme separately for Newly Posted Teachers because it seems a lot of us are not privy to this Scheme
- Does it mean that as a Newly Posted Teacher, I have joined the Scheme automatically?
- Why is membership not automatic?
- If I don’t join GESOPS what happens to my 5%?
👉 Answer: As a GES staff member who receives a salary from the Controller, you are automatically part of the Scheme (GESOPS). GESOPS is responsible for paying the Tier-2 lump sum to GES staff when they go on retirement.
You only register to check the statement, view member details and beneficiary details to prevent future challenges.
What is the USSD code/Short code for GESOPS?
GES Occupational Pensions Scheme Short code
GESOPS have USSD which enables members to access documents and services just by dialling a code. Members can view statements, update beneficiaries, view claim status, and so much more by simply dialing 36565# on their mobile phones/smart devices. Also, the Scheme has another short code *733# serving the same purpose. Just dial and REGISTER or have access to the list of services they have for members.
Where to get more clarification: Enquiries
For more clarification, do not hesitate to contact GESOPS here:
Location: GESOPS Trust Building, 1B Sixth Circular Rd, Cantonment Accra
Call number: +233596921135
WhatsApp number: +233271900977
Email: enquiries@gespensions.com.gh
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