Fiifi Kwakye (M) with management and stakeholders
Enterprise Trustees Limited, a subsidiary of Enterprise Group PLC, has relaunched its Enterprise Personal Pension Plan with enhanced features aimed at improving retirement security, particularly for workers in the informal sector.
The revamped scheme, unveiled at the company’s head office in Accra on Monday, introduces three tailored plans – Goodlife, Asetenapa, and Sunny Side – designed to meet the varying needs of different age groups and income segments.
The Goodlife Plan targets retirees aged 61 and above, while the Asetenapa Plan is recommended for individuals between 45 and 60 years. The Sunny Side Plan is aimed at younger contributors aged 16 to 44.
Speaking in an interview with the media, Managing Director of Enterprise Trustees Limited, Joseph Ampofo, said the decision to relaunch the scheme followed years of low uptake and limited public understanding of personal pensions since its initial rollout in 2016.
Mr. Ampofo explained that the restructuring of the scheme into three distinct plans was informed by market research and stakeholder consultations.
He noted that the Sunny Side Plan adopts a more aggressive investment strategy suitable for younger individuals, while the Asetenapa Plan takes a more conservative approach, particularly for informal sector workers such as traders and small business owners.
“We looked at those who are more conservative, especially in the informal sector, and designed a plan that minimises volatility in their investments. The Goodlife Plan was created to help retirees manage lump-sum funds by receiving payouts over time rather than as a one-off payment,” he said.
Mr. Ampofo emphasised the importance of consistency in contributions, noting that individuals can start saving with as little as GH¢50. He added that regular contributions could enable contributors to benefit from compound interest, allowing their funds to grow over time.
Board Chairman of Enterprise Trustees, Fiifi Kwakye, said the relaunch reflects the company’s commitment to innovation and responsiveness to market needs.
“This rebrand delivers more relevant and structured solutions for individuals to pursue their financial goals with confidence. It reinforces our position as a trusted and forward-looking retirement partner for Ghanaians,” he stated.
Also speaking at the event, Director of Standards and Compliance at the National Pensions Regulatory Authority, Anthony Acquah, described personal pensions as critical to strengthening retirement outcomes in the country.
He noted that while the country’s mandatory Tier 1 and Tier 2 pension schemes are well established, Tier 3, omprising personal pensions, remains underutilised.
“The challenge is getting more people, especially in the informal sector, to contribute. Education and awareness are key to reversing this trend. Personal pensions are essentially a top-up to your retirement savings. They are flexible and designed to enhance your financial security in the long term,” he explained.
Mr. Acquah added that regulators are exploring strategies, including digital solutions and potential tax incentives, to boost participation and expand coverage among informal workers.
He urged individuals to prioritise long-term savings, warning that inadequate financial preparation could lead to hardship.
“Salary will come and go, but pension will wait for you. It is important to make small, consistent contributions towards your future,” he said.
By Ebenezer K. Amponsah