The National Pensions Regulatory Authority has started transferring Tier 2 pensions contributions to fund managers and employers.

The Authority has transferred funds from the Temporary Pension Fund Account at the Bank of Ghana to the first batch of employers in the private sector.

The category of beneficiaries include all those who have registered under the mandatory Second Tier Occupational Pension Scheme and had successfully gone through the application, validation and due diligence process.

A statement said the amount transferred represents contributions made between January 2010 to December 2013 and hit the account of custodians of the beneficiaries schemes on Wednesday 4th November, 2015.

The Authority called for application for the transfer of funds in December 2014, but had to put the exercise on hold due to the amendment to the National Pension Act which reduced the age of exemption from participation in the Third Tier Pension Scheme from 55 years to 50 years.

The statement said since the call for application in 2014, the Authority has received over 100 applications.

So far, 18 Schemes have met all requirements successfully gone through the validation process and are currently going through a due diligence process.

The Authority urges applicants to take all the necessary steps required to complete the validation process in order to secure their transfers.