The National Pensions Regulatory Authority has now been given the power to determine where trustees should invest pension contributions under the new three tier pension scheme. It follows the passage of the Legislative Instrument backing the revised Pension Act by Parliament yesterday. The LI also proposes stakeholder consultations by trustees investing SSNIT contributions. SSNIT has always had the prerogative to channel contributions into sectors it felt would yield maximum return regardless of what its contributors make of those decisions. Contributors have often complained of the situation, arguing they should have a say as to where and in what their contributions are invested. Vice Chairman of the Committee on Subsidiary Legislation Yaw Baah says that anomaly has now being cured. “Another added innovation with regards to this very basic instrument is that, for the first time, members will be periodically informed - either through their postal addresses or upon request – where [they] stand with regards to social security contributions,” he stated. Source: Joy News/Ghana