GHANA UNIVERSITIES STAFF
SUPERANNUATION SCHEME
(REVISED)
- NAME:
A Superannuation Scheme called the Ghana Universities Staff Superannuation Scheme (G.U.S.S.S.) (hereinafter called “The Scheme) shall be established, managed and administered in the manner hereinafter mentioned and shall be deemed to be established on 1st January 1976 on which date these Rules come into force.
- DEFINITION
Throughout these Rules the under-noted words and expressions shall have the following meanings:
a) ‘University’ shall mean the University of
Ghana, Legon, University of Cape Coast and any other institution of similar status which may be so established by Government.
b) ‘Council’ shall mean the Council of University of Ghana, Legon, constituted inaccordance with the University of Ghana Act
79 (1961), as subsequently amended; the Council of the University of Science and Technology, Kumasi, Act 80 (1961), as subsequently amended, the Council of the University of Cape Coast, Act 39 (1971), as subsequently amended, the Council or Governing body of any other institution of similar status which may so be established by Government.
c) The operation of the Scheme shall be coordinated by the Committee of Vice Chancellors and Principals (CVCP).
d) ‘Management Board’ shall mean the Board set
up under and in accordance with the provision
of section 4.
e) ‘Member’ shall mean any of the following.
categories of employees of the Universities or other participating bodies who is obliged or permitted by Council.
i) All existing members of the G.U.S.S.S. as at 1st January 1976.
ii)University Teachers and Research
Fellows.
iii) University Administrative, Library, and
Professional Staff of the status comparable with that of University Teachers.
f)‘Salary’ in relation to a particular member shall mean his annual salary and shall not include any other allowances unless otherwise designated superannuable.
g) ‘Terminal Salary’ shall mean the basic annual
salary and any superannuable allowances, which a member will be enjoying or drawing at the time of his retirement.
MEMBERSHIP
Membership of the Scheme shall consist of any of the following:
a)All existing members of the G.U.S.S.S. as at 1st January 1976.
b) University Teachers and Research Fellows.
c)University Administrative, Library and
Professional Staff of a status comparable with that of University Teachers.
4. MANAGEMENT OF THE SCHEME
i) The Scheme shall be administered by the Finance Officer under the control of a Management Board made up of the following:
a) Four members to be appointed by Council of whom
two shall be from the Council , and two from outside
the Institution.
b) Two academic senior members elected by their
members from among themselves.
c) One non-teaching senior memberelected by their
members from among themselves.
d)One each of senior staff and junior staff
elected by their members from among themselves where applicable.
e)The Registrar
f)One of the members from outside the
University shall be appointed as chairman by Council;
ii) Members of the Management Board
deemed to be holding office as at
1st January 1976 shall serve for such period as the Council may decide and each member
appointed or elected thereafter shall hold office for a period of twenty-four (24) months from his appointment or election. Retiring members are eligible for re-appointment or re-election.
Staff of the Institution who are members of
the Board who resign from their
appointment will be deemed to have also
resigned from office of the Management
Board as from the same date. New
members shall be appointed in their place
to hold office until the next election or
such period as the Council may decided.
5. CONTRIBUTION TO THE SCHEME
i) From the date of admission to the
Scheme and up to the retiring
date each member shall
contribute at a rate to be
determined from time to time by
members. Members’ contributions shall be recovereddirectly from their salaries every month by the Finance Officer and paid into the bank account of the Scheme. No contributions shall be received during a period of leave of absence without pay.
ii) The University shall contribute in respect
of each member a rate fixed by government of the basic salary
from the date of his joining the
Scheme until the retiring date.
iii) Accounts of the Scheme shall be kept by the
Finance Officer of the University under the
direction of the Management Board, in
such a form as to show the state and
condition of the Scheme. The Finance
Officer shall prepare a Balance Sheet and
Income and Expenditure statement as at
the end of each financial year.
iv) The Management Board shall cause the
accounts to be audited annually.
v)The expenses for administering the
Scheme shall be borne by the Scheme.
Personnel of the University shall administer the affairs of the Scheme at no cost to the Scheme.
- QUALIFICATION FOR BENEFITS
UNDER THE SCHEME
i) A member shall qualify for the benefits
under the Scheme if the following are
satisfied:
a)Compulsory retirement
b)Voluntary retirement. The Minimum
retirement age shall be fifty (50) years.
c) In both situations above {i.e. (a) and (b) a
member should have contributed to the
Scheme for a minimum period of fifteen (15)
years. Members who at 1st April, 1999,
would not be able to contribute for fifteen
(15) years shall qualify for benefits after a
minimum of ten (10) years contribution.
ii)Where a member cannot qualify for the
benefits under the Scheme because he could
not attain the minimum pensionable age or
serve the minimum contribution period, he
shall be paid his total contribution (both
employers and personal) plus interest at a rate
to be determined by the Management Board.
7BENEFITS
i) On Retirement (both compulsory and
voluntary), a member shall opt for any of the
following
a)Full Pension
Full pension shall be calculated at the rate of
one fortieth (1/40) part of terminal salary for each completed year of contribution, subject
to a maximum of 40 years viz, 1/40 x Terminal salary x No. of years of contribution to the Scheme.
b) Reduced Pension Gratuity
Gratuity shall be calculated at the rate of one-
quarter (1/4) of full pension multiplied by twenty (20). The remaining three-quarters (3/4) of the full pension shall be paid as reduced pension.
ii) Guaranteed Pension Period
Payment of Pension shall be on monthly or
quarterly basis and shall be guaranteed for a
period of twenty (20) years. However, if a pensioner lives
beyond the guaranteed period payment of pension shall
continue till death.
iii) Amount of pensions shall be indexed to
prevailing salaries. (i.e. Amount of pensions shall
increase when salaries are increased)
iv) On the Death of a Pensioner
In the event of death of a pensioner before the
guaranteed period of twenty (20) years, balance
of pension shall be paid as follows:
a)to the beneficiaries named in the nomination
form deposited by the member with Finance
Officer.
b) where no nomination form was deposited with the
Finance Officer, the balance of pension shall be
Paid under awill made by the said member and
admitted to probate.
c) where the two exist and there is a conflict the
nomination shall take precedence.
d) In any other case, in accordance with the rules of
intestacy.
v) On the Death of a Member in Service
In the event of death of a member while in the
service of the University and qualifying for
benefits under the Scheme as provided under
Rule 6, Death Gratuity shall be paid.
The Death Gratuity shall be calculated at the rate
of one-half ½ of full pension multiplied by
twenty (20) viz ½ full pension x20. This shall be
paid to beneficiaries as provided under Rule 7
above.
vi)Payment of Lump Sums
In the event of the death of a member in service or a pensioner before the guaranteed pension period, lump sums accruing shall be paid as follows:
a) Fifty percent (50%) of amount due shall be paid
on presentation of death certificate.
b) Twenty-five percent (25%) of amount due
shall be paid one year after payment of fifty
percent (50%)
c) The final twenty-five percent (25%) shall be
paid one year after payment of seventy-five
percent (75%).
8BENEFITS ON DISMISSAL OR VACATION OF POST
i) If a member is dismissed for a criminal offence,
he shall in respect of the total years of service
be entitled only to such portion of the benefits
payable as may be attributable to his own
contribution, except that the Council after due
consideration of all the circumstances and on
the advice of the Management Board, especially
as affecting the member’s wife, children and/or
other known dependent, may grant the member
whatever proportion of the remaining benefits
attributable to the University’s contribution
they consider fit. Any portion of a benefit
attributable to the University’s contribution which
is not granted by the Council to the
member shall be retained and applied towards
future premiums and expenses under the
Scheme.
ii) If a member is dismissed on grounds other than
for a criminal offence and qualify for benefits
under the Scheme he shall, in respect of the last
two years of his service, be entitled only to such
portion of the benefits payable as may be
attributable to his own contribution but in
respect of previous years, if any, to the full
benefits, except that the Council on the advice of
the Management Board may grant the member whatever proportion of the benefit they consider fit. Any portion of a benefit attributable to the universities contribution which is not granted by the council to the member shall be retained and applied towards future premium and expenses under the Scheme.
iii) If a member vacates his post with the University
he shall forfeit the benefits under this Scheme.
However, he shall be paid his own contribution
plus interest as determined by the Management
Board.
iv) If a member’s appointment is terminated he shall
be entitled to full benefits.
CURRENCY
(i) All payments into and from the Scheme shall be in
Ghana currency.
ii) In respect of expatriate staff who have contributed
to the Scheme, they shall be considered as having been employed in Ghana with payment of benefits under the Scheme. A meeting of the Management Board shall be called at least once each quarter for discussing and taking action on matters affecting the administration of the Scheme or for dealing with such matters of which at least one week’s notice has been given to the Finance Officer. Finance Officer, Schedule Officer and Recorder shall be in attendance.
iii) A general meeting of members shall be held once each year at a date to be fixed by the Management Board to be informed of situation of the Scheme.
10) AMENDMENTS
The Council on the recommendation of the CVCP may from time to time repeal, add to, alter or otherwise amend any provision of the Scheme on the advice of the Management Board.
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