Formerly known as Pensol Capital Trust, Star Pensions Trust has undergone a strategic rebranding to become Star Pensions Trust, positioning itself under the trusted umbrella of the Star Assurance Group. This move not only enhances brand recognition but also signals a long-term vision to offer comprehensive, client-focused retirement solutions that resonate with both the formal and informal sectors. The rebranding marks a fundamental moment in the company’s journey, as it sets out to redefine retirement planning in Ghana.
Star Pensions Trust has not just changed its name; it is changing the conversation around retirement in Ghana. Through a combination of personalized pension products, robust fund management, and digital innovation, the company aims to close the pension coverage gap— particularly among informal sector workers who make up nearly 80% of the national workforce. By aligning with Star Assurance’s reputation for reliability and service excellence, Star Pensions Trust is poised to become a cornerstone in Ghana’s push toward a more inclusive and financially secure future for all.
Providing an in-depth background on the evolution of Star Pensions Trust and insights into the current dynamics of Ghana’s pension industry, Mr. Kofi Odei Frimpong, CEO of Star Pensions Trust Ghana, also shed light on the strategic connection with its parent company, Star Assurance, and offers its goodwill message to them.
According to Mr. Frimpong, as of 2024, Ghana’s pension industry managed approximately GHS 78.2 billion (around USD 4.93 billion) in assets, with over 73% of these assets overseen by 39 private fund management firms, underscoring the significant role of the private sector. He disclosed that the country’s pension system is structured into three tiers: Tier 1, which is mandatory and managed by the Social Security and National Insurance Trust (SSNIT); Tier 2, also mandatory but managed by licensed private trustees; and Tier 3, a voluntary tier managed by private trustees, supported by tax incentives to encourage broader participation.
The Ghanaian pension market has made significant progress in expanding private sector participation and growing asset accumulation. However, key challenges remain—particularly in the areas of coverage gaps, investment limitations, and government arrears. Addressing these issues through ongoing reforms and enhanced public awareness will be essential to building a more sustainable, inclusive, and resilient pension system for all Ghanaians.”
Against this backdrop, Star Pensions Trust is leveraging the legacy and credibility of the Star Assurance brand to enhance trust, increase coverage, and expand its market share. The move also allows the firm to synergize its operations with other subsidiaries within the Group. This integrated approach promises to simplify financial planning by offering retirement, insurance, and health solutions under one recognizable brand.
Expanding Informal Sector Pensions: Efforts and Strategies
Mr. Kofi Odei Frimpong highlighted the limited pension coverage within Ghana’s informal sector, revealing that only about 6% of informal sector workers are currently enrolled in pension schemes. This, he said, is concerning, given that the informal sector represents nearly 80% of the country’s workforce. In light of this, the National Pensions Regulatory Authority (NPRA) has set a bold target to expand pension coverage to 40% by 2026 in the informal sector, demonstrating a renewed commitment to securing the retirement future of millions of Ghanaians in the sector.
To reach this ambitious goal, the CEO of Star Pensions Trust disclosed that the NPRA, in collaboration with industry stakeholders, is implementing several targeted strategies. These include nationwide public education campaigns such as the National Pensions Awareness Week and “Pension Sunday,” which are designed to raise awareness about retirement planning. Additionally, community outreach programs involving local media outlets like Akoma FM in Kumasi are helping to connect with informal workers at market centers and in communal spaces.
The NPRA is also leveraging technology by promoting the use of mobile money and USSD platforms to ease pension contributions, especially for individuals without smartphones or bank accounts. Furthermore, strategic partnerships with trade associations like the Trades Union Congress (TUC) and the Ghana Private Road Transport Union (GPRTU) are being utilized to reach workers through trusted and established networks.”
Pension Coverage Expansion Challenges in Ghana’s Informal Sector
Despite recent progress in expanding pension coverage within Ghana’s informal sector, Mr. Kofi Odei Frimpong acknowledged that several challenges continue to impede broader enrollment. A key issue is low literacy levels among informal workers, which hampers their understanding of pension schemes and the long-term benefits of retirement planning.
Additionally, he indicated that past failures of financial institutions such as DKM and Menzgold have deepened public skepticism, making many hesitant to entrust their savings to pension funds. Compounding the problem is inadequate financial infrastructure in rural and underserved areas, which limits access to pension services and discourages participation.
To address these challenges, Mr. Frimpong outlined a number of targeted solutions aimed at increasing informal sector pension coverage. He emphasized the importance of enhanced financial literacy programs that use local languages and culturally relevant materials to educate workers on the value of pensions. Strengthening regulatory oversight of pension schemes is also crucial, as transparency and proper governance can help rebuild trust among the public.
Finally, he noted that expanding access to financial services— particularly through mobile technology and the establishment of more service points in remote areas— will make it easier for informal sector workers to enroll and contribute regularly to pension schemes. These combined efforts are essential to achieving broader inclusion and long-term sustainability in Ghana’s pension industry.
Operations of Star Pensions Trust
Meanwhile, Mr. Kofi Odei Frimpong shed light on the operations of Star Pensions Trust, emphasizing the firm’s commitment to delivering comprehensive retirement solutions tailored to the needs of individuals, employees, and employers. He noted that Star Pensions Trust offers a robust suite of services, including Pension Trust Management, which ensures the efficient administration and regulatory compliance of pension schemes.
In addition, the company provides Welfare Services aimed at enhancing the well-being of scheme members through personalized support and engagement initiatives. Complementing these offerings are Fund Management Services, through which the firm strategically invests client assets to achieve optimal long-term returns.
Star Pensions Trust offers employer-sponsored pension plans, personal pension plans, and provident fund management. These solutions are crafted to make retirement planning easy, attractive, and accessible for every worker—both in Ghana and across the Diaspora.”
Unique Products and Services
The CEO of Star Pensions Trust, Mr. Kofi Odei Frimpong, highlighted several standout products and services that uniquely distinguish the company from the many pension providers operating in Ghana. He noted that the Trust offers customized pension plans that are tailored to meet the specific needs of individuals, small and medium-sized enterprises (SMEs), and large corporations. This flexibility ensures that clients receive solutions best suited to their retirement goals.
In addition, he disclosed that the company provides expert financial guidance through a dedicated team of seasoned advisors who assist clients in making well-informed decisions. The organization also offers user-friendly digital platforms that make it easy for clients to track their contributions, manage their accounts, and plan for retirement efficiently. Importantly, its inclusive service coverage spans both the formal and informal sectors, extending financial security to a wider spectrum of the workforce.
Addressing how Star Pensions Trust maintains its competitive edge, the CEO explained that the Trust adopts a range of strategic initiatives to continuously deliver value to clients. One key advantage is its integration with the Star Assurance Group, which allows the Trust to provide a comprehensive suite of financial and insurance services under one umbrella. This synergy enhances customer experience and convenience.
He stated that the Trust also places strong emphasis on accessibility, designing outreach programs and pension products specifically for informal sector workers, who constitute a significant portion of Ghana’s labor force. Moreover, a steadfast commitment to financial security drives the company’s investment strategy, with prudent fund management aimed at ensuring long-term growth and stable retirement outcomes for clients.
Youth Engagement with Pension Schemes in Ghana
Unlike aging nations such as China and Japan, Ghana boasts a predominantly youthful population—a demographic trend that presents both opportunities and challenges for the country’s pension system. Mr. Kofi Odei Frimpong underscored that the response of the youth to pension operations in Ghana has been mixed. While various initiatives have been introduced to raise awareness and encourage early enrollment in pension schemes, actual engagement among young people remains inconsistent.
The National Pensions Regulatory Authority (NPRA) continues to emphasize the importance of early involvement, noting that individuals as young as 15 years old are eligible to enroll in the voluntary Tier-3 pension scheme, regardless of their employment status.
“Despite this, a considerable gap persists. Many young people remain unaware of pension options or view retirement planning as irrelevant at their stage in life. Contributing factors include limited financial literacy, immediate economic pressures, and the perception that pensions are only relevant for older adults.”
To bridge this gap, Mr. Kofi Odei Frimpong noted that the NPRA has launched targeted youth-focused initiatives, including educational campaigns and debates within academic institutions.
For example, during National Pensions Awareness Week, students from the University of Professional Studies, Accra (UPSA), and the University of Ghana engaged in a debate on the accessibility of retirement savings, underscoring the importance of early pension enrollment.”
Rebranding Essence
Mr. Kofi Odei Frimpong explained that the recent rebranding from Pensol Capital Trust to Star Pensions Trust was a strategic move designed to align the company more closely with its parent group, Star Assurance Group. This transition was informed by the desire to capitalize on the strong brand equity and reputation of Star Assurance, thereby boosting market visibility, enhancing credibility, and strengthening client trust.
By adopting the “Star” brand, the company reinforces a unified corporate identity, enabling more streamlined operations and cohesive marketing across its subsidiaries—including StarHealth and Star Pensions.”
The CEO, moreover, noted that the rebranding from Pensol Capital Trust to Star Pensions Trust is expected to bring several strategic advantages that will strengthen the company’s position in the pensions industry. Among the anticipated impacts is enhanced brand recognition, as the alignment with the well-known Star Assurance brand increases visibility and credibility in an increasingly competitive market.
The unified brand identity also creates opportunities for expanded market reach through cross-selling between insurance and pension products, allowing for deeper customer engagement. Additionally, operational synergies across the Star Assurance Group— such as shared systems, resources, and expertise— are expected to improve efficiency and service delivery. Most importantly, the strong reputation of the parent company is likely to reinforce client confidence and trust in the reliability of Star Pensions Trust’s services.
Regarding Star Pensions Trust’s strategy for expanding its market share following the rebranding, the CEO disclosed a comprehensive plan aimed at accelerating growth. The company intends to leverage the financial strength and wide-reaching distribution networks of the Star Assurance Group to attract a broader client base. A key focus will also be on developing innovative pension products tailored to the specific needs of individuals, SMEs, and large enterprises.
Moreover, investments in enhanced digital platforms will ensure clients can access pension services conveniently and efficiently. To complement these efforts, the company will roll out targeted marketing campaigns to highlight the importance of early pension enrollment, particularly among the youth and informal sector workers. Strategic partnerships with trade unions, educational institutions, and community organizations will further support awareness and participation, positioning Star Pensions Trust as a leading player in Ghana’s pension industry.
Adapting to Customer Needs in a Digital Era
Addressing how Star Pensions Trust is adapting to the evolving needs and expectations of its customers, particularly amid rapid technological advancement, Mr. Kofi Odei Frimpong emphasized the company’s commitment to innovation. He noted that the Trust is investing heavily in digital transformation, developing advanced platforms to streamline operations and improve customer experience.
These efforts include offering personalized services by leveraging data analytics to craft pension solutions suited to each client’s unique needs. Furthermore, the company is focused on improving accessibility, ensuring that clients in both urban and remote areas can easily access pension services through mobile and online platforms.
Discussing the specific technological tools in use, the CEO pointed to Star Pensions Trust’s web portals, which provide clients with a user-friendly interface to manage their accounts. Through these portals, clients can track their contributions, review retirement plans, and receive timely updates— all from the comfort of their devices. These digital tools are designed to enhance transparency and customer control, ensuring that pension management is not only easier but also more interactive and informative for users.
In terms of impact, the introduction of these innovations has significantly boosted both operational efficiency and client satisfaction. The CEO noted that the ease of access and convenience provided by the digital platforms have increased client engagement, as more individuals take active roles in planning for their retirement. Operationally, the automation of key processes has reduced administrative burdens and errors, leading to more streamlined workflows and faster service delivery.
Star Pensions Trust Basks in Star Assurance’s Glory
Star Pensions Trust, a subsidiary of Star Assurance Group, leverages the 40-year legacy of Star Assurance Company Ltd. to deliver modern, transparent, and client-focused pension solutions to individuals and institutions in Ghana and the Diaspora. This milestone reflects decades of trust, innovation, and commitment to financial security, reinforcing the company’s reputation as a leader in the industry.
For Mr. Kofi Odei Frimpong, as a member of the group, the 40th anniversary symbolizes a remarkable achievement built on dedication, perseverance, and excellence. “Being part of this organization fills me with great pride,” he said, noting how Star Assurance has consistently evolved to meet client’s needs while maintaining integrity. This celebration not only honors past successes but also motivates the team to continue innovating and delivering exceptional service for years to come.
Our connection with Star Assurance Company Ltd. has played a crucial role in defining Star Pensions Trust’s growth and reputation. By tapping into the parent company’s strong brand, vast expertise, and financial stability, we have been able to earn the confidence of both clients and stakeholders. This collaboration has enabled us to create innovative pension products, broaden our market presence, and maintain exceptional standards of transparency and customer care, thereby elevating our standing in the industry.”
Star Pensions Trusts Eulogizes Star Assurance @40
Consequently, Mr. Kofi Odei Frimpong extends his warmest compliments to its parent company, Star Assurance Company Ltd., commending its remarkable 40-year journey of excellence, innovation, and unwavering commitment to clients.
He applauded Star Assurance for its resilience, industry leadership, and dedication to shaping a secure financial future for Ghanaians and the Diaspora. This milestone, he noted, is not just a celebration of the past but also a testament to the company’s bright future ahead.
“Your steadfast commitment to excellence and innovation has built a solid foundation that benefits countless clients and affiliated companies. We honor your legacy and eagerly anticipate many more years of mutual success, growth, and meaningful impact. Here’s to continuing our partnership, fostering transformation, and generating lasting value throughout Ghana and beyond.”
All in all, Star Pensions Trust is positioning itself as a forward-thinking leader in Ghana’s pension industry by embracing innovation, deepening client engagement, and aligning its brand with a trusted group. Through strategic rebranding, digital transformation, and tailored pension solutions, the company is not only expanding its reach but also building lasting trust with clients across both formal and informal sectors. With a clear focus on accessibility, transparency, and operational efficiency, Star Pensions Trust is well-poised to shape the future of retirement planning in Ghana.