United Pension Trustees (UPT), a proud member of the Vanguard Group, is an independent indigenous Ghanaian Corporate Trustee Company Licensed by the National Pensions Regulatory Authority (NPRA), to provide pension trustee services to pension and provident funds operating under the National Pensions Law, 2008 Act 766).
A company whose objective is to build members’ retirement wealth by providing them with pension services, products and value added benefits that prepare them for retirement, delivered in a professional, efficient and friendly manner, also aims to ensure that all members of pension and provident funds, under its trusteeship acquire a home over their working life, as part of their retirement preparation.
As a sister company, offering premier pension management solutions, UPT has grown alongside Vanguard Assurance, contributing to the group’s holistic approach to financial security. Their synergistic relationship has fortified the Vanguard brand, enabling both entities to serve Ghanaians with unwavering dedication and to empower clients to secure their financial futures.
For half a century, Vanguard Assurance, the premier brand of the group, has stood as a beacon of trust and innovation in Ghana’s insurance industry. As the company celebrates its golden jubilee, it marks a monumental journey of protecting families, businesses, and institutions while setting new standards in customer-centric service.
On this golden anniversary, United Pension Trustees celebrates not just the achievements of Vanguard Assurance, but also the shared vision that has propelled the group forward. Together, they represent a legacy defined by stability, trust, and a commitment to improving lives through innovative financial solutions.
As the celebrations unfold, Mr. Seth Kwaku Ansah Obiri, the Managing Director of United Pension Trustees reflected on the invaluable partnership and the bright future that lies ahead for the Vanguard Group. He noted that UPT has always had a close relationship with Vanguard Assurance, and it’s been incredibly valuable.
Vanguard is such a trusted name in Ghana, and having being birthed from them made it much easier for us to connect with clients. People already trusted the Vanguard brand, and that gave us a strong foundation to build on. But, with that trust, came a responsibility to ensure that we delivered exceptional service. We knew we had to live up to Vanguard’s reputation for reliability and integrity, so we made sure to always provide top-notch services. Over the years, that relationship has been essential in helping UPT grow and establish its own strong reputation in the pensions industry. It’s been a two-way street– Vanguard’s strength in the insurance sector helped us break through, and in return, we’ve worked hard to uphold their standards, ensuring that our clients feel confident and secure.”
Mr. Ansah Obiri, speaking further on the influence of Vanguard Assurance’s legacy, said “Being part of the Vanguard family meant we already had a certain level of trust with clients”. Moreover, this affiliation also inspired UPT to uphold and enhance that trust by delivering top-tier services.
According to him, the association with Vanguard Assurance motivated UPT to consistently innovate and adapt to clients’ evolving needs. This synergy between the two companies not only strengthened the Vanguard brand but also positioned UPT as a reliable partner in pension management, underscoring its commitment to excellence and client satisfaction.
The trust that Vanguard earned over 50 years in business helped us establish credibility, and from there, we’ve been able to build lasting relationships with our own clients. So, the relationship has been a strong foundation for our growth, and it continues to influence how we serve our clients today.”
Operations, Products and Services
United Pension Trustees (UPT) is dedicated to delivering comprehensive pension management services that empower individuals and organizations to plan for a secure financial future. According to the Managing Director, UPT offers a wide array of pension products tailored to diverse client needs.
These include personal and occupational pension schemes designed to provide financial stability during retirement; provident funds to ensure long-term savings; and expert advisory services to guide clients through their financial planning journey. UPT’s commitment to excellence and innovation positions it as a leader in Ghana’s Pension industry.
By focusing on customized solutions, UPT ensures that its clients are well-equipped to achieve their retirement goals with confidence and peace of mind.
We understand that everyone’s retirement-needs are different, so we take a personalized approach to ensure each client gets the right plan. Whether you’re an individual or a company, we design solutions that work for your specific situation, helping you save and plan wisely for retirement.”
Mr. Ansah Obiri highlighted the unique qualities that set United Pension Trustees (UPT) apart from other pension trustees in Ghana. “What distinguishes us is the range and flexibility of the products we offer,” he established. Unlike many providers who offer generic pension plans, UPT takes a personalized approach, designing services to cater to the specific needs of each client.
This commitment to customization ensures that both individuals and organizations receive pension solutions that align with their unique financial goals and circumstances. By focusing on flexibility and client satisfaction, UPT has carved a niche as a trusted and innovative leader in the pension management industry, dedicated to helping Ghanaians achieve a secure financial future.
For example, our flagship products (Personal Pension and My Own Pension) are designed to accommodate both individuals in the formal sector and those in the informal sector, which is still an unexplored area when it comes to pensions. We also offer advisory services to help guide clients through the process, ensuring they make the best decisions for their future. Our goal is to make pension planning accessible, simple, and relevant for everyone, no matter where they are in their career or life stage. That’s what really makes us stand out in this crowded market.”
Innovation and Listening to Clients, Key to Staying Competitive
United Pension Trustees (UPT) remains a leader in Ghana’s Pensions industry by prioritizing client satisfaction and consistently enhancing its offerings. According to the Managing Director, UPT’s strategy for staying competitive centers on listening to clients and adapting its services based on their feedback. “This approach has made our offerings both client-driven and oriented,” he emphasized.
Understanding the unique financial needs of individuals, UPT goes beyond mandatory, law-regulated pension plans to provide personalized pension services that evolve with clients’ changing circumstances. This flexibility ensures that every client receives solutions tailored to their financial goals, making UPT a preferred choice in the pensions market.
Innovation is another cornerstone of UPT’s competitiveness. The company simplifies pension processes, introduces superior digital solutions, and creates new products designed to meet the dynamic needs of its clients. By leveraging technology and maintaining a customer-focused approach, UPT continuously adds value to its services, making pension planning more accessible and efficient.
UPT’s proactive engagement with clients, combined with its commitment to delivering meaningful, personalized solutions, has cemented its reputation as a trusted partner in pension management. This dedication not only sets UPT apart from competitors but also underscores its mission to empower Ghanaians with financial security and peace of mind for the future.
…so, we make sure that aside the mandatory pension plans that are instituted and rigid by law, our individual pension services are personalized and can evolve as our clients’ needs change. Whether it’s simplifying the process, offering better digital solutions, or creating new products, we are always looking for ways to improve. By staying in tune with what our clients want and delivering it in a way that adds value, we’ve been able to maintain a competitive edge in the pensions market.”
Moreover, Mr. Ansah Obiri attributed Vanguard Assurance’s formidable presence in Ghana to its foundation of trust, reliability, and innovation. These core values, according to him, have propelled the company to the forefront of the insurance industry, solidifying its reputation as a leader. “As part of the Vanguard family, we’ve adopted these principles, prioritizing client’s trust and embracing continuous innovation,” Mr. Obiri emphasized.
This alignment has not only enhanced United Pension Trustees’ (UPT) service delivery but also reinforced the Vanguard brand’s legacy of excellence. By consistently adapting to meet changing client needs, Vanguard Assurance and UPT demonstrate the power of trust-driven and innovative solutions, ensuring their continued impact in Ghana’s financial and insurance sectors.
The strength of the Vanguard name in the market provides a solid foundation for UPT, and it encourages us to always improve and stay ahead of the curve. By staying committed to integrity and delivering innovative solutions, Vanguard has become a trusted and formidable presence in Ghana, and we’re proud to be part of that legacy.”
Current State of Ghana’s Pensions Market
The pensions market in Ghana is undergoing a period of significant challenges and transformation. According to Mr. Ansah Obiri, the impact of the Domestic Debt Exchange Program (DDEP) has introduced a wave of uncertainty, causing many individuals to question the reliability of pension schemes. This skepticism reflects a broader hesitation within the financial sector, as trust in long-term financial instruments has been shaken.
Despite these hurdles, there is a silver lining: increasing awareness of the importance of retirement planning. “More people are starting to realize the need for pension plans,” Mr. Obiri noted. This shift in mindset is critical, as it highlights a growing recognition of pensions as a tool for securing financial stability in later years.
United Pension Trustees (UPT) is actively addressing these concerns by prioritizing transparency and reliability in its services. By openly communicating with clients and ensuring that they understand how pension schemes operate, UPT is rebuilding trust in the system. Public education initiatives are central to this effort, aimed at demystifying pensions and emphasizing their long-term value.
Moreover, UPT is committed to helping Ghanaians steer these uncertain times. Through a focus on dependable service and tailored solutions, the company seeks to restore confidence in pension planning. “It’s an ongoing process,” Mr. Obiri explained, “but we’re dedicated to ensuring that individuals see the benefits of investing in their financial futures.”
Ghana’s youthful population presents unique opportunities and challenges for the pensions industry. Unlike aging populations in countries like China and Japan, Ghana’s demographic structure offers a chance to cultivate a culture of early financial planning. However, according to research, much of the youth workforce operate within the informal sector, including digital and entrepreneurial spaces, where pension coverage remains low.
This gap poses a challenge for pension providers like United Pension Trustees (UPT), as traditional pension schemes often do not cater to the needs of informal workers. Despite this, there is a silver lining. Increasingly, young Ghanaians are recognizing the importance of securing their financial futures. This growing awareness, while encouraging, requires targeted efforts to translate interest into action.
Meanwhile, UPT is addressing this challenge by engaging with the youth, educating them about the benefits of early retirement planning, and exploring innovative solutions tailored to the informal sector. By bridging the gap between interest and accessibility, the pensions industry can unlock the potential of Ghana’s young workforce, ensuring long-term financial stability for individuals and sustainable growth for the nation.
The truth is, there’s still a lot of work to do to get them to view pensions as a necessity and not just an afterthought. At UPT, we’re working hard to reach the youth, especially in the informal sector, through products like the ‘MyOwnPension’ and ‘Personal Pension’, which are designed to help them save for retirement, even if they’re self-employed or entrepreneurs. The goal is to show them that planning for the future starts now.”
Expatiating Pension Tiers Provided By UPT
United Pension Trustees (UPT) specializes in managing the second and third tiers of Ghana’s pension system, designed to ensure long-term financial security for individuals.
The second tier is a mandatory contribution, where 5% of an employee’s basic salary is managed by a pension scheme. This structured system complements the first tier provided by SSNIT, offering additional security. On the other hand, the third tier is voluntary and highly flexible, often referred to as the provident fund. Contributors can allocate up to 16.5% of their basic salary, tailoring it to their financial goals and needs.
UPT’s expertise lies in optimizing these tiers for clients, ensuring they derive maximum benefits. By simplifying processes and delivering exceptional services, UPT helps individuals secure a stable financial future, reinforcing its role as a dependable pension trustee in Ghana.
Why Choose United Pension Trustees for Your Pension Needs?
United Pension Trustees (UPT) distinguishes itself in Ghana’s competitive pension market through its commitment to personalized service and innovative solutions. Unlike many other pension trustees that offer one-size-fits-all plans, UPT prioritizes understanding each client’s unique financial circumstances and tailoring pension strategies accordingly. This client-centric approach ensures that every individual receives a pension plan that best aligns with their long-term goals and current needs.
Additionally, UPT’s focus on innovation allows them to adapt to the evolving financial landscape, providing modern and flexible solutions that meet the demands of today’s clients. This combination of personalized service and forward-thinking strategies has made UPT a trusted partner for those seeking a pension plan that offers more than just the basics. For those looking to secure their financial future, UPT’s tailored and adaptive approach is a clear advantage.
Whether it’s guiding someone through the process, helping them understand their options, or offering flexible digital tools to manage their funds, we make the entire pension journey easier. Plus, being part of the Vanguard family means we have a strong foundation of trust and experience behind us, so clients can feel confident that their money is in safe hands.”
Leveraging Technology to Boost Awareness and Services
In Ghana, one of the significant challenges is ensuring that the younger generation understands the importance of pensions, particularly, as many are employed in the informal sector. Mr. Ansah Obiri emphasized that there is a pressing need for increased education and awareness about the long-term benefits of saving for retirement. Promoting pensions as a tool for building long-term wealth rather than just securing financial stability in old age is essential.
To engage the youth, pensions must be made more accessible and appealing. Leveraging digital platforms, utilizing social media influencers, and running targeted outreach campaigns can help change perceptions and encourage more young people to prioritize pension savings. At UPT, the commitment to educating and reaching out to the youth is unwavering, ensuring that pensions become an integral part of their financial planning and future security.
United Pension Trustees (UPT) is committed to meeting the evolving needs and expectations of its clients by embracing technology. Recognizing the growing demand for convenience and accessibility, UPT has introduced digital solutions to streamline pension management. Through its user-friendly website and app, clients can now access their statements, check balances, and make service requests without the need to visit UPT offices.
This digital transformation not only enhances the user experience but also ensures that clients can manage their pensions with greater ease and efficiency. By leveraging technology, UPT is staying ahead of the curve and providing a modern, responsive service that meets the expectations of today’s tech-savvy customers. This approach underscores UPT’s dedication to innovation and continuous improvement in service delivery, reinforcing its position as a leader in pension management in Ghana.
We’re also working on improving our IT infrastructure, which will allow us to offer even more digital services in the future. These innovations help us stay connected with clients and meet their expectations in today’s fast-paced, tech-driven world. We’re committed to continuously improving and offering the best digital solutions available.”
UPT’s Heartfelt Goodwill Message to Vanguard Assurance
As Vanguard Assurance celebrates its 50th anniversary, Mr. Ansah Obiri, Managing Director of United Pension Trustees (UPT), extended his heartfelt congratulations. He commended Vanguard Assurance for 50 years of unwavering trust, exceptional service, and tremendous success. He expressed pride in being part of the Vanguard family, acknowledging the significant role Vanguard Assurance has played in setting a high standard in the insurance industry. He emphasized that UPT is honored to stand alongside Vanguard Assurance as it continues to lead and inspire.
In his message, Mr. Obiri wished Vanguard Assurance many more years of growth, innovation, and continued success. He shared his enthusiasm for the future, expressing confidence that the Vanguard Group will continue to thrive and positively impact Ghana’s financial landscape. This milestone is not only a celebration of the past but also a promising vision for what lies ahead.