RETIREMENT/DEATH
BENEFIT
On
retirement from service, members’
contributions under the scheme will be refunded
in addition to any income earned thereon.
The refund of contributions to members upon
death or retirement will be based upon a
member’s proportion of the total contributions
of the Fund expressed as percentage of the
current value of the Fund. The Fund would
therefore be valued periodically and members’
statements would reflect their current value.
For
a refund of a member’s contribution
on retirement from active service:
•
Inform District GNAT Secretary in writing
of your end of service with GES.
• District Secretary will inform the
Fund Secretariat
Mode
of Calculation of benefits:
• There will be periodic valuation
of the total assets of the Fund
• Retiring member’s contributions
will be valued at a common denominator with
the total contribution by all members
• A member retiring within a year
will then be entitled to his/her share as
a percentage of the total contributions
of members expressed in a common valuation
• The share is then applied to the
agreed total valuation for the year in question.
When
a member retires he/she has the option to
still be a member of the Fund or inform
the District GNAT Secretary and claim a
refund of his contribution to the Fund.
If
a member wishes to retain his membership
with the Fund after retirement; he/she will
write to the Fund expressing his/her interest
to continue his contribution
Payment
of monthly contributions may be through
any of the following means:
•
Pay amount directly to the Fund Secretariat
and be issued a receipt
• Pay through the Fund Accounts and
send a copy of the pay-in-slip to the Fund
Secretariat
• Pay through the District GNAT Secretary
and send a copy of the receipt with letter
to the Fund Secretariat
PERSONAL LOAN
This
is a 10 – 24 month facility made available
to registered members who have the unique
Fund Identification number to enable them
resolve their short term financing needs.
This may include rent advance payments,
school fees, funeral expenses etc
Procedure
for accessing a Personal loan
•
Contact the District Finance Committee/
District GNAT Secretary for personal loan
application forms
• Fill in loan application forms and
attach copies of last two pay slips
• Submit loan application form to
District GNAT Secretary or District Finance
Committee to be forwarded to Fund Secretariat
• Loan disbursement will be made through
District GNAT office for payment to beneficiaries.
Monthly
Contribution GH¢ |
Minimum
Contribution period |
Loan
Amount GH¢ |
Max
Repayment period |
2.50 – 5.00
|
6mths |
Up to 500
|
10
- 12 mths |
5.50– 10.00
|
6
mths |
Up to 1000
|
18mths |
15.00 and above
|
6 mths
|
Up to 1500
|
24mths |
The
exact loan amount to be granted however
is tied to one’s repayment capability
which is indicated by how much deduction
is permissible by your payslip. Total deductions
from one’s salary cannot exceed 50%
of monthly net salary.
Learn more
|
