TEACHERS FUND OF GNAT EARLY EXIT PENALTY

The Board of Trustees of the Teachers Fund has approved for implementation, an early exit penalty policy to guide its operations with contributors to the Fund.

Details of the policy as stated in the Fund’s Operations Policy and Procedures Manual are as follows:

  1. Members who apply for voluntary exits before attaining 60 years shall attract 50% penalty on their Return on Investment (ROI)

 

  1. The following persons shall be exempted from the Early Exit Penalty:
  2. Contributors with under/or six (6) months to the attainment of retirement at age 60.

 

  1. Deceased contributors confirmed with provision of proof of death.

 

  1. All contributors certified by a qualified medical practitioner to be permanently incapacitated or have life-threatening and terminal illness.
  2. All contributors who retire voluntarily at age 55 from employment.

According to the General Manager of the Fund, Mr. Foster Buabeng, the objective of this piece of information is to let their members know the position of the Association in relation to its implementation.