Educational Programme On Medium Term Strategic Plan: Series 3:

1.0 Introduction: We hope our first two series on the Strategic Plan for the Trust have been carefully digested and that we are meeting our objective of keeping staff adequately informed about the strategic direction of the Trust. Our series for this week looks at the key objectives of the Trust; the key results areas affirmed by the Trust and the relevance of the key result areas to the achievement of corporate objectives. 2.0 KEY OBJECTIVES OF THE TRUST The 2014 Medium-Term Strategic Plan is directed towards the achievement of the following:i. ii. iii. iv. v. vi. Re-engineered business processes aimed at increasing the level of automation to enhance efficiency and productivity; Institution of a benefits administration system which meets the requirements of promptness, accuracy and efficiency; Effective application of the laws of the land to protect the Trusts interests in all its transactions; Development and implementation of an optimal asset allocation policy which guarantees continued improvement in real returns on investment; Prudent management of investments aimed at protecting the capital sum and value of the assets of the Pension Scheme; Control the cost of funding pensions through improvement in investment return on a long-term basis and to achieve the optimum fund ratio, as determined from time to time by the Scheme Actuary; Recruitment and retention of a highly competent and motivated staff; Development and implementation of a staff compensation system that recognises experience, expertise and contribution to organisational success; Regular submission of accurate, reliable and timely management information on the Trusts finances as specified by the National Pensions Act 2008 (Act 766); Establishment of a strong and effective technical advisory support team comprising Actuarial, Strategic Planning, Research and Quality Management to provide support to all functional areas of the Trust; Establishment and maintenance of a favourable corporate image based on responsible governance and highest standards of customer service provisioning; Establishment of a risk-focused program of work that ensures effective and efficient audit coverage; Promotion of good governance at the Board level and within the Trust.

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3.0 KEY RESULT AREAS AFFIRMED BY THE TRUST In order to achieve its key objectives the Trust has affirmed for itself eleven (11) key result areas. The Key Result Areas are areas in which the Trust MUST excel if the vision and mission of the Trust for the 2010 to 2014 Plan period is to be achieved. The key result areas are Operations Management, Benefits Administration, MIS Management, Investment Management, Financial Management, General Counsel, Administration and Human Resources, Technical Support, Public Education & Corporate Image, Internal Controls Management and Company Secretariat. The key result areas and the key objectives to be achieved under them are: 1. OPERATIONS MANAGEMENT a. Provide professional, responsive, friendly and efficient service points; b. Increase contribution income by enforcing compliance of employers to regulations of the Social Security Scheme regarding coverage and payment of contributions; c. Adopt state-of-the-art technology to enhance operations; d. Stay abreast with emerging innovations and trends in the design and management of social insurance programmes to improve service delivery to stakeholders; e. Provide members of the Scheme with periodic record of their contributions. 2. BENEFITS ADMINISTRATION a. Institute an efficient benefits administration system which is also capable of detecting and minimizing fraud; b. Process benefit claims promptly; c. Pay benefit claims accurately. 3. MIS MANAGEMENT a. b. c. d. e. f. Re-engineer business processes; Increase the level of automation of business processes; Integrate business processes to streamline and enhance workflows; Migrate to electronic records keeping; Develop a robust system that would enable the Trust to maintain a reliable database; Provide adequate security for I.T. infrastructure.

4. INVESTMENT MANAGEMENT a. Periodically measure the performance of Trust investment portfolios against appropriately defined benchmarks; b. Implement an asset-liability management system to ensure optimum solvency of the Scheme; c. Ensure that competent management personnel are appointed to manage Portfolio Companies of the Trust; d. Closely monitor investment portfolio activities; e. Attract, train and retain competent investment talents;

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Establish regulations and procedures to guide the Trusts oversight and representation on Boards of Portfolio Companies.

5. FINANCIAL MANAGEMENT a. Regularly prepare accurate, reliable and timely management information on the Trusts finances; b. Rationalise business processes to achieve cost-effectiveness; c. Institute financial systems and control procedures to achieve cost-effectiveness; d. Develop and adopt a comprehensive risk management program to minimise financial exposure; e. Adhere to budgetary discipline; f. Be guided in all expenditure decisions by the financial impact on the statutory obligations; g. Capture and maintain accurate data on contributors; and h. Issue periodic record of contributions to members. 6. GENERAL COUNSEL a. Ensure full compliance with the provisions of the National Pensions Act 2008 (Act 766) and Legislative Instrument (L.I.) 1989; b. Ensure realisation of the Trusts Constitutional duty to comply with all relevant laws of the country and to act fairly and reasonably in all its dealings; c. Ensure compliance with Article 12 of the 1992 Constitution to respect and uphold all the fundamental human rights and freedoms guaranteed therein; d. Ensure that relevant educational programmes are drawn up to educate the Board of Trustees, Management and Staff of the Trust and Stakeholders on the Social Security Law and the Principles of Trust Law applicable to Pension Administration. 7. ADMINISTRATION & HUMAN RESOURCES a. Maintain a reliable staff Performance Management System that enables annual staff performance appraisal based on pre-agreed objectives; b. Maintain optimum staff levels in all functional areas; c. Ensure adequate supply of goods and services necessary for optimum productivity; d. Ensure efficient procurement of goods, works and services in accordance with the Public Procurement Act 2003 (Act 663). 8. TECHNICAL SUPPORT a. Establish a strong Actuarial, Strategic Planning, Quality Management and Research Team to provide reliable, competent and professional technical support; b. Undertake annual actuarial valuations of the pension scheme in between triennial independent actuarial valuations to ensure solvency of the Scheme; c. Commit to the continuous review of the scheme design in response to the emerging needs of the Ghanaian worker; d. Provide technical advice in the provision of social protection schemes in the countrys pension reform process;

e. Conduct surveys and studies into issues that would inform improvement of the operations and enhancement of the image of the Trust; f. Improve the implementation of research findings and recommendations; g. Facilitate and co-ordinate the medium term and annual operating planning processes of the Trust; h. Institute mechanisms for effective performance measurement and performance improvement in the Trust; i. Institute mechanisms for effective monitoring of performance on the key objectives of the Trust; j. Implement Plan Programs in an efficient manner; k. Conduct regular total quality appraisals into workflow processes; l. Establish enterprise-wide risk management practices for the Trust; m. Adopt measures to effectively identify and manage risk. 9. PUBLIC EDUCATION & CORPORATE IMAGE a. Commit to promoting public awareness and understanding of the role of social security in retirement planning; b. Establish and maintain a favourable corporate image based on responsible corporate governance; c. Achieve the highest standards of customer satisfaction in all dealings with the public. 10. INTERNAL CONTROLS MANAGEMENT a. Establish adequate and effective internal control activities; b. Continuously review all functional areas and establish a risk-focused program of work that ensures effective and efficient audit coverage; c. Adopt measures to evaluate whether the processes at all levels are effective in controlling risk. 11. COMPANY SECRETARIAT a. Promote and facilitate good governance at the Board level and within the Trust. b. Promote accountability on the part of SSNIT representatives on the Boards of investee companies.

4.0 RELEVANCE OF KEY RESULT AREAS The key result areas are relevant because the Trust is organised around them. There are seven divisions headed by seven General Managers and four other areas headed by Executives charged with the responsibility to oversee the achievement of the objectives under the respective key result areas. These are as follows: i. Operations Division headed by the General Manager, Operations and responsible for the achievement of objectives that fall under the Operations Management Key Result Area.

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Benefits Division headed by the General Manager, Benefits and responsible for the Benefits Administration key result area. MIS Division headed by the General Manager, MIS and responsible for the MIS Management key result area, Finance Division headed by the General Manager Finance and responsible for the Financial Management key result area Investment and Development Division headed by the General Manager IDD and responsible for the Investment Management key result area Administration and Human Resources Division headed by the General Manager Admin/HR and responsible for the Administration and Human Resources key result area General Counsel Division headed by the General Manager, GCD and responsible for the General Counsel key result area The Actuarial, Strategic Planning, Risk and Quality Management and Research technical support services headed by the Chief Actuary and responsible for the Technical Support key result area. The Chief Actuary is an Executive position. Corporate Affairs Department headed by the Corporate Affairs Manager and responsible for the Public Education and Corporate Image key result area. The Corporate Affairs Manager is an Executive position. The Internal Audit Department headed by the Chief Internal Auditor and responsible for the Internal Controls Management key result area. The Chief Internal Auditor holds Executive position. The Company Secretariat headed by the Company Secretary and responsible for the Company Secretariat key result area. The Company Secretary is Secretary to the Executive Committee and the Board of Trustees. It is an Executive position.

The importance of this structure is that the Director-General gets to have continuous feedback on all the key result areas of the Trust and is thus enabled to drive achievement of key objectives. 5.0 CONCLUDING REMARKS We hope to have successfully shown the harmony that exists between the key objectives of the Trust, its key result areas and the structure of the Trust. The very structure of the organisation is designed to facilitate achievement of its objectives and vision. Kindly direct all enquiries and comments to the stra_pl_grp through the corporate mail. Thank you for your audience.