The object of the Scheme is to provide for the operation of tax-incentive-based

voluntary savings plans, which shall provide for anyone or more of the following: (a) retirement savings;

(b) savings for home ownership and educational needs; (c) savings for an all purpose plan

(d) lump-sum payment on account of physical or mental disability; and (e) lump-sum payment to dependants in the event of death, of a contributor

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Establishment of the Agency

3. (1) There is hereby established by this Act a Long-Term Savings Scheme Agency

referred to in this Act as the “ “Agency.”

(2) The Agency shall be a body corporate with perpetual succession and a common seal, and may sue and be sued in its corporate name.

(3) The Agency may for the discharge of its functions under this Act acquire, hold and dispose of movable and immovable property and may enter into contract or other transaction.

Functions of the Agency

4. The Agency shall administer and operate the Scheme and shall for that purpose (a) formulate and pursue policies to achieve the object of the Scheme; (b) in consultation with the Securities and Exchange Commission take

measures to protect the interests of contributors where the solvency of any Funds Manager is in doubt;

(c) carry out research in relation to the Scheme and protect the integrity of the Scheme against any abuses;

(d) promote and educate the public on the Scheme;

(e) monitor and evaluate the operations and performance of the Scheme; (f) receive and process applications from persons who want to operate as

Funds Managers under this Act for approval;

(g) put in place structures for the Scheme and issue guidelines and notices as required for the proper operation of the Scheme;

(h) publish such manuals as it considers necessary for the conduct and operation of the Scheme; and

(i) advise the Minister on all matters relating to the Scheme.

Power of the Agency to request for production of books

5. (1) The Agency may by notice in writing at any time, if it considers that there is

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any person, to produce to a person authorised by the Agency, such books or records, as may be specified in the notice.

(2) The Agency may in writing authorise a person possessed of such qualification as it considers adequate, to exercise the power to request for the production of books conferred on the Agency under this section.

(3) Where the Agency or a person authorised by the Agency requires the production of any books under this section and any person has a lien on the books, the production of the books shall not prejudice the lien.

(4) An action shall not lie against any person for complying with a direction or requirement to produce books made or given under this section.

(5) A request to produce books or records under this section extends, if the person is a body corporate, to any person who is or has been an officer of the body corporate whether that body corporate is in the course of being wound up or has been dissolved.

Powers of the Agency in relation to books required to be produced

6. (1) Where the required books are produced under section 5 (1), the person to

whom they are produced

(a) may take possession of them, make copies of them, or take extracts from them;

(b) may require any person who was party to the compilation of the books to make a statement providing an explanation of any matters contained in the books;

(c) may retain possession of the books for as long as the Agency considers necessary to enable the books to be inspected and copies of or extracts from the books to be made or taken by or on behalf of the Agency; and (d) shall permit the person who produced them, upon giving a reasonable

notice and specification of the books, to have access to them.

(2) Where the books are not produced, the Agency or the authorised person may require the person who should have produced the books

(a) to state, to the best of that persons knowledge and belief, where the books may be found;

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(b) to identify the person who, to the best of that person’s knowledge and belief, last had custody of the books and where the person may be found; or

(c) to state the reasons why the books cannot be produced.

Power of Agency to conduct investigation and inspection

7. (1) Where the Agency has reason to suspect that a person has committed an

offence under this Act or has been guilty of fraud or dishonesty in relation to dealing in Plan activities, it may conduct such investigation as it considers appropriate in accordance with this Act.

(2) The Agency may inspect the books, accounts, documents and transactions of a Funds Manager or Trustee.

(3) The Agency may appoint a person possessed of such qualification as it considers adequate, to exercise the power of the Agency under subsection (1)

(4) For the purposes of an inspection under this section, the Funds Manager or Trustee shall afford the Agency access to, and shall produce books, accounts and documents and shall give such information and provide facilities as may be required to conduct the investigation or inspection.

(5) A person appointed by the Agency under subsection (3) shall have the power to copy or take possession of the books, accounts and other documents of a Funds Manager or Trustee.

(6) A Funds Manager or Trustee, who fails, without reasonable excuse, to produce any book, account or document, information or facilities in accordance with subsection (4) commits an offence under this Act and is liable on summary conviction to a fine of not less than 1000 penalty units or imprisonment for a term of not less than 3 years or both.

Governing Council of the Agency

8. (1) The Agency shall have a governing council referred to in this Act as the “Council”.

(2) The Council shall provide policy direction for the Scheme and shall ensure that the functions of the Agency are effectively and efficiently carried out.

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(a) a chairperson;

(b) one representative of each of the following

(i) the Ministry of Finance and Economic Planning, not below the rank of director;

(ii) the Ministry of Manpower Development and Employment, not below the rank of director;

(iii) the Ghana Employers Association;

(iv) the Ghana Securities Industry Association; (v) the Ghana Association of Bankers;

(vi) the Ghana Insurers Association; and (vii) Organised Labour;

(c) two other individuals representing the informal sector, one of whom shall be a woman; and

(d) the Administrator of the Agency.

Appointment of members of the Council

9. (1) The chairperson and members of the Council shall be appointed by the President

in consultation with the Council of State.

(2) The President shall in appointing the chairperson and other members of the Council under subsection (1) have regard to the integrity, expertise, experience, and knowledge of the persons in matters relevant to the functions of the Agency.

Tenure of Office of members of the Council

10. (1) The chairperson and a member of the Council other than an ex-officio member

shall hold office for a period not exceeding four years and shall on the expiration of that period be eligible for re-appointment.

(2) A member of the Council other than an ex-officio member may resign from the office at any time by letter addressed to the President through the Minister.

(3) A member who is absent from four consecutive meetings of the Council without sufficient cause shall cease to be a member of the Council.

(4) The chairperson or any other member of the Council may be removed from office by the President for inability to perform the functions of office, for stated misbehaviour or for any other just cause.

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(5) The chairperson of the Council shall notify the Minister of vacancies that occur in the membership of the Council within one month of the occurrence of the vacancy.

(6) Where a person is appointed to fill a vacancy that person shall hold office for the remainder of the term of the previous member and shall subject to the provisions of this Act be eligible for re-appointment.

Meetings of the Council

11. (1) The Council shall meet for the dispatch of business at times and in places that

the Council may determine but shall meet at least once every three months.

(2) The chairperson shall upon the request of not less than one third of the membership of the Council convene a special meeting of the Council.

(3) The quorum at a meeting of the Council shall be seven members.

(4) The chairperson shall preside at every meeting at which the chairperson is present and in the absence of the chairperson a member of the Council elected by the members present from among their number shall preside.

(5) Matters before the Council shall be decided by a majority of the members present and voting.

(6) The person presiding at a meeting of the Council shall in the event of equality of votes have a second or casting vote.

(7) The Council may co-opt any person to act as an adviser at its meetings but a co-opted person is not entitled to vote at a meeting of the Council.

(8) The validity of the proceedings of the Council shall not be affected by a vacancy in membership or by a defect in the appointment or qualification of a member. (9) Except as otherwise provided under this section, the Council shall determine and regulate the procedure for its meetings.

Committees of the Council