Petra Trust, a leading corporate trustee licenced by the National Pensions Regulatory Authority (NPRA), has unveiled the new ‘Savings Booster’ -- a groundbreaking product -- onto the Ghanaian Pension market in Accra.

The product enables individuals to boost their savings by shaving off a part of what they would have paid as income tax and adding it to their savings.

Managing Director of Petra Trust, Mr. Kofi Fynn, in an interview with B&FT, said the Savings Booster cannot be compared to the several traditional saving products on the market by virtue of the fact that it enables you to claw back part of what you have paid as income tax -- starting an individual in a significantly advantaged position.

“When one compounds the gains one makes on the extra savings from taxes each time salary is paid over the mid-to-long term, there aren’t any alternative saving products on the market that can deliver growth anything close to the Savings Booster,” he explained.

Mr. Fynn said the Savings Booster provides safe investment and great returns, with after-tax returns higher than the yield on 91-day Treasury bills.

Additional Safety is provided by the fact that it invests in a Tier-3 scheme regulated by the NPRA.

“It requires no minimum deposit, and provides easy tracking of your savings with 24/7 access to your balance online. SMS notifications are sent with each credit to account and statements emailed every quarter,” he added.

Mr. Fynn said the most important part of the Savings Booster contributes to the long-term savings pool of the country, and by so doing helps provide the much-needed mid-to-long term investments required to transform the economy.

The Savings Booster represents an evolution in the saving culture of Ghanaians because: “Just as your employer pays your income tax on your behalf, the Savings Booster allows your savings contributions to be paid on your behalf by your employer, enabling you to save consistently and effortlessly.

“It further allows you to regularly add onto your savings and therefore your wealth without taking any extra cash out of your pocket.”

Mr. Chris Hammond, DMD Petra Trust, said another key feature of Savings Booster is that the funds in your account can be used as collateral, allowing one to easily secure a loan or mortgage without disrupting the savings’ growth momentum.

Meanwhile, Petra Trust is one of the first trustee companies to be licenced and boasts a strong client list that includes some of the leading blue-chip companies in the country. The company administers tier-2 and tier-3 schemes for over 60,000 Ghanaian workers in both the formal and informal sector.