GNAT announces changes to teachers fund registration and beneficiaries

The Ghana National Association of Teachers (GNAT) has announced in its latest update to members that it has made critical changes to its member’s registration forms for the teachers fund as well as beneficiaries.

In a communiqué by GNAT sighted by Ghanaeducationnews.org, the letter signed by the Chief Operations Officer of the Teachers Fund said, “The Teachers Fund Membership Registration has been redesigned.” All the relevant information to be provided by members is now captured on a single A4 sheet. It added that, per the new form, there are limitless beneficiaries introduced as well.

It furthered that, as a result of the limitless beneficiaries, there was no longer a cap on the number of beneficiaries.

According to GNAT, the Teachers Fund beneficiary update form has also been redesigned to meet the changing needs of members. The new form allows members of the fund to make changes to their existing beneficiaries at any time.

It added that acknowledgement has been captured on both the redesigned membership form and the redesigned Teachers Fund beneficiaries update form as a footer. The acknowledgement reads “We treat your personal information as confidential in accordance with the Data Protection Act.”

Both the redesigned membership form and the redesigned Teachers Fund beneficiaries update form would be distributed effective Monday, April 15, 2024, per the notice served to members by the Teachers Fund.

What you need to know about the Teachers Fund.

1. GNAT established the Teachers Fund as a retirement supplement fund.
2. It was established in May 1998. A monthly deduction of 10 pesos was charged against the salary of teachers in that year.
3. As of March 2022, the Teachers Fund had an estimated asset worth GH₵2,341,265,114.73
4. The fund grants several types of credit facilities to members of GNAT who are members of the fund.
5. The success of the fund has been attributed to the tireless work of the leadership and teachers who contribute to the fund monthly.
6. The fund serves as a retirement supplement fund for teachers going on pension.
7. It offers teachers lifestyle-enhancing facilities such as personal loans, investment capital loans, habitat loans, and vehicle loans.
8. Teachers can also purchase all manner of appliances from the fund’s Credit Mall.
9. The Teachers Fund is also engaged in real estate ventures to help address the accommodation challenges that confront members. Over the years, it has constructed and rented hostel facilities and office accommodation as well.

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The fund works tirelessly to achieve its core vision and mission.

“To be the best performing private solidarity fund in Ghana by enhancing contributors’ welfare and quality of life,”  and “The Teachers Fund of GNAT is committed to enhancing the welfare of our members through prudent investments, innovative technology, and a well-motivated and skilled workforce,” respectively.

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The leadership of the Teachers Fund has called on its members to share the new update contained in this post to help inform all members of the fund.