Welcome to the website of the Foundation for Sustainable (Micro) Pensions in Developing Countries (Dutch abbreviation: SDMO).
SDMO is a joint initiative of the Association of Insurers and the Pension Federation in the Netherlands with support of the Dutch Ministry of Foreign Affairs.
SDMO was created in 2011 to co-operate with local organizations to give inhabitants of developing countries access to collective pension provisions. The focus is on people who work in the informal sector who often do not have any old age provision yet.
SDMO especially wants to share knowledge and expertise. In this way the Dutch pension funds, pension providers and insurers give shape to their social commitment.
License to start business in Ghana
People’s Pension Trust Ghana received a license from the National Pensions Regulatory Authority on 6 September 2016 to start the micro pension project in Ghana. This is an important step forward in the plan to offer a micro pension product to people in the informal sector in Ghana.
After the feasibility study had been completed with a positive advice in 2015, the year 2016 was used to prepare for the actual start of the project. People’s Pension Trust has the ambitious goal to acquire 500,000 participants in 5 years. The distribution of the product is arranged by pension managers from the local communities who are trained to tell people about pension and respond to questions. Contributions can be made in cash, by mobile phone or by bank transfer.
The product is sold via existing groups, such as saving groups, trade unions and cooperations of farmers. The granting of the license generated quite some publicity. Samuel Waterberg, CEO of People’s Pension Trust, gave several radio and television interviews.