(1) From the commencement of this Act and before the licensing or registration of trustees, pension fund managers and custodians, every employer to whom this Act applies shall open a temporary Occupational Pension Fund Account with the Bank of Ghana.

(2) Subject to sections 3 (1), (2) and (3) of this Act, the five per centum remittance to the second tier mandatory occupational pension scheme on behalf of the employee shall be lodged with the Bank of Ghana pending the licensing of trustees, pension fund managers and custodians.

(3) Every employer shall maintain proper books of accounts and records of contributions made under this Act.

(4) The Board shall within ninety days of licensing or registration of trustees, pension fund managers and custodians compute and transfer all contributions and returns to the credit of the Occupational Pension Fund Account opened with the chosen trustees licensed by the Board.