This refers to a benefit scheme by which an employer and an employee contribute into a fund that is invested to provide the employee with a pension on retirement either as an annuity or as a lump sum.

It is a contributory three-tier scheme set up by the National Pensions Regulatory Authority to ensure retirement income security for all workers in Ghana.

Level 1, referred to as tier 1, is a mandatory basic national social security managed by SSNIT with a constituted Board of Trustees.

Level 2, referred to as tier 2, is a mandatory occupational pension scheme managed by a Corporate Trustee who appoints a Fund manager and a Custodian.

Level 3, referred to as tier 3, is a voluntary Provident Fund /Personal pension scheme for workers and self-employed workers in the informal sector.

The contributions are managed by a Corporate Trustee who appoints a Fund manager and a Custodian