Until the recent pensions reform, one of the major challenges that had confronted employees, both in the formal and informal sector, had to do with the low benefits and growth of their pension contributions as they near or go on retirement.

Interestingly, a lot of well-meaning people working today forget that they would also go on retirement someday; hence the need to put in place robust retirement plans whiles in active service.

It was therefore good and necessary that the Pension Act of 2008 introduced two new tiers, namely tier 2 and tier 3, to supplement the original Social Security and National Insurance Trust (SSNIT) pension scheme.

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