The features of the 3-Tier Ghana National Pension Scheme are as follows:

• Three-Tier System:
  It is a 3-tier scheme, with the first two being mandatory and the third tier voluntary.
• Mandatory Tiers:
  The first two tiers are mandatory for all workers, both in the public and private sectors.
• Voluntary Third Tier:
  The third tier is a voluntary, fully-funded provident fund and personal pension scheme, which is managed privately.
• Contribution Breakdown:
  Contributions to the scheme are split, with 13.5% going to the first tier (Social Security and National Insurance Trust – SSNIT) and 5% going to the second tier, which is managed by private fund managers.
• Pension Benefits:
  SSNIT pays the monthly pension, while the second-tier fund managers pay out the lump sum upon retirement.
• Minimum Contribution Period:
  The minimum contribution period is 180 months (15 years) to qualify for benefits under the scheme

Maximum Age for Entry:

• The scheme is open to new members starting from 15 years of age, with a maximum entry age of 45 years.
• Age Exemption:
  Workers who were 55 years and above before the commencement of Act 766 are exempt from the new scheme but may choose to join.
• Maximum Contribution:
  The maximum contribution is currently capped based on a salary of GH¢25,000, which can be adjusted periodically by SSNIT and the National Pensions Regulatory Authority (NPRA)

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(Any 5 points @ 1 mark each = 5 marks)