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President J.E.A Mills has officially launched the new Pension Scheme, which is to ensure sustainable retirement income security for all Ghanaian workers, at the National Theatre, in Accra. Launching the scheme, the President said the National Pensions Act 2008 (Act 766), which was passed on 12th December, 2008, seeks to fill the gaps in the SSNIT Pension Scheme. The new Pension Scheme has three tiers, comprising two mandatory schemes and a voluntary scheme. SSNIT will operate the 1st tier, which is compulsory for all workers, and expected to be more efficient than the current one. The 2nd tier, will also be compulsory, but will be fully funded and privately managed for Work-based workers, designed to give higher lump sum than under the SSNIT or CAP 30. The 3rd tier, has been designed for only informal sector workers (self-employed people). Under the new scheme, contributors can use their future benefits s collateral to secure mortgages to build their own houses. President Mills said under the new law adequate provisions have been made for the informal sector, self-employed workers such as drivers, carpenters, hairdressers, etc. He urged those managing the new Pension Scheme�s funds, to use it judiciously, so that the fund is not over-stressed.