How to Read Your Pension Statement: A Simple Guide

How to Read Your Pension Statement | Standard Pensions Trust

Retirement Edge · Statements & Transparency

How to Read Your Pension Statement

Four lines, all already net of charges — and one you can check yourself.

Published on Monday, 3 August 2026 · Category: Statements & Transparency

Most members open a pension statement, look at the number at the bottom, and close it. That figure is the end of a story, and the lines above it are where mistakes hide.

The Four Lines Your Statement Shows

Your Standard Pensions Trust statement answers four important questions, in order.

Opening balance — what you held at the start of the period.
Contributions received — what actually reached your account.
Investment income — what you earned or lost, after charges.
Closing balance — what you hold now and next period's opening balance.

                    Important:

                    Opening balance + Contributions received + Investment income
                    = Closing balance.

                    If the numbers do not add up, ask Standard Pensions Trust.
                    The most important line is Contributions
                    Received, because it is the only figure you can
                    independently verify using your payslips.

The Line You Will Not See: Charges

Four parties are paid to run your pension scheme: the trustee, the fund manager, the custodian bank, and the National Pensions Regulatory Authority (NPRA).

Together, they charge approximately 2.5% per year of your fund balance, accrued daily (about 0.00685% per day).

You will not see these charges as a separate line on your statement because they are deducted before investment income is calculated.

                    Every figure on your statement is already
                    net of charges. Your closing balance
                    represents your accrued benefit.

                

In Ghana, Under Act 766

Your pension statement is not a courtesy; it is your legal entitlement.

Under Act 766, Section 105, Tier 2 schemes must keep proper records of every member's contributions.

Employers are required to remit contributions within 14 days after month-end (Section 63), which means a very recent month may still be in transit.

Where contributions genuinely go unpaid, the law imposes a 3% monthly penalty and allows recovery under Section 64.

Read It Now, Not at Retirement

Errors are easiest to correct while records are fresh. Four common issues continue to appear:

A name different from your identity documents.
An incorrect or transposed SSNIT number.
An outdated employer after changing jobs.
Months deducted but not credited.

A mismatched name or SSNIT number can quietly delay benefit claims decades later, long after the payroll officer who could have corrected the error has left.

Akosua Counts Her Payslips

Akosua's annual statement shows:

Opening balance: GH¢12,000
Contributions: GH¢3,300
Investment income: GH¢1,450
Closing balance: GH¢16,750

Everything adds up, so she almost stops checking.

Then she reviews her payslips. Twelve months at GH¢300 equals GH¢3,600.

One month's contribution is missing. That could be a timing issue—or it might not be.

Rather than guessing, she raises the matter with HR and provides her dated payslips.

(Illustrative example only.)

Key Takeaway

Every figure on your statement is already net of charges, so the closing balance is genuinely yours.

However, a statement that adds up is not necessarily complete. Always compare "Contributions Received" with your payslips.

If the numbers do not match, ask questions.

What You Should Do Next

Main Action: Open your latest pension statement, review all four lines, and compare "Contributions Received" with your payslips for the same period.

Check your name, date of birth, SSNIT number, and employer details against your official identity documents.
Update your records through the Member Portal or Standard Pensions Trust's official channels.
If a contribution is missing, contact your employer or HR first and keep your dated payslips as evidence.
If unresolved, escalate the matter to Standard Pensions Trust and then the NPRA.

How to Read Your Pension Statement