How to Read Your Pension Statement

How to Read Your Pension Statement | Retirement Edge | Standard Pensions Trust

• Weekly Pension Education

Most members open their pension statement, glance at the closing balance, and immediately close it again. Seeing a healthy balance provides reassurance, but it also causes many members to overlook the information that matters most. The closing balance is simply the end of the story. The real value lies in the lines above it, where missing contributions, incorrect records, or other issues can often be identified.

"Your pension statement is more than a balance—it is the receipt for your retirement."

The Five Lines Every Statement Answers

Although pension statements may look different from one provider to another, every statement answers the same five important questions. Understanding these five sections allows you to confirm that your retirement savings have been recorded correctly and gives you confidence that your pension records are accurate.

Every pension statement should clearly show:

Opening Balance

Contributions Received

Investment Income

Fees and Charges

Closing Balance

These figures should reconcile logically. Your opening balance, plus the contributions received, plus or minus investment income, less any fees and charges, should equal your closing balance. If these figures do not reconcile, it is worth raising the matter with Standard Pensions Trust for clarification.

The Most Important Line

Many members assume that the closing balance is the most important figure on the statement. In reality, the line that deserves the closest attention is Contributions Received. This is the one figure you can independently verify using your own monthly payslips. If the amount shown on your statement does not match what has been deducted from your salary, it should never be ignored. Checking this regularly helps identify issues while supporting documents and payroll records are still available.

Always compare "Contributions Received" with your payslips for the same period.

Your Right Under Ghana's Pension Law

Under Ghana's National Pensions Act, members are entitled to proper records of their pension contributions. Employers are required to remit contributions within the prescribed period, while charges on scheme funds must also be transparent. Your pension statement is therefore more than a courtesy—it is an important record of your retirement savings that you have every right to review and understand.

Read It Now, Not at Retirement

One of the biggest mistakes pension members make is waiting until retirement before carefully reading their pension statement. Errors are far easier to correct while payroll records, payslips, and employment records are still available. Some of the most common issues include differences in the spelling of your name, an incorrect or transposed SSNIT number, an outdated employer after changing jobs, or missing monthly contributions that were deducted from your salary but never reflected on your statement. Identifying these issues early makes them much easier to resolve.

Checking your pension statement every year can save you months—or even years—of delays when you eventually claim your retirement benefits.

Akosua Counts Her Payslips

Akosua receives her annual Tier 2 pension statement and notices the following:

Opening Balance: GH¢12,000

Contributions Received: GH¢3,300

Investment Income: GH¢1,450

Charges: GH¢180

Closing Balance: GH¢16,570

Everything appears to add up correctly, so she almost files the statement away. Before doing so, however, she compares the "Contributions Received" with her monthly payslips. After counting twelve monthly deductions of GH¢300 each, she realizes the total should be GH¢3,600. Rather than assuming something is wrong, she recognizes that one month's contribution may simply still be in transit. Instead of guessing, she contacts her Human Resources department and provides her dated payslips so the matter can be investigated properly.

Key Takeaway

A pension statement that adds up is not necessarily a complete statement. Always compare the "Contributions Received" on your statement with the deductions shown on your payslips. It is the one figure you can verify yourself.

What You Should Do Next

Open your latest pension statement and carefully read all five sections—not just the closing balance.
Compare the "Contributions Received" with your payslips for the same period.
Confirm that your name, date of birth, SSNIT number, and employer details are accurate.
If contributions appear to be missing, first raise the issue with your employer or Human Resources department while keeping your dated payslips as evidence.
If the issue is not resolved, contact Standard Pensions Trust and, where necessary, escalate the matter to the National Pensions Regulatory Authority (NPRA).

Your pension statement is not simply a record of what you have saved—it is your opportunity to protect your retirement by ensuring every contribution has been properly credited.

Disclaimer

This article forms part of the Retirement Edge Program and is intended for general pension education only. It should not be regarded as personalized financial, investment, tax, or legal advice. Investment income may rise or fall, charges and benefits are governed by scheme rules and NPRA regulations, and members should confirm current information before making financial decisions.

How to Read Your Pension Statement: 5 Key Things Every Member Should Check