Your PFA statement arrives, you see a long table of dates and amounts, and you close it. Most people do. But that page is the only proof that your employer is actually paying your pension, so it is worth twenty minutes of your attention.
This guide walks through a typical statement section by section, shows you how to check the numbers with a simple calculation, and tells you what to do when something is missing. Layouts differ between pension fund administrators (PFAs), so match the names below to your own statement rather than expecting an exact copy.
Why the statement matters more than the balance
The balance tells you how much you have. The statement tells you whether it is correct. Missing months, wrong salary bases and contributions credited under the wrong employer are the common problems, and they are far easier to fix within a year than after ten.
Under the Pension Reform Act 2014, the minimum contribution is 10% of pensionable pay from the employer and 8% from the employee. Your employer is meant to remit the money to your PFA, which passes it to a custodian that holds the assets. Confirm the current rules with the National Pension Commission (PenCom), because they can change.
How to get your statement
PFAs usually send statements periodically and also let you view them online or through an app. If you have not received one in a long while, the likely reasons are an outdated phone number, email or address on your record.
- Log in to your PFA's portal or app, or visit a branch with your ID and RSA PIN.
- Ask for the statement covering at least the last 12 months. For a first check, request everything since you joined.
- Update your phone number, email and employer name while you are there.
- Save the PDF in your document folder. Our document folder guide explains why name mismatches cause trouble later.
Section 1: Personal and account details
The top of the statement carries your name, RSA PIN, date of birth, employer and sometimes your NIN or BVN status. Check each one slowly.
- Name spelling and order. It should match your NIN and bank records. A mismatch can delay withdrawals or benefit claims.
- Date of birth. A wrong date can affect when you are treated as eligible for retirement benefits.
- Employer name. If you changed jobs, it should show your current employer. Our guide on changing jobs and your pension covers the transfer steps.
Section 2: The contribution table
This is the part that matters most. Each row is usually a payment received, with columns like these:
| Column | What it means | What to check |
|---|---|---|
| Contribution or value date | The date the PFA received or credited the money | One entry per month; no long gaps |
| Salary month or period | The month the contribution is for | Late payments often show a month or two behind |
| Employee contribution | Your share deducted from pay | Roughly 8% of pensionable pay |
| Employer contribution | Your employer's share | Roughly 10% of pensionable pay |
| Voluntary contribution | Extra money you chose to add | Only appears if you paid it |
| Total | Sum for that row | Matches the two shares added together |
A worked example (hypothetical)
Say your payslip shows basic ₦200,000, housing ₦60,000 and transport ₦40,000. Those three add up to ₦300,000 in pensionable pay. Total allowances like meal or utility may not count, depending on your employer's structure and the law, so ask HR which items are included.
- Employee 8%: ₦24,000
- Employer 10%: ₦30,000
- Expected total each month: ₦54,000
Now open the statement. If you see ₦54,000 monthly, good. If you see ₦36,000, the PFA may have received contributions based on basic pay only, so someone is under-remitting. If a month is blank, ₦54,000 is missing for that period. Over twelve months, a gap of three months is ₦162,000 not working for you, before any investment growth.
Also compare the employee share with your payslip. If ₦24,000 is deducted from your salary but does not appear on the statement, your employer deducted it without remitting it. That is a serious issue you should raise in writing.
Section 3: Fund type and unit information
Your money is invested in a fund chosen by risk level. PFAs commonly offer several RSA funds, numbered with Roman numerals, from more aggressive to more conservative, with separate arrangements for retirees. Check which fund your statement shows and whether it fits your age and plans. Rules on who can be in which fund, and on switching, come from PenCom, so confirm the current position with your PFA.
Some statements show units and unit prices rather than only naira amounts. Each contribution buys units at that day's price. The idea is the same as in a mutual fund, and our fund fact sheet guide explains how to read prices and charges.
Section 4: Investment income and charges
Below the contributions you may see a line for investment income, returns or interest credited, and a line for fees. Do not judge performance from a single month. Look at the full year, and compare your fund's return with the same fund type at other PFAs, using published figures from PenCom or the PFAs themselves.
Ask your PFA to explain any fee line you do not understand. Pension fees are regulated, so a deduction you cannot identify deserves a written question.
Section 5: Opening balance, closing balance and the reconciliation
Statements normally show an opening balance, movements during the period and a closing balance. Here is a quick check:
- Take the opening balance.
- Add all contributions in the period.
- Add investment income, and subtract fees or withdrawals.
- The result should be close to the closing balance.
With unit-based statements the rounding may differ slightly, but large gaps need explanation.
A 10-minute yearly checklist
- Personal details are correct.
- Twelve contribution rows exist for twelve months worked.
- Each row matches roughly 18% of your pensionable pay.
- The employee share matches payslip deductions.
- Your fund type still suits your age.
- Closing balance reconciles with the movements.
- Your contact details and next-of-kin information are current.
What to do when something is wrong
- Screenshot or save the statement and a recent payslip showing deductions.
- Ask HR or payroll in writing (email) for the remittance dates and amounts.
- Write to your PFA asking whether the missing contribution was received, and keep the reference number it gives you.
- Escalate to PenCom through its official channels if your employer or PFA does not resolve it. Use only contact details from the official PenCom website.
Keep the tone factual. Dates, amounts and the payslip evidence do more than anger does.
Common mistakes
- Only checking the balance. A growing balance can still hide months of missing contributions.
- Using a middleman. Anyone offering to "fast-track" your pension or retirement benefit for a fee is a risk. Deal with your PFA directly.
- Sharing your RSA PIN and login details. Treat them like bank details.
- Ignoring old employers. Contributions from a previous job may sit under an old record. Ask your PFA to consolidate them under one RSA.
- Waiting for retirement. By then, records are older and harder to prove.
If you are self-employed
You will not see employer rows at all, only what you pay yourself. Your statement then becomes a savings log, and consistency is the thing to check. Our pension plan for traders and freelancers shows how to set it up.
Frequently asked questions
How often should I check my statement?
Glance at it whenever you receive it, and do the full checklist once a year. If you recently changed jobs, check again three months after the move.
Can I add extra money to my RSA?
PFAs generally accept voluntary contributions. Ask yours about the process and any rules on withdrawing these amounts before retirement, since terms vary.
My employer pays late. Is that a problem?
Late payment means your money missed the investment period. Raise it with HR and your PFA, and ask PenCom what remedies exist for delayed remittances.
Does this work the same in Ghana or Kenya?
No. Ghana and Kenya have different pension systems, rates and regulators. The habit of matching payslip deductions to the statement still applies, but the percentages in this post are Nigerian.
Your next step
Download your latest statement today, put your payslip beside it, and tick the checklist above. If a single month is missing, write to HR before the end of the week.
This article is for general information only and is not financial, legal, or tax advice. Prices, rates and rules change quickly, so check current details before making money decisions.