Annual Pension Statement: What You Need to Know

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Pensions play a crucial role in securing financial stability during retirement, and in Ireland, individuals contribute to pension funds throughout their working lives to ensure a comfortable retirement. 

An essential document that pension holders receive each year is the Annual Pension Statement. 

This statement provides a comprehensive overview of your pension fund, contributions, and other important details.

After reviewing your annual pension statement, if you have any questions about what to do next, our financial advisors are here to assist you.

Alternatively, you can read our article “When Was The Last Time You Reviewed Your Pension Funds?” for insights on how to optimise your pension portfolio.

What is an Annual Pension Statement?

An Annual Pension Statement is a document provided by pension providers to their members every year. 

This statement serves as a summary of your pension fund activity throughout the year, offering a transparent snapshot of your financial standing regarding your retirement savings.

Key Components of Annual Pension Statements

Personal Information

The statement typically begins with personal details such as the individual’s name, address, and pension scheme membership number. 

This section ensures that the information is accurately associated with the intended recipient.


One of the crucial aspects covered in the Annual Pension Statement is the breakdown of contributions made during the year. 

This includes both employer and employee contributions, highlighting the total amount invested in the pension fund.

Investment Performance

The statement provides an overview of how the pension fund has performed over the past year. 

It details the gains or losses incurred through investments, helping individuals assess the overall health of their pension fund.

Projected Benefits

To aid in retirement planning, the Annual Pension Statement often includes a projection of future benefits. 

This projection estimates the potential pension income based on the current contributions and investment performance, giving individuals an idea of what to expect in their retirement years.

Charges & Fees

It is common for pension providers to deduct charges and fees for managing the pension fund. 

The Annual Pension Statement breaks down these costs, ensuring transparency and helping individuals understand the impact of fees on their overall returns.

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Why are Annual Pension Statements important?

Facilitating Regular Reviews

Annual Pension Statements are indispensable for those who wish to regularly review and assess the performance of their pension funds. 

A thorough examination of these statements, prompted by life changes, financial goals, or market conditions, allows you to gain a deeper understanding of your pension fund.

When was the last time you reviewed your pension funds? Explore our article to understand its significance.

These reviews empower individuals to make strategic decisions to align their pension contributions and investments with their evolving financial objectives.

Predictability of Your Retirement Income

Annual Pension Statements contribute significantly to the predictability of your retirement income. 

By offering a detailed projection of future benefits based on the current state of your pension fund, these statements provide a sense of financial predictability. 

This predictability is crucial for individuals who seek a clear understanding of the pension they might receive upon retirement.

Finding Forgotten Pensions

Annual Pension Statements hold significant importance, not only for tracking your current pension contributions and projections but also for rediscovering lost or forgotten pensions.

These statements from previous providers serve as invaluable sources of information. They offer a comprehensive overview of your historical pension activity, allowing you to locate and reassess pensions from different periods of your career. 

Discover the significance of tracking down old or forgotten pension funds and their impact on your retirement income in our article: The Importance of Pension Tracing in Shaping Your Retirement Strategy.

Adjustment of Course

You might take proactive steps to modify your pension plan if the statement indicates unexpected fees or poor investment performance.

This might require seeking advice from financial experts or adjusting your investment portfolio. Feel free to contact us; we’re here to assist you.

Get a Retirement & Pension Planning Quote With True Wealth

Discover the path to your retirement planning with True Wealth

Our team of experts is committed to delivering thorough evaluations of your pension plans, and customising strategies to suit your individual goals and circumstances. 

Unlock valuable insights by delving into our Retirement Planning Guide, a comprehensive resource designed to empower you with the knowledge needed to navigate the complexities of retirement planning and pensions

Explore our article “When Was The Last Time You Reviewed Your Pension Funds?” for insights on how to optimise your pension portfolio.

Additionally, read our article, 10 Common Retirement Planning Mistakes To Avoid.

We at True Wealth are experts in personal and business financial planning, retirement and pension planning, pension tracing, savings and investments, protection, mortgages, and wealth management.

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All our content has been written or overseen by a qualified financial advisor. However, you should always seek individual financial advice for your unique circumstances.

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