Easy way to determine pension lump sum using GESOPS statement

determine pension lump sum

Easy way to determine pension lump sum using GESOPS statement

How to determine pension lump sum: GESOPS is the Ghana Education Service Occupational Pension Scheme. Their short code to access your GESOPS statement is *365*65#.


The GESOPS statement provides two pieces of fundamental information. The two information are
1. How much have you contributed so far and
2. How much interest has accumulated on your contributions?


The scheme is for all workers under Ghana Education Service. Whether teaching or non-teaching.


GESOPS is the tier 2 scheme for GES staff. Tier two is also known as the lump sum pension. The lump pension is the bulk money given to retirees.


Though a member can access their current statement of accounts, GESOPS also sends regular statements to members. GESOPS normally sends the  statement through emails or text messages.


Below is a typical text message sent by GESOPS.

Dear Kofi Mensah, please find below your GESOPS summary membership statement at 31st March 2024.


Total Contributions (TPFA & Regular)= GHC17436.19
Valuation Gains (TPFA & Regular)= GHC15071.51
Total Fund Value (TPFA & Regular)= GHC32507.7


For a detailed statement, visit https://www.gespensions.com.gh Helpline 0506929009 / 0596921135. Thank you


Easy way to determine your lump sum pension at age 60.

Step 1: Find how much you add to your lump sum yearly. That is to divide your total fund value by the number of years you have contributed so far.


For example, using the statement above for an employee who has been working for 13 years now is, 32507.7 ÷ 13 years = Ghc2500.6 per year.


This means, on average, this employee has been adding 2500.6 yearly to his lump sum.


Remember that this amount includes both contributions and interest on the fund.


Step 2: Finally, determine how many years you would have worked before retirement from the time you started contributing to SSNIT.


determine pension lump sum
determine pension lump sum

In the case of this employee, assuming he would work 33 years at retirement, multiply the yearly amount by 33 years. That is: Ghc2500.6 x 33 years = Ghc82519.8



Remember that this amount, Ghc82519.8 is today’s (present) amount. Meaning that the amount they will give this worker when she finally retires can only buy things worth Ghc82519.8.

In other words, the money they will give this employee on retirement may be significantly higher than Ghc82519.8, but in order to understand what that future amount can buy today, it can only buy things worth the present value of Ghc82529.8

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