What is retirement statement in SAP PA-PF - Pension Schemes?

SAP Term: retirement statement

• Component: PA-PF

• Component Name: Pension Schemes

• Description: A detailed overview of the pension an employee has built up, usually including the following information: Personal data such as pension, personnel and SI number. Birth, enrollment and retirement date. Monthly reference salary, that is, the employee's average salary of the past 5 years. Depending on the option, the total of defined contributions or defined benefits, in other words, either a monthly payment or a one-time lump-sum payment.

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• Key Concepts: 
  A retirement statement is a document issued by an employer to an employee upon retirement. It outlines the employee's pension entitlements, including the amount of pension they will receive, the date of their retirement, and any other benefits they may be entitled to. It also includes information about the pension scheme and any other relevant information. 
  
  How to use it: 
  In SAP, the retirement statement is generated using the PA-PF Pension Schemes component. This component allows employers to manage their pension schemes and generate retirement statements for their employees. The retirement statement can be printed or emailed to the employee. 
  
  Tips & Tricks: 
  When generating a retirement statement in SAP, make sure to double-check all of the information before sending it out. This will ensure that the employee receives accurate information about their pension entitlements. 
  
  Related Information: 
  The PA-PF Pension Schemes component also allows employers to manage their pension funds and track contributions made by employees. It also provides reports on the performance of the pension scheme and allows employers to make changes to the scheme if necessary.