Reading your annual statement: where balance, transfer value, allowances and costs are
For every question about the transfer you need the same figures, and all of them are in the annual statement (Standmitteilung) your provider sends every year. This page explains which line means what.
The three values you need
- Transfer value (for insurance; otherwise contract balance or account value). This is the amount that actually flows on transfer. For insurance contracts it can be below the balance shown.
- Effective costs in percent per year, mandatory since 2017. They combine acquisition, administration and fund costs in one figure.
- Guaranteed capital at retirement (contribution guarantee: sum of contributions and allowances).
All lines explained
| Label (variants) | Meaning | Role in the transfer |
|---|---|---|
| Contract number, allowance number | Contract at the provider; your account at the ZfA | Both belong in the transfer request |
| Contract start / insurance start | Start of the contract | Determines whether switching costs apply (5-year threshold) and the child allowance level (children born before/after 2008) |
| Contributions paid, allowances received | Sum since start | Adds up to the contribution guarantee; allowances stay on transfer |
| Contract balance / cover capital / fund balance | Current value of the contract | Starting point, but not always the transfer value |
| Surrender value / transfer value | What would be paid on cancellation or transferred on transfer | The transfer value is the decisive figure |
| Effective costs (% p.a.) | Total cost ratio on returns | Comparison figure against the Altersvorsorgedepot |
| Acquisition/distribution costs, administration costs | Individual items | Acquisition costs already paid are lost regardless of the transfer |
| Guaranteed capital / guaranteed annuity | Promise at retirement | Lost on transfer into an account without guarantee |
| Projected capital (scenarios) | Projection at assumed returns | Not comparable with other providers' projections; check the assumptions |
| Housing subsidy account (Wohnförderkonto) | Only for Wohn-Riester: subsidies used | Special case, separate page |
If a figure is missing
Not all providers state the transfer value unprompted. You are entitled to the information; an informal letter is enough. Ask in one go for: current transfer value, contract start, effective costs and whether the provider offers the new subsidy scheme within the existing contract. A template is at letter templates.
Quick answers
I cannot find effective costs on my statement.
For statements issued after 2017 the figure is mandatory. For older formats ask the provider.
Is the transfer value the same as the surrender value?
Not necessarily. The surrender value applies on cancellation, the transfer value on a provider switch; many providers set both equal, some do not.
What you can check now
- Do you have the latest statement, and does it show the transfer value?
- How high are the effective costs in percent?
- How large is the gap between contract balance and transfer value?
- Ordinance on product information sheets for pension products (AltvPIBV) on mandatory statement content
- Retirement Provision Reform Act (Altersvorsorgereformgesetz), Bundestag 27 March 2026, Bundesrat 8 May 2026, promulgated 26 May 2026 (BGBl. 2026 I No. 156)
- Provider publications (Allianz, ING, MLP, Union Investment) on implementation, July/August 2026
This page provides general information about statutory rules. It is not legal, tax or investment advice and makes no recommendation for any individual contract. For a personal assessment, consumer advice centres (Verbraucherzentralen) or licensed advisers are the right address – where to get advice.