Nigeria’s pension industry delivered a strong showing in the first nine months (9M) of 2025, with several Pension Fund Administrators (PFAs) recording impressive average returns across the four Retirement Savings Account (RSA) fund categories.
Despite a challenging macroeconomic backdrop marked by elevated interest rates, FX volatility, and cautious equity market sentiment.
An analysis of industry data shows that the pension sector recorded a grand average return of 16.81% across all PFAs and RSA fund categories as of September 2025.
Performance remained strongest in RSA Fund I, which caters to contributors with higher risk tolerance, posting an average return of 21.52%.
This was followed by RSA Fund II (18.30%), RSA Fund III (14.64%), while RSA Fund IV, designed primarily for retirees, delivered a more stable but lower return of 12.78%.
Naijaonpoint reviewed fund-by-fund performance across all PFAs, ranking them based on their average percentage change across RSA Funds I to IV, under the review period of January 2025 to September 2025.
Veritas Glanvills Pensions Limited ranked tenth with an average return of 16.79%, supported by solid gains in RSA Fund I.
OAK Pensions Limited matched this with 16.95%, reflecting disciplined risk management and data-driven investment strategies.
Stanbic IBTC Pensions Managers Limited recorded an average return of 16.95%, boosted by strong Fund I performance.
Guaranty Trust Pension Managers posted an above-industry average return of 17.06%, placing it among the top performers.
Access ARM closed the period with a balanced performance across all funds, averaging 17.11%.
Leadway Pensure PFA Limited averaged 17.17%, supported by strong Fund I and II returns, averaging at 21.15% and 20.11%, respectively.
FCMB Pensions Limited posted an average return of 18.81%,benefiting from strong performances in RSA Funds I and II. The results place the PFA firmly among the top tier for contributors seeking above-average returns.
Crusader Sterling Pensions Limited recorded a strong 19.00% overall return, driven by solid performances in RSA Funds I and II, reflecting sustained exposure to growth-oriented assets.
Trustfund Pensions Plc ranked second with an overall average return of 19.38%, supported by the highest RSA Fund I return in the industry at 28.88%. The result highlights Trustfund’s ability to optimize higher-risk portfolios while maintaining stability in its conservative funds.
Pensions Alliance Limited emerged as the best-performing PFA overall, posting an average return of 20.83%, the highest in the industry as of 9M 2025. The strong showing was largely driven by robust gains in its growth-oriented funds, reflecting effective asset allocation and disciplined portfolio management.
Pensions Alliance Limited emerged as the best-performing PFA overall, posting an average return of 20.83%, the highest in the industry as of 9M 2025. The strong showing was largely driven by robust gains in its growth-oriented funds, reflecting effective asset allocation and disciplined portfolio management.
Other PFAs, such as Premium Pension Limited, Fidelity Pension Managers Limited, Norrenberger Pensions, Nigeria Police Force Pensions Ltd, Nigerian University Pension Management Company, amongst others also demonstrated resilience across multiple fund categories, particularly in RSA Funds II and III, which form the core of most contributors’ pension portfolios.
RSA Fund I delivered the strongest returns industry-wide, with an average of 21.52%. Standout performers include:
RSA Fund II posted a healthy 18.30% industry average, with top performances from:
Returns in RSA Fund III averaged 14.64%, reflecting its conservative asset mix. Notable performers include:
RSA Fund IV, designed primarily for retirees, recorded an industry average of 12.78%. Leading PFAs in this category include:
For contributors, these results reinforce the importance of regularly reviewing PFA performance, understanding fund type suitability based on age and risk tolerance, making informed decisions when considering fund or PFA switches.