Nigeria’s pension industry recorded another positive month in September 2025, with several Pension Fund Administrators (PFAs) delivering solid returns across all Retirement Savings Account (RSA) Funds.
According to data compiled by the Naijaonpoint Research Team, the average return across the industry rose to 1.24%, up from 0.40% in August, reflecting steady market recovery and improved portfolio rebalancing by most PFAs.
Leading the performance table were Nigeria Police Force Pensions Limited, Pensions Alliance Limited, and Crusader Sterling Pensions Limited, all of which delivered above-average returns and strengthened investor confidence in their fund management strategies.
By fund category, RSA Fund IV (the conservative fund for retirees) delivered the strongest performance, averaging 1.32%. RSA Fund III (for pre-retirees) followed at 1.27%, RSA Fund I (for younger contributors) at 1.26%, while RSA Fund II (the default fund for most contributors) recorded the lowest return at 1.09%.
All percentage returns were calculated based on changes in fund unit prices as published by each Pension Fund Administrator on their official website for August and September 2025.
And all 18 PFAs recorded positive growth in September.
Other PFAs that posted above-average returns include:
However, Nigerian University Pension Management Company recorded the weakest average return of 0.70%.
A closer look at the sub-fund performance reveals varying trends across risk profiles:
This fund, designed for contributors with higher risk tolerance, grew by 1.26% in September. Improved equity performance helped lift most PFAs.
Top 3 Performers:
Only one PFA, Nigerian University Pension Management Company, recorded a negative return of –0.33% in this Fund category.
RSA Fund II posted the lowest average growth of 1.09%, reflecting the cautious positioning of PFAs amid subdued market conditions.
Top 3 Performers:
All PFAs delivered positive results, with Trustfund Pensions Plc posting the weakest return at 0.49% in this Fund category.
RSA Fund III, focused on contributors above 50, performed well with an average return of 1.27%, supported by stable fixed-income yields.
RSA Fund III, focused on contributors above 50, performed well with an average return of 1.27%, supported by stable fixed-income yields.
Top 3 Performers:
The most conservative fund outperformed all others with an average of 1.33%, driven by gains in government and money market instruments.
Top 3 Performers:
The Nigeria Police Force Pensions Limited maintained its top position for the second consecutive month, outperforming all peers across every RSA fund category.
Its consistent success is linked to a well-diversified strategy that combines tactical equity exposure with long-term government securities, delivering both stability and growth.
Overall, the pension industry showed resilience in September, rebounding from August’s modest returns. The improvement coincided with stable bond yields (around 17-18%) and mild equity recovery (NGX-ASI 0.31% month-to-date), which together supported portfolio gains across PFAs.