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%.
Nairametrics 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.
Top-performing PFAs by overall average return – September 2025
Veritas Glanvills Pensions Limited ranked tenth with an average return of 16.79%, supported by solid gains in RSA Fund I.
- Fund I: Increased by 22.83% from N2.4665 to N3.0297 in Sept. 2025
- Fund II: Increased by 16.90% from N5.7637 to N6.738 in Sept. 2025
- Fund III: Increased by 14.98% from N2.1827 to N2.5097 in Sept. 2025
- Fund IV: Increased by 12.43% from N6.5025 to N7.3107 in Sept. 2025
OAK Pensions Limited matched this with 16.95%, reflecting disciplined risk management and data-driven investment strategies.
- Fund I: Increased by 22.69% from N2.3054 to N2.8286 in Sept. 2025
- Fund II: Increased by 16.78% from N5.4953 to N6.4172 in Sept. 2025
- Fund III: Increased by 16.08% from N2.0071 to N2.3299 in Sept. 2025
- Fund IV: Increased by 12.25% from N6.7652 to N7.5942 in Sept. 2025
Stanbic IBTC Pensions Managers Limited recorded an average return of 16.95%, boosted by strong Fund I performance.
- Fund I: Increased by 22.46% from N3.0551 to N3.7412 in Sept. 2025
- Fund II: Increased by 19.55% from N7.7191 to N9.2284 in Sept. 2025
- Fund III: Increased by 13.79% from N2.1188 to N2.411 in Sept. 2025
- Fund IV: Increased by 12.01% from N7.3794 to N8.266 in Sept. 2025
Guaranty Trust Pension Managers posted an above-industry average return of 17.06%, placing it among the top performers.
- Fund I: Increased by 20.52% from N1.5447 to N1.8617 in Sept. 2025
- Fund II: Increased by 18.01% from N5.4008 to N6.3737 in Sept. 2025
- Fund III: Increased by 16.58% from N2.27 to N2.6463 in Sept. 2025
- Fund IV: Increased by 13.13% from N4.4289 to N5.0106 in Sept. 2025
Access ARM closed the period with a balanced performance across all funds, averaging 17.11%.
- Fund I: Increased by 19.05% from N2.4038 to N2.8617 in Sept. 2025
- Fund II: Increased by 20.01% from N7.3445 to N8.8143 in Sept. 2025
- Fund III: Increased by 15.40% from N2.2042 to N2.5436 in Sept. 2025
- Fund IV: Increased by 14.00% from N6.4436 to N7.3456 in Sept. 2025
Leadway Pensure PFA Limited averaged 17.17%, supported by strong Fund I and II returns, averaging at 21.15% and 20.11%, respectively.
- Fund I: Increased by 21.15% from N2.406 to N2.9149 in Sept. 2025
- Fund II: Increased by 20.11% from N6.8031 to N8.171 in Sept. 2025
- Fund III: Increased by 14.82% from N2.0213 to N2.3209 in Sept. 2025
- Fund IV: Increased by 12.60% from N6.1574 to N6.933 in Sept. 2025
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.
- Fund I: +24.39% (N2.1443 to N2.6672)
- Fund II: +21.39% (N7.8317 to N9.5068)
- Fund III: +16.22% (N2.0878 to N2.4264)
- Fund IV: +13.23% (N5.8995 to N6.6799)
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.
- Fund I: +23.85% (N2.2510 to N2.7879)
- Fund II: +20.68% (N9.9250 to N11.9774)
- Fund III: +16.93% (N2.4109 to N2.8190)
- Fund IV: +14.56% (N6.5350 to N7.4863)
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.
- Fund I: +28.88% (N2.2506 to N2.9006)
- Fund II: +20.21% (N7.1730 to N8.6224)
- Fund III: +14.56% (N2.0523 to N2.3512)
- Fund IV: +13.86% (N5.5890 to N6.3639)
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.
- Fund I: Rose by 28.71% from N2.2775 to N2.9314
- Fund II: Increased by 23.63% from N8.2954 to N10.2555
- Fund III: Gained 17.56% from N2.1705 to N2.5516
- Fund IV: Advanced by 13.41% from N6.2090 to N7.0415
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.
Performance by RSA fund category
RSA Fund I (Growth-oriented funds)
RSA Fund I delivered the strongest returns industry-wide, with an average of 21.52%. Standout performers include:
- Trustfund Pensions Plc – 28.88% (rose to N2.9006 from N2.2506 per unit)
- Pensions Alliance Limited – 28.71% (rose to N2.9314 from N2.2775 per unit)
- FCMB Pensions Limited – 24.39% (rose to N2.6672 from N2.1443 per unit)
RSA Fund II (Broad-based funds)
RSA Fund II posted a healthy 18.30% industry average, with top performances from:
- Pensions Alliance Limited – 23.63% (rose to N10.2555 from N8.2954 per unit)
- FCMB Pensions Limited – 21.39% (rose to N9.5068 to N7.8317 per unit)
- Crusader Sterling Pension Limited – 20.68% (rose to N11.9774 from N9.925 per unit)
RSA Fund III (Moderate-risk funds)
Returns in RSA Fund III averaged 14.64%, reflecting its conservative asset mix. Notable performers include:
- Pensions Alliance Limited – 17.56% (rose to N2.5516 from N2.1705 per unit)
- Crusader Sterling Pensions – 16.93% (rose to N2.819 from N2.4109 per unit)
- Guaranty Trust Pension Managers – 16.58% (rose to N2.6463 from N2.27 per unit)
RSA Fund IV (Retiree funds)
RSA Fund IV, designed primarily for retirees, recorded an industry average of 12.78%. Leading PFAs in this category include:
- Nigerian Police Force Pensions Limited – 15.09% (rose to N3.2425 from N2.8174 per unit)
- Crusader Sterling Pensions – 14.56% (rose to N7.4863 from N6.535 per unit)
- AccessARM – 14.00% (rose to N7.3456 from N6.4436 per unit)
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.
