Nigeria's pension industry delivered remarkable performance in Q3 2025, with several Pension Fund Administrators (PFAs) standing out through strong returns across all Retirement Savings Account (RSA) fund categories.
The industry demonstrated resilience with returns rebounding significantly from August’s modest 0.40% to 1.24% in September, signaling improved market conditions and strategic fund management.
Average Q3 Return: 2.25% (September), consistent top performer
Fund Performance (September 2025):
Why They Lead:
Nigeria Police Force Pensions maintained dominance across all fund categories for two consecutive months (August-September), demonstrating exceptional portfolio management. Their well-diversified strategy combines tactical equity exposure with long-term government securities, delivering both stability and growth.
Strengths:
Best For:
Contact: View Nigeria Police Force Pensions
Average Q3 Return: 5.68% (July peak), strong all-quarter performer
Fund Performance (July 2025):
Why They Excel:
FCMB Pensions emerged as Q3's July champion, delivering the highest average monthly return (5.68%) among all PFAs. Their standout RSA Fund II performance (7.29%) particularly benefits the majority of contributors, as Fund II is the largest and most widely subscribed category.
Strengths:
Best For:
Average Q3 Return: 5.62% (July), 1.50% (September)
Fund Performance (July 2025):
Why They Stand Out:
Pensions Alliance Limited distinguished itself through breadth of performance across all fund categories. Recording 8.89% in Fund I and 7.28% in Fund II (two of July's highest industry returns), PAL demonstrates exceptional portfolio diversification and value generation for both aggressive and moderate investors.
Recent Development: Leadway Holdings acquired 100% ownership of PAL Pensions in 2025, solidifying financial backing and operational capacity.
Strengths:
Best For:
Average Q3 Return: Strong performer, 9.37% Fund I peak (July)
Fund Performance Highlights:
Why They Impress:
Trustfund Pensions recorded the highest single-category return across the entire pension industry in July 2025 (9.37% in RSA Fund I), demonstrating aggressive yet effective portfolio management. Their year-to-date performance places them consistently among top 3 PFAs.
Strengths:
Best For:
Average Q3 Return: 1.45% (September), consistently above industry average
Fund Performance (September 2025):
Why They're Reliable:
CrusaderSterling posted above-average returns throughout Q3, with particularly strong Fund III performance (1.72% in September). Their consistent approach makes them a reliable choice for contributors seeking steady, predictable growth without excessive volatility.
Year-to-Date Strength: 11.85% average ROI (Jan-June), placing them 3rd overall in H1 2025.
Strengths:
Best For:
Average Q3 Return: 1.44% (September)
Fund Performance (September 2025):
Why They're Competitive:
OAK Pensions maintained balanced performance across all funds in Q3, with particularly strong Fund I and Fund III returns. Their diversified approach appeals to contributors seeking steady growth without excessive concentration in any single asset class.
Strengths:
Best For:
Average Q3 Return: 1.39% (September)
Fund Performance (September 2025):
Why They're Notable:
Veritas Glanvills posted impressive Fund I returns (1.95% in September), demonstrating strong equity market positioning. Their conservative approach to other funds ensures stability for risk-averse contributors while capturing growth opportunities for aggressive investors.
Strengths:
Best For:
Average Q3 Return: Consistent performer
Year-to-Date Performance (Jan-June):
Why They're Trusted:
Backed by GT Bank's strong brand and financial stability, GTPM offers contributors confidence in long-term security alongside competitive returns. Their year-to-date 10.76% average demonstrates consistency across market cycles.
Strengths:
Best For:
Average Q3 Return: Strong performer, particularly in Fund I
Fund Performance Highlights:
Why They're Competitive:
NLPC consistently ranks among top performers in RSA Fund I category, demonstrating effective equity market navigation. Their long-standing industry presence (established operators) provides experience and stability.
Strengths:
Best For:
Average Q3 Return: Reliable performer across categories
Fund Performance Highlights:
Why They're Solid:
Fidelity Pension Managers offers the security of Fidelity Bank's backing combined with competitive pension fund management. Their steady approach appeals to contributors seeking reliability over aggressive growth.
Strengths:
Best For:
| Rank | PFA | Sept 2025 Avg Return | Best Fund (Sept) | YTD Jan-June | Best For |
|---|---|---|---|---|---|
| 1 | Nigeria Police Force Pensions | 2.25% | Fund I (2.78%) | Strong | Consistency |
| 2 | FCMB Pensions | 5.68% (July) | Fund II (7.29%) | 10.97% | Fund II members |
| 3 | Pensions Alliance (PAL) | 5.62% (July) | Fund I (8.89%) | 13.04% | Aggressive growth |
| 4 | Trustfund Pensions | 9.37% Fund I peak | Fund I (9.37%) | 12.14% | High risk tolerance |
| 5 | CrusaderSterling | 1.45% | Fund III (1.72%) | 11.85% | Ages 50+ |
| 6 | OAK Pensions | 1.44% | Fund I (1.66%) | Good | Balanced portfolios |
| 7 | Veritas Glanvills | 1.39% | Fund I (1.95%) | Solid | Fund I growth |
| 8 | GT Pension Managers | Consistent | Balanced | 10.76% | Brand trust |
| 9 | NLPC PFA | Strong | Fund I (1.58%) | Good | Fund I investors |
| 10 | Fidelity Pension | Reliable | Moderate | Steady | Stability seekers |
Several factors contributed to the strong quarterly results across the pension industry:
Stable bond yields around 17–18% and mild equity recovery supported portfolio gains across PFAs, especially those with diversified exposure.
Fund managers effectively navigated market volatility through tactical portfolio rebalancing, optimizing between fixed-income securities and equities.
PFAs maintained a balanced mix across Federal Government Securities, money market instruments, and listed equities, helping minimize risk while capturing upside opportunities.
Beyond quarterly numbers, long-term consistency remains the strongest indicator of fund health and management quality.
Over the last 12 months (October 2024–September 2025), the following PFAs have delivered steady, above-average performance across multiple RSA fund types:
| PFA | Average Annual Return (2024–2025 YTD) | Strengths |
|---|---|---|
| Pensions Alliance Limited | 13.04% | Consistent growth across all RSA funds |
| Trustfund Pensions Plc | 12.14% | Strong fund management, especially in Fund II |
| FCMB Pensions Limited | 11.98% | Aggressive growth and a well-diversified portfolio |
| Crusader Sterling Pensions | 11.22% | Conservative management, steady returns |
| ARM Pensions Managers | 10.91% | Balanced approach with robust client services |
Such consistency signals strong investment frameworks and risk-adjusted performance, which are key for long-term contributors aiming to maximize their retirement balance.
Choosing the best PFA is not just about the highest short-term return — it’s about alignment with your risk profile, age, and financial goals.
Here’s how to evaluate your options effectively:
Visit platforms like nairaCompare.ng
Use the Pension Fund Comparison Tool to review real-time fund returns and management ratings across PFAs.
Review 12-Month Averages
A single quarter may not tell the full story. Always check year-to-date and one-year averages.
Check Fund Composition
Funds that balance government bonds, equities, and money markets tend to deliver more stable long-term performance.
Evaluate Digital Access & Transparency
A good PFA provides easy online account access, real-time statements, and responsive customer service.
Consider Fees and Track Record
While most PFAs charge similar fees (typically under 2% annually), efficiency and fund management quality make a big difference.
Your age and retirement timeline should guide which RSA fund and PFA you select:
Under 50 years:
Choose RSA Fund II (default) or RSA Fund I if you want aggressive growth.
50–60 years:
Opt for RSA Fund III, which offers moderate growth and reduced risk.
Retirees (60+ years):
Automatically moved to RSA Fund IV, prioritizing capital preservation and low volatility.
When reviewing PFAs, look for those with consistent growth, strong fund governance, and transparent reporting.
Nigeria’s pension sector continues to grow steadily, backed by strong regulation and asset expansion.
Analysts expect the upward trend to continue into Q4 2025, with fixed-income yields and stable inflation creating favorable conditions for fund managers.
With bond yields projected to remain between 16–18%, PFAs are expected to sustain positive momentum through Q4.
Equity exposure, particularly in the banking and consumer goods sectors, could further enhance returns for higher-risk RSA Fund I and Fund II investors.
However, contributors should continue to monitor inflation pressures and exchange rate volatility, as these factors may influence short-term returns.
Q: Which PFA had the best overall performance in Q3 2025?
Nigeria Police Force Pensions Limited led the latter part of Q3, while FCMB Pensions Limited dominated July. Performance varies across fund categories.
Q: Can I switch my PFA based on performance?
Yes. The PenCom transfer window allows contributors to switch PFAs. Review at least 2–3 quarters of data before switching.
Q: How often should I check PFA performance?
Quarterly reviews are ideal. PenCom and independent analysts publish monthly and annual reports that you can access via nairaCompare.
Q: What’s the industry average return for Q3 2025?
Monthly averages ranged from 0.40% in August to 4.20% in July, reflecting typical quarter-on-quarter fluctuations.
Q: Are PFAs regulated?
Yes. All PFAs are regulated by the National Pension Commission (PenCom), ensuring fund safety and compliance with investment guidelines.
Q3 2025 reaffirmed the strength of Nigeria’s pension industry, highlighting PFAs like Nigeria Police Force Pensions Limited, FCMB Pensions Limited, and Pensions Alliance Limited as consistent outperformers.
Still, the best PFA depends on your RSA fund type, age, and investment horizon.
To get the most value from your retirement contributions, track performance regularly and compare options using nairaCompare’s live pension fund dashboard.
Ready to maximize your retirement growth?
Compare top-performing investment options now on nairaCompare.ng
Disclaimer:
Past performance is not a guarantee of future returns. All figures are based on publicly available pension industry data as of October 2025. Always consult a licensed financial advisor before making pension-related decisions.