Your Pension Fund Administrator (PFA) is one of the most important financial partners you’ll ever choose. The decisions they make today directly influence the quality of your life when you retire. Thankfully, under Nigeria’s Contributory Pension Scheme (CPS), you’re not stuck with one provider forever—you can choose your PFA when you start your career and even change your PFA once every year.
This guide simplifies the entire process so you can confidently decide where your retirement money should grow.
A Pension Fund Administrator (PFA) is responsible for managing your Retirement Savings Account (RSA). Their role includes:
Investing your monthly contributions
Keeping your account updated
Sending you statements and notifications
Processing your retirement benefits
Providing support when you need information or clarification
In short, the PFA you choose determines how well your pension grows and how easy it will be to access your benefits later.
Not all PFAs are created equal. Use these criteria to compare your options:
Your pension should grow consistently—not aggressively, not sluggishly.
Compare PFAs across several years, focusing on the fund type that applies to you (Fund I–VI). Look for:
Stability
Long-term growth
Risk-adjusted returns, not just “highest return this year”
A PFA with consistent performance will protect your retirement from inflation and market volatility.
As your career evolves, you’ll need a PFA that responds quickly and communicates clearly. Consider:
Branch network
Quality of phone/email support
Online support efficiency
Speed of resolving complaints
A responsive PFA = less frustration and faster problem resolution.
You should be able to track your pension as easily as you track your bank account.
Evaluate:
Mobile app features
Website usability
Real-time balance updates
Ease of requesting statements
Retirement simulations or growth calculators
A strong digital platform makes pension management stress-free.
Although PenCom regulates fees, some PFAs offer better value. Lower fees = higher long-term returns.
A strong, experienced leadership team is a good indicator of:
Better investment decisions
Stronger governance
Reduced operational risks
Look at board and executive profiles where possible.
Since 2021, PenCom has implemented the RSA Transfer System (RTS), allowing contributors to change their PFA once per calendar year. Here's how to change your PFA:
Your current PFA must have your updated data, including:
NIN
Biometrics
Updated contact details
Without this step, no transfer can be processed.
This will be your “Receiving PFA.”
Compare performance, customer service quality, fees, and digital features.
Transfers are started from the new PFA, not the old one.
Typically includes:
Valid means of ID (NIN slip, passport, or driver’s licence)
RSA PIN
Completed transfer form
Your fingerprint is matched with NIMC records.
This confirms your identity and prevents fraudulent transfers.
This is proof that your transfer request has been submitted successfully.
PenCom processes all transfers quarterly:
March 31
June 30
September 30
December 31
Your transfer will take effect in the next cycle.
Once the transfer is complete, tell your employer so they can begin sending new contributions to your updated RSA.
| PFA Name | Fund Type | 2023 ROI (%) | 2024 YTD ROI (%) | 5-Year Avg Return (%) | Digital Rating | Customer Service Rating |
|---|---|---|---|---|---|---|
| ARM Pensions | Fund II | 12.4% | 9.8% | 11.2% | ★★★★☆ | ★★★★☆ |
| Stanbic IBTC Pension | Fund II | 14.2% | 10.5% | 13.1% | ★★★★★ | ★★★★☆ |
| FCMB Pensions | Fund II | 11.7% | 9.1% | 10.3% | ★★★★☆ | ★★★☆☆ |
| Leadway Pensure | Fund II | 12.9% | 8.9% | 11.0% | ★★★★☆ | ★★★★☆ |
| Fidelity Pensions | Fund II | 10.8% | 7.6% | 9.4% | ★★★☆☆ | ★★★☆☆ |
| CrusaderSterling Pensions | Fund II | 13.5% | 9.9% | 12.2% | ★★★★☆ | ★★★★☆ |
| Premium Pensions | Fund II | 12.2% | 8.7% | 10.8% | ★★★★☆ | ★★★☆☆ |
| Access Pensions | Fund II | 13.9% | 10.1% | 12.7% | ★★★★★ | ★★★★☆ |
| Oak Pensions | Fund II | 9.6% | 6.3% | 8.8% | ★★★☆☆ | ★★★☆☆ |
Transfer Limitations: You can only transfer once per year.
Quarterly Processing: Transfers are processed at the end of each quarter (March 31, June 30, September 30, and December 31).
Public Sector Restrictions: Government employees should verify if their employer allows transfers to their chosen PFA, as some state governments restrict PFA options.
Performance Tracking: Before changing your PFA, review the latest performance data published by PenCom or industry analysts.
Compare at least 3–5 PFAs before choosing
Prioritise long-term fund performance (not hype)
Choose PFAs with strong digital platforms
Never ignore fees—they compound over time
Review customer complaints on social media or review platforms
Reassess your PFA every six months
Your pension is a 20–35 year commitment—choose wisely.
Choosing your PFA or deciding to change your pension fund administrator is a significant decision that affects your financial security in retirement. By evaluating performance records, customer service quality, and accessibility, you can select the PFA that best aligns with your retirement goals. Remember that the transfer window system gives you flexibility to optimize your pension management, ensuring your retirement savings work harder for you.
For more information on pension-related topics, visit the National Pension Commission website or consult directly with licensed PFAs.