Nigeria’s pension {industry} delivered a powerful displaying within the first 9 months (9M) of 2025, with a number of Pension Fund Directors (PFAs) recording spectacular common returns throughout the 4 Retirement Financial savings Account (RSA) fund classes.
Regardless of a difficult macroeconomic backdrop marked by elevated rates of interest, FX volatility, and cautious fairness market sentiment.
An evaluation of {industry} information reveals that the pension sector recorded a grand common return of 16.81% throughout all PFAs and RSA fund classes as of September 2025.
Efficiency remained strongest in RSA Fund I, which caters to contributors with greater danger tolerance, posting a median return of 21.52%.
This was adopted by RSA Fund II (18.30%), RSA Fund III (14.64%), whereas RSA Fund IV, designed primarily for retirees, delivered a extra steady however decrease return of 12.78%.
Nairametrics reviewed fund-by-fund efficiency throughout all PFAs, rating them primarily based on their common share change throughout RSA Funds I to IV, beneath the evaluate interval of January 2025 to September 2025.
High-performing PFAs by total common return – September 2025
Veritas Glanvills Pensions Restricted ranked tenth with a median return of 16.79%, supported by strong good points in RSA Fund I.
- Fund I: Elevated by 22.83% from N2.4665 to N3.0297 in Sept. 2025
- Fund II: Elevated by 16.90% from N5.7637 to N6.738 in Sept. 2025
- Fund III: Elevated by 14.98% from N2.1827 to N2.5097 in Sept. 2025
- Fund IV: Elevated by 12.43% from N6.5025 to N7.3107 in Sept. 2025
OAK Pensions Restricted matched this with 16.95%, reflecting disciplined danger administration and data-driven funding methods.
- Fund I: Elevated by 22.69% from N2.3054 to N2.8286 in Sept. 2025
- Fund II: Elevated by 16.78% from N5.4953 to N6.4172 in Sept. 2025
- Fund III: Elevated by 16.08% from N2.0071 to N2.3299 in Sept. 2025
- Fund IV: Elevated by 12.25% from N6.7652 to N7.5942 in Sept. 2025
Stanbic IBTC Pensions Managers Restricted recorded a median return of 16.95%, boosted by robust Fund I efficiency.
- Fund I: Elevated by 22.46% from N3.0551 to N3.7412 in Sept. 2025
- Fund II: Elevated by 19.55% from N7.7191 to N9.2284 in Sept. 2025
- Fund III: Elevated by 13.79% from N2.1188 to N2.411 in Sept. 2025
- Fund IV: Elevated by 12.01% from N7.3794 to N8.266 in Sept. 2025
Warranty Belief Pension Managers posted an above-industry common return of 17.06%, inserting it among the many prime performers.
- Fund I: Elevated by 20.52% from N1.5447 to N1.8617 in Sept. 2025
- Fund II: Elevated by 18.01% from N5.4008 to N6.3737 in Sept. 2025
- Fund III: Elevated by 16.58% from N2.27 to N2.6463 in Sept. 2025
- Fund IV: Elevated by 13.13% from N4.4289 to N5.0106 in Sept. 2025
Entry ARM closed the interval with a balanced efficiency throughout all funds, averaging 17.11%.
- Fund I: Elevated by 19.05% from N2.4038 to N2.8617 in Sept. 2025
- Fund II: Elevated by 20.01% from N7.3445 to N8.8143 in Sept. 2025
- Fund III: Elevated by 15.40% from N2.2042 to N2.5436 in Sept. 2025
- Fund IV: Elevated by 14.00% from N6.4436 to N7.3456 in Sept. 2025
Leadway Pensure PFA Restricted averaged 17.17%, supported by robust Fund I and II returns, averaging at 21.15% and 20.11%, respectively.
- Fund I: Elevated by 21.15% from N2.406 to N2.9149 in Sept. 2025
- Fund II: Elevated by 20.11% from N6.8031 to N8.171 in Sept. 2025
- Fund III: Elevated by 14.82% from N2.0213 to N2.3209 in Sept. 2025
- Fund IV: Elevated by 12.60% from N6.1574 to N6.933 in Sept. 2025
FCMB Pensions Restricted posted a median return of 18.81%,benefiting from robust performances in RSA Funds I and II. The outcomes place the PFA firmly among the many prime tier for contributors in search of 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 Restricted recorded a powerful 19.00% total return, pushed by strong performances in RSA Funds I and II, reflecting sustained publicity to growth-oriented belongings.
- 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 total common return of 19.38%, supported by the best RSA Fund I return within the {industry} at 28.88%. The consequence highlights Trustfund’s skill to optimize higher-risk portfolios whereas sustaining 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 Restricted emerged because the best-performing PFA total, posting a median return of 20.83%, the best within the {industry} as of 9M 2025. The robust displaying was largely pushed by strong good points in its growth-oriented funds, reflecting efficient asset allocation and disciplined portfolio administration.
- Fund I: Rose by 28.71% from N2.2775 to N2.9314
- Fund II: Elevated by 23.63% from N8.2954 to N10.2555
- Fund III: Gained 17.56% from N2.1705 to N2.5516
- Fund IV: Superior by 13.41% from N6.2090 to N7.0415
Different PFAs, similar to Premium Pension Restricted, Constancy Pension Managers Restricted, Norrenberger Pensions, Nigeria Police Pressure Pensions Ltd, Nigerian College Pension Administration Firm, amongst others additionally demonstrated resilience throughout a number of fund classes, notably in RSA Funds II and III, which kind the core of most contributors’ pension portfolios.
Efficiency by RSA fund class
RSA Fund I (Development-oriented funds)
RSA Fund I delivered the strongest returns industry-wide, with a median of 21.52%. Standout performers embrace:
- Trustfund Pensions Plc – 28.88% (rose to N2.9006 from N2.2506 per unit)
- Pensions Alliance Restricted – 28.71% (rose to N2.9314 from N2.2775 per unit)
- FCMB Pensions Restricted – 24.39% (rose to N2.6672 from N2.1443 per unit)
RSA Fund II (Broad-based funds)
RSA Fund II posted a wholesome 18.30% {industry} common, with prime performances from:
- Pensions Alliance Restricted – 23.63% (rose to N10.2555 from N8.2954 per unit)
- FCMB Pensions Restricted – 21.39% (rose to N9.5068 to N7.8317 per unit)
- Crusader Sterling Pension Restricted – 20.68% (rose to N11.9774 from N9.925 per unit)
RSA Fund III (Average-risk funds)
Returns in RSA Fund III averaged 14.64%, reflecting its conservative asset combine. Notable performers embrace:
- Pensions Alliance Restricted – 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)
- Warranty Belief 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} common of 12.78%. Main PFAs on this class embrace:
- Nigerian Police Pressure Pensions Restricted – 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 outcomes reinforce the significance of often reviewing PFA efficiency, understanding fund kind suitability primarily based on age and danger tolerance, making knowledgeable choices when contemplating fund or PFA switches.
