Nigeria’s pension industry demonstrated remarkable resilience and growth during the first nine months of 2025, recording a robust average return across all fund categories despite a challenging macroeconomic environment. Pension Fund Administrators (PFAs) delivered impressive performances, with Pensions Alliance Limited emerging as the top performer, achieving an average return of 20.83% by September 2025.

The sector’s overall grand average return stood at 16.81% across all PFAs and Retirement Savings Account (RSA) fund categories. This performance occurred amidst persistent elevated interest rates, significant foreign exchange volatility, and a cautious sentiment within the equity market, highlighting the strategic management and investment acumen within the industry.

RSA Fund I, designed for contributors with a higher risk appetite, led the categories with an average return of 21.52%. This was followed by RSA Fund II, which recorded an 18.30% average return. RSA Fund III, characterized by moderate risk, posted 14.64%, while RSA Fund IV, primarily catering to retirees, delivered a stable 12.78% return.

Pensions Alliance Limited secured the leading position with an outstanding average return of 20.83% for the period. This strong showing was largely propelled by robust gains in its growth-oriented funds, including an impressive 28.71% increase in RSA Fund I and a 23.63% rise in RSA Fund II, underscoring effective asset allocation and disciplined portfolio management.

Following closely, Trustfund Pensions Plc ranked second, achieving an overall average return of 19.38%. The company distinguished itself with the highest RSA Fund I return across the industry, soaring by 28.88%. This performance signals Trustfund’s capability to optimize higher-risk portfolios while maintaining stability in its more conservative offerings.

Crusader Sterling Pensions Limited secured the third spot with a strong 19.00% overall return. This was primarily driven by solid performances in its RSA Funds I and II, which saw increases of 23.85% and 20.68% respectively, reflecting a sustained exposure to growth-oriented assets within its portfolio strategy.

FCMB Pensions Limited also posted a significant average return of 18.81%, benefiting from strong performances in its RSA Funds I and II, which registered gains of 24.39% and 21.39% respectively. These results firmly place FCMB Pensions among the top tier for contributors seeking above-average returns in the current market climate.

Other notable performers included Leadway Pensure PFA Limited, which averaged 17.17%, supported by strong Fund I and II returns of 21.15% and 20.11%. Access ARM closed the period with a balanced performance averaging 17.11%, while Guaranty Trust Pension Managers posted an above-industry average of 17.06%. Stanbic IBTC Pensions Managers Limited, OAK Pensions Limited, and Veritas Glanvills Pensions Limited also recorded commendable average returns of 16.95%, 16.95%, and 16.79% respectively, demonstrating broad-based strength across the sector.

Delving deeper into category-specific performances, RSA Fund I’s top three performers were Trustfund Pensions Plc (28.88%), Pensions Alliance Limited (28.71%), and FCMB Pensions Limited (24.39%). For RSA Fund II, Pensions Alliance Limited led with 23.63%, followed by FCMB Pensions Limited (21.39%) and Crusader Sterling Pension Limited (20.68%).

In the moderate-risk RSA Fund III category, Pensions Alliance Limited again stood out with 17.56%, alongside Crusader Sterling Pensions (16.93%) and Guaranty Trust Pension Managers (16.58%). For the retiree-focused RSA Fund IV, Nigerian Police Force Pensions Limited led with 15.09%, followed by Crusader Sterling Pensions (14.56%) and Access ARM (14.00%).

These robust results underscore the importance for contributors to regularly review their PFA’s performance, understand the suitability of different fund types based on their age and risk tolerance, and make informed decisions regarding potential fund or PFA switches. The consistent growth across various funds, particularly in the core RSA Funds II and III, highlights the sector’s critical role in securing Nigerians’ retirement futures.

The overall performance of the Nigerian pension sector in the first nine months of 2025 reflects a dynamic and competitive landscape, where strategic investment and diligent management have yielded significant returns for millions of contributors, reinforcing confidence in the long-term viability of the country’s pension system.

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Keywords: Nigerian pension industry, Pension Fund Administrators, RSA Fund performance, Top performing PFAs 2025, Pensions Alliance Limited, Nigeria retirement savings, Pension sector growth, Investment returns Nigeria