Top 10 Pension Fund Administrators in Nigeria Compared: Returns, Fees & Customer Satisfaction

By Favorite Grace On Jul 8, 2025

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Pension Fund Administrators (PFAs) play a crucial role in Nigeria’s Contributory Pension Scheme (CPS), managing billions of naira in retirement savings for workers in the public and private sectors. With over 20 licensed PFAs regulated by the National Pension Commission (PenCom), choosing the right one requires a close look at returns on investment (ROI), fee structures, customer service quality, and regulatory compliance.

TJ News Nigeria reports that as of mid-2024, over 10 million Retirement Savings Accounts (RSAs) have been opened under the CPS. This article examines the top 10 PFAs in Nigeria based on latest performance reports, PenCom records, and verified user feedback.

How We Ranked the Top PFAs in Nigeria

This ranking is based on:

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Annualized returns (2022–2024 average)
Fund performance per RSA Fund Type (I, II, III, IV)
Fee transparency and deductions
Customer satisfaction (based on complaints, resolution rate, and service ratings)
Size of assets under management (AUM)
PenCom compliance and operational soundness

Top 10 Pension Fund Administrators in Nigeria

1. Stanbic IBTC Pension Managers Ltd

AUM: ₦4.7 trillion (largest in Nigeria)
Average Returns (Fund II): 11.8% (2023), 12.4% (2022)
Customer Satisfaction: ★★★★★
Fee Transparency: High

Why it ranks #1:
Stanbic IBTC leads in market share, performance, and digital service delivery. It consistently outperforms many PFAs in Fund II and Fund III, offering stable returns with top-tier customer support via mobile and USSD platforms.

2. ARM Pension Managers Ltd

AUM: ₦1.2 trillion
Average Returns (Fund II): 11.2%
Customer Satisfaction: ★★★★☆
Fee Transparency: Very High

Strengths:
ARM Pension is known for professional fund management and clear communication with clients. Its digital onboarding process and transparent deduction policies are commendable.

3. Premium Pension Ltd

AUM: ₦1.1 trillion
Average Returns (Fund II): 10.7%
Customer Satisfaction: ★★★★☆
Fee Transparency: Moderate

Performance Notes:
Premium Pension offers stable returns across all RSA funds and has strong presence in both public and private sectors. Their app and online portals receive positive user ratings.

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4. PAL Pensions (Pensions Alliance Ltd)

AUM: ₦1.0 trillion
Average Returns (Fund II): 11.0%
Customer Satisfaction: ★★★★☆
Fee Transparency: High

Highlights:
Backed by Access Holdings, PAL Pensions provides reliable fund performance with robust service channels. It offers good educational resources for RSA holders and retirees.

5. NLPC Pension Fund Administrators Ltd

AUM: ₦480 billion
Average Returns (Fund II): 10.4%
Customer Satisfaction: ★★★☆☆
Fee Transparency: Moderate

Insights:
Though not among the largest PFAs, NLPC delivers reasonable returns and maintains steady compliance with PenCom directives. Service improvement has been gradual.

6. Fidelity Pensions Managers Ltd

AUM: ₦470 billion
Average Returns (Fund II): 10.6%
Customer Satisfaction: ★★★☆☆
Fee Transparency: Moderate

Key Advantage:
Fidelity Pensions is praised for simplified account access and steady communication. However, some clients report delayed responses to withdrawal or transfer requests.

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7. CrusaderSterling Pensions Ltd

AUM: ₦450 billion
Average Returns (Fund II): 10.5%
Customer Satisfaction: ★★★★☆
Fee Transparency: High

Customer Focus:
A top mid-tier PFA with a loyal base. CrusaderSterling stands out for its mobile app, easy statement generation, and friendly customer care.

8. Trustfund Pensions Ltd

AUM: ₦620 billion
Average Returns (Fund II): 9.8%
Customer Satisfaction: ★★★☆☆
Fee Transparency: Moderate

Performance Caveat:
Trustfund has a strong base among government workers but lags slightly in ROI when compared to top PFAs. Its online presence also needs improvement.

9. Leadway Pensure PFA Ltd

AUM: ₦980 billion
Average Returns (Fund II): 10.2%
Customer Satisfaction: ★★★★☆
Fee Transparency: High

Unique Edge:
With its backing from Leadway Assurance, this PFA combines insurance expertise with solid pension fund management. Its performance is competitive across Fund I and II.

10. Veritas Glanvills Pensions Ltd

AUM: ₦270 billion
Average Returns (Fund II): 9.5%
Customer Satisfaction: ★★★☆☆
Fee Transparency: Moderate

Rising Contender:
While relatively smaller, Veritas Glanvills is growing rapidly and improving in fund management technology. It appeals to younger RSA holders seeking digital-first solutions.

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Fund Types in Nigeria’s Pension Scheme

Under PenCom’s guidelines, PFAs manage four RSA fund types:

Fund I: High-risk, high-return (only accessible upon request for RSA holders under 50)
Fund II: Default fund for workers under 50 years
Fund III: Default for workers aged 50 and above
Fund IV: Retirement fund for pensioners

TJ News Nigeria learnt that Fund II remains the most actively monitored due to the volume of contributors and its role in retirement wealth accumulation.

Pension Fees & Charges: What You Should Know

PFAs are allowed to deduct maximum 2.25% of contributions annually as administrative and investment fees (as per PenCom). However, some PFAs offer slightly better net returns by managing internal costs efficiently.

Before selecting a PFA, ensure:

You receive monthly statements
The PFA discloses net ROI after fees
You can monitor contributions via mobile app or web portal

How to Switch to Another PFA

PenCom allows RSA holders to switch PFAs once a year via the RSA Transfer Window.

Steps:

Obtain your RSA PIN and verify your BVN.
Log in to your current PFA portal or visit their office.
Apply to transfer to your chosen PFA.
New PFA takes over your fund management within a quarter.

Final Notes

Choosing the best PFA in Nigeria depends on more than just returns. Consider how responsive they are, how transparent they are with deductions, and how reliable their platforms are.

Top performers like Stanbic IBTC, ARM Pension, and Premium Pension have consistently delivered strong ROIs and maintained high customer satisfaction. However, your choice should also factor in accessibility, reputation, and regulatory compliance.

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