Nigeria?s pension industry maintained its steady performance in July 2025, delivering positive returns across all Retirement Savings Account (RSA) fund categories, despite macroeconomic headwinds and tighter financial conditions.

According to data compiled by Nairametrics Research, all 18 Pension Fund Administrators (PFAs) recorded gains, with FCMB Pensions Limited emerging as the top performer, posting a monthly average return of 5.68%, driven by strong returns across all RSA fund types. The pension system?s average fund growth stood at 4.20% for the month, reinforcing investor confidence in the resilience and stability of Nigeria?s contributory pension scheme.

RSA Funds Category Performance ? July 2025

The month of July witnessed significant gains across the four RSA categories, with RSA Fund I (the high-risk, high-return category) which delivered the highest average return of 6.30%, driven by higher exposure to variable income instruments.

RSA Fund II, the default fund for active contributors under 50 years, posted a 5.33% on average return.

RSA Fund III, targeted at pre-retirees (50+), returned 2.06% gain, while RSA Fund IV, the most conservative fund for retirees, returned 1.47%, in line with its low-risk investment structure.

Top Performing PFAs in July 2025

Based on the average percentage change across all RSA fund categories, the following Pension Fund Administrators emerged as the best performers in July 2025:

FCMB Pensions Limited dominated the chart with an average monthly return of 5.68%, and a standout performance of 7.29% in RSA Fund II, and 4.23% in RSA II.
Pensions Alliance Limited having an average return of 5.62%. with a strong and consistent performer across all funds, notably 8.89% in RSA Fund I and 7.28% in RSA Fund II.
Trustfund Pensions Plc, with an average return of 5.48%, posted a remarkable 9.37% gain in RSA Fund I ? the highest return among all PFAs in any fund category.

Other PFAs with solid performances include:

Crusader Sterling Pensions Limited: 5.32% average return, led by 6.89% in RSA Fund II and 5.32% in RSA Fund III, the highest in that category.
Tangerine Apt Pensions: 5.07% average return, with significant gains of 9.10% in RSA I and 6.23% in RSA II.
AccessARM: 4.99% average return, notable for 8.01% and 5.78% gains in RSA I and RSA II, respectively.
Leadway Pensure PFA Limited: 4.68% average return, notable for 6.80% and 6.45% in RSA Fund I and II, respectively.
Fidelity Pension Managers Limited: 4.56% average return, posting consistent returns across all RSA fund types

Fund category chart leaders ? July 2025

RSA Fund I Performance

RSA Fund I, designed for aggressive investors, led the charge with an average return of 6.30%. This fund?s performance was driven by strategic allocations to variable income instruments.

Top 3 Performers:

Trustfund Pensions Plc ? 9.37%
Tangerine Apt Pensions ? 9.10%
FCMB Pensions Limited ? 8.90%

All 18 participating Pension Fund Administrators (PFAs) recorded positive returns, with NLPC Pension Fund Administrators Limited posting the lowest return at 1.18%.

RSA Fund II Performance

RSA Fund II, tailored for contributors under 50 with a medium-risk appetite, posted an average return of 5.33% in July 2025, reflecting steady performance across the category.

Top 3 Performers:

FCMB Pensions Limited ? 7.29%
Pensions Alliance Limited ? 7.28%
Crusader Sterling Pensions ? 6.89%

All 18 participating PFAs recorded positive returns.

RSA Fund III Performance

RSA Fund III, designed for contributors aged 50 and above, with a 3.18% average return in July 2025, RSA Fund III remained resilient amidst a volatile fixed-income market, securing its position as the third-best performing fund among the four RSA categories.

Top 3 Performers:

Crusader Sterling Pensions ? 5.32%
FCMB Pensions Limited ? 4.23%
Pensions Alliance Limited ? 3.95%

RSA Fund IV Performance

As the most conservative fund for retirees, RSA Fund IV posted a modest 1.99% return in July 2025, making it the lowest-performing category among the four RSA funds.

Top 3 Performers:

Crusader Sterling Pensions ? 2.88%
Trustfund Pensions Plc ? 2.58%
AccessARM ? 2.48%

Pension Assets and Portfolio Allocation Review

As of June 2025, Nigeria?s total pension fund assets stood at N24.63 trillion, according to the National Pension Commission (PenCom) ? a 2.17% increase from N24.11 trillion in May.

A breakdown of the portfolio shows that Federal Government of Nigeria (FGN) securities remain the dominant asset class, accounting for 61.65% of total assets, amounting to N15.19 trillion.

Corporate debt securities and money market instruments represent 9.19% and 9.08%, respectively.

Meanwhile, investments in domestic equities rose to N3.08 trillion, or 12.51% of total assets, while mutual funds contributed 0.75%, totaling N183.82 billion.

RSA Registrations and Fund Distribution

Total RSA registrations reached 10.79 million as of June 2025, reflecting a 4.01%year-on-year growth.

The default fund for active contributors, RSA Fund II, remains the largest by NAV with N10.29 trillion, accounting for 41.81% of total assets. RSA Fund III, designed for contributors aged 50 and above, expanded to N6.39 trillion, while RSA Fund IV, catering exclusively to retirees, recorded a moderate 2.14% month-on-month growth, reaching N1.83 trillion. (Nairametrics)

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