A Pension Fund Administrator (PFA) is a company that is licensed to manage pension fund assets in Nigeria. There are 22 PFAs, 20 are available to the general public while the remaining two are specifically for Police Officers and University employees. In this piece we are looking at the Retirement Savings Accounts (RSA) assets under management by each of the PFAs.
The data used for this report is deduced from the National Pension Commission (PenCom) 2019 annual report. The total assets under the Contributory Pension Scheme (CPS) as at December 2019 was 10.22 Trillion, out of which 7.83 Trillion is for Retirement Savings Accounts (RSAs) managed by PFAs and the remaining is for Existing Schemes and pension funds managed by Closed Pension Fund Administrators (CPFA).
The largest PFA in Nigeria by Assets Under Management (AUM) is Stanbic IBTC Pension Managers Limited, holding 37.14% of the total RSA pension funds under management in Nigeria. Stanbic Pension is also the largest PFA based on the number of Retirement Savings Accounts (RSAs) as disclosed in our report here.
The next PFA is ARM Pension Managers Limited with just 8.75%, Premium Pensions with 7.99%, Nigeria Police Force Pension Managers with 6.53 and Trustfund Pensions with 6.22% total RSA pension funds under management. The Top 5 PFAs by RSA AUM in Nigeria together hold 66.63% leaving just 33.37% for the remaining 17 PFAs.
See below the total Assets under Management (AUM) per Fund and per PFA as at 31 December 2019
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