Biggest PFAs by RSA Pension Fund Assets under Management & Fastest Growing PFAs – PensionNigeria

Biggest PFAs by RSA Pension Fund Assets under Management & Fastest Growing PFAs

A Pension Fund Administrator (PFA) is a company that is licensed to manage pension fund assets in Nigeria. There are currently 20 PFAs, 18 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 and we will be making use of the latest report available from the National Pension Commission (PenCom).

The total assets under the Contributory Pension Scheme (CPS) as at 31 March 2022 is N13.88 trillion but the monthly report which disclosed this was released without the breakdown per PFA.

The latest report available with breakdown per PFA is as at 31 December 2020 when the total assets under the CPS was N12.3 trillion, out of which N9.30 Trillion is for Retirement Savings Accounts (RSAs) managed by PFAs and the remaining N3 trillion, is for Existing Schemes and pension funds managed by Closed Pension Fund Administrators (CPFA). Please note that there were 22 PFAs as at 31 December 2020.

The biggest PFA in Nigeria by Assets Under Management (AUM) is by far Stanbic IBTC Pension Managers Limited, holding 37.12% of the total RSA assets under management (AUM) in Nigeria as at 31 December 2020, a slight decease from the 37.14% as at 31 December 2019.

The next biggest PFAs by RSA AUM are, ARM Pension Managers Limited 8.55% (decrease from 8.75% as at Dec 2019), Premium Pension Limited 7.24% (decrease from 7.99% as at Dec 2019), Nigeria Police Force Pensions Limited 6.86% (increase from 6.53% as at Dec 2019), and Trustfund Pensions Limited 6.22% (same as 6.22% as at Dec 2019). The percentages are based on the total RSA AUM in Nigeria as at 31 December 2020 and 31 December 2019 respectively.

The Top 5 PFAs by RSA AUM in Nigeria together hold 66% as at December 2020 (decrease from 66.63% as at 31 Dec 2019), leaving just 34% for the remaining 17 PFAs. Three of the Top 5 biggest PFAs lost slight AUM percentages compared to the industry total but the small PFAs need to go further than a mile to get any meaningful AUMs.

We also checked the PFAs RSA AUM year over year changes to determine the fastest growing PFAs by RSA AUM. We compared the PFAs RSA AUM as at 31 December 2020 and as at 31 December 2019 and we observed that the fastest growing PFAs by RSA AUM for YoY 2020/2019 are NUPEMCO, Radix, NLPC, IEI Anchor and APT Pension.

Please see below Tables showing “PFAs RSA Asset under Management as at 31 December 2020” and “PFAs RSA Asset under Management Year over Year Increase 2020-2019” for all PFAs in Nigeria.

PFAs RSA Asset under Management as at 31 December 2020

PFAs RSA Asset under Management Year over Year Increase 2020-2019

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Also Check out

PFAs by RSA Registrations

PFAs by RSA Pension Fund Assets under Management

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Performance of all PFAs in Nigeria for January to May 2022
Performance of all PFAs in Nigeria for Full Year 2021
Performance of all PFAs in Nigeria for Full Year 2020
Performance of all PFAs in Nigeria for Full Year 2019
Performance of all PFAs in Nigeria for Full Year 2018


RSA Fund 1 Performance for all PFAs – Inception to Dec 2021
RSA Fund 2 Performance for 5 Years (2017 to 2021) for all PFAs in Nigeria
RSA Fund 3 Performance for all PFAs – Inception to Dec 2021
RSA Fund 4 Performance for 5 Years (2017 to 2021) for all PFAs in Nigeria

PenCom RSA Fund 1 (2018-19), Fund 2 (2016-19), Fund 3 (2018-19), & Fund 4 (2016-19) Performance for all PFAs in Nigeria
PenCom vs PensionNigeria Report on Return on Investment for all PFAs in Nigeria

Do you want to know more about the MultiFund Structure, check out our MultiFund Structure Executive Summary here

PensionNigeria monitors the performance of Fund I, II, III, IV & V, for all PFAs in Nigeria Check them out here

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