Top 10 Best Pension Companies In Nigeria (2024)

This article is a compilation of the top 10 best pension companies in Nigeria this 2024. Pension companies or pension fund administrators are financial institutions that help employees of a company save and invest certain percentages of their income, to pay them back through a pension plan upon retirement.

Top 10 Best Pension Companies In Nigeria

A pension plan is a retirement plan in which an employee adds or saves money into a fund with monetary contributions from their employer as well, helping to secure their financial future once they have retired. The pension payments of an employee are dependent on the length of the employee’s working years and the yearly income which they were paid while still on the job until their retirement.

Pension plans work this way: a company sets aside a fixed percentage of an employee’s monthly take home pay in a retirement savings account, and invests this money on the employee’s behalf so that in the course of time, when this money grows substantially, it can be used to provide the employee with a source of income upon retirement.

The employee may choose upon retirement that they want to receive their pension benefits as a one off large payment, or as a series of steady, monthly payments made through the course of their retirement.

In Nigeria today, there are many pension companies all over the federation but we have for the purposes of this article, given a ranking of the best 10 in the land. If you want to know what they are, kindly continue reading to find out.


The following are the 10 best ranking pension companies in Nigeria this 2024 in no particular order:


AXA Mansard Pensions Limited was incorporated in 2006 as Penman Pension Limited. In the last quarter of 2014, Mansard Insurance Plc, a leading Nigerian Insurance company acquired a majority interest in Penman Pensions, thereby becoming the majority shareholder with a view to repositioning and transforming the Company.

AXA Mansard Pensions is licensed to operate as a Pension Fund Administrator to both Private and Public sector employees, while also offering pension advisory, investment and consultancy services. The company has maintained a top 5 industry position on Return on Investment in the last 4 years as at December 2014 (Audited).

AXA Mansard’s pension products cut across health, investments and saving plans, and they are available to both to corporate organizations and individuals.


CrusaderSterling Pensions Limited is one of the leading Pension Fund Administrators (PFA) in Nigeria currently. The company was incorporated on October 12, 2004, and it is licensed andsupervised by the National Pension Commission (PENCOM).

Their PFA is owned by Institutional Investors which include: Custodian Investment Plc, Sterling Asset Management Ltd, Custodian Trustees Limited, WSTC Financial Services Limited, and Ideal Insurance Brokers Limited.

Before the new pension scheme, their parent company had a pedigree of managing pensions for over 74 years. CrusaderSterling Pensions Limited is reputed for excellent customer service and have been one of the leading PFA for superior returns on Assets under Management in the country for many years.


NLPC, not to be confused with NNPC, is the home of tested, trusted and effective pension fund administration in Nigeria. Licensed to administer pensions and pay retirement benefits in accordance with the Pension Reform Act 2014, this company delights their clients by creating hope for a better and brighter tomorrow. Their mission to secure a brighter future for their clients is driven by their vision to be a dominant Pension Fund Administrator in Nigeria.

NLPC PFA was incorporated on January 19, 2005 and licensed by the National Pension Commission (PenCom) on January 25, 2006, to administer pension funds in line with the provisions of the Pension Reform Act 2004 (repealed by the Pension Reform Act 2014). They maintain offices across the federation and their Shareholders’ Fund is above the minimum ₦1 billion unimpaired capital requirement in the industry. Corporate interests account for 59% ownership, while private individual investors retain 41%.

Their vision is to be a dominant Pension Fund Administrator providing the best pension funds administration services to assist workers actualize their envisioned retirement life while their mission is securing a brighter future for workers by ensuring a steady stream of income at retirement through efficient and safe management of their pension savings, employing and motivating the right people using appropriate technology for excellent service delivery.


Leadway Pensure PFA Limited (“Leadway Pensure”) was incorporated on August 25, 2004 as a Pension Fund Administrator in accordance with the provisions of the Pension Reform Act 2004. Formed by a consortium of three (3) major financial service companies, Leadway Pensure is one of the most capitalized PFA’s in Nigeria with an authorized share capital of ₦2.0 Billion. Their shareholder’s fund is in excess of ₦4.0 Billion, unimpaired by losses. Since inception they have positioned themselves as one of Nigeria’s foremost Pension Fund Administrators.

Leadway Pensure boasts of an extensive national coverage as well as an in-depth experience in pension administration and fund management for prominent corporate organizations, states and federal government institutions. Their shareholders have a combined experience of over 125 years in the delivery of professional fund management service.

Their outstanding experience, expertise, technology, and transparency positions then to deliver on their promise of providing their customers with simple, coherent, efficient and exceptional quality service. Leadway Pensure PFA is reputed for her professional business ethics and corporate governance, which are driven by the unflinching level of integrity of its Directors and Shareholders.


Sigma Pensions Limited commenced operations on December 8, 2005 as a licensed pension fund administrator (PFA) following the establishment of the contributory pension scheme in 2004. Sigma Pensions Limited (Sigma Pensions) is one of the top leading Pension Fund Administrators (PFA) in Nigeria. They currently manage Retirement Savings Account (RSA) for more than 780,000 contributors as at December 2020. Since inception, they have paid out over ₦28 billion as benefits to over 11,000 customers, making them one of the choicest pensions companies in the country today.


Oak Pensions Limited is a Pension Fund Administrator (PFA) incorporated on March 30, 2006, and licensed by the National Pension Commission (PenCom) on November 14, 2006, to manage the Retirement Savings Account (RSA) and Retirement Benefit Schemes of employees of both government and private organizations in Nigeria.

Oak Pensions represents a culture of Professionalism, Team Spirit, Integrity, Innovation and Customer Service. The company has a combined experience of over 100 years of the Shareholders and Management in Pension Funds Administration, an enviable track record combined with credibility, a sound pedigree in investment and asset management and a strong financial base.

They operate from their purpose-built Head Office at 266,, Murtala Muhammed Way, Alagomeji, Yaba Lagos State, as well as various regional and branch offices across the country. At Oak Pensions Limited, it is believed that Nigerian employees who have spent their youthful age working conscientiously deserve to live comfortably at retirement.


Fidelity Pension Managers Limited was incorporated on September 22, 2004 as Alliance Management Limited. The name of the company was changed on March 30, 2007 to reflect the nature of their business as a pension administrator further to obtaining a licence as an administrator from the National Pension Commission and also to identify with the Fidelity brand at the time.

In compliance with, and in excess of the minimum share capital requirement for pension funds administrators of ₦1 billion, their authorised and paid up share capital is ₦2 billion. The company’s mission is to provide safe and rewarding pension services for a happy retirement while their vision is to be a leading and most innovative PFA, managing pension assets transparently and profitably.


Stanbic IBTC Pension Managers Limited is a licensed Pension Fund Administrator (PFA) set up with the primary objective of delivering quality pension fund administration and management services to both private and public sector employees covered by the Pension Reform Act 2014.

Incorporated on May 19, 2004, Stanbic IBTC Pension Managers Limited is a subsidiary of Stanbic IBTC Holdings PLC (a member of the Standard Bank Group) and enjoys a rich heritage derived from the Group’s extensive and proven track record in money management and long-held values of protection and enhancement of customers’ wealth.

Stanbic IBTC Pension Managers Limited has an authorized and paid-up capital of ₦1 billion, in line with the minimum requirement of ₦1 billion. The company is a joint venture between Stanbic IBTC Holdings PLC and Linkage Assurance PLC. Stanbic IBTC Pension Managers Limited is 88.24% owned and managed by the Stanbic IBTC Group. The combined net worth of the company’s shareholders is over ₦160 billion.

Stanbic IBTC Pension Managers Limited is easily accessible at over 200 locations nationwide and you can visit any branch of Stanbic IBTC Bank to open a Retirement Savings Account (RSA).


AIICO Pension Managers Limited (“AIICO Pension”) was incorporated in February 2005 and licensed in April 2006 as a Pension Fund Administrator (PFA) by the National Pension Commission (PenCom) under the Pension Reform Act 2004 now Pension Reform Act 2014. The company commenced business in May 2006, and it is a well-focused Pension Fund Administrator (PFA), managed by seasoned and well-tested executives with vast experience in Pension Administration, Risk Management, Banking, Capital Market and Asset Management.


Pensions Alliance Limited is a joint venture between First Securities Discount House Limited (FSDH) (now known as FSDH Merchant Bank) and African Alliance Insurance Company Limited. They are a licensed Pension Fund Administrator with over 13 years of professional experience in Pension Funds Administration that was incorporated on April 14, 2005 to manage and administer retirement savings contributions of employees in Nigeria as a result of the Pension Reform Act of 2004. The company currently has a client base of over 450,000 and have UBA Pensions Custodian Limited as their custodian.

A notable worthy mention in this list include: ARM Pension Managers Limited.

Ezeh Emmanuella

Ezeh Emmanuella is an information enthusiast and the Editor of Nigerian Search Guide. She loves to answer search queries on everything Nigeria. She is also the brain behind Ellacious Designs, an emerging fashion brand in Nigeria today.

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