Pension Companies in Nigeria: Top 10 of The Very Best in 2024

Pension Companies in Nigeria

In a world where financial security is a top priority, the importance of pension schemes cannot be overstated. For Nigerians planning for a comfortable retirement, choosing the right pension company is a crucial decision. In this article, we will delve into the realm of pension companies in Nigeria, highlighting the top 10 that stood out in 2023

Posted by Oyejobi Adeola on Nov 19, 2023

What is a Pension?

A pension is a financial arrangement that individuals contribute to during their working years to secure a steady income after retirement.

In essence, it serves as a form of savings plan designed to provide financial support during the later stages of life when one is no longer actively working. Pension funds are typically managed by specialized companies that invest contributions to ensure growth and sustainability.

Top 10 Best Pension Companies in Nigeria in 2023

In the ever-changing landscape of financial services, selecting the right pension company is crucial for individuals planning their retirement.

As of 2023, the following is a comprehensive list of the top 10 pension companies in Nigeria, recognized for their excellence in providing secure and reliable retirement solutions.

1. AXA Mansard Pension Limited

AXA Mansard Pension Limited, a subsidiary of the AXA Mansard Group, is a leading Pension Fund Administrator in Nigeria, specializing in managing pension funds under the Contributory Pension Scheme, offering individual Retirement Savings Accounts, facilitating pension contributions, and providing a range of investment options and benefit choices for retirees while prioritizing customer service, financial education, and compliance with regulatory standards.

Utilizing skilled investment professionals, AXA Mansard Pension strategically manages investments to maximize returns and effectively navigate risks, offering retirees diverse options such as lump-sum payments, programmed withdrawals, and annuities.

The company emphasizes excellent customer service through accessible communication channels and may provide online platforms for convenient account management.

Recognizing the importance of financial education, AXA Mansard Pension likely offers resources to empower clients in making informed decisions. 

Operating under the regulatory framework set by the National Pension Commission, AXA Mansard Pension remains committed to ensuring the security and integrity of pension funds.

2. Arm Pension Manager Limited

Securing the second spot, Arm Pension Manager Limited continues to stand out with its innovative solutions and dedication to leveraging technology for seamless pension management. 

Clients can expect a forward-thinking approach to retirement planning from this industry player.

3. Oak Pension

Oak Pension retains its strong position at number three, offering a diverse range of pension products and personalized services.


With a commitment to understanding and meeting the unique needs of each client, Oak Pension remains a reliable choice for retirement planning.

Their pension packages include the following:

  1. Contributory Pension Scheme (CPS): Oak Pension, like other pension companies, likely offers a Contributory Pension Scheme. This is a mandatory savings plan where both employers and employees contribute a percentage of the employee's salary to the pension fund.
  2. Retirement Savings Account (RSA): Individuals typically have a Retirement Savings Account with Oak Pension. This account accumulates the contributions made by both the employee and employer over the course of the individual's working years.
  3. Voluntary Contributions: Some pension packages may allow for voluntary contributions, giving individuals the option to contribute more than the mandatory percentage. This can enhance the overall retirement savings.
  4. Pension Benefits: The pension benefits provided by Oak Pension would include the options available to retirees upon reaching the retirement age. This may include lump-sum payments, programmed withdrawals, and annuities.
  5. Investment Options: Pension packages often include various investment options for the pension fund. These may include stocks, bonds, and other financial instruments. The investment strategy is crucial to the growth of the pension fund.
  6. Risk Management: Oak Pension likely has risk management mechanisms in place to protect the pension fund from market fluctuations and unforeseen risks. This helps ensure the stability and security of the retirement savings.
  7. Accessibility and Customer Service: A comprehensive pension package should also include accessible customer service channels and support. This is essential for addressing queries, providing updates, and offering assistance throughout the pension journey.

4. Leadway Pensure

Known for its diverse portfolio of pension products, Leadway Pensure holds the fourth position in 2023. 

The company's adaptability to market changes and its focus on customer satisfaction contribute to its continued success as a leading pension provider.

They play a crucial role in helping individuals and organizations secure their financial future through retirement planning.

  1. Contributory Pension Scheme (CPS): Leadway Pensure operates within the Contributory Pension Scheme (CPS), which is a mandatory pension system in Nigeria. Under this scheme, both employers and employees make contributions to the Retirement Savings Account (RSA) of employees.
  2. Retirement Savings Account (RSA): Each member enrolled with Leadway Pensure has a dedicated Retirement Savings Account. This account serves as the central repository for the accumulated pension contributions made by both the employee and employer throughout the individual's career.
  3. Pension Contributions: Leadway Pensure facilitates the seamless contribution process, ensuring that employers make the required contributions and that employees' funds are securely managed and invested to yield optimal returns.
  4. Investment Management: The company typically employs skilled investment professionals who develop and implement investment strategies. These strategies aim to maximize returns on pension funds while managing risks effectively. The investment portfolio may include a mix of assets such as equities, bonds, and other financial instruments.
  5. Pension Benefits: Leadway Pensure offers various pension benefit options to retirees, including lump-sum payments, programmed withdrawals, and annuities. Retirees can choose the option that best suits their financial goals and preferences.

5. Crusaders Sterling Pension Limited

In the fifth position, Crusaders Sterling Pension Limited continues to be a reliable partner for retirement planning. 

Their emphasis on financial education empowers clients to make informed decisions about their pension contributions, setting them apart in the industry.

6. NLPC Pension Fund Administrator Limited

Securing the sixth spot, NLPC Pension Fund Administrator Limited is recognized for its strong financial management practices. The company's commitment to prudent investment strategies ensures the growth of pension funds, providing security for contributors.

7. VGP Pension Limited

VGP Pension Limited claims the seventh position, offering a blend of experience and innovation. Their seasoned team of professionals navigates the complexities of the financial market, ensuring optimal returns for pension contributors.

8. Sigma Pension

In the eighth place, Sigma Pension continues to stand out with its robust technology infrastructure. This enables the company to provide efficient and timely services to clients, solidifying its position as a forward-thinking player in the industry.

9. Fidelity Pension Managers Limited

Fidelity Pension Managers Limited retains its position at number nine, boasting a strong customer service culture. The company's client-focused approach, combined with a range of pension products, makes it a preferred choice for many seeking reliable pension solutions.

10. Pension Alliance Limited (PAL Pension)

Closing our top 10 list is Pension Alliance Limited, commonly known as PAL Pension. The company's dedication to financial inclusion and accessibility continues to make pension planning more attainable for a broader demographic, earning them recognition in the industry.


In conclusion, as of 2023, these top 10 pension companies in Nigeria have consistently demonstrated excellence in various aspects of pension management.

Individuals planning for retirement are encouraged to carefully consider these companies when making important decisions about their pension investments.


1. Which pension company is the best in Nigeria?

Determining the "best" pension company can depend on various factors, including individual preferences, financial goals, and specific needs. However, as of 2023, some of the top-performing pension companies in Nigeria include AXA Mansard Pension Limited, Arm Pension Manager Limited, and Oak Pension.

These companies have consistently demonstrated excellence in transparency, reliability, innovation, and customer satisfaction.

What is the largest pension fund in Nigeria?

ARM Pensions is Nigeria's largest independent pension fund manager, with over US$2.1 billion of pension assets under management.

Oyejobi Adeola

Article by

Oyejobi Adeola

Oyejobi Adeola is the founder of oyejobiadeola.com, NiveDigital & DigitalMarketingAcademy.ng