PFAs made over N340.57 Billion Total Income in 3 years

August 25, 2022 PensionNigeria

Pension Fund Administrators (PFAs) in Nigeria made over N340.57 Billion total income in three years. PFAs made about N121.90 billion in 2021, N111.43 billion in 2020 and N107.24 billion in 2019.

PFAs’ income is majorly from Fee income charged on the pension funds they administer. The fee income could be divided into asset based fees and Income based fees. The regulation from the National Pension Commission (PenCom) on Fee structure in the pension industry allows PFAs to charge a maximum of 1.5% fees on the assets under management for the Active funds and a maximum of 5% on the income made from investments of the retiree Funds.

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The Top 5 PFAs making the most income in the pension industry remained the same for the three years, the PFAs are Stanbic IBTC Pension, ARM Pension, Premium Pension, Nigeria Police Force PFA and Trustfund Pensions.

The Top 5 PFAs made 65.54% of the total income for all PFAs in 2019, 63.78% in 2020 and 66.36% in 2021. The remaining PFAs made 34.46% of the total income for all PFAs in 2019, 36.22% in 2020 and 33.64% in 2021.

Please see below Total income and Profit after Tax (PAT) per PFA for year 2021

Check here for 2020 and 2019 figures

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