A growing number of Nigerian workers continue to monitor the performance of their pension managers closely, as thousands moved their Retirement Savings Accounts (RSAs) between Pension Fund Administrators (PFAs) in the final quarter of 2025.
Latest industry data showed that 19,969 RSA holders transferred their pension accounts from one PFA to another during Q4 2025, reflecting contributors’ increasing desire for improved service delivery, better investment returns, and more efficient management of retirement savings.
The total value of pension assets moved within the period stood at N153.31 billion.
Although the figure remains significant, it represented a notable slowdown compared to the previous quarter. In Q3 2025, about 34,334 contributors switched PFAs, with transferred pension assets valued at N274.29 billion. This indicates a decline of 41.8 per cent in the number of contributors who changed administrators between the two quarters.
Industry analysts say the drop may suggest that many contributors who were dissatisfied with their PFAs had already taken advantage of the transfer window earlier in the year, while others may now be adopting a wait-and-see approach before making new decisions.
Under the Pension Reform Act 2024, RSA holders are permitted to move their accounts from one Pension Fund Administrator to another once every year. The transfer framework was introduced to encourage healthy competition among PFAs and improve customer service standards across the pension industry.
The National Pension Commission (PenCom) has repeatedly maintained that the transfer system would strengthen accountability within the sector by compelling PFAs to improve investment performance, transparency, and customer engagement.
Meanwhile, PenCom has also revealed plans by pension operators to deepen participation in infrastructure financing as part of broader efforts to support economic development and deliver sustainable returns for contributors.
Director-General of PenCom, Ms. Omolola Oloworaran, disclosed that discussions are ongoing on the establishment of an investment consortium that would mobilise pension assets for critical infrastructure projects across the country.
According to her, the initiative is aimed at addressing Nigeria’s huge infrastructure deficit while ensuring that pension funds remain secure and profitable for contributors.
Oloworaran explained that channeling long-term pension capital into carefully selected infrastructure projects could help stimulate economic growth, create employment opportunities, improve productivity, and generate stronger long-term value for pension contributors.
She said: “It is critical to channel pension capital into infrastructure, create bankable investment pipelines, support national development, and preserve returns.
“The Investment and Financial Markets Committee has been set up to develop structured investment vehicles for infrastructure financing. These structures are being carefully designed to minimize risk exposure for pension funds while enabling participation in large-scale national projects. Implementation will follow once frameworks are finalised, with strong emphasis on risk management and capital preservation.”
Financial experts have long argued that Nigeria’s pension industry, which controls trillions of naira in assets, could play a transformative role in national development if properly structured investment safeguards are put in place.
However, stakeholders also continue to stress the importance of balancing developmental financing with the core responsibility of protecting contributors’ retirement savings from excessive risk exposure.