Source: pension companies
A pension is an income that a retiree receives as they get older to suit their requirements and wants. Everyone comes to a point in their lives when they are unable to work, and a pension keeps you afloat during that time.
Have you ever wondered which pension companies have the greatest track records for ensuring a comfortable retirement? We’ve compiled a list specifically for you.
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What exactly are pension funds?
Pension firms are sometimes known as pension fund administrators.
Within the confines of the pension legislation, they are permitted to manage pension funds and assets for people and organizations.
Pension fund management comprises the safekeeping and investment of pension funds in order to grow wealth and pay for workers’ retirements.
A good pension firm will have experienced pension fund managers.
A corporation with a track record of exceptional investment returns and asset management performance is also required.
A pension plan operates by depositing a certain proportion of an employee’s monthly take-home pay into a retirement savings account and investing it on their behalf so that the money may be used to provide the employee with a source of income when they retire.
List Of Nigeria’s best pension companies:
Based on their annual performance, the top 10 pension firms in Nigeria are shown below:
1. AXA Mansard Pension Limited
Axa Mansard, situated in Lagos’ Victoria Island, has grown to become one of the country’s leading pension providers since its inception in 2006.
The company’s different pension plans are purposefully created to meet the demands of its clients based on their industry or profession.
Self-employed people can also take advantage of the Micro Pension plan by contributing to their retirement (MPP). Customers will like how user-friendly, versatile, and practical the MPP is.
2. Arm pension manager limited
Arm Pensions is a subsidiary of the Asset and Resource Management Company Group, a reputable investment and pension fund management organization.
The company is also known for being one of the first pension administrators to receive a license from the National Pension Commission (PenCom).
The company provides free talks to consumers in order to educate them about retirement planning.
Another benefit of using Arms pension administrators is that they offer pension benefits to its retirees in the event of a temporary layoff or loss of work.
An person or a corporation may create a retirement savings account, and they have a pension fund that is regarded as one of the finest, with numerous options to choose from based on your preferences.
3. Oak pension
Oak Pension was established in 2004 and is one of Nigeria’s largest pension fund managers. The business is well-known for its ability to manage pension money in such a way that contributors’ returns are maximized. They have a 13.47 percent return rate right now.
The following are included in their pension packages:
A Retirement Savings Account is a form of mini-retirement account designed to save for retirement.
Benefits administration and payment: This involves tracking and delivering incentives to RSAholders.
Voluntary contributions: As an RSA holder, you can make additional contributions before to retirement that are either added to your amount upon retirement or handled separately.
Defined Benefit Plan Management: In a defined benefit scheme, the amount you get as a pension is decided by the number of years you worked and the total income you got.
Retirement planning and consulting services: This means offering free and honest advice to consumers.
4. Leadway Pensure
Leadway Pensure’s headquarters, which opened in 2004, are at 121/123 Funsho Williams Avenue in Surulere, Lagos. Customers like the organization because it offers a variety of customizable and user-friendly post-retirement support options.
Leadway also has a good system in place for measuring the overall performance of a variety of financial instruments. Leadway safeguards long-term investments while maximizing potential returns.
Their knowledge, honesty, and skill enable them to keep their commitments to provide outstanding and extraordinary service to their consumers. They are a renowned company with professional business ethics and a high level of unwavering honesty.
5. Crusaders Sterling Pension Limited
Since its inception in 2004, Crusader Sterling has become a household name. The firm has previously been named Nigeria’s best-performing pension administrator.
The organization is well-known for its one-of-a-kind customer service, which offers customers suitable options for protecting their assets.
One of its most appealing features is its high ranking in terms of investment returns as well as the entrepreneurial skills and opportunities it provides.
They’ve been there thanks to their parent company, which has a 74-year history of managing pensions.
They are known for providing excellent client service and have been one of the key driving forces behind PFA’s push for improved returns on assets under management for many years.
In 2014, they were named the best-performing pension fund administrator.
6. NLPC Pension Fund Administrator Limited
The only goal of the NLCP pension, which is situated in Anthony, Lagos State, is to guarantee that workers have a pleasant future by ensuring a continuous source of income after retirement through the management of their assigned pension fund.
The company is also known for its flexible workforce, excellent service delivery, corporate governance, and technology-enabled pension fund management.
7. VGP Pension Limited
The VGP (Veritas Glanvills Pensions) was previously referred to as the FUG pension. Its features include retirement savings accounts (RSAs), extra voluntary contributions (AVCs), portfolio management, benefits administration, and pension consulting.
The company is well-known for providing high-quality service and excellent customer service.
8. Sigma Pensions
After gaining a license as a pension fund administrator in 2004, Sigma Pensions was founded in 2005. In recent years, they’ve expanded rapidly. As of December 2020, they were in charge of roughly 780,000 participants’ retirement savings.
In addition, they have paid over 11,000 clients over 28 billion Naira in benefits. Without a doubt, this is one of Nigeria’s greatest pension fund firms.
9. Fidelity Pension Managers Limited
The major goal of Fidelity Pension, previously Alliance Management Limited, is to provide a secure and comfortable pension service for a better retirement. The company’s paid-up share capital is 2 billion Naira, meeting the minimum share capital requirement for pension fund administrators of 1 billion Naira.
10. Pension Alliance Limited (PAL pension)
African Alliance Insurance Company Limited and First Securities Discount House (FSDH) Merchant Bank jointly own Pal Pension. The organization has been in operation since 2005 and has over 13 years of expertise in the pension fund industry.
Their services principally covered the management and payment of employees’ retirement savings in Nigeria, according to the pension reform law approved in 2004. Pal Pension serves around 450,000 individuals.
Everyone will eventually retire, and in order to enjoy your retirement, you must have a pension plan.
Follow these suggestions and pick the best pension manager if you want to make the most of your retirement. Hopefully, the knowledge provided above will help you make the best decisions possible, resulting in a happy retirement.