By 
The National Pension Commission (PenCom) has directed Pension Fund Administrators (PFAs) to discontinue the publication of daily unit prices for Retirement Savings Account (RSA) and Retiree Funds on their websites, introducing a revised disclosure framework focused on longer-term performance reporting.
The directive, contained in a circular issued by the Commission, instructs PFAs to stop implementing Section 2.0 (iv) of the March 23, 2013 circular, which required the display of daily unit prices covering the previous seven days.
Under the new guideline, PFAs are now required to publish the last six months’ rate of return on their websites. The returns must be calculated as a 36-month compounded rolling average, in line with the Circular for the Calculation and Reporting of Rate of Returns by Licensed Pension Fund Operators (LPFOs). PenCom further specified that the rate of return should be clearly displayed on each PFA’s homepage.
For example, a six-month disclosure spanning April to September 2025 would reflect the 36-month compounded returns ending in each respective month within that period.
The 2013 circular on Minimum Information to be Displayed on PFA Websites was introduced as part of PenCom’s broader transparency framework for Nigeria’s Contributory Pension Scheme. While the new addendum modifies the format of disclosure, the Commission emphasised that PFAs remain obligated to provide performance information to contributors.
The development has, however, sparked debate within the pension industry over transparency and access to real-time data.
An industry analyst, who requested anonymity, expressed concerns that the change may limit contributors’ ability to independently monitor short-term fund performance.
“Daily unit prices allowed RSA holders to track fluctuations in fund valuation and assess short-term movements,” she noted. “With only a three-year rolling average now required, contributors will no longer see recent performance in isolation.”
She added that although pension funds are designed as long-term investment vehicles, restricting access to daily pricing data could raise questions about information asymmetry, especially since PFAs will continue to compute daily valuations internally.
Conversely, another pension expert defended the Commission’s decision, arguing that long-term metrics better reflect the nature of pension investments.
“A 36-month rolling average smooths out short-term volatility and provides a clearer picture of sustained performance,” the expert said, cautioning that excessive attention to daily price movements could encourage reactionary fund switching among contributors.
PenCom stated that enquiries regarding the addendum should be directed to its Surveillance Department, as the industry adjusts to the revised disclosure framework.
Comments