Globally, 2022 was a difficult year for financial markets as rate hikes by global central banks drove bearish sentiments across most asset classes.
In Nigeria, the Central Bank of Nigeria responded to rising inflation with an increase in the key monetary policy rate from 11.5 percent to 16.5 percent by the end of the year. Over the year, average pension fund returns across the four funds was 8.97 percent, 9.55 percent, 9.86 percent, and 10.22 percent for Fund I, II, III and IV respectively.
NPF Pensions is a special interest pension fund administrator dedicated to managing pensions for members of the Nigerian Police force while Access Pensions was formed from the merger of the erstwhile Sigma Pensions Limited and First Guarantee Pensions Limited.Among the open PFAs not dedicated to a special interest group, Access Pensions topped the pack with Leadway in second place and Crusader Sterling in third place.