RSA Fund Prices (2026): How to Check Your Unit Price and Fund VI Value

If you went looking for RSA fund prices on your PFA's website this year and found a table of three-year returns instead, that is deliberate. On 12 November 2025 the National Pension Commission issued an addendum circular (reference PenCom/INSP/Surv/2025/1586) telling every licensed PFA to stop displaying daily unit prices for the RSA and Retiree funds and to show a 36-month compounded rate of return on the homepage instead. Your unit price still exists and still drives your balance. It now lives on your RSA statement, in your PFA's app or self-service portal, and in the quarterly statement PenCom entitles you to. This guide covers where to find it, how to read it, and how to compare non-interest Fund VI across PFAs without being misled.

Why daily RSA fund prices disappeared from PFA websites

From 2013, PenCom's circular PENCOM/INSP/CIR/SURV/13/03 on minimum website information required each PFA to post, among other things, its administrative fees, the number of RSAs registered, the PenCom-approved rate of return, and daily unit prices for the RSA and Retiree funds covering the last seven days. For twelve years that section 2.0(iv) was the reason you could open a PFA homepage and see a price for Fund I through Fund VI.

The 12 November 2025 addendum discontinued section 2.0(iv). In its place, PFAs must display the last six months of a 36-month rolling rate of return, calculated under PenCom's 9 May 2025 circular on calculating and reporting rates of return (reference PenCom/INSP/Surv/2025/795). That earlier circular says the rate must be computed over 36 months, converted to an equivalent annual rate to four decimal places, recomputed every month on a rolling basis, published by the tenth day of each month, and accompanied by a Sharpe ratio that uses the three-year average yield of the 10-year FGN bond as the risk-free rate. The stated aim is to discourage short-term decision-making. The practical effect is that a contributor who used to glance at a price now has to go into a statement or an app.

The addendum does not ban PFAs from publishing prices through other channels, and it does not change how your balance is calculated. It only changes the public website. Treat the homepage return table as a performance summary, and treat your own statement as the record of price and units.

Where each Fund VI PFA now shows prices and returns

I checked the public pages of five PFAs that run a non-interest Fund VI on 7 September 2026. The pattern is consistent: returns are on the public site, prices are behind a login. The table records what each site publicly shows and where a contributor should look for the price itself.

Two things stand out. First, the only PFA whose public page still names a price feed is Stanbic IBTC Pension Managers, and even that feed failed to load when I tried it, so do not rely on it. Second, the 36-month tables are now the only like-for-like public number across PFAs, and they are not prices. If you want to track the actual value of your units, you need your statement.

Units times unit price equals your RSA balance

Every RSA fund is unitised. When your employer remits a contribution, the PFA divides the naira amount by that day's unit price and credits you with units. Your balance on any day is the number of units you hold multiplied by that day's price. Fees are taken inside the fund (the asset-based management fee) and from your account (the administrative fee), so the price you see is already net of the management fee, and the administrative fee shows up as a small reduction in units or balance on the statement.

Here is the arithmetic with illustrative numbers, not a published price. Suppose your statement shows 12,500.000 units in Fund VI Active and a closing unit price of N4.00. Your balance is 12,500 times 4.00, which is N50,000. If the next month's remittance is N45,000 and the price that day is N4.05, you receive 45,000 divided by 4.05, which is 11,111.111 units. You now hold 23,611.111 units. If the price at month end is N4.10, your balance is N96,805.56. Notice that the balance rose by more than the N45,000 you paid in, because the price moved, and that the number of units never falls unless a fee or a withdrawal is deducted.

That is why checking the unit price alone tells you little. A price of N4.10 is not better than a price of N2.10 at another PFA. What matters is the change in price over the period you held the units, and the units you were credited for each naira you paid in.

How to get your RSA statement and read the price on it

Trustfund's FAQ puts the entitlement plainly: a PFA is required to issue statements of account at least once every quarter, and a contributor has the right to receive statements quarterly with details of contributions made and returns on investment. That quarterly statement is the primary document for your unit price. It lists each contribution, the unit price on the day it was applied, the units bought, fees charged, and the closing units and value.

• Open your PFA's mobile app or self-service portal (Stanbic IBTC calls its current app Mobile App 3.0; CrusaderSterling has a client portal and Crusader Mobile; Premium Pension and Trustfund both link a self-service portal from their homepages) and look for Statement or Transaction History.
• Choose a date range that covers at least one full quarter so you can see at least one closing price and the price applied to each remittance.
• If the app only shows a balance, request the formal statement by email from the PFA's customer service address shown on its contact page, quoting your PIN, and ask specifically for the unit price and units at the period end.
• If you have no app access, visit a branch with your PIN and a valid ID; PenCom's site lists every PFA's office addresses and branch network.
• Keep the PDF. Once prices left the public websites, your own statements became the only continuous price history you control.

If your statement does not show a unit price at all, ask for it. The 2013 circular's section on daily prices was withdrawn, but nothing in the 2025 addendum removes your right to know the price at which your contributions were converted into units.

Why Fund VI unit prices differ between PFAs and how to compare properly

Fund VI did not launch on the same day at every PFA, and each fund started at its own base price. A PFA whose Fund VI began later will usually show a lower absolute price than one whose fund has compounded for longer, with no implication about skill. Comparing a N1.80 price at one PFA with a N4.00 price at another is meaningless. Compare percentage change over identical dates, or use the 36-month compounded figures that every PFA must now publish monthly, which are built to the same PenCom formula.

On the day I checked, the Stanbic IBTC RSA Fund Information page showed a 36-month compounded return for Fund VI Active of 23.9930% for September 2026 and 17.8575% for Fund VI Retiree, with 2025 calendar-year returns of 23.42% and 18.43%. Trustfund's homepage showed 22.2836% for Fund VI Active and 20.1631% for Fund VI Retiree for August 2026. Those are the kinds of numbers to line up, month against month, rather than prices. The edition's comparison of Fund VI across PFAs does this in more depth.

Remember which fund you are allowed to be in. CrusaderSterling's Fund VI page spells out the PenCom rule: contributors in Funds I, II and III may move only to the Non-Interest Active Fund VI, contributors in Fund IV may move only to the Non-Interest Retiree Fund VI, and a Fund III contributor who has reached retirement age may go straight to Retiree Fund VI instead of Fund IV. The step-by-step switch to Fund VI covers the form and the timing.

What fees and tax do to the price you see

Two fees sit between gross portfolio return and your balance. The asset-based management fee is charged inside the fund and is already reflected in the daily unit price. Stanbic IBTC publishes it per fund: 1.6809% for Fund VI Active and 7.5% of earned income for Fund VI Retiree, which is how PenCom structures retiree fund fees. The administrative fee is deducted from your account rather than the price; Stanbic lists N100 for Fund VI Active and N53.75 for Fund VI Retiree. The same page states the allocation limits: up to 75% of Fund VI Active may sit in variable-income instruments, and up to 10% for Fund VI Retiree.

On tax, PenCom's rate-of-return circular measures performance on the accounting unit value, so the published 36-month figures are net of fund-level charges. Withholding tax on the fund's underlying income is a question for the PFA; none of the five sites I fetched publishes a line on it, so ask your PFA how income from sukuk and non-interest placements is treated inside Fund VI before you assume the headline return is fully yours. The edition's guide to zakat on investments and pensions covers the separate question of whether and when your RSA balance is zakatable.

What a price fall in a sukuk-heavy fund actually means

Fund VI holds mostly sukuk, non-interest bank placements and a slice of Shariah-screened equities. Sukuk are marked to market. When yields on new FGN sukuk rise, existing sukuk fall in price, and a fund that holds them shows a lower unit price even though every rental coupon is still being paid. A one-month dip in a fund that is 25% to 75% fixed income is usually a valuation move, not a default. The reverse is also true: a strong month may reflect falling yields rather than anything permanent.

The 36-month figure smooths this. PenCom's May 2025 circular explicitly set the 36-month window to minimise short-term decision-making. If you are checking prices to decide whether to transfer PFAs, remember that the transfer window rules limit how often you can move, and that a transfer locks in whatever price the exiting fund is at on the day. A dip is the worst moment to leave a sukuk fund.

Who should check monthly, who should check yearly

Check monthly if you are within five years of retirement and sitting in Fund VI Active, because you are deciding when to move to Fund VI Retiree and the price on the day of the move matters. Check monthly too if your employer has a history of late remittances; the statement is the only way to confirm each month's contribution was converted into units at the right date. Use the retirement planning tools on this edition to turn units and price into a projection.

Check yearly if you are under 45, your employer remits on time, and you are already in the fund you intend to stay in. For you the price is noise and the 36-month return, read once a year against two or three other PFAs' figures, is the number that matters. Open the statement, confirm the contributions landed, note the closing units and price, file the PDF, and move on. Facts checked against pencom.gov.ng, stanbicibtcpension.com, trustfundpensions.com, crusaderpensions.com, premiumpension.com on 7 September 2026.

Frequently asked questions

Why can I no longer see daily RSA fund prices on my PFA's website?

Because PenCom's addendum circular of 12 November 2025 told PFAs to stop displaying daily unit prices for the last seven days and to publish a 36-month compounded rate of return on the homepage instead. The circular references the 2013 minimum-information circular and withdraws its daily price requirement. Your unit price is still calculated every day and still appears on your RSA statement and in your PFA's app.

How do I calculate my RSA fund value from units and price?

Multiply the units on your statement by the closing unit price for the same date. If you hold 12,500 units and the price is N4.00, the value is N50,000. Each remittance buys units at that day's price, so your unit count rises with every contribution and your value rises or falls with the price. The administrative fee shows as a small deduction; the management fee is already inside the price.

How often must my PFA send an RSA statement?

At least once every quarter. Trustfund's FAQ states that a PFA is required to issue statements of account at least once in every quarter, and that the contributor has the right to receive quarterly statements showing contributions and returns. Most PFAs now deliver this through an app or self-service portal; you can also request a formal statement by email or at a branch with your PIN.

Is a higher Fund VI unit price a sign of a better PFA?

No. Each PFA launched its Fund VI on a different date and from its own base price, so absolute prices are not comparable. Compare the percentage change over the same dates, or use the 36-month compounded returns that every PFA must publish by the tenth of each month under PenCom's May 2025 circular. On 7 September 2026, Stanbic IBTC showed 23.9930% for Fund VI Active for September 2026.

What is the 36-month rate of return PFAs now display?

It is the compounded return over the previous 36 months converted into an equivalent annual rate, expressed to four decimal places, recomputed monthly on a rolling basis and published by the tenth of each month. PenCom's circular of 9 May 2025 sets the method and requires a Sharpe ratio alongside it, using the three-year average 10-year FGN bond yield as the risk-free rate.

Does a fall in my Fund VI price mean the fund lost money permanently?

Usually not. Fund VI holds sukuk that are revalued daily; when market yields rise, sukuk prices fall and the unit price dips while rental income continues. A dip in a fund that is largely fixed income is a valuation move rather than a loss of principal. Judge the fund on the 36-month figure and avoid transferring out at a low point, since a transfer crystallises that day's price.