This research studies the impact of board size, board independence, gender diversity, and density contribution on the financial performance of pension fund administrators in Nigeria. It aims to identify the difference in performance between the sets of funds, which are based on the recent multi fund structure classification system. This study uses 20 of the 22 PFAs firm-year panel data for a 3-year period ranging from 2018 to 2020 to analyse the findings. Analysis of variance and panel regression analysis are employed to analyse the relationship between the sets of factors and the financial performance of each of them. Results revealed that there are significant differences in performance between the funds. The findings established the fact that board independence and density contribution significantly influence the financial performance of funds, while board size and gender diversity have no significant impact on the financial performance of funds. The findings provide evidence on the performance of the different categories of fund, which will help the contributor(s) to decide on whether to stay on their default fund or move to another fund. Furthermore, the findings of this study should be of interest to managers and boards of companies in making appropriate choices about corporate governance tools and firm characteristics to improve company's financial performance.