From what amd has shown, it's likely that Polaris will beat Pascal in perf/watt. Amd was getting 2x perf/watt compared to maxwell in the Polaris 11 demo while nvidia seems to be only getting 1.5x right now. I don't know where you are pulling 25% less from.
Furthermore, the framerate cap was there for both graphics cards, and nvidia chips also save power with framecap (e.g. boost not needed).
nVidia doesn't save nearly as much power with frame cap as AMD does. AMD cards can effectively clock gate very quickly, meaning that dynamic power goes to 0 for the part of the frame that the card is not utilized. nVidia cards cannot do this nearly as well, so most of their power savings at partial utilization come from lower clocks, clocking up and down consumes time and power, and when using a frame cap the cards clock up for the active portion of the frame.
I feel like I've said this two dozen times now -- you cannot trust vendor benchmarks, not because they straight up lie, but because they can run two dozen benchmarks and pick the most compelling one to show us. We will know what the power efficiency of Polaris is when cards are in the hands of independent reviewers, not before.