L-R: Head, Operations, IEI Anchor Pensions Managers Limited, Mr. Labaga Jonah; Chief Compliant Officer, Mr. Baror Eric Ivivie; Company Secretary/Legal Adviser, Mrs. Onoru Olufemi; the Managing Director/CEO, Mr. Glory Etaduovie and Chief Finance Officer, Mr. Asheno Iliya, at the media briefing organised by IEI Anchor Pensions Managers Limited at the press conference held at its head office in Garki, Abuja.
BY NKECHI NAECHE—--IEI-Anchor Pensions Managers Limited said it has exceeded N80billion Assets Under Management and is targeting to reach the N100billion mark by 2019.
The Managing Director, Glory Etaduovie disclosed this to pension journalists in Abuja recently that with the strategies put in place by the company they is eyeing to be in the league of top PFAs with AUM of N100billion.
Speaking on its performance for the half year 2018, he said the company have been able to sustain growth and have achieved 98 percent of its target for the first half of 2018 while annual growth rate achieved stands at 25 percent.
He added that the strategies put in place by the company will enable the company gain 30 percent from the transfer window platform.
On the Multi-Fund Structure for Retirement Savings Account, introduced by National Pension Commission ( PenCom) he said, the fund, seeks to improve upon the existing two-fund structure and comprises four Funds, which provide contributors an opportunity to improve their long-term terminal retirement benefits by properly aligning individual contributor’s funds with their individual risk profile.
He added that contributors is expected to take rational decisions based on a thorough understanding of the options available and of individual needs and expectations.
According to him the new Multi-Fund Structure seeks to align a contributor’s risk tolerance or appetite with his/her investment return expectations, based on work life cycle. Thus, the RSA Fund has been sub-divided into four Funds, to cater for the different age groups of contributors, including retirees under the CPS.
He explained that the four Funds to be established and applicable age groupings include:”Fund I (Young Contributors): This Fund is growth-oriented and is aimed at young contributors who are 49 years and below. This group of contributors have several working years ahead of them and are in a better position to rapidly grow their pension contributions over a long period of time; and can assume a relatively high level of investment risk.
“Fund II (Default Fund/Middle-aged Contributors): Fund II is the default Fund and is similar to the current RSA ‘Active Fund. Fund III (Pre-Retiree Fund): Fund III is the most conservative Fund for ‘active contributors and is designed for those close to retirement age. while Fund IV (Retiree): Fund IV is essentially a Retiree Fund and maintains the asset allocation structure similar to the current RSA Retiree Fund, with the exception of ordinary shares and open/closed-end funds, which had been reduced from 10 per cent to 5 per cent of total pension fund assets.”
Speaking on the benefits of muti fund he said the fund will go s long way to develop and stabilize Nigerian capital market.
According to him the pension contributions are invested in an optimal manner to achieve enhanced retirement benefits.
According to him, the new structure would help in deepening asset accumulation in the country, and provide the crucial capital required for investment in critical sectors of the economy.
He said this would be achieved by better matching of pension assets and liabilities; as well as diversification of pension fund portfolios, as minimum limits are set for aggregate investments in variable income securities for each fund.