- IEI-Anchor Pensions Eyes N100b Assets
IEI-Anchor Pensions Managers Limited, a Pension Fund Administrator (PFA), said it has exceeded N80 billion assets under its management. It said it is planning to grow the assets to N100billion by next year.
Speaking with reporters at the company’s headquarters in Abuja, its Managing Director, Glory Etaduovie, said with the strategies put in place, the company is eyeing to be in the league of top PFAs with assets under management (AUM ) of N100 billion.
On half year 2018, he said the company has been able to sustain growth and has achieved 98 per cent of its target for the first half of the year while annual growth rate achieved stands at 25 per cent.
He stressed that the strategies put in place by the company will enable it to gain 30 per cent from the transfer window platform.
Also speaking 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 said: “Contributors are expected to take rational decisions based on a thorough understanding of the options available and of individual needs and expectations. The new Multi-Fund Structure seeks to align a contributor’s risk tolerance or appetite with his or 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.
“The four Funds to be established and applicable age groupings include Fund I for young contributors. This Fund is growth-oriented and is aimed at young contributors who are 49 years and below. This group of contributors has several working years ahead of them and is 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 is 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, is the most conservative Fund for active contributors and is designed for those close to retirement age while Fund IV, retiree 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 five per cent of total pension fund assets.”
He stated that the benefits of multi fund will go a long way to develop and stabilise the capital market.
“The pension contributions are invested in an optimal manner to achieve enhanced retirement benefits. 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.
“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,” he noted.
