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IEI Anchor targets N100 billion pension assets


IEI-Anchor Pensions

EI-Anchor Pensions Managers Limited, one of the nation’s Pension Fund Administrator (PFA), said it has concluded plans to grow its Assets Under Management (AUM) to N100billion in next year.
Already, the company has exceeded N80billion in assets under its management, according to the Managing Director, Glory Etaduovie, who spoke to The Guardian.
He said with the strategies put in place, the company is targeting to be in the league of top PFAs to enable it gain 30 per cent from the transfer window platform.


He added that IEI-Anchor Pensions has been able to sustain growth, and has achieved 98 per cent of its target for the first half of the year, while yearly growth rate achieved stands at 25 per cent. 

Speaking on the new Multi-Fund Structure for Retirement Savings Account, introduced by the National Pension Commission (PenCom), he explained that the Fund seeks to improve on the existing two-fund structure.
Etaduovie said the new four-fund structure will provide contributors the 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. 

“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.

This excludes the 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 said the benefits of the 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.

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