IEI-Anchor Pension assets rise to N55bn with 90,000 pension contributors

IEI-Anchor Pension Fund Administrator (PFA) says its Pension Assets under management has risen to N55 billion and 90,000 pension contributors within few years of its existence.

Glory Etaduovie, Managing Director/CEO, IEI Anchor PFA, disclosed this at the 2016 Annual General Meeting (AGM) of the National Association of Insurance and Pension Correspondents (NAIPCO) in Lagos.

The Managing Director also said that the company equally has its presence in 23 states of the federation, adding that the firm is gradually penetrating the pension market, despite being one of the third-tier operators licensed by the National Pension Commission (PenCom).

Speaking on how the company invests its huge pension assets, he said the pension guideline plays a key role in how his PFA invests its fund, as there was no room for unnecessary investment adventure, noting that the market presents good opportunities and initiatives – a good blend of Bonds, Treasury Bills, Money market and other safe investments. Private Equity and Infrastructure development, he said, are new areas of gradual action.

“The other side of growth is aggressively increasing the number of our Retirement Savings Accounts (RSAs) holders. Effective market delineation, deployment of our marketing philosophy and drilling down, marketing tools to promote presence, efficiency, presence and importantly, good staff motivation and a sense of security, are avenues to which we are growing our pension assets,” he stressed.

Stating that his PFA adopts a robust ICT platform to offer better services to its clients nationwide, he added that ICT is very critical in pension industry, as it allows one to deal with large numbers of people, records, funds and other statistical details for analysis and decision making.

“This greatly reduces human errors and increases efficiency and effectiveness. It also creates respect for the industry at large, if there are fewer complaints. The industry regulator recommends at different intervals, new ICT needs. This is apart from individual corporate initiatives,” he noted.

ICT, according to him, enhances customer service, enquiries and enhanced interaction for better satisfaction, noting that people want constant updates as to the safety of their money and what the money is doing, hence the need for this technology.