L-R: Mr. Modestus Anaesoronye, President, National Association of Insurance and Pension Correspondents [NAIPCO], Mr. Glory Etadiovue, Managing Director/CEO, Jolaade Oduntan, Head, Business Development & Strategy and Mr. Cyril Ojo, Regional Manager; all of IEI Anchor Pension Managers Limited at NAIPCO AGM in Lagos yesterday.

L-R: Mr. Modestus Anaesoronye, President, National Association of Insurance and Pension Correspondents [NAIPCO], Mr. Glory Etadiovue, Managing Director/CEO, Jolaade Oduntan, Head, Business Development & Strategy and Mr. Cyril Ojo, Regional Manager; all of IEI Anchor Pension Managers Limited at NAIPCO AGM in Lagos yesterday.

IEI Anchor Pension Managers Limited is currently managing pension assets of over N55 billion in its portfolio from 90, 000 Retirement Savings Account [RSA] holders in 23 states of the federation.

Mr. Glory Etaduovie, Managing Director/CEO, IEI Pension Managers Limited said the company’s growth pace is faster now as it continues to gain more ground in the pension market. He said the growth plan of the company is aggressive increase in the number of RSAs.

“Effective market delineation, deployment of our marketing philosophy and drilling down, marketing tools to promote presence and efficiency and presence and importantly, good staff motivation and a sense of security are also part of the growth plan.

Investment wise, the regulator plays a key role. We have major investment guidelines. This ensures relative fund safety. This is the future of many people. So, there is no room for un-necessary adventure.

However, 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 are new areas of gradual action.”

On market spread, the IEI Anchor Pension CEO said:

“We have good presence in 23 states of the federation. The market presently has two major strata – private and public sectors.

The public sector includes the states and federal. Not many states have latched on to the Contributory Pension scheme, though. We are also positioning in areas with strong potentials. Our RSA client size is over 90, 000 contributors.”

He added that IEI Anchor Pension is competing effectively in the market. “One thing stands out, the customer remains the ultimate and determinant of direction. Our size makes us nimble and smartly responsive.

This is one advantage we wield. Everyone gets deserved attention. This we pursue to achieve through training and retraining of staff. An informed and engaged staff is a real asset.”

He described the pension industry as interesting and exciting. “Regulation is strong. The market is only about 30 percent  explored. It is also a form of social service. You also derive strong satisfaction when you support the aging with good service, as well as prepare them for graceful retirement. The industry is not over – populated.

This is good for control and sanity. If there is ease of entry and exit, it would create grave danger for it. Contributory pension activities are relatively new. It presents its own challenges. But the collaborative style of the industry makes responses better put together. It is getting stronger and stronger.

It is going to be a critical tool for development shortly. It is positioning. The government is aware of this and seeing it as a partner in progress. It is thus cautiously positioning for collaborative activities. There is a serious gap in infrastructure. This affects other growth and development.”

Etaduovie listed ICT as having a critical role in the success of the pension industry due to the large number 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 less complaints.The industry regulator recommends at different intervals, new ICT needs. This is apart from individual corporate initiatives

We have deployed much of the needed ICT needs. Presently, we are focused on this for further improvements and action. This enhances customer service, enquiries and enhanced interaction for better satisfaction. People want constant up-dates as to the safety of their money and what the money is doing.”

On the challenges facing the new pension scheme, Etaduovie said:

“These are acceptability, transition, harnessing the informal sector and the economy. Some persons of the old scheme are yet to come to terms with the contributory scheme. Such ones, if in good position stand in the way of implementation. Transition challenges for states because of the old scheme and backlogs.

In other instances, we have the bureaucracy of domesticating the PRA in the states.  The poor business environment is also affecting private section adoption and implementation. Some who do, do not remit the staff deductions or theirs as well. This is immoral and they risk penalty from the regulatory body.

All of these challenges and others are constantly being reviewed by the industry. The Director General and her team are keeping close eyes on details, as the industry matures.”