The process of a Marketer’s performance Report in a pension fund.
3rd of july
Today is clearance day, yaaay….no waking up by 5. I slept like a baby today, and woke up around 10. So after I had my bath and ate, then I set off to go to my local government area. Before leaving the house, I received good news that my older sister passed her medical exams and would become a doctor. Mehn, I was so delighted. I have been through a lot with her, and I love her more than life it self.
The journey had been rough and all, with many people not wanting her to reach there, but God showed that he his greater than all of them. To me, she is the smartest person I would ever know. So delighted, I left the house and took two buses to get to my lga. On getting there, I took my file and submitted the acceptance letter as clearance letter,and then I wrote my bank details down. Something funny happened, when I got there, I heard the local government inspector call my name and I answered. She was now shouting on me that I didn’t write my state code number.
I swear, I didn’t see the space for the state code number, so I wrote it boldly on the paper. She was now telling me a bs story that if I did not write it on the allotted slot, they would not pay my allowance.
Nonsense, thank God it was at that moment that I walked in. After I set back home. We were expecting a visitor, my cousin’s husband. We stayed in his house when we travelled to london. They were so nice and loving to us there. So we welcomed him in, gisted and gave him something to eat. At this point, I was tired and felt like relaxing even though I had a truckload of things I planned on reading. So I started searching for cameras and lenses to buy because I loved photography. Then after I watched a movie. Now I was dozing, but was able to complete my study On Marketers performance report I started the day before.
The pension fund employs a couple of marketers to bring in new RSA accounts. They advertise the company and its expected returns and benefits to potential account holders which span from Undergraduates, Nysc members, and those who have already secured a gainful employment. So the pension fund administrator pulls the funds, and keeps them with a custodian. Then they give directives on the investments they would make on the pulled funds to bring in a return to the investors. Then the investors can take their money after they have attained the age of 50 and above and they are retired. In the case of a loss of a job, an investor can assess his money if after 4 months he does not secure a new job. Then he assesses 25% of the total funds and takes the remainder as an annuity.
Marketing performance management relies on a set of measurable performance standards, a pointed focus on outcomes, and clear lines of accountability (i.e. roles and consequences). So in the MPR of my company, each marketer has his profit and loss. Here the revenue is listed with the actual and budgeted given and then the variance analysis is undertaken. Under the revenue, there is th Net AUM income which signifies (Net asset management income). That is the remittance of funds into the RSA accounts the marketer is in charge of. Then there is the admin fee, the admin fee is paid on remittance per account by the employer. The marketer takes it and the amount is 100 naira.
Then the costs are tabulated, some costs are staff cost, marketing expenses, operating expenses etc. Then they take a share of the fixed costs. After this, their profit for the period is derived. They also have their balance sheet which contains details of their assets and liabilities. So I update this monthly. I start from their unitization which is the schedule of funded accounts and the respective admin fees of each marketer in their various regions. It is sent in excel format so I allocate the fees and assets based on the directives.
Some marketers. share clients and they give directives on how the admin fees and assets are to be shared, so i divide them based on their sharing formulas. Then I update the Asset under management page with the asset for the period. The closing AUM for the previous period becomes the opening AUM for the current period. The Columns for the Closing AUM is self updating, so I need not ouch that one.
The next step is to take the total of the admin fees for the period and update it under the admin fees section of the marketers profit or loss. Most of it is self updating because it is in excel formats and formulas have already been programmed to it.