One of the nation’s pension fund administrators, Premium Pension Limited, claims to have paid 14 customers who requested access to 25% of their pension resources as equity contributions for a home mortgage.
In a statement, it stated that this was in accordance with the instructions on accessing Retirement Savings Account balances towards payment of equity payments for residential mortgage for RSA holders announced by the National Pension Commission in September 2022.
The plan was to make it easier for RSA holders to acquire a home, expand the mortgage market by providing long-term, sustainable financing, and promote socioeconomic growth by reducing the country’s persistent housing gap.
“The company has successfully paid the sum of N216.8 million to the 14 clients,” it said. The organization is glad to have played and will continue to play a significant role in helping our members realize their dream of owning a home, which is an essential component of their financial security and retirement planning.
The payment of equity contributions for residential mortgages has been a long-awaited development for pension contributors, and we are proud to be among the first Pension Fund Administrators to successfully implement this new guideline, said the Company’s Managing Director and Chief Executive Officer, Mr. Umar Mairami, in a statement regarding this development.
“Our team of professionals worked incredibly hard to make sure that the mortgage payments for our members were completed quickly and effectively, and we are thrilled to have reached this tremendous milestone.”
He promised that the business would continue to help qualified members access a portion of their pension assets in order to acquire a home in accordance with the rules.
