CrusaderSterling Pensions

Mortgage Loan

The National Pension Commission (PenCom) in Section 89 (2) of the Pension Reform Act (PRA) 2014 allows RSA holders to apply 25% of their Retirement Savings Account (RSA) balance as equity contribution for residential mortgage.

Accessing Mortgage with your Pension

The dream of owning a home is often hindered by financial constraints, but recent developments by the National Pension Commission (PenCom) has introduced an innovative solution which allows contributors in the Contributory Pension Scheme (CPS) to access up to 25% of their Retirement Savings Account (RSA) balance as equity contribution towards securing a residential mortgage. This provision is part of the broader reforms aimed at making pension funds more accessible and beneficial to contributors beyond retirement income..

This initiative is governed by the Pension Reform Act 2014, and PenCom guidelines on accessing 25% mortgage using your pension account.The National Pension Commission (PenCom) oversees the implementation and ensures compliance with the guidelines to safeguard contributors’ interests.

It is a transformative step in the Nigerian pension landscape, providing a practical solution to the housing challenges faced by many contributors. By leveraging a portion of their RSA balance, contributors can achieve the dream of homeownership without compromising their retirement security. This initiative not only benefits the individual contributors but also stimulates economic growth by boosting the housing sector.

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