Premium PFA reimburses contributors N216.8m for residential mortgage

One of the country’s pension fund administrators, Premium Pension Limited, reports that 14 of its clients who requested access to 25% of their pension resources as equity contributions for a home mortgage had been paid successfully.

The National Pension Commission’s rules on accessing Retirement Savings Account balances towards payment of equity contributions for residential mortgages for RSA holders, which were published in September 2022, were in line with this, according to a statement from the organization.

The agreement was created to make it easier for RSA holders to own a home, to strengthen the mortgage industry by supplying sustainable long-term financing, and to promote socio-economic development by reducing the persistent housing gap in the country.

The company has successfully paid the total of N216.8 million to the 14 consumers, according to the statement. The company is glad to have played and will continue to play a significant role in making this goal a reality for our members since we recognize that house ownership is a key component of financial security and retirement planning for them.

The company’s managing director and chief executive officer, Mr. Umar Mairami, made the following statement in response to this development: “The payment of equity contribution for residential mortgage 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.

“We are thrilled to have reached this tremendous milestone,” said the team of professionals who worked nonstop to guarantee that the mortgage payments for our members were handled quickly and effectively.

He reaffirmed the firm’s commitment to helping qualified members access a portion of their pension resources in order to purchase a home that complies with the rules.