Premium Pension Limited has successfully paid 14 customers who have applied to access 25% of their pension savings as Equity Contributions for Residential Mortgage.
This, the Pension Fund Administrator(PFA) said, is in line with the guidelines on accessing Retirement Savings Account(RSA) balance towards the payment of equity contributions for residential mortgages as released by the National Pension Commission (PenCom) in September 2022.
The arrangement is designed to facilitate home ownership by RSA holders, deepens the mortgage sector through provision of sustainable long-term finance, and spur socio-economic development by narrowing the nation’s lingering housing deficit.
To this end, the PFA paid N216.8 million to the 14 customers. Owning a home, according to Premium pension, is an essential part of financial security and retirement planning for its members, adding that. ‘we are pleased to have played and will continue to play a crucial role in making this dream a reality.’
While commenting on this development, the managing director/CEO, of the firm, Mr. Umar Sanda Mairami said, the payment payment has been a long-awaited development for pension contributors, saying, “we are proud to be among the first Pension Fund Administrators (PFAs) to successfully implement this new Guideline.
“Our team of experts worked tirelessly to ensure that our members’ Mortgage payments were processed promptly and efficiently, and we are delighted to have achieved this great milestone.”
He pledged the company’s commitment to continue to assist eligible members in accessing part of their pension savings to own a house in line with the guidelines.
Premium Pension has remained committed to providing innovative solutions that meet the evolving needs of its members. It will be recalled that last year, the company became the first PFA fully owned by Nigerians that has achieved over N1 trillion Assets Under Management(AUM) without any form of business combination.
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