The National Pension Commission (PenCom) has approved guidelines that help Retirement Savings Account (RSA) holders to access their RSA balance for mortgage payment.
PenCom made this known on Friday, stating that Retirement Savings Account holders would have access to 25% of the total mandatory RSA balance as at the date of application.
In the statement released, the pension regulator said irrespective of the value of equity contribution required by the mortgage lender, only 25% will be provide, except the RSA holders may utilise the contingency portion of their voluntary contributions (if any).
It approved the guidelines in line with Section 89 (2) of the Pension Reform Act 2014 (PRA 2014), giving salary earners and self-employed person access to the provision.
READ ALSO: 1,775 Workers Withdraw N3.09bn From Pension Contribution – PenCom
PenCom further stated that, “To qualify as a Mortgage Lender for this purpose, the company must be licensed by the Central Bank of Nigeria (CBN), comply with the Contributory Pension Scheme (CPS) and have valid Pension Clearance Certificate (PCC). The Commission shall publish names of the eligible mortgage lenders on its website.”
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