Premium PFA pays contributors N216.8m for residential mortgage
Premium PFA pays contributors N216.8m for residential mortgage
Premium Pension Limited, one of the Pension Fund Administrators in the country, says it has successfully paid 14 customers who applied to access 25 per cent of their pension savings as equity contributions for residential mortgage.
In a statement, it said this was in line with the guidelines on accessing Retirement Savings Account balance towards payment of equity contributions for residential mortgage for RSA holders released by the National Pension Commission in September 2022.
The arrangement was designed to facilitate home ownership by RSA holders, deepen the mortgage sector through provision of sustainable long-term finance, and spur socio-economic development by narrowing the nation’s lingering housing deficit.
It stated that, “The company has successfully paid the sum of N216.8m to the 14 customers. The company understands that owning a home is an essential part of financial security and retirement planning for our members, and 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 and Chief Executive Officer of the Company Mr Umar Mairami, said, “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.
“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 to access part of their pension savings to own a house in line with the guidelines.
Credit: Punch Newspaper
