Copy of the the PENCOM Guidelines on Equity Contribution for RSA Residential Mortgage 2022.
The Guidelines on Accessing Retirement Savings Account (RSA) Balance towards Payment of Equity Contribution for Residential Mortgage by RSA Holders (The Guidelines) is in line with the provisions of Section 89 (2) of the Pension Reform Act (PRA 2014), which allow RSA holders to utilize part of their retirement savings as equity contribution for the purpose of securing Residential Mortgage, subject to guidelines to be issued by the Commission.
The Guidelines is also set to give effect to Section 89(2) of the PRA 2014, the National Pension Commission (the Commission) engaged stakeholders in the housing development and mortgage financing sectors as well as the Pension Industry for the development of these Guidelines that would allow eligible RSA holders to utilise a portion of their RSA balance as equity contribution for Residential Mortgage.
Objectives of the Guidelines inter alia include to:
1. Set eligibility criteria for allowing RSA holders utilise part of their RSA balance for the payment of equity contribution towards securing a residential mortgage.
2.Establish documentation standards and implementation modalities for Pension Operators to process requests from RSA holders to access part of
their RSA balances as equity for residential mortgage.
3. Provide access to equity finance for RSA holders in the Contributory Pension Scheme (CPS).
4. Improve the standard of living of RSA holders under the CPS by facilitating
their ownership of residential homes during their working life, etc.
The Guidelines is partitioned into 11 sections and were made by the DG of National Pension Comission.
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