Leadway Pensure completes 25%  mortgage payment to RSA holders

By Cynthia Ezekwe 

Leadway Pensure PFA Limited, a Pension Fund Administrator (PFA) licensed by the National Pension Commission (PenCom) to provide a wide range of retirement support, said it has completed 25 percent of its mortgage transfer to its enrollees in line with the guidelines from Pencom. 

PenCom had in September 2022, approved the guidelines for enrollees to access a residential mortgage employing their Retirement Savings Account (RSA) in line with Section 89 (2) of the Pension Reform Act 2014 (PRA 2014), which notes that RSA holders can use a portion, which is 25 percent of their RSA balance towards the payment of equity for a residential mortgage.

Based on this, Lanre Idris, the managing director/chief executive officer of Leadway Pensure PFA Limited, in a statement on the approved guidelines and prompt response by Leadway Pensure, stated that the regulator and his organisation had demonstrated the belief that Nigerians could use their retirement savings account to pay for mortgage.

According to Idris, the  organisation  is  committed to providing financial support for its RSA holders to live  after their productive years, aligning with PenCom’s guidelines for RSA holders to access part of their accounts to fulfil their dream of owning a house, adding that the the pension fund administrator and its team are  set and eager to complete transfer processes for eligible RSA holders who meet the needed requirements and be part of the landmark achievement of owning a house by taking advantage of their RSA.

He further called on  customers who desire to own a house to apply for the transfer process,  assuring  them of a seamless process in the actualisation of the company’s  commitment to fostering a rewarding life following productive years.

Idris noted that interested RSA holders must meet the conditions, which includes having  an offer letter for the property duly signed by the property owner and verified by the mortgage lender; an employer and employee’s mandatory contributions for a cumulative minimum period of 60 months or five years, adding that the application for equity contribution for residential mortgage shall be in person and not by proxy.