Premium Pension Pays 14 Contributors for Residential Mortgage

Premium Pension Limited, one of the leading Pension Fund Administrators in the country, has successfully paid fourteen customers who have applied to access 25 percent of their pension savings as equity contributions for a residential mortgage.

This is in line with the Guidelines on accessing RSA Balance towards Payment of Equity Contributions for Residential Mortgage for RSA Holders released by the National Pension Commission (PenCom) in September 2022.

The arrangement is designed to facilitate home ownership by RSA holders, deepen the mortgage sector through the provision of sustainable long-term finance, and spur socio-economic development by narrowing the nation’s lingering housing deficit.

The Company has successfully paid the sum of Two Hundred and Sixteen Million, Eight Hundred and Sixty-Three Thousand, One Hundred Sixty-Two Naira (N216, 863,162.00) to the fourteen 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, Umar Sanda Mairami, managing director/ CEO of the Company 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 (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 always been at the forefront of pension administration in Nigeria, and the Company 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 AUM without any form of business combination.

The Company prides itself as being a pacesetter in the pension industry, in several performance metrics. One such is the attainment of Information Security Management (ISMS) certification ISO 27001 under the auspices of the British Standard Institute (BSI) in 2015 and a second certification from the same BSI in Quality Management System (QMS), ISO 9001 in 2018. Both certifications were renewed in 2021. In one of the most important service assessment points i.e. investment returns, the Company has consistently remained in the top quartile with the RSA Fund II being one of the best performing, since inception.

Premium Pension Limited is a licensed Pension Fund Administrator, which started operations in the year 2005.

Source: Businessday