Mariam Abeeb
The National Pension Commission has disclosed that N47.13 billion has been disbursed as equity contributions from Retirement Savings Account,RSAs to mortgage lenders.
The Director General of PenCom, Omolola Oloworaran during her keynote address at the Pension Correspondents Association of Nigeria ,PENCAN forum in Abuja.
PenCom boss who was represented by the Head Corporate Communications, Ibrahim Buwai explained that RSA holders can now use a portion of their pension savings as equity contributions for residential mortgages.
According to her, the initiative has already empowered over 5,000 workers to achieve homeownership.
“RSA holders can now use a portion of their pension savings as equity contributions for residential mortgages. This initiative has already empowered over 5,000 workers to achieve homeownership, with N47.13 billion disbursed as equity contributions from their RSAs to mortgage lenders,” she noted.
Furthermore, she stressed that there are reason to celebrate Contributory Pensions Scheme,CPS implementation over the 20-year period, mindful of some challenges and continues efforts at resolving them.
PenCom DG added that the delay in the payment of accrued pension rights for the retires of treasury funded MDAs is one of such challenges.
“It is also heart-warming to report that concerted efforts by critical stakeholders have reached advanced stages, to not only clear all outstanding pension liabilities of the Federal Government under the CPS, but to also put in place lasting solutions that will address the problems of inadequate funding and delay in fund releases for the payment accrued rights.
She lamented that huge gaps still abound in education and enlightenment on the CPS despite concerted efforts.
“However, this lack of awareness often engenders inaccurate perceptions about the scheme. For instance, many are unaware that the rate of monthly pension contributions of 10% employer and 8% employee are just prescribed minimums. Consequently, an employer may increase the contributions or elect to bear the full responsibility of the 18%,” she stated.
The President of PENCAN, Nana Musa during her welcome address noted that conference is aimed toward reflecting on the gains, challenges, and prospects of the PRA.
She stated that there is need examine the journey so far, the successes achieved, and the obstacles overcome in order to explore the future of pension management in Nigeria.
“This conference provides a unique platform for critical discourse, networking, and knowledge sharing among experts, policymakers, and stakeholders. Our speakers and panelists are renowned authorities in their fields,” she said.
