Chuks Udo Okonta
The proposed mortgage financing by the National Pension
Commission (PenCom), which would enable pension contributors access part of
their fund to own houses, has to be determined by the National Assembly, Inspen
has learnt.
Officers of the Pension Fund Operators Association of
Nigeria (PenOp) at a media parley in Lagos, said the proposal is contained in
the pension reform bill that is presently before the National Assembly. They
noted that the initiative will take effect if only it is passed into law.
Acting Director-General of the Commission, Mrs. Chinelo
Anohu-Amazu, last year, disclosed that the commission was exploring the
possibility of allowing contributors to utilise part of their Retirement
Savings Accounts (RSA) balances to part-finance the acquisition of low-cost
houses.
She noted that when the initiative comes on stream
contributors from states that are complying with the Contributory Pension
Scheme (CPS) would leverage on it to own their homes.
She said: “It is
our expectation that when they eventually come on stream, these facilities
would be availed to states that have fully implemented the scheme,” she said.
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