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Financing Residential Mortgage with Pension Funds

GUIDANCE NOTE FOR RSA HOLDERS, MORTGAGE LENDERS AND PENSION OPERATORS The move to allow retirement savings account (“RSA”) holders, to finance residential mortgage with part of their pension funds, has its origin in the Pension Reform Act of 2014 (the “Act”). Under section 89(2) of the Act, a Pension Fund Administrator (“PFA”) is allowed to apply a percentage of the pension assets in the RSA towards financing the equity contribution required to be made by a RSA holder to secure residential mortgage. The allowable percentage of the pension assets and

Contributed by Banwo & Ighodalo

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