The Pension Reform Act 2014 (PRA 2014) introduced a crucial innovation by enabling pension contributors to utilise their Retirement Savings Account (RSA) balances for the payment of equity contributions for residential mortgages. This forward-thinking provision acknowledges the substantial housing deficit in Nigeria, particularly impacting the workforce.
Many employees aspire to own homes before retiring, but the hurdle of providing equity for a mortgage often stands in their way. Recognising this challenge, Section 89 (2) of the PRA 2014 paved the way for Retirement Savings Account (RSA) holders to own their homes while in active service.
