More Nigerians are relying on their pension savings to acquire residential mortgage as the number of Retirement Savings Account, RSA, holders that transferred part of their pension savings into residential mortgage increased by 65.03 per cent quarter on quarter, QoQ, to 3,804 in the third quarter of 2024, Q3’24.

This form of transfers recorded 2,305 in the second quarter of 2024, Q2’24.

According to the Pension Industry Performance Dashboard released by the National Pension Commission, PenCom, yesterday, the value of funds transferred in Q3’24 also increased by 81.2 per cent to N32.62 billion from N18 billion recorded in Q2’24.

Equity contribution for residential mortgage is the portion of funds that a Retirement Savings Account (RSA) holder can apply from their RSA balance towards the payment required to secure a residential mortgage. RSA holders are permitted to utilize a maximum of 25 per cent of their RSA balance for this purpose.

Meanwhile, total pension fund assets increased by 4.4 per cent to N21.38 trillion in Q3’24 from N20.48 trillion recorded in Q2’24

https://www.vanguardngr.com/2025/01/more-nigerians-transfer-pension-savings-into-mortgage/