Four years after the Pension Reform Act was amended, workers have been unable to use part of the savings in their Retirement Savings Accounts for mortgage loans.

Findings has revealed that this  is attributed to National Pension Commission (PenCom) delay in releasing guidelines for the withdrawal of 25 per cent of the RSA balance by any contributor towards securing a mortgage loan to own a primary home.

“Upon conclusion of all the required processes, including stakeholder consultations and securing necessary approvals, the commission will issue the guidelines accordingly,” PenCom had said.

In 2015, the commission released draft guidelines on withdrawals from the RSA towards equity contribution for payment of residential mortgage.

According to the draft guidelines, such workers may however forfeit the lump sum payment but will only be entitled to monthly pension payments when they retire.

NEM raises insurance awareness via fitness walk

The Group Managing Director, NEM Insurance Plc, Mr. Tope Smart, has said that firm has introduced a regular exercise and fitness walk to enhance the physical and mental health of its personnel as well as promote insurance awareness.

According to him, this would help the workers who could not take advantage of the in-house gym to keep fit and have an alternative avenue to exercise for better productivity.

He spoke during the fitness walk which started from the company’s head office on Ikorodu Road to Maryland and back to the office in Lagos.

”Beyond ensuring that we build physical and mental health for better productivity, we are also creating awareness about insurance,” he said.

Smart, who led the walk with over 300 participants, said that with the walk, a lot of attention had been attracted, adding this would help to build the awareness about insurance services within the community.

“We are very proud of our industry and we will continue to promote it,” Smart said.

He promised to make the work out regular one, at least three times every year.