Pension-Backed Mortgage
Access Up to 25% of Your RSA Balance as Equity Contribution
In line with Section 89(2) of the Pension Reform Act 2014 (PRA 2014), Retirement Savings Account (RSA) holders can now access up to 25% of their RSA balance as equity contribution toward the purchase of a residential property.
Who Can Apply?
- Have completed the Data Recapture Exercise.
- Have contributed to their RSA for a minimum of 60 months (5 years), cumulatively.
- Be in active employment and enrolled under the Contributory Pension Scheme (CPS).
- Be applying for a mortgage to purchase a residential property (not commercial or rental).
- Must have over 3 years to retirement.
Key Features
- Access up to 25% of your RSA balance for equity contribution.
- Joint applications are allowed for eligible spouses.
- Only residential properties are eligible under this scheme.
- Funds are disbursed directly to the mortgage lender, not the RSA holder.
- This is a one-time access opportunity per RSA holder under this policy.
Application Process
- Confirm Eligibility: Ensure you meet the minimum contribution requirement and have completed data recapture.
- Choose a Property: Obtain an offer letter for a residential property from a verified seller or developer.
- Secure a Mortgage: Apply for a mortgage loan from a licensed financial institution.
- Submit Your Request: Complete the Access ARM Pensions mortgage equity application form and submit it with all required supporting documents.
- Access Your Funds: Upon approval, up to 25% of your RSA balance will be disbursed to your mortgage lender as equity contribution.
Application Checklist
| # | Requirement | Status |
|---|---|---|
| 1 | Ensure client has completed Data Recapture | Mandatory |
| 2 | Access-ARM application form (properly signed) | Mandatory |
| 3 | Letter of request to Access ARM Pensions | Mandatory |
| 4 | Letter from employer stating the date of retirement | Mandatory |
| 5 | Marriage certificate (for joint application, where applicable) | Mandatory, where applicable |
| 6 | Means of Identification (RSA Holder & Joint Mortgage) | Mandatory |
| 7 | Bank account details of applicant with mortgage lender | Mandatory |
| 8 | Mortgage loan offer letter from mortgage lender & acceptance | Mandatory |
| 9 | Property offer letter from owner with address & acceptance | Mandatory |
| 10 | Verification of property letter from mortgage lender | Mandatory |
| 11 | Consent letter signed by RSA holder | Mandatory |
| 12 | Completed indemnity form (High Court, applicant) | Mandatory |
| 13 | Completed indemnity form (mortgage lender) | Mandatory |
| 14 | Copy of current pension compliance certificate of mortgage lender | Mandatory |
| 15 | Endorsed RSA statement from Access Pensions (+ transfer history if any) | Mandatory |
| 16 | Valuation report from licensed estate surveyor (certified copy) | Mandatory |
| 17 | Property insurance with certified true copy | Mandatory |
| 18 | Credit life/mortgage protection insurance with certified true copy | Mandatory |
| 19 | Confirmation of availability of property (certified copy) | Mandatory |
| 20 | Property title document & legal search (certified copy) | Mandatory |
| 21 | Confirmation of title document (certified copy) | Mandatory |
| 22 | Readiness to disburse (certified copy) | Mandatory |
| 23 | Copy of application form to mortgage lender | Mandatory |
| 24 | Consent letter if client has accessed 25% for loss of job (where applicable) | Mandatory, where applicable |
| 25 | Recent passport photographs of applicants/spouses (where applicable) | Mandatory, where applicable |
Common Mistakes to Avoid When Applying
- Superimposed or pasted signatures are not permitted.
- Inconsistent account details.
- Blurry or unclear documents.
- Altered documents containing correction fluid are not accepted.
- Altered PFA indemnity forms sworn at the High Court are not accepted.
- Inconsistent property descriptions and/or addresses.
- Requests exceeding 25% of the RSA balance.
- Absence of property title documents.
- All letters and forms must be duly completed and signed.
- Incomplete page documents.
- Passport photographs must be clear.
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