ARM Pension Loan

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Sirmike Friday, 8 November 2024, 3:14 pm

ARM Pension Managers (PFA) Ltd is one of the first seven Pension Fund Administrators (PFAs) granted license by the National Pension Commission (PenCom) in December 2005. It is part of the Asset & Resource Management Company Limited (ARM) Group, one of Nigeria’s most prominent and respected financial service brands.

What Services does ARM Pension offer?

ARM Pension offers a variety of services to help you save for retirement, including:

Contributory Pension Scheme (CPS): This is a mandatory scheme for all employees in the formal sector who are earning at least N30,000 per month. Under this scheme, your employer and you contribute a percentage of your monthly salary to your retirement savings account.
Micro Pension Scheme (MPS): This is a voluntary scheme for self-employed individuals and informal sector workers who earn less than N30,000 per month. Under this scheme, you can contribute any amount you want to your retirement savings account.
Voluntary Contribution (VC): This is a voluntary scheme for all individuals, regardless of their employment status. Under this scheme, you can contribute any amount you want to your retirement savings account.
Pension Loans: ARM Pension offers pension loans to its members. These loans can be used for a variety of purposes, such as buying a house, starting a business, or paying for education.
Death Benefits: If you die while you are a member of ARM Pension, your beneficiaries will receive a death benefit. This benefit is calculated based on the amount of money you have saved in your retirement savings account.
Annuity: An annuity is a regular income stream that you receive after you retire. ARM Pension can help you purchase an annuity that will provide you with a steady stream of income in retirement.

In addition to these services, ARM Pension also offers a variety of other features and benefits, such as:

24/7 customer service: You can reach ARM Pension customer service representatives 24 hours a day, 7 days a week.
Online account access: You can access your retirement savings account online at any time.
Mobile app: ARM Pension also has a mobile app that you can use to manage your retirement savings account.

If you are looking for a pension provider that offers a variety of services and benefits, ARM Pension is a good option to consider.

How can I open an ARM Pension account?

Go to the ARM Pension website and click on the “Register” button.
Provide your basic personal details, such as your name, date of birth, and contact information.
Choose a Pension Fund Administrator (PFA). ARM Pension is one of the PFAs licensed by the National Pension Commission (PenCom).
Upload a copy of your valid identification document, such as your driver’s license or national ID card.
Take a selfie of yourself holding your identification document.
Pay the registration fee of N1,000.
Once your account is activated, you can start contributing to your pension.

Here are the documents you need to open an ARM Pension account:

Valid identification document (e.g., driver’s license, national ID card)
Selfie of yourself holding your identification document
Proof of address (e.g., utility bill, bank statement)
Bank account details

You can also open an ARM Pension account by visiting any of their branches nationwide.

Here are the benefits of opening an ARM Pension account:

You can start saving for your retirement early.
Your money will be invested in a diversified portfolio of assets, which will help it grow over time.
You will be eligible to receive a monthly pension when you retire.
Your pension will be tax-free.

What documents do I need to open an ARM Pension account?

Proof of identity: This could be a valid driver’s license, national ID card, international passport, or any other government-issued ID.
Proof of address: This could be a utility bill, bank statement, or any other document that shows your current address.
Completed ARM Pension application form: You can download the form from the ARM Pension website.
Passport-sized photograph: You will need to provide two passport-sized photographs of yourself.
Remittance schedule: If you are opening an account through your employer, you will need to provide a remittance schedule from your employer.

Once you have gathered these documents, you can open an ARM Pension account by visiting any ARM Pension office or by submitting your application online.

Here are some additional things to keep in mind when opening an ARM Pension account:

You must be at least 18 years old to open an account.
You must be a Nigerian citizen or a legal resident of Nigeria.
You must have a valid email address and phone number.

How can I borrow an ARM Pension Loan?

You must be a contributor to an ARM Pension Fund.
You must have been contributing consistently for a minimum of 10 years.
You must have a Debt to Income ratio of less than 33.33%.
You must be able to provide a mortgageable property as security for the loan.

Once you have met the eligibility criteria, you can apply for the loan through a Primary Mortgage Bank (PMB) or Deposit Money Bank (DMB) that is licensed by the Central Bank of Nigeria (CBN). The application process will vary depending on the bank, but you will typically need to provide the following documentation:

Your ARM Pension Fund Account Number
Your RSA PIN
Proof of your identity and address
Proof of your income
A valuation report for the mortgageable property

Once your application is approved, you will be issued a loan agreement. The loan agreement will specify the terms of the loan, such as the interest rate, the repayment period, and the amount of the loan.

The interest rate on ARM Pension Loans is fixed for the duration of the loan. The current interest rate is 12% per annum. The repayment period for ARM Pension Loans is typically between 5 and 20 years.

If you are considering borrowing an ARM Pension Loan, you should carefully consider your financial situation and make sure that you can afford the monthly repayments. You should also compare the interest rates and terms of different banks before you choose a lender.

Here are the steps on how to borrow an ARM Pension Loan:

Open an ARM Pension account.
Contribute consistently for a minimum of 10 years.
Check your Debt to Income ratio.
Find a PMB or DMB that offers ARM Pension Loans.
Apply for the loan.
Provide the required documentation.
Sign the loan agreement.
Start making monthly repayments.

How can I download the ARM Pension app?

You can download the ARM Pension app from the Google Play Store or the Apple App Store. Here are the steps on how to do it:

Google Play Store

Open the Google Play Store app on your Android device.
Search for “ARM Engage”.
Tap on the “ARM Engage” app icon.
Tap on the “Install” button.
Once the app is installed, tap on the “Open” button to launch it.

Apple App Store

Open the Apple App Store app on your iPhone or iPad.
Search for “ARM Engage”.
Tap on the “ARM Engage” app icon.
Tap on the “Get” button.
Once the app is installed, tap on the “Open” button to launch it.

Here are the links to the ARM Pension app on the Google Play Store and the Apple App Store:

ARM Engage on Google Play: https://play.google.com/store/apps/details?id=com.arm.engage&hl=en&gl=US
ARM Engage on the App Store: https://apps.apple.com/ng/app/arm-engage/id1482935426

In Conclusion:

downloading and installing the ARM Engage app is a simple process that can be done through the Google Play Store or the Apple App Store. By following the steps mentioned above, you can easily access and utilize the features of the app on your iPhone or iPad. Don’t forget to tap on the “Open” button once the app is installed to launch it and begin exploring its functionalities. For quick access, you can find the ARM Engage app on the Google Play Store at the following link: https://play.google.com/store/apps/details?id=com.arm.engage&hl=en&gl=