Nssf amm media statement
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The National Social Security Fund (NSSF) will hold its first ever Annual Members Meeting on March 19th, 2013. Over 1,000 members are expected to attend the meeting to receive updates on the Fund's financial standing, investments, and future plans. The Auditor General will present the Fund's audited accounts for 2011-2012, which show growth in monthly contributions, member balances, interest income, and benefits paid out, as well as an improved cost to income ratio. The Managing Director stated that the Fund's strong financial performance allowed it to pay a 10% interest rate on members' balances in the last financial year.
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Nssf amm media statement
- 1. MEDIA STATEMENT MARCH 04, 2013 NSSF to hold first ever Annual Members Meeting The National Social Security Fund (NSSF) will hold its first ever Annual Members Meeting on 19th March 2013, Managing Director Richard Byarugaba has announced. The Members Meeting, under the theme Transparency and Accountability will bring together NSSF contributors, employers, workers unions representatives, government representatives and members of the public. 1,000 members are expected to attend the meeting, which will take place at Kampala Serena Hotel. We will update our members, who are shareholders of the Fund, on the status of their Fund, the financial standing, investments and the future direction of the Fund as we position ourselves to be thesocial security provider of choice in a liberalized environment, Byarugaba said on Monday. The Auditor General, Mr. John Muwanga, will present the Funds audited accounts for the Financial Year 2011/2012 to the members at the meeting. The accounts show an overall solid performance, with the Fund growing at an average of UGX 50 billion per month. The accounts also show that: Compliance improved from 63% to 73%, primarily due to relationship management Monthly contributions up by 71% from UGX 24.5bn to UGX 42.0 Bn. Member balances up by over 70% from UGX 1.7 Bn to UGX 3.1trilion Average monthly interest income up by 112% from UGX 11.1 to UGX23.6bn Cost of running the Fund has gone down, due to prudent cost management. The cost income ratio improves from 37% to 18%, which is better that the industry average. Benefits paid up by 60% from UGX 64 Billion to more than UGX 102 Billion and benefit payment turnaround times improved by 53% from 31 days to less than 20 days. Accumulated deficit of UGX14bn now Surplus of UGX 29bn.
- 2. Byarugaba added that the overall financial performance enabled the Fund to pay 10% interest rate in the last financial year, which translates into UGX 202 Billion, which is an increase of 126% from UGX 89 billion paid the previous year. Ivan Kyayonka, the NSSF Board Chairman said that the Members Meeting is an indicator that the Fund has transitioned in the way it does business. We must operate as a private company in order to compete in a liberalized pensions sector. The Members Meeting will be an opportunity for our members to have a say in the running of the Fund. We have made a conscious decision to ensure that when our members speak, we listen and execute, he added. Byarugaba said that NSSF contributors who wish to attend the meeting should register online via the Funds website www.nssfug.org/amm in order to book their seat. The event will also be streamed live online and on NTV. Our members who will not be able to attend the meeting for one reason or another can follow the live broadcast on NTV and the Funds social media platforms. Byarugaba said that the Fund has continued to perform well in a number of areas, which would be shared with the members at the meeting. We recently rebranded and renewed our promise to NSSF members, we have also recently won a landmark court case against Alcon and saved members close to UGX 60 billion. A lot of our efficiencies also continue to improve. Our members want to know about these developmentsin detail. The Members Meeting will provide a platform for us not only to update our members but also hear from them, Byarugaba added. END