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PRESS STATEMENT May 13, 2013 NSSF Obtains a Retirement Benefits Scheme license

NSSF Uganda
NSSF Uganda

The National Social Security Fund (NSSF) today secured a license to continue operations as a Retirement Benefits Scheme, in accordance with the Uganda Retirement Benefits Regulatory Authority Act of 2011. Managing Director Richard Byarugaba received the license from the Uganda Retirement Benefits Regulatory Authority (URBRA) Board of Directors Chairman, Andrew Kasirye at URBRA offices in Kampala.

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PRESS STATEMENT May 13, 2013 NSSF obtains a Retirement Benefits Scheme license The National Social Security Fund (NSSF) today secured a license to continue operations as a Retirement Benefits Scheme, in accordance with the Uganda Retirement Benefits Regulatory Authority Act of 2011. Managing Director Richard Byarugaba received the license from the Uganda Retirement Benefits Regulatory Authority (URBRA) Board of Directors Chairman, Andrew Kasirye at URBRA offices in Kampala. Addressing the media at the event, Byarugaba said that securing of the license is further testimony that the Fund is prepared to operate in a competitive environment when the sector if fully liberalized. This is another milestone that confirms that we are ready and we are primed to maintain our position as market leaders in the sector. It is reaffirmation to our members that we are indeed ahead of potential competition, he said. It is also a statement of confidence the regulator has in the Fund because we are one of the first operators to obtain a license. We will comply with all provisions of the URBRA, he added. Andrew Kasirye, the URBRA Board Chairman said that they are working with NSSF to ensure that the Fund transitions smoothly into the new environment as per the URBRA Act. The Act separates functions of a Scheme, Fund Management, Administration and Custodianship. This means that NSSF, which currently performs all functions, has to reorganize itself to perform one of the functions. As a regulator, we are pleased that NSSF has already started reorganizing itself to lawfully operate in an environment that the law creates and as a regulator, we will continuously work with the Fund, Kasirye said. NSSF recently launched a new brand and also held its first ever Annual Members Meeting. Both events came at the back of an impressive operational and financial performance last Financial Year during which the Fund grew to Ugx 3.1 trillion. NSSF also declared 10% interest rate to its members, a total of Ugx. 202 billion paid into members accounts. Over all the Fund is growing by Ugx. 50bn a month. All these milestones show that we are indeed ready and we will still be the market leaders for the foreseeable future, Byarugaba said. He added that;
Monthly contributions are now at an average of Ugx. 50 billon from 28 billion over 2 years a go Average interest income has increased to Ugx. 24 billion from 11 billion over 2 years a go Due to prudent management costs, the cost income ratio has improved to 18% from 37% over 2 years ago, a ration that is better than industry average. Benefits paid now at Ugx 9 billion per month from 5.5 billion over 2 years ago, while the Fund now takes less than 20 days to pay benefits to qualifying members compared to over 30 days. CONTACT VICTOR KARAMAGI PUBLIC RELATIONS MANAGER Tel. 0417 331260 E-mail vkaramagi@nssfug.org Website www.nssfug.org

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PRESS STATEMENT May 13, 2013 NSSF Obtains a Retirement Benefits Scheme license

  • 1. PRESS STATEMENT May 13, 2013 NSSF obtains a Retirement Benefits Scheme license The National Social Security Fund (NSSF) today secured a license to continue operations as a Retirement Benefits Scheme, in accordance with the Uganda Retirement Benefits Regulatory Authority Act of 2011. Managing Director Richard Byarugaba received the license from the Uganda Retirement Benefits Regulatory Authority (URBRA) Board of Directors Chairman, Andrew Kasirye at URBRA offices in Kampala. Addressing the media at the event, Byarugaba said that securing of the license is further testimony that the Fund is prepared to operate in a competitive environment when the sector if fully liberalized. This is another milestone that confirms that we are ready and we are primed to maintain our position as market leaders in the sector. It is reaffirmation to our members that we are indeed ahead of potential competition, he said. It is also a statement of confidence the regulator has in the Fund because we are one of the first operators to obtain a license. We will comply with all provisions of the URBRA, he added. Andrew Kasirye, the URBRA Board Chairman said that they are working with NSSF to ensure that the Fund transitions smoothly into the new environment as per the URBRA Act. The Act separates functions of a Scheme, Fund Management, Administration and Custodianship. This means that NSSF, which currently performs all functions, has to reorganize itself to perform one of the functions. As a regulator, we are pleased that NSSF has already started reorganizing itself to lawfully operate in an environment that the law creates and as a regulator, we will continuously work with the Fund, Kasirye said. NSSF recently launched a new brand and also held its first ever Annual Members Meeting. Both events came at the back of an impressive operational and financial performance last Financial Year during which the Fund grew to Ugx 3.1 trillion. NSSF also declared 10% interest rate to its members, a total of Ugx. 202 billion paid into members accounts. Over all the Fund is growing by Ugx. 50bn a month. All these milestones show that we are indeed ready and we will still be the market leaders for the foreseeable future, Byarugaba said. He added that;
  • 2. Monthly contributions are now at an average of Ugx. 50 billon from 28 billion over 2 years a go Average interest income has increased to Ugx. 24 billion from 11 billion over 2 years a go Due to prudent management costs, the cost income ratio has improved to 18% from 37% over 2 years ago, a ration that is better than industry average. Benefits paid now at Ugx 9 billion per month from 5.5 billion over 2 years ago, while the Fund now takes less than 20 days to pay benefits to qualifying members compared to over 30 days. CONTACT VICTOR KARAMAGI PUBLIC RELATIONS MANAGER Tel. 0417 331260 E-mail vkaramagi@nssfug.org Website www.nssfug.org