OUR BUSINESS:

Financial and operational highlights

Financial highlights

Asset Growth (UGX ’Bn)

Asset size has significantly grown over the past five years posting a CAGR of 14% driven by investment capital expenditure that is undertaken from the increasing member contributions and income generated net benefits paid out.

Total Income (UGX ’Bn)

Total income constitutes interest income, real estate income, dividends, share of results from associates and other income earned. This has grown by a CAGR of 21% over the past five years with the major contributor being treasury bonds invested over the East African Region.
The sharp increase in FY2023/24 from FY2022/23 was due to unrealised foreign exchange and capital gains incurred on our regional investments.

Accumulated Member Fund (UGX ’Bn)

Accumulated members’ fund constitutes member contributions, interest credited to member accounts less benefits paid out. This has grown by a CAGR of 14% in the last five years driven by the growing member contributions, increasing interest credited to member accounts net of total benefits pay-outs.

Growth in Contributions Collected (UGX ’Bn)

Contributions from members have grown by a CAGR of 11% in the past five years driven by new members, employers’ increased registration due to change in the legislation and the increased focus on growing voluntary membership in the past five years.

Cost of Administration (%)

The Fund’s Cost of Administration largely reduced due to the Fund’s cost saving mechanisms.

Benefits Turnaround Time (Days)

The Turnaround time for benefit pay-outs was 10.1 days in FY2023/24. This was slightly better than previous year due to the improved internal processes in the delivery of services to members e.g. user experience of the pension administration system.

Benefits Paid (UGX ‘Bn)

Benefits paid grew by a CAGR of 23% in the last five years. The spike in FY2021/22 and FY2022/23 was due to midterm benefit claims. The slight decrease in FY2023/24 is attributed to the reduction in traffic of the midterm claims.

Compliance Level (%)

Compliance for FY2023/24 closed at 57% as of 30 June 2024. This remained stable with the previous year’s compliance rate.

A NEW DAY - CREATING SHARED VALUE FOR SUSTAINABLE GROWTH

NSSF Five Year Performance Review