OUR STRATEGY:
Performance against strategy
How we performed against key metrics to measure performance
Our reward and incentive structures are linked to both individual and business performance. The tables below illustrate how we performed against key metrics to measure performance.
Targets Exceeded
Targets Achieved
Below Targets
New Measure Targets
Targets Exceeded
Targets Achieved
Below Targets
New Measure Targets
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Providing world-class service to our members |
Weighting 30% |
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|---|---|---|---|---|---|---|
| Objectives | Key Measures | Target | 2022 | 2023 | 2024 | Outlook for the year ahead - 2024/2025 Target |
| Improve customer satisfaction | Customer satisfaction index score | 95% | 82% | 86% | 88% | 95% |
| Improve brand image | Tonality score | 90% | 95% | 79% | 92% | 92% |
| Brand Health Survey Rating | 75% | 74% | 71% | 78% | 80% |
The Fund’s brand health rating rose from 71% to 78% this year, driven by increased member confidence in the Fund’s engagement and perceived value. Members feel more secure about their investments and value the competitive returns, boosting overall trust and positive perception of the brand.
Additionally, positive sentiment has increased significantly, rising from 56% in July 2023 at the beginning of the financial year to an average of 92.1%. This improvement is closely linked to increased exposure and enhanced engagement initiatives.
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Achieving competitive returns and sustainable growth |
Weighting 30% |
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|---|---|---|---|---|---|---|
| Objectives | Key Measures | Target | 2022 | 2023 | 2024 | Outlook for the year ahead - 2024/2025 Target |
| Increase contributions | Average Monthly Contribution Collections | 160Bn | 125Bn | 144Bn | 161Bn | 175Bn |
| 1 Month Employer Compliance rate | 60% | 55% | 57% | 57% | 60% | |
| Gross Target return on investment | 12.27% | 11.52% | 12.6% | 12.8% | 13% | |
| Improve cost efficiency | Expense ratio | 1.07% | 1.18% | 1.07% | 1.0% | 1.04% |
The Fund's total assets grew 19.3% to UGX 22.13Tn, driven by UGX 640Bn in unrealised gains, including UGX 255Bn in foreign currency gains and UGX 384.86Bn in capital gains. This resulted in a gross return on investments of 12.8%, up from 12.6% last year.
Additionally, our value-based budgeting initiative successfully kept the expense ratio below targets, enhancing resource efficiency and benefiting our members and stakeholders.
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Increasing efficiencies to improve service delivery |
Weighting 20% |
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|---|---|---|---|---|---|---|
| Objectives | Key Measures | Target | 2022 | 2023 | 2024 | Outlook for the year ahead - 2024/2025 Target |
| Improve data quality | Data Quality Index | 100% | 101% | 100% | 100% | 100% |
| Improve service delivery | Benefits processing turnaround time, days | 9 days | 12.3 days | 11.9 days | 10.1 days | 1 day |
| Improve governance, compliance and risk management | Governance and Compliance Index | 100% | 100% | 100% | 100% | 85% |
| Improve business innovation and sustainability | Number of new products and services | 2 | 2 | 1 | 1 | 1 |
| Number of alternative investments approved | 1 | - | - | 1 | 2 | |
| Enhance technology impact | % completion of milestones for the deployment of the new Pensions Administration System | 100% deployment of supporting digital infrastructure |
96% | 70% | 70% | Our focus for the coming year will be on developing new functionalities internally, extending beyond the capabilities of OctoPAS |
Supported by the NSSF Act Cap 230, the Fund can now develop and pay new benefits in line with ILO Convention 102, though final approval from key stakeholders is pending.
This year, we made notable progress with the National Marketing Company (NAMCO), aimed at improving farmers' livelihoods and facilitating savings for 8 million households through NSSF. We have received no objections from the Ministry of Finance, and submitted draft documents to the Attorney General’s office, now awaiting the Solicitor General's response for company registration.
Additionally, we are forming a project team to enhance OctoPAS, aiming for significant cost savings and system optimisation.
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Becoming the employer of choice |
Weighting 20% |
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|---|---|---|---|---|---|---|
| Objectives | Key Measures | Target | 2022 | 2023 | 2024 | Outlook for the year ahead - 2024/2025 Target |
| Enhance performance culture | Staff satisfaction and engagement index | 91% | 92% | 86% | 89% | 95% |
| Enhance talent management | Work experience index | 90% | 92% | 97% | 93% | 91% |
This year, our employee satisfaction score rose to 89%, up from 86%, largely due to employees finding their work meaningful, which scored 95%. This improvement reflects the success of our efforts to enhance job satisfaction and create a more engaged and motivated workforce.
A NEW DAY - CREATING SHARED VALUE FOR SUSTAINABLE GROWTH