National Social Security Fund (Uganda)
|Headquarters||14th Floor Workers House, Plot 1 Pilkington Road, Kampala, Uganda|
|Key people||Ivan Kyayonka
|Revenue||Pretax: US$62.47 million (UGX:156 billion) (H2:2013)|
|Total assets||US$1.56 billion (UGX:3.9 trillion) (December 2013)|
The National Social Security Fund (NSSF) is a semi-government agency responsible for the collection, safekeeping, responsible investment and distribution of retirement funds from employees of the private sector in Uganda, who are not covered by the Government Retirement Scheme. Participation for both employers and employees is compulsory.
The current National Social Security Fund investment portfolio includes the following:
- Fixed Income
- Short term: Fixed deposits & Treasury bills
- Long term: Corporate loans, Corporate bonds & Government bonds
- Real Estate
- Private Equities
- Listed Equities
The Fund is a leading investor on the Uganda Securities Exchange (USE) It is reported to own bank deposits of about US$400 million in Ugandan commercial banks. The National Social Security Fund also owns the following investments, as of June 2011:
|NSSF (Uganda) Investment Portfolio|
The National Social Security Fund (NSSF) is a National Saving Scheme mandated by Government through the National Social Security Fund Act, Cap 222 (Laws of Uganda) to provide social security services to employees in Uganda. It was established by an Act of Parliament (1985) to provide for its membership, payment of contributions to, and payment of benefits out of the Fund. NSSF is a provident fund (pays out contributions in lump sum). It covers all employees in the private sector including Non-Governmental Organisations (NGOs), that are not covered by the Government's pension scheme. It is a scheme instituted for the protection of employees against the uncertainties of social and economic life.
With the appointment of a new Board of Directors in 2009 and a new management team, the NSSF has since recorded significant improvements in corporate governance. Analysts in the country say NSSF has since moved on to be a leading player in the country's economy.
In late 2010, NSSF underwent a restructuring process aimed at making it more efficient, competitive and responsive to the needs of the members. The Fund is now poised to provide a wide range of social security products and also play its role as the lead institution for domestic capital formation and deepening the financial sector.
Beginning in the early 2000s, NSSFU has been developing an office complex known as Pension Towers, along Lumumba Avenue, on Nakasero Hill, one of the most prestigious neighborhoods in Kampala, Uganda's capital city. The complex consists of three interconnected towers; one central tower of twenty-five stories in height, flanked on either side by a ten-story tower. Roko Construction Company, a Ugandan construction company constructed the four basement floors between 2008 and 2012, but failed to qualify for further works on the project. Three Chinese firms are in a final bidding process to complete the construction, between 2012 and 2015. Construction costs for the complex are estimated at US$107 million (UGX:260 billion). When finished, the three towers will contain in excess of 59,410 square metres (639,500 sq ft) in office space. Parking for over 500 vehicles will be provided in the development.
Board of Directors
The management of the NSSF consists of the following individuals: 
As of June 2011, the National Social Security Fund has a branch network of twenty four branches in the central, eastern, northern and western parts of Uganda, with 6 branches dedicated to Kampala.
On December 6, 2012, NSSF launched a new brand with a renewed promise. The Fund unveiled its new corporate identity - a refreshed blue and green logo as well as a new tag-line- A Better Future, which according to Richard Byarugaba, the NSSF Managing Director, symbolizes fund's renewed commitment to be even more relevant to its members. The Fund also changed its tagline to "A Better Future".
The company's total assets increased to UGX:3.4 trillion (US$1.34 billion), as of June 2013. The fund's assets are invested in Fixed Income:(UGX2.7 trillion or 81%), Equities:(UGX391 Billion or 13%) and Real Estate:(UGX175 billion or 6%). Monthly contributions are up by 71% from UGX 24.5 billion in the financial year 2011/2012 to 42.0 billion in the financial year 2012/2013, while, member balances have also grown by 70% from UGX:1.7 billion to UGX:2.9 billion over the same period. The fund's balance sheet is growing by about UGX:50 billion (US$:20 million every month.