NSSF Amm 2019 Figures

2019
September
27, 2019
NSSF Offtaker Concept

Kyanja Housing Project
2 Annual Members` Meeting : September 2019
PROGRAMME
TIME ACTIVITY
7.30 – 8:00am Arrival, Registration & Breakfast
8:00 – 8:15 am Delegates take seats
8:20 am Arrival of Guest of Honour
8:25 – 8.30 am Introductory Remarks Moderator
8:30 – 08 :45 am Presentation of the Auditor General’s Report Auditor General
08 :45am – 09.30am NSSF Performance Report 2018/2019 Managing Director
09 :30am – 09:40am Entertainment break
09:40am – 10:00 am Remarks by Chairman, Board of Directors Board Chairman
10:00am – 10:20 am Remarks by the Chief Guest Hon. Minister of Finance, Planning
& Economic Development
10:20 am –10:30 am Declaration of 2017/2018 Interest Rate Hon. Minister of Finance, Planning
& Economic Development
Managing Director.
10:30 – 12 : 00pm Q&A Session Chief Investments Officer

Chief Financial Officer
Managing Director
12 : 00pm – 2.00 pm Lunch & Departure at Leisure
Annual Members` Meeting : September 2019
3
TABLE OF CONTENTS PAGE
COPORATE PROFILE........................................................................................................................4
BOARD OF DIRECTORS...................................................................................................................4
MD STATEMENT..............................................................................................................................5
STATE OF THE FUND AS AT 30TH JUNE 2019................................................................................7
NSSF’S INVESTMENT PORTFOLIO ALLOCATION AS AT 30TH JUNE 2019......................................7

NSSF GROWTH TRAJECTORY..........................................................................................................8
NSSF GROWTH TRAJECTORY OVER THE LAST 7 YEARS................................................................8

OTHER HIGHLIGHTS FOR THE YEAR 2018/2019.............................................................................9
Technology Innovations..................................................................................................................................................................9
Product Innovation.......................................................................................................................................................................10
UPDATE ON THE FUND’S REAL ESTATE PROJECTS......................................................................11

MAKING A DIFFERENCE IN THE COMMUNITY...............................................................................16
NSSF Financial Literacy Program.................................................................................................................................................16
NSSF Kampala Hash Seven Hills Run...........................................................................................................................................17
HEALTH INITIATIVES.....................................................................................................................18
NSSF Blood Donation Drive..........................................................................................................................................................18
YOUTH DEVELOPMENT INITIATIVES..............................................................................................18

NSSF KAVC International Volleyball Tournament............................................................................................................................18
NSSF Career Expo........................................................................................................................................................................19
JOURNEY TO VISION 2025...........................................................................................................19

CORPORATE PROFILE
The National Social Security Fund (NSSF) Uganda is a multi-trillion Fund mandated by Government through the NSSF
Act, Cap 222 (Laws of Uganda) to provide social security services to employees in the private sector.
NSSF is the most profitable, trustworthy, efficient, secure, innovative and dynamic social security provider that
guarantees safety, security and a competitive return on members’ savings.
The Fund manages Assets Under Management worth over UGX 11.3 Trillion invested in Fixed Income, Equities and Real
Estate assets within the East Africa region.
As the largest Fund in East Africa by value, we have the ambitious goal of growing our Assets Under Management to
UGX 20 Trillion by 2025.

Since 2012, the Fund is regulated by the Uganda Retirement Benefits Regulatory Authority while Minister of Finance,
Planning and Economic Development is responsible for policy oversight.
NSSF BOARD OF DIRECTORS
Mr. Patrick Byabakama Kaberenge

Board Chairperson
Mr. Patrick Ocailap Ms. Florence Namatta Mawejje Mr. Bamwesigye Fred Ms. Peninnah Tukamwesiga
Deputy Permanent Secretary, Ministry of Finance, General Manager Human Resource of Centenary Bank, The Deputy Managing Director of Civil Aviation Authority A lawyer and member of Central Organization of Free
Planning and Economic Development, also representing Employers from the Federation also representing Employers under the Federation of Trade Unions (COFTU), representing Workers.
representing Government. of Uganda Employers Uganda Employers
Dr. Isaac Magoola

Head of Department Business Administration at Mr Peter Christopher Werikhe Mr Stephen Mugole Mr. Richard Byarugaba
Makerere University Business School, also a member of Representing the National Organisation of Representing the National Organisation of NSSF Managing Director
Central Organization of Free Trade Unions (COFTU), Trade Unions (NOTU) Trade Unions (NOTU)
representing Workers
5
Richard Byarugaba
Managing Director
Dear Esteemed Members,
It is my pleasure to welcome you to the 7th Annual Members Meeting, an event that we instituted in accordance with the
commitment to upholding the principles of good corporate governance, especially transparency and accountability.
It is our belief that this meeting is essential because you, the owners of the Fund, have a right to have a say in its management.
As managers of the Fund, we have an obligation to account and to listen to you.
Generally, the Fund registered good performance in spite of the challenging economic environment. For instance,
• Long-term bond yields dropped with the 15-year moving from 17.75% at the start of the year to 15.85% as at the
end of June 2019. This is significant given that the Fund currently holds 79% of its total investment portfolio in
long term bonds.
• The East African stock exchanges suffered significant losses in value. The NSE in Kenya lost 14%, the USE in
Uganda lost 10% and the DSE in Tanzania plummeted by 21%. This significantly affected the valuation of the
Fund’s stock holdings.
• There was general appreciation of the Uganda Shilling in the Financial Year against all major foreign currencies.
These three external factors which we had no control over combined to lead to an unrealised nominal reduction of UGX 402
Billion in value of the Fund’s holdings in all foreign exchange balances and equities valuations. However, we believe that given
that the Fund is a long term investor, the markets shall recover.
Nonetheless, we registered significant improvements compared to last year.
• Assets Under Management (AUM) increased by 13.1% from UGX 9.98 Trillion to UGX 11.3 Trillion as at 30th June
2019 driven by increased contributions from members and interest income from fixed income investments.
• Realised Income increased by 20.4% from UGX 1.04 Trillion in 2017/2018 to UGX 1.25 Trillion in 2018/2019
due to increased gross interest income from Treasury and Infrastructure bonds.
• Contributions from members increased by 17% from UGX 1.049 Trillion to

UGX 1.208 Trillion, driven by a new membership recruitment drive, voluntary
1.28% contributors and improvement in the compliance level, now standing at 61%
Cost of Administration based on one month.
in 2018/2019
• The amount of money paid in Benefits to qualifying members increased by
25% from UGX 360 Billion in 2017/2018 to UGX 450 Billion in 2018/19.
• The Cost of Administration as a percentage of AUM improved from 1.31%

in 2017/2018 to 1.28% in 2018/2019 while the Cost Income Ratio remained
flat at 11.6%.
Overall, we have created value for the members. In fiscal year 2012/2013, we
committed to pay members a real return – at least 2 percentage points above the 10
year rate of inflation. Since then, we have consistently delivered on the promise and
we are doing so again this year.
As the regional economies grow, we will see consumer demand rise, the need for
credit pick up and thereby giving growth impetus to the sectors we are invested
in. We are well positioned to take advantage of the opportunities this growth will
present.
We are confident in the state of the health of the Fund. In the short, medium and long
term, the Fund remains financially stable and growing given the financial muscle
developed so far. The Fund can withstand any shock in the economy.
Lastly, “Safety” and “Security” of your funds will remain the guiding principles in
our decision making as our aggressive but prudent investment approach and the
investment diversification strategy we run will continue to give you a real return on
investment.
Enjoy the Annual Members Meeting.

7
STATE OF THE FUND AS AT JUNE 30, 2019
Assets Under Contributions Benefits Realized Compliance

Management Collected Paid Income Rate
11.3(UGX Trillion) 1.21 (UGX Trillion) 450 (UGX Billions) 1.26 (UGX Trillion) 61% (1 month)
Cost of Cost Income Customer Staff Membership

Administration Ratio Satisfaction Engagement (Employees)
1.28% 11.6% 84% 88% 1.98 Million
Employers Active Voluntary

46,000 Members’ Members
830,000 22,000
INVESTMENT PORTFOLIO ALLOCATION AS AT JUNE 30, 2019
Current Allocation Desired Allocation

Real Estate Real Estate
6% 5%
Equity
15%
Fixed income Equity
79% 25%
Fixed income
70%
NSSF GROWTH TRAJECTORY OVER THE LAST 5 YEARS
NSSF Assests Under Management (AUM) in UGX Billions Accumulated Members’ Funds in UGX. Billions
12000 11339
12000 11138
9983
10000
10000 9408
7924
8000
6586 8000 7623
6000 5550 6304

6000 5167
4000
4000
2000
2000
0 2014/15 2015/16 2016/17 2017/18 2018/19 0
2014/15 2015/16 2016/17 2017/18 2018/19
AUM of the Fund increased by 13.1% from UGX 9.98 Trillion in 2018 to Accumulated Members' Fund grew by 18% from UGX 9.4 Trillion in 2018 to
UGX 11.34 Trillion in 2019, due to growth in investment assets. UGX 11.14 Trillion in 2019. This is attributed to growth in contributions and
interest credited to members' accounts.
Contributions Received in UGX. Billions Realised Revenue in UGX. Billions

1500 1500
1255
1200
1208 1200
1060
1049
917
900 900 845
785 708
688
583
600 600
300 300
0 0 2014/15 2015/16 2016/17 2017/18 2018/19

2014/15 2015/16 2016/17 2017/18 2018/19
Realised Revenue grew by 20% to UGX 1.25 Trillion in 2019 from UGX 1.06
Contributions grew by 17% to UGX 1.21 Trillion in 2019 from UGX 1.05
Trillion in 2018. This is attributed to growth in contributions and exposure to high
Trillion in 2018. This is attributed to growth in active membership and
yielding fixed income.
growth in salaries.
Total Revenue in UGX. Billions Benefits Payments in UGX. Billions

2000 500
450
1602
1500 400
360
300 278
1000 912 891 239
807
674
200 187
500
100
0 2014/15 2015/16 2016/17 2017/18 2018/19

0 2014/15 2015/16 2016/17 2017/18 2018/19
Total Revenue reduced by 44% to UGX 891 Billion in 2019 from UGX 1.6 Trillion
Benefits paid out grew by 25% to UGX 450 Billion in 2019 from Ushs 360
in 2018. This was majorly driven by the drop in market values of investee
Billion in 2018, patrly due to better Turn Around Time to process the
company shares (UGX -189) and the appreciation of UGX against the USD and
benefits.
other regional currencies such as KES , RWF and TZS (UGX -247.4 Billion)
9
Benefits Turn Around Time (Days)

12 11
10 9
8
8 8
8
0 2014/15 2015/16 2016/17 2017/182 018/19
Benefit Turnaround time stood at 8 days. NSSF is paying more within

a very short time.
OTHER HIGHLIGHTS FOR THE YEAR 2018/2019
Technology innovations
• NSSF GO APP; The Fund upgraded its mobile application dubbed the NSSF Go App in line with our strategy of
improving business processes. The App has several self-service features that are intended to improve customer
experience. Notably, employer & employee self-registration is now a reality following successful integration with
National Identification and Registration Authority (NIRA) and partnership with Uganda Services Registration Bureau
(URSB). Any National ID card holders can conveniently register using their mobile App anytime, anywhere.
Features
Benefits tracking.
Member detail update.
Member profile summary.
Current balance.
Salary growth rate and
projection savings up to
retirement.
Product Innovation
• Diaspora Connect - International Remitances
Ugandans living in the diaspora, who had prior registered with the Fund, are now able to voluntarily make contributions
to the Fund using their MasterCard, American Express and Visa cards.
USD 700M
is sent back home by
Ugandans in the diaspora.
• Drawdown Payment Plan
We introduced the NSSF DrawDown Plan, a benefits payment plan that allows qualifying members to retain part of their
savings with the Fund at the point of exit to avoid depletion of their life savings within a short period.

It is available to members who qualify for Age Benefit (paid to members that attain the age of 55 years); Withdrawal
Benefit (paid to members who attain 50 years but have been out of employment for a period of one year) and to a
contributing member who joins employment categories that are exempted. With the new payment plan, members now
have a cushion against losses that may arise due to rushed investment decisions as well as have an opportunity to
maintain a cash flow pattern that they may have been familiar with.
“NSSF DrawDown
Plan, is available
to members
who qualify for
Age Benefit and
Withdrawal Benefit”
11
In addition, members that join the plan will receive annual interest on their balances retained by the Fund in line with
the interest that will be declared by the Minister in a given year.
• IN THE OFFING
NSSF Agency Model

In June 2017, the Bank of Uganda issued guidelines to regulate Agency Banking. The Uganda Banker’s Association
co-founded the Agent Banking Company (ABC), which aggregated agent networks across banks to enable customers
access any networked agent. The number of agents registered has increased to over 7,000 spread across the country.

By December 2019, the Fund will leverage this existing network to enable convenient payment of contributions at
agent points. New and voluntary members will also be able to register at these points in partnership with the National
Identification Registration Authority (NIRA).
Once the legal regime removes the eligibility threshold of 5 workers, this service will serve the mass market across the
country.
UPDATE ON THE FUND’ S REAL ESTATE PROJECTS
I. Mbarara City House
Mbarara City House was officially opened by State Minister for Housing, Hon. Chris Baryomunsi on 27 June 2019.
The project that costed UGX 3.9 Billion sits on Plot 6B Galt Road, Mbarara town.
It is a modern retail and office complex comprising of four floors with a total built-up area of approximately 1,500 m²
and parking capacity of up to 40 vehicles. It is the Fund’s second real estate development outside Kampala after Jinja
City House.
Mbarara City House ground breaking Completed Mbarara City House - June 2019.
- November 2017.
II. Mbuya II SoHo Apartments
Mbuya Housing project is a condominium housing development in an upscale residential area located about 7 kilometers
from Kampala city centre. The project comprises 40 high-end apartments with a gross area of 160 sqms, served by
amenities like a swimming pool, fully equipped gym, a club house and 24 hour CCTV surveillance.
Mbuya Soho Apartments ground breaking - June 2016.
Mbuya Soho Apartments now on the market - August 2019. Amenities include ample parking spaces and 24 hour security.

The 4-bedroom condominium apartments are completed and are currently on sale.

13
III. Pension Towers
Pension Towers is an ultra-modern ‘intelligent’ building comprising 3 Towers - 1 of 25 Upper Floors, and 2 of 10 upper
floors each. These will all sit on 4 Basement Floors,a Ground Floor, a Mezzanine Floor and a Podium Floor – making a
total of 32 Floors for the tallest tower.
The 75,000 m² building project is located on Plots 15A, 15B and 17, Lumumba Avenue, Nakasero, Kampala. It is planned
as a mixed-use building to accommodate commercial offices, services and has parking for 500 cars on the basement
floors.
Pension Towers under construction - July 2019
Pension Towers under construction - August 2019 Pension Towers artistic impression
Phase 1 of the project entailed construction of four basement levels plus some elements of ground and mezzanine floors
and was undertaken by M/S Roko Construction Ltd. Between April 2008 and January 2012.
Phase 2 Works are on-going and are expected to be completed in 2022.

IV. Lubowa Housing Project
Lubowa Housing Project (LHP) is a USD 400Million housing development located on the Fund’s 600 acres of land in
Lubowa, approximately 10 kilometers from Kampala city centre.
It will comprise of 2,741 housing units (Apartments, Townhouses, Bungalows and Villas) as well as the associated
amenities of retail shops, offices, school, hospital, leisure and commercial centers . In addition it will have Police and Fire
stations, places of worship, wetland and the green buffer zones and a series of four parks along the Riverine System.
It will be implemented in a maximum of 10 Phases, over a period of 10 years.
Phase 1 of the project (planned for 326 housing units and accompanying amenities), is under way. Phase 1 is being
implemented in 4 Lots:
• Lot 1, which consists of 51 Bungalows, is being constructed by Cementers Uganda Ltd – Cementers Limited (JV) Ltd.
This lot commenced on 5th Sept 2018 and completion is planned for 2020. Most of the shell structures are complete
and project progress is estimated at about 40%.
• Lot 2, which consists of 192 Apartments, is being constructed by CRJE. This lot commenced works on 5th July 2018
and is planned for completion in July 2020. The progress for this lot is estimated at about 22%.
Lubowa Housing project ground breaking - September 2017 Lubowa Housing project under construction - August 2019
Artistic impression (Villas) Artistic impression (Apartments)

• Lot 3, which consists of Townhouses and Villas, is being constructed by SEYANI. This lot commenced on 15 Jan 2019
and completion is intended for September 2020.

15
• Lot 4, which consists of all infrastructure works, is being constructed by XPCC. This lot commenced in December
2017 and is due for completion later this year. The progress for this lot is estimated at about 41%.
The Overall Project Completion is estimated at about 27.5%.
V. Offtaker Concept – Kyanja Project
This is a proposed affordable housing estate comprising four levelled apartment blocks, accommodating a total of 160
housing units including 136 three- bedroom units and 24 two -bedroom units. The gated community shall comprise a
playground for children, parking, terraced lawns for parties and all other services needed for the proper functioning of
an estate.
A private developer is undertaking the project on an eight acre piece of land in Kyanja in accordance with the Fund’s
agreed terms. Upon completion of the construction works of the project, the Fund will buy the units and thereafter sell
them to interested buyers at affordable rates. The construction works are currently in the initial stages and completion
is expected in January, 2021.
Offtaker concept (Kyanja) under construction - August 2019 Offtaker concept (Kyanja) under construction - September 2019
Artistic impression of Offtaker concept.
VI. Temangalo Mixed Use Project
This is a planned mixed use project located at Temangalo on 463.87 acres of land. It will comprise a series of 5,000
affordable housing units and other amenities and will be implemented in phases.
Phase 1 will include construction of 550 affordable housing units and is expected to begin in 2020. The procurement
process for the project is ongoing.
MAKING A DIFFERENCE IN THE COMMUNITY
Our approach to Corporate Social Responsibility mainly focusses on four areas namely; Education, Youth, Health and the
Disadvantaged. The Fund has over the years dedicated resources to community activities to create a better life for the
underprivileged. In Financial year 2018/2019, the Fund was involved in the following activities;
EDUCATION INITIATIVES
NSSF FINANCIAL LITERACY PROGRAM

The Fund started implementation of a financial sensitisation initiative called “The NSSF Financial Literacy Programme” to
empower members and sections of the public with financial and investment knowledge to enable them make informed
financial decisions.
This followed a survey we undertook amongst our members that indicated that;
• 98% of NSSF beneficiaries have no NSSF savings by the end of the 2nd year after withdrawing their benefits
• 60% of the benefits paid had been allocated to house improvement/ construction and land.
• Only 5% of retirees in Uganda achieve financial independence after retirement
• About 56% of Ugandans of good financial standing get financial advice from a household member or relative

Over 1000 people attended the inaugural NSSF Money Talk (R) that was addressed by a panel of financial and investment experts (L).
NSSF beneficiaries benefits paid had of Ugandans of good

who have no NSSF been allocated to financial standing get
savings by the end of house improvement/ financial advice from a
the 2nd year after construction and land household member or
withdrawing relative
their benefits
Consequently, the Fund held the first ever Investment and Wealth Management Symposium, the Money Talk Symposium,
on 10 June, 2019 that brought together financial advisory and investment experts from within the East African region to
engage with our members and general public.
17
Financial Literacy in schools
The Fund donated digital learning tablets worth UGX 450 million to a total of 11 government aided schools to facilitate
the establishment of digital libraries.
The Digital Libraries comprise portable computers (tablets) that are loaded with the approved National Curriculum for
secondary schools for senior one to senior six. The curriculum content includes assessments and tailored content to
promote Financial Literacy as well as introduce the concept of saving among students in secondary schools.
The initiative will enable students and teachers use digital technology in classrooms to improve the quality of learning.
UGX. 450M
Spent in digital learning
for government aided
schools.
Managing Director Richard Byarugaba, flanked by the Under Secretary, Ministry

of Education and Sports Aggrey Kibenge handover a digital library kit to
a primary school pupil in April 2019.
SUPPORTING EDUCATION
The Fund embarked on an initiative aimed at raising funds for the improvement of sanitation and renovation of structures
at selected Kampala Capital City Authority (KCCA) primary schools, in order to improve learning conditions for the pupils.
A non-competitive-fun Run dubbed the NSSF Kampala Hash Seven Hills Run in partnership with Kampala Hash House
Harriers and KCCA was born as a fundraising vehicle for the cause.
Thousands participate in the NSSF Kampala Hash 7 Hills Run on March 2019 to raise funds to refurbish public schools.

This year, the cause was enhanced to include support towards underprivileged children in public schools in the
countryside. Held in March 2019, the run attracted 5,000 participants and collected UGX 556 Million that will go towards
four selected public schools across the country.
HEALTH INITIATIVES
NSSF BLOOD DONATION DRIVE
For the last 9 years, the Fund has been organizing an annual Blood Donation Drive in partnership with Uganda Blood
Transfusion Services, under Ministry of Health, with the aim of collecting safe blood to reduce shortage of blood in the
country.
Over 6,196 units of blood was collected in the financial year 2018/2019 under the theme Save a life with NSSF, saving
potentially over 18,000 lives across the country.
+
O -Bab
A
6,196 UNITS
of blood was
A Volunteer Blood Donor participates in the Fund’s Blood Donation drive in collected in
January 2019. Thousands of lives have been saved over the years through the financial
moblisation of safe blood. year 2018/2019
YOUTH EMPOWERMENT INITIATIVES
SUPPORT TO DEVELOPMENT OF SPORTS
The Fund partnered with Kampala Amateur Volleyball Club 11 years ago, to organize the NSSF KAVC International
Volleyball League. The initiative is aimed at developing the volleyball sport, in line with the Fund’s CSR agenda focusing
on youth development and empowerment.
Nkumba University players celebrate winning the trophy this year.
It brings together players from Uganda, Rwanda, Kenya, Congo, Burundi, South Sudan, Tanzania and Ethiopia.
This year, the tournament attracted 25 teams.
19
NSSF CAREER EXPO
Every year, the Fund organises a career guidance expo for university students with an objective of empowering them
with the right knowledge and skills to start and sustain profitable careers.
The expo, held in partnership with Monitor Publications, saw over 10,000 students from 11 universities across the
country benefit from this year’s career expo. Topics taught included ; Jobs of the future and taking the right path,
Enterprise development , Finding your Place in the Crowd, Building a Strong Career and How to Work your way to the
Top, Building a Personal Brand.
Nkumba university students at the 2019 career expo.
JOURNEY TO VISION 2025

In 2015, the Fund developed a 10 year Strategic Plan, and embarked on the journey to Vision 2025 to deliver on its long-term
strategic objectives.
The Strategic Plan is anchored on 4 strategic pillars, namely;
1.Growth of the Fund - by increasing coverage, savings and giving a sustainable return to achieve UGX 20 Trillion in
Assets Under Management by 2025.
2. Operational Excellence – by using people and technology as drivers of improved service delivery and innovation
to pay Benefits within 1 day.
3. Customer Focus – by providing world class experience and services to increase customer satisfaction to 95%
4. People Focus – by making the Fund the employer of choice and achieving a staff satisfaction rate of 95%
Just 4 years into the Strategic Plan, we are on target to achieve our Strategic Objectives.
Assets Under Management (UGX Trillions) Benefits Processing Time (Days)

30 12 11
10 9
25
88 8
20
20 8 7
15 14 6
10 11
10 8
4
7
6
5 2 1
0 0 2019/20 2024/25
2014/15 2015/162 016/17 2017/18 2018/19 2019/20 2024/25 2014/15 2015/16 2016/17 2017/18 2018/19
Assets under Management now stand at UGX 11.3 Trillion. At the We now pay benefits on average in 8 days. With the anticipated new
current average run rate, we will achieve this objective. system technology, we are confident of paying the Age Benefit within
just a day by 2025.
Customer Satisfaction Staff Satisfaction
96% 100% 95%

95% 88%
86%
94% 84% 84% 84%
80%
92% 92% 75%
90%
88% 60%
88% 86%
86%
86% 85%
84% 40%
84%
82% 20%
80%
78% 2014/15 2015/162 016/17 2017/18 2018/19 2019/20 2024/25
0 2014/15 2015/162 016/17 2017/18 2018/19 2019/20 2024/25
In 2017, we reviewed and changed the way we measure Customer 2 years ago, we reviewed and changed the way we measure Staff
Satisfaction, hence the drop from 2 years ago. However, our 2025 Engagement. We are confident we will achieve 95% engagement by
goal is within reach. 2025.
21
NOTES
NOTES
23
NOTES
14th Floor, Workers House, Plot 1Pilkington Road, P.O.Box 7140 Kampala, Uganda.
Toll Free: 0800286773 / 0313331888
Email: customerservice@nssfug.org
Website: www.nssfug.org

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2019

NSSF Offtaker Concept

09:40am – 10:00 am Remarks by Chairman, Board of Directors Board Chairman

10:30 – 12 : 00pm Q&A Session Chief Investments Officer

TABLE OF CONTENTS PAGE

STATE OF THE FUND AS AT 30TH JUNE 2019................................................................................7

NSSF’S INVESTMENT PORTFOLIO ALLOCATION AS AT 30TH JUNE 2019......................................7

NSSF GROWTH TRAJECTORY OVER THE LAST 7 YEARS................................................................8

UPDATE ON THE FUND’S REAL ESTATE PROJECTS......................................................................11

YOUTH DEVELOPMENT INITIATIVES..............................................................................................18

JOURNEY TO VISION 2025...........................................................................................................19

NSSF BOARD OF DIRECTORS

Mr. Patrick Byabakama Kaberenge

Dr. Isaac Magoola

Dear Esteemed Members,

Nonetheless, we registered significant improvements compared to last year.

• Contributions from members increased by 17% from UGX 1.049 Trillion to

• The Cost of Administration as a percentage of AUM improved from 1.31%

Enjoy the Annual Members Meeting.

STATE OF THE FUND AS AT JUNE 30, 2019

Assets Under Contributions Benefits Realized Compliance

Cost of Cost Income Customer Staff Membership

Employers Active Voluntary

INVESTMENT PORTFOLIO ALLOCATION AS AT JUNE 30, 2019

Current Allocation Desired Allocation

NSSF GROWTH TRAJECTORY OVER THE LAST 5 YEARS

6000 5550 6304

Contributions Received in UGX. Billions Realised Revenue in UGX. Billions

0 0 2014/15 2015/16 2016/17 2017/18 2018/19

Total Revenue in UGX. Billions Benefits Payments in UGX. Billions

0 2014/15 2015/16 2016/17 2017/18 2018/19

Benefits Turn Around Time (Days)

0 2014/15 2015/16 2016/17 2017/182 018/19

Benefit Turnaround time stood at 8 days. NSSF is paying more within

OTHER HIGHLIGHTS FOR THE YEAR 2018/2019

• Diaspora Connect - International Remitances

• Drawdown Payment Plan

UPDATE ON THE FUND’ S REAL ESTATE PROJECTS

I. Mbarara City House

II. Mbuya II SoHo Apartments

Mbuya Soho Apartments ground breaking - June 2016.

III. Pension Towers

Pension Towers under construction - July 2019

Phase 2 Works are on-going and are expected to be completed in 2022.

IV. Lubowa Housing Project

It will be implemented in a maximum of 10 Phases, over a period of 10 years.

Artistic impression (Villas) Artistic impression (Apartments)

The Overall Project Completion is estimated at about 27.5%.

V. Offtaker Concept – Kyanja Project

Artistic impression of Offtaker concept.

VI. Temangalo Mixed Use Project

MAKING A DIFFERENCE IN THE COMMUNITY

NSSF FINANCIAL LITERACY PROGRAM

NSSF beneficiaries benefits paid had of Ugandans of good

Financial Literacy in schools

Managing Director Richard Byarugaba, flanked by the Under Secretary, Ministry

NSSF BLOOD DONATION DRIVE

YOUTH EMPOWERMENT INITIATIVES

SUPPORT TO DEVELOPMENT OF SPORTS

Nkumba University players celebrate winning the trophy this year.

NSSF CAREER EXPO

Nkumba university students at the 2019 career expo.

JOURNEY TO VISION 2025

The Strategic Plan is anchored on 4 strategic pillars, namely;

Assets Under Management (UGX Trillions) Benefits Processing Time (Days)

Customer Satisfaction Staff Satisfaction