Pension sector sees 10% growth amidst persistent challenges
Uganda's pension sector saw significant growth in 2023, with a 10% increase in total assets, reaching Shs22 trillion, of which Shs20 trillion is managed by the NSSF. The sector includes 65 licensed retirement benefits, comprising 3 mandatory schemes, 12 umbrella schemes, and 50 occupational schemes. Despite this growth, challenges such as economic performance, inflation, exchange rates, population trends, and employment rates persist. To address these issues, a risk-based supervision system has been introduced to ensure timely returns. Acting Uganda Retirement Benefits Regulatory Authority (URBRA) CEO Rita Nansasi Wasswa emphasized the importance of collaboration with other sectors and constant monitoring of trends to protect savers’ retirement benefits.
