RETIREMENT BENEFITS SECTOR

PERFORMANCE HIGHLIGHTS
2020
The Uganda Retirement Benefits Regulator Authority was established by an Act of Parliament (URBRA Act, 2011) to supervise and
regulate the establishment and operation of retirement benefits schemes. Since the establishment of URBRA, the retirement benefits
sector performance has steadily improved, growing at an average of 20% per annum. This growth continued throughout 2020, despite
the challenges occasioned by Covid19.

SUMMARY OF HIGHLIGHTS
76.11%
Sector industry coverage Government
securities
As at December 2020, only
about 18% of Uganda’s 12.47%
workforce was enrolled under Quoted
the existing retirement benefit equities
arrangements 6.36%
Investment
Property Retirement
Benefits
15.9 Million people 1.78% Sector
Fixed Deposit Investment
Uganda’s Working population Portfolio

2.28%
Uganda’s population Unquoted
47 Million people
Equities
0.40%
Corporate
Bonds

0.62%
Other
Investments

76.11%

Up to 76.11% of sector Sector investment portfolio Benefits paid to members

investment was in government grew to 16.31 trillion in 2020 and beneficiaries increased
securities. to UGX 655 billion.

Sector assets: Sector assets recorded a 16.7% increase to

Average Monthly contributions 15.4 trillion, accounting for 11.1% of the National Gross
Domestic Product (GDP) compared to 10.3% in 2019.

Average total monthly 2019 2020

The average monthly The contribution rates 11.1
contribution rates for contribution rates for 10.3
supplementary voluntary for voluntary individual 8.5
mandatory schemes schemes remained at a
were 20% from occupational schemes was
7.9% from the employer minimum of UGX 2,000.
employers and 10%
from employees. and 4.7% from the
employee. Asset to GDP

5.3
Total sector inflows on account UGX 1,677 billion
of contributions recorded a 5.3% The sector cost to income ratio
Total sector income increased to UGX 1,677
increase to UGX 1,578 billion compared billion compared to the UGX 1,077 billion
improved to 12% compared to 13%
to UGX 1,498 billion in 2019. in 2019. in 2019, depicting an improvement in sector
efficiency.

55 12 06 04 210 05 09
URBRA also licensed other service
By the end of 2020, the Sector comprised 67 URBRA licensed service providers
providers including six fund managers,
schemes. These include 55 segregated including five custodians, nine
schemes and 12 umbrella schemes four corporate trustees and 210
administrators.
covering 177 participating employers. individual trustees.

Protecting your retirement benefits

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 Retirement Benefits Sector Investment Portfolio
December 2020 December 2019
Investments Voluntary PPS NSSF Sector Voluntary PPS NSSF Sector
Total (UG Trillion) 1.92 0.33 14.06 16.31 1.80 0.28 12.20 14.28
Share % % % % % % % %
Government securities 73.95 73.78 76.45 76.11 68.30 64.55 76.03 74.83
Quoted securities 16.65 16.32 11.80 12.47 21.57 18.47 12.14 13.45
Investment property 1.29 - 7.20 6.36 1.35 0.08 6.99 6.14
Fixed deposits 6.68 4.57 1.04 1.78 5.43 10.44 1.14 1.86
Unquoted equities 0.07 - 2.63 2.28 2.14 0.00 2.74 2.61
Corporate bonds 0.07 0.06 0.45 0.40 0.45 0.12 0.70 0.66
Other investments* 1.30 5.26 0.41 0.62 0.76 6.34 0.26 0.45
*Other investments include cash and demand deposits, collective investment schemes, unit trusts, guaranteed funds etc

No. National Mandatory Schemes Interest

Declared by BoT 37. Uganda Breweries Limited Retirement Benefit Scheme* 8.67
1. National Social Security Fund* 10.75 38. Uganda Christian University Staff Retirement Benefits 11.87
Scheme
No. Mandatory Employer-based Schemes
Interest
Declared by BoT
39. Uganda Clays Staff Provident Fund 10.00
1. Parliamentary Pension Scheme* 8.00 8.31
40. Uganda Coffee Development Authority Staff Retirement
Benefits Scheme*
No. Supplementary Segregated Voluntary Occupational Interest
Uganda Communications Commission Staff Provident 7.50
Schemes Declared by BoT 41.
Fund*
1. ABSA Bank of Uganda Limited Staff Pension Fund**** 42. Uganda Communications Employees Contributory N/A
2. AIG Uganda Staff Provident Fund 10.50 Pension Scheme****
10.00 43. Uganda Electricity Generation Company Limited Staff 11.84
3. AIRTEL Uganda Staff Provident Fund Scheme*
Retirement Benefits Scheme*
4. Bank of Africa Staff Provident Fund 6.91 44. 9.78
Uganda Revenue Authority Staff Retirement Benefits
5. Bank of Uganda Defined Contributory Scheme* 10.25 Scheme*
45. UMEME Ltd Staff Retirement Benefits Scheme 8.50
6. Bank of Uganda Staff Retirement Benefits Scheme* N/A
46. UNEB Staff Retirement Benefits Scheme* 9.00
7. Centenary Bank Staff Defined Contribution Scheme 9.52
47. United Bank of Africa Staff Provident Fund 8.20
8. Century Bottling Company Ltd Provident Fund 7.00
48. UNRA Staff Retirement Benefits Scheme* 11.36
9. Crown Beverages Staff Retirement Benefits Scheme 11.33
49. URBRA Staff Retirement Benefits Scheme* 10.53
10. DFCU Limited Staff Provident Fund 9.33
50. VIVO Energy Uganda Limited Staff Provident Fund 10.59
11. Equity Bank (U) Staff Provident Fund Scheme 10.50
51. WATOTO Ministries Provident Fund 9.50
12. Exim Bank Retirement Benefits Scheme 8.73
52. AAR Health Services Uganda Limited Staff Retirement Joined
10.50 Benefit Scheme** Umbrella
13. Heifer International Uganda Staff Retirement Benefit Retirement
Scheme Benefits
10.35 53. Tullow Uganda Limited Staff Retirement Benefits Scheme Schemes
14. Housing Finance Bank Retirement Benefits Scheme
15. International Union for Conservation of Nature (U) Staff 4.90

Umbrella Schemes
Interest
Provident Fund No. Declared by BoT
16. Kampala Capital City Authority Staff Retirement Benefits 10.93 1. Britam Umbrella Retirement Benefits Scheme^ 16.57
Scheme*
KCB Bank Uganda Staff Provident Fund 12.00 2. Enwealth Uganda Umbrella Retirement Scheme 13.629
17.
3. ICEA Umbrella Retirement Scheme 10.50
18. Kinyara Sugar Works Limited Staff Provident Fund 8.00
4. JUBILEE Life Umbrella Retirement Scheme 11.50
19. Makerere University Business School Staff Retirement 7.15 7.02
5. Liaison Umbrella Fund
Benefits Scheme*
10.01 6. Octagon Uganda Umbrella Retirement Benefits Scheme 10.34
20. Makerere University Retirement Benefits Scheme* 7. SARA Umbrella Retirement Benefits Scheme* 6.87
21. Minet Uganda Ltd Staff Retirement Benefits Scheme 8.178
8. Stanlib Uganda Umbrella Fund^^ 6.632 &
22. MTN Uganda Contributory Provident Fund 8.50 5.578
9. UAP Umbrella Retirement Benefits Scheme 9.00
23. NARO Retirement Benefits Scheme* 10.32
10. Umoja Umbrella Retirement Benefits Scheme 7.14
24. National Housing and Construction Company Ltd Staff -
11. XENO Umbrella Scheme***
Provident Fund
25. National Social Security Fund Staff Provident Fund* 10.00 12. Zamara Retirement Fund 8.00
26. Nile Breweries Staff Provident Fund* 11.47
NO. No Supplementary Voluntary Individual Schemes
Interest

27. NWSC Staff Provident Fund*** 3.5 Declared by BoT

8.64 1. KACITA-Uganda Provident Fund****

28. Opportunity Bank Staff Retirement Benefits Scheme
2. MAZIMAVoluntary Individual Retirement Benefit Scheme 7.10
29. Orient Bank Staff Defined Contribution Scheme 11.00
30. PostBank Uganda Provident Fund 10.50 *Scheme Audited Financial Statement as at 30th June, 2020. Other scheme
31. Pride Microfinance Retirement Benefits Scheme 7.13 assets as at 31st December, 2020
32. Stanbic Bank Uganda Staff Pension Fund 9.00 **Joined Umbrella Scheme
***New Scheme
33. Standard Chartered Bank Uganda Pension Trust Fund 7.38 ****Did not submit Audited Financial Statements
34. State Wide Insurance Company Limited Staff Retirement 10.50
^ Britam Uganda Umbrella Retirement Benefits Scheme operational
Benefit Scheme
10.50 expenses were met by the sponsor (didn’t disclose in the Audited Financial
35. Toyota Uganda Limited Staff Retirement Benefit Scheme Statements)
36. UAP Staff Retirement Benefits Scheme 9.27 ^^Interested Declared for Stanlib Uganda Umbrella Fund of 6.632 and 5.578
relates to corporate and individual members respectively.

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