The National Social Security Fund (NSSF) will hold its first ever Annual Members’ Meeting on March 19th, 2013 to update the 1,000 expected members on the status of the Fund, including its financial standing, investments, and future direction. The Auditor General will present the Fund's audited accounts for 2011/2012, which show overall solid performance with the Fund growing by UGX 50 billion per month. The meeting will bring together NSSF contributors, employers, unions, government representatives, and the public to discuss transparency and accountability under the theme "Transparency and Accountability".

1. MEDIA STATEMENT
MARCH 04, 2013
NSSF to hold first ever Annual Members’ Meeting
The National Social Security Fund (NSSF) will hold its first ever Annual Members Meeting on 19th March
2013, Managing Director Richard Byarugaba has announced.
The Members Meeting, under the theme “Transparency and Accountability” will bring together NSSF
contributors, employers, workers unions’ representatives, government representatives and members of
the public.
1,000 members are expected to attend the meeting, which will take place at Kampala Serena Hotel.
“We will update our members, who are shareholders of the Fund, on the status of their Fund, the
financial standing, investments and the future direction of the Fund as we position ourselves to be
thesocial security provider of choice in a liberalized environment,” Byarugaba said on Monday.
The Auditor General, Mr. John Muwanga, will present the Fund’s audited accounts for the Financial Year
2011/2012 to the members at the meeting. The accounts show an overall solid performance, with the
Fund growing at an average of UGX 50 billion per month.
The accounts also show that:
• Compliance improved from 63% to 73%, primarily due to relationship management
• Monthly contributions up by 71% from UGX 24.5bn to UGX 42.0 Bn.
• Member balances up by over 70% from UGX 1.7 Bn to UGX 3.1trilion
• Average monthly interest income up by 112% from UGX 11.1 to UGX23.6bn
• Cost of running the Fund has gone down, due to prudent cost management. The cost
income ratio improves from 37% to 18%, which is better that the industry average.
• Benefits paid up by 60% from UGX 64 Billion to more than UGX 102 Billion and benefit
payment turnaround times improved by 53% from 31 days to less than 20 days.
• Accumulated deficit of UGX14bn now Surplus of UGX 29bn.

2. Byarugaba added that the overall financial performance enabled the Fund to pay 10% interest rate in
the last financial year, which translates into UGX 202 Billion, which is an increase of 126% from UGX 89
billion paid the previous year.
Ivan Kyayonka, the NSSF Board Chairman said that the Members Meeting is an indicator that the Fund
has transitioned in the way it does business.
“We must operate as a private company in order to compete in a liberalized pensions sector. The
Members Meeting will be an opportunity for our members to have a say in the running of the Fund. We
have made a conscious decision to ensure that when our members speak, we listen and execute,” he
added.
Byarugaba said that NSSF contributors who wish to attend the meeting should register online via the
Fund’s website www.nssfug.org in order to book their seat. The event will also be streamed live online
and on NTV.
“Our members who will not be able to attend the meeting for one reason or another can follow the live
broadcast on NTV and the Fund’s social media platforms.
Byarugaba said that the Fund has continued to perform well in a number of areas, which would be
shared with the members at the meeting.
“We recently rebranded and renewed our promise to NSSF members, we have also recently won a
landmark court case against Alcon and saved members close to UGX 60 billion. A lot of our efficiencies
also continue to improve. Our members want to know about these developmentsin detail. The
Members’ Meeting will provide a platform for us not only to update our members but also hear from
them,” Byarugaba added.
END