(Kampala) – The Makerere University Retirement Benefits Scheme (MURBS) fund has reached a new high, with the total value growing to UGX 409.2 billion by the end of the 2023/24 financial year. The announcement was made on October 22, 2024, by MURBS Board Chairperson Dr. Elizabeth Patricia Nansubuga during the presentation of the MURBS Performance Report, which detailed financial progress and operational highlights from the year.
Dr. Nansubuga presented the report at a meeting at Makerere University’s Senate Building, attended by prominent university leaders, including Vice Chancellor Prof. Barnabas Nawangwe, University Secretary Yusuf Kiranda, and representatives from Uganda’s Retirement Benefits Regulatory Authority (URBRA). The event, which took place ahead of the MURBS Annual General Meeting on October 24, 2024, gathered several key stakeholders.
The MURBS scheme, mandatory for all Makerere University staff, was established in 2009 to provide retirement benefits for university employees. Since its inception, the fund has grown significantly, becoming Uganda’s fourth-largest retirement scheme by fund value.
| Financial Year Ended | Previous Fund Value | Target Growth (%) | Achieved Growth (%) | Current Fund Value |
|---|---|---|---|---|
| June 30, 2023 | UGX 352.4 billion | 17% | 16.1% | UGX 409.2 billion |
Dr. Nansubuga emphasized the MURBS’ steady progress and acknowledged the commitment of both past and present leaders who have helped to grow and strengthen the scheme. She praised the Trustees for building solid relationships with stakeholders and responding proactively to challenges. The 2023/24 financial year marked the start of a new five-year strategic plan for MURBS, centered on goals like member satisfaction, financial sustainability, institutional development, and stronger stakeholder relations.
Although the scheme’s fund value grew by 16.1%—just short of the targeted 17%—Dr. Nansubuga expressed gratitude to stakeholders for their support. She highlighted that strong strategic actions by the board, supported by oversight committees and fund managers, had allowed MURBS to achieve this growth.
In terms of financial performance, MURBS reported a net investment income of UGX 44.6 billion, surpassing the UGX 34.4 billion contributed by members. This performance is expected to benefit MURBS members through higher interest on their balances, which the Trustees plan to announce during the AGM.
To further safeguard members’ benefits, MURBS has invested in training for its board members, focusing on essential areas like corporate governance, cybersecurity, data protection, and investment opportunities. Dr. Nansubuga noted that this training aimed to strengthen the board’s capacity and ensure effective management of the scheme.
As of June 2024, MURBS reported 1,166 members with benefits exceeding UGX 100 million, marking an increase from 1,153 members in July 2023, despite UGX 11 billion disbursed in mid-term access benefits. Additionally, the scheme now has four members with benefits above UGX 500 million and a total of 538 members with benefits over UGX 250 million.
| Date | Members with Benefits Over UGX 100M | Members with Benefits Over UGX 250M | Members with Benefits Over UGX 500M |
|---|---|---|---|
| July 2023 | 1,153 | Not Specified | 1 |
| June 2024 | 1,166 | 538 | 4 |
MURBS’ recent achievements include receiving the prestigious 7th Fire Award in the retirement benefits category, highlighting its performance in comparison with other schemes in Uganda. Dr. Nansubuga also expressed gratitude to Makerere University management and the Government of Uganda for ensuring timely remittance of contributions, as well as for settling previous financial obligations.
During the meeting, Vice Chancellor Prof. Barnabas Nawangwe commended the importance of the scheme, noting that it assures university staff of financial security post-retirement. He congratulated the MURBS board and trustees for their accomplishments, especially the fund’s growth over the past year.
Prof. Nawangwe also encouraged MURBS to consider investing in Makerere University’s Masterplan for development, suggesting that such an investment would benefit staff directly. This sentiment was echoed by board trustee George Bamugemereirwe, who praised the scheme for its forward-thinking approach in planning for staff retirement benefits.
Highlighting the need for protection against financial exploitation in retirement, Mr. Bamugemereirwe stressed that many retirees are vulnerable to scams and financial mismanagement. He expressed appreciation for MURBS’ protective measures, designed to secure members’ funds.
URBRA’s representative, Mr. Cosmas Ssenyonga, also praised Makerere University’s consistent remittance of contributions, which he described as essential to the scheme’s strong performance. He commended MURBS for implementing best practices and for serving as a model in the retirement sector. Ssenyonga noted that MURBS ranks highly in key performance metrics and acknowledged its positive influence on the industry’s governance standards.
