National Social Security Fund (Uganda)

National Social Security Fund

Type	Parastatal
Industry	Social Security
Founded	1986
Headquarters	14th Floor Workers House, Plot 1 Pilkington Road, Kampala, Uganda
Key people	Vincent Ssekono, Chairman Richard Byarugaba, Managing Director
Products	Investments
Revenue	Pretax: US$71 million (2010)[1]
Total assets	US$844 million (UGX:2 trillion) (April 2011)[2]
Website	Homepage

The National Social Security Fund (NSSF) is a semi-government agency responsible for the collection, safekeeping, responsible investment and distribution of retirement funds from employees of the private sector in Uganda, who are not covered by the Government Retirement Scheme. Participation for both employers and employees is compulsory.

Investment Portfolio

The current National Social Security Fund investment portfolio includes the following:

• Fixed Income

   -Short term: Fixed deposits & Treasury Bills
   -Long term: Corporate loans, Corporate & Government bonds 

• Real Estate

   -Properties
   -Land

• Equities

   -Private Equities 
   -Listed Equities 

The Fund is a leading investor on the USE ^[3] It is reported to own bank deposits of about US$400 in Ugandan commercial banks. The National Social Security Fund also owns the following investments, as of June 2011:^[4]

NSSF (Uganda) Investment Portfolio

Rank Investment Percentage Shareholding 1 Housing Finance Bank 50.0 2 Kampala Serena Hotel 20.0 3 New Vision Group 19.61 4 DFCU Bank 5.93 5 Stanbic Bank (Uganda) Limited 1.72 6 Uganda Clays Limited 32.52 7 Safaricom 0.6 8 Bank of Baroda (Uganda) 01.5 9 History The National Social Security Fund (NSSF) is a National Saving Scheme mandated by Government through the National Social Security Fund Act, Cap 222 (Laws of Uganda) to provide social security services to employees in Uganda. It was established by an Act of Parliament (1985) to provide for its membership, payment of contributions to, and payment of benefits out of the Fund. NSSF is a provident fund (pays out contributions in lump sum). It covers all employees in the private sector including Non Governmental Organisations that are not covered by the Government's pension scheme. It is a scheme instituted for the protection of employees against the uncertainties of social and economic life. Ownership As of June 30, 2011, NSSF had a total of over 9,000 employers registered with the Fund. The number of account holders stood at over 450,000 members.[5] [6] [7] Recent Scandals During the 2000's, NSSF has been shaken by numerous investment scandals involving poor investment oversight and multiple conflicts of interest issues. The most recent scandal involved the purchase of a piece of investment property from a cabinet minister in the government, without following the required tendering and bidding process.[8] In February 2009, the President of Uganda fired the Minister of Finance, whose ministry supervises the activities of NSSF. Also terminated were the Managing Director of the NSSF and his deputy.[9] With the appointment of a new Board of Directors in 2009 and a new management team, the NSSF has since recorded improvements in corporate governance. Analysts in the country say NSSF has since moved on to be a leading player in the country's economy. Restructuring In late 2010, NSSF underwent a restructuring process aimed at making it more efficient, competitive and responsive to the needs of the members. The Fund is now poised to provide a wide range of social security products and also play its role as the lead institution for domestic capital formation and deepening the financial sector.[10] The Fund has also been preparing itself to compete in a liberalised pensions sector. The Fund's Management says it is ready for competition, with the recent passage of a law establishing a regulator and another law to fully liberalise th sector awaiting debate in Parliament of Uganda. Board of Directors Government of Uganda appointed a Board of Directors in April, 2009. The current Board has the following as its members, as of September 2011: [11] Vincent B Ssekkono - Chairman Bruno Pajobo Christine Guwatudde Kintu Engineer Martin Sseremba Kasekende Jolly Aripa Kirabo Christopher Kahirita Richard Bigirwa Romano Ojiambo Ochieng Christopher Kassami Richard Byarugaba - Managing Director & CEO[12] Management The management of the NSSF consists of the following individuals: [13] Richard Byarugaba - Managing Director & Chief Executive Officer Geraldine Ssali - Deputy Managing Director & Deputy Chief Executive Officer[14] David Nambale - Corporation Secretary Dennis Ochieng - Head of Risk Management Patrick Ayota - Head of Finance Collin Babirukamu - Head of Information Technology Charles K. Muhoozi - Head of Marketing & Communications Geoffrey Barigye - Head of Internal Audit Hope Bizimana - Head of Human Resources George Kyarikunda - Head of Administration Stevens Mwanje - Head of Commercial Branch Network As of June 2011, the National Social Security Fund has a branch network of twenty four(24) branches in the central, eastern, northern and western parts of Uganda, with 6 branches dedicated to Kampala.[15] Head Office - Workers House, One Pilkington Road, Kampala Nakasero Branch Bugolobi Branch Kireka Branch Zzana Branch Kawempe Branch Bakuli Branch Arua Branch - Arua Gulu Branch - Gulu Lira Branch - Lira Moroto Branch - Moroto Soroti Branch - Soroti Mbale Branch - Mbale Tororo Branch - Tororo Jinja Branch - Jinja Lugazi Branch - Lugazi Masaka Branch - Masaka Mubende Branch - Mubende Masindi Branch - Masindi Hoima Branch - Hoima Fort Portal Branch - Fort Portal Kasese Branch - Kasese Bushenyi Branch - Bushenyi Mbarara Branch - Mbarara Kabale Branch - Kabale External links National Social Security Fund (Uganda) Homepage Interview With Acting Managing Director 25 May 2010 See also National Social Security Fund (Kenya) National Social Security Fund (Tanzania) References ^ NSSF Made Pretax Profit Of US$71 Million In Fiscal 2010 ^ Estimated Total Assets April 2011 ^ NSSF is Leading Investor in USE ^ The Investment Portfolio Of NSSF (Uganda) ^ NSSF Annual Report 2005 ^ NSSF Raises Rates To 7% ^ NSSF Employer-Customer Data For May 2011 ^ Temangalo Land Saga ^ Ugandan Finance Minister Fired ^ NSSF To Hire Fund Managers ^ The NSSF Board of Directors ^ NSSF Gets New Boss ^ NSSF Management Board ^ Geraldine Ssali Appointed Deputy Managing Director In March 2011 ^ NSSF Branch Network