National Social Security Fund (Uganda)

From Wikipedia, the free encyclopedia Jump to: navigation, search National Social Security Fund Type Parastatal Industry Social Security Founded 1986 14th Floor Workers House, Plot 1 Headquarters Pilkington Road, Kampala, Uganda Vincent Ssekono Chairman Key people Richard Byarugaba Managing Director Products Investments Pretax: US$64.5 million (UGX:147 Revenue billion) (2011) US$921+ million (UGX:2.1 trillion) Total assets (December 2011)[1] 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.

Contents
[hide]

1 Investment Portfolio 2 History 3 Ownership 4 Recent Scandals 5 Restructuring 6 Board of Directors 7 Management 8 Branch Network 9 External links 10 See also 11 References

[edit] Investment Portfolio

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

Fixed Income o Short term: Fixed deposits & Treasury bills o Long term: Corporate loans, Corporate bonds & Government bonds Real Estate o Properties o Land Equities o Private Equities o Listed Equities

The Fund is a leading investor on the Uganda Securities Exchange (USE)[2] 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:[3] 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 Bank of Baroda (Uganda) 1.5 8 Safaricom 0.6

[edit] 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 (NGOs), 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.

[edit] 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.[4] [5] [6]

[edit] 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.[7] 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.[8] 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.

[edit] 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.[9] 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.

[edit] 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: [10]

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[11]

[edit] Management
The management of the NSSF consists of the following individuals: [12]

Richard Byarugaba - Managing Director & Chief Executive Officer Geraldine Ssali - Deputy Managing Director & Deputy Chief Executive Officer[13] 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

[edit] 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.[14]