By Kitts D. Mabonga
KAMPALA
Uganda Retirement Benefits Regulatory Authority (URBRA) has commended the leadership of the Makerere University Retirement Beneficiaries Scheme (MURBS) for tremendous growth
“We call upon other Scheme to emulated (MURBS) for safety of savings of their members”
The development came to light on Friday October,27,2023 during the 13th annual general meeting of its members which was held at Makerere University and was attended by over 700 members both physically and virtually.
Speaking during the meeting, Martin A. Nsubuga, the chief executive officer (CEO) URBRA, said URBRA has developed systems and capabilities for effective regulation and supervision of the sector with a primary objective of protecting scheme members’ retirement savings.
‘We have established a strong supervisory framework which has provided a foundation for strong performance of the Retirement Benefits Sector over the past ten years” said Nsubuga,
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Nsubuga who was represented by Rogers Lubega the senior officer from the directorate of supervision and market conduct noted that Retirement Benefits schemes today hold Ugx 21.6 trillion of Assets Under Management with NSSF holding 18.5 trillion
“While other occupational schemes including MURBS keeping 3 trillion respectively which position should be appreciated saying the sector has grown mostly in the last ten years” Lubega
Similarly, the growth we see in the occupational schemes has mostly shot up in the last 9 years and as such this not only reflects adherence to the regulatory requirements, but also indicates a great market potential, if nurtured and well-supervised.
He pointed out that the sector has registered an average growth of 16% over the past 7-years. However, during FY22/23, the sector experienced a slowdown, growing at an average of 9.2% in the investment portfolio which was on account of several factors.
He commended the MURBS Board, Management and the employers for contributing to the delivery of Scheme’s mandate thus far, ensuring compliance with the existing legal framework, and more so contributing to a vibrant, secure and sustainable Retirement Benefits Sector in Uganda.
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The MURBS board of trustee’s chairperson Dr. Elizabeth Patricia Nansubuga said that as at 30 June 2023, MURBS net assets grew by 17.7% rising to UGX 353bn from UGX299bn at the start of the financial year of which growth was reportedly largely a result of their aggressive investment strategies.
She pointed out that considering the net assets available for member benefits of UGX352bn and adjustments made, the board of trustees distributed UGX 36,836,201 to the members opening balances for the financial year 2023 and as a result, the trustees have awarded an interest rate of 12.34% to the members of MURBS for the financial year 2022/23.
Dr. Nansubuga opened her remarks by saying that MURBS experienced unprecedented transitions, demands and challenges but the scheme remained steadfast in its response and delivered exceptional performance at the financial year 2022/23.
Speaking about their strategic plan covering July 2023-June 2028 which was approved by the board, she said the plan has since been operationalized to guide the scheme’s strategic direction for the next five years and that it focuses on four strategic themes namely members financial sustainability, institutional capacity, and stakeholders respectively.
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The plan objectives include increasing membership satisfaction levels, growing the fund by an annual average of 17% over the five-year period, strengthening the capacity of trustees and the secretariat as well as enhancing governance, and achieving stakeholder satisfaction among others.
The University council chairperson Lona Magara who was represented by John Chris Ninsiima thanked the MURBS boss Dr. Nansubuga with her board for the 12.34% interest rise for members.
“It was a very good gesture that the scheme was steadily headed for a better and bright future saying the council strongly cherishes and appreciates the good efforts put in the scheme to keep it both vibrant and relevant to its members” Nansubuga