Overview:
MURBS recorded a net investment income of 44.6bn Ugandan shillings, surpassing contributions.
KAMPALA, UGANDA – Makerere University’s Retirement Benefits Scheme (MURBS) has reached a record high of 409.2bn Ugandan shillings ($110m) in its fund value.
The announcement was made by Dr. Elizabeth Patricia Nansubuga, Chairperson of the MURBS Board, during a presentation of the scheme’s performance report.
“MURBS Trustees have worked through different challenges to make it a strong scheme,” Dr. Nansubuga said. “These challenges have enabled us to establish good relations with sector players and stakeholders.”
Established in 2009, MURBS provides retirement benefits to Makerere University employees. It has grown to become Uganda’s fourth-largest retirement benefits scheme.
The scheme’s growth is attributed to its new Strategic Plan, focusing on member satisfaction, financial sustainability, institutional capacity, and stakeholder satisfaction. MURBS recorded a net investment income of 44.6bn Ugandan shillings, surpassing contributions.
“By June 2023, MURBS had a fund value of 352.4bn. We targeted 17% growth and achieved 16.1%, just shy of our goal,” Dr. Nansubuga explained.
Makerere University Vice Chancellor Prof. Barnabas Nawangwe praised MURBS’ importance in ensuring staff financial security.
“This scheme is vital for our staff, providing a safety net for retirement. It’s crucial they live comfortably after dedicating their lives to the university,” Prof. Nawangwe said.
Prof. Nawangwe encouraged MURBS to explore investment opportunities in the Makerere Masterplan.
“We urge MURBS to invest in our development plans, benefiting staff who’ve worked tirelessly for the university,” he suggested.
Mr. George Bamugemereirwe, representing the Makerere University Council on the MURBS Board, commended university management.
“Makerere University has shown foresight in planning for staff retirement. Retirement is inevitable, and we must prepare,” Mr. Bamugemereirwe said.
Mr. Cosmas Ssenyonga, representing the Uganda Retirement Benefits Regulatory Authority (URBRA), praised MURBS.
“MURBS ranks among the top two schemes in Uganda. Their performance indicators demonstrate exceptional management,” Mr. Ssenyonga said.
MURBS received its seventh Fire Award for excellence in retirement benefits schemes.