Overview:
Meeting the URBRA board and management at the Ministry of Finance, Musasizi said the country's retirement benefits sector, which now manages assets worth about Shs36 trillion, should play a bigger role in financing the government's Tenfold Growth Strategy.
Finance Minister Henry Musasizi has directed the Uganda Retirement Benefits Regulatory Authority (URBRA) to ensure the smooth implementation and effective regulation of the new Public Service Pension Scheme, saying it should strengthen the country’s retirement benefits sector while supporting Uganda’s economic transformation agenda.
Meeting the URBRA board and management at the Ministry of Finance, Musasizi said the country’s retirement benefits sector, which now manages assets worth about Shs36 trillion, should play a bigger role in financing the government’s Tenfold Growth Strategy.
He said pension savings represent long-term capital that should be prudently managed and invested in productive sectors of the economy to spur industrialisation, infrastructure development and job creation.
“The retirement benefits sector has grown significantly and should partner with government by deploying this patient capital to support the Tenfold Growth Strategy. These savings must be well managed and invested in productive sectors of the economy,” Musasizi said.
The minister also urged URBRA to intensify engagement with employers, workers and other stakeholders to encourage voluntary retirement savings, saying expanding pension coverage remains critical to improving financial security for Ugandans.
The URBRA delegation was led by board chairperson Henry Balwanyi Magino and Chief Executive Officer Martin Anthony Nsubuga.
Balwanyi said the authority’s new five-year Strategic Plan (2025/26–2029/30) is built around the theme, “Harnessing Retirement Savings for Sustainable Socio-economic Transformation.”
He said mobilising greater domestic savings will be critical to achieving the government’s ambition of growing Uganda’s economy tenfold.
“Every shilling saved for retirement is not only securing the future of a Ugandan worker—it is also building the capital that finances Uganda’s future,” Balwanyi said.
He added that a stronger pensions industry would deepen domestic savings, strengthen capital markets, attract more investment and create jobs, all of which are essential to accelerating economic growth under the Tenfold Growth Strategy.