KAMPALA, Uganda (UG STANDARD) — Makerere University’s Retirement Benefits Scheme (MURBS) has achieved significant growth, with its fund value surging to UGX 409.2 billion (approximately $110 million USD) in the 2023/24 financial year.
Dr. Elizabeth Patricia Nansubuga, MURBS Board Chairperson, announced the milestone during the presentation of the scheme’s performance report at the Makerere University Telepresence Centre on October 22.
“MURBS Trustees have worked through different challenges in the past years to make it a strong scheme,” Dr. Nansubuga said. “These challenges have also enabled the trustees to develop and establish good relations with different sector players and its principal stakeholders.”
Established in 2009, MURBS provides retirement benefits to Makerere University employees. Over 14 years, MURBS has emerged as Uganda’s fourth-largest retirement benefits scheme, renowned for its exemplary management.
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 UGX 44.6 billion, surpassing the UGX 34.4 billion collected in contributions during the financial year.
“By 30th June 2023, MURBS had a fund value of 352.4 billion. The Trustees targeted Fund growth of 17%, and I am glad to inform you, that the fund value of MURBS, as per the Audited Financial Statements of 30th June 2024 is 409.2 billion, which is an increase of 16.1%, failing to hit the target by less than 1%,” Dr. Nansubuga explained.
Vice Chancellor Prof. Barnabas Nawangwe underscored MURBS’ significance in ensuring financial security for staff upon retirement.
“This scheme is extremely important to our staff because it is the only scheme which saves money for them, such that when they retire, they have a package. So, this is extremely important to our staff that even when they retire, they will live a normal life,” Prof. Nawangwe said.
Prof. Nawangwe encouraged the MURBS Board to explore investment opportunities in the Makerere Masterplan.
“I encourage MURBS to get interested in the Makerere University investment and development plans so that it is not just developers who have no connection that benefit, but the staff themselves who have worked for the University diligently for a long time, they can benefit from investments on this land,” he suggested.
Mr. George Bamugemereirwe, a representative of the Makerere University Council on the MURBS Board of Trustees, commended the university management for empowering MURBS.
“I want to commend the management of Makerere University for taking the initiative to think ahead, plan for people, and to invest for the future because retirement is a must,” Mr. Bamugemereirwe said.
Mr. Cosmas Ssenyonga, representing the CEO of the Uganda Retirement Benefits Regulatory Authority (URBRA), praised MURBS for its exceptional performance and best practices.
“I commend the board of trustees; they have done good for not only the scheme but the entire sector. When study the operations of MURBS, in terms of performance indicators especially, the efficiency indicator, they rank among the first two,” Mr. Ssenyonga said.
MURBS received its seventh Fire Award for excellence in retirement benefits schemes this year.
