The Uganda Retirement Benefits Regulatory Authority (URBRA) has launched the annual retirement benefits sector report, highlighting the growth of the pensions sector and other related matters.

The annual report was launched by the Minister of State for Finance, Planning, and Economic Development, Amos Lugolobi, on February 29, 2024, at the Uganda Media Centre in Kampala.

According to Lugolobi, there was an increase in the number of people saving for retirement.

“There is an observable increase in the number of people saving for retirement from 3,015,807 in 2022 to 3,142,311 in 2023. Additionally, more employers are making voluntary contributions, from 273 in 2022 to 298 in 2023,” Lugolobi said.

On general sector growth and remittance of contributions, Lugolobi said that there has been an observable improvement in compliance.

“Perhaps the biggest indicator of sector growth is the increase in total sector assets from UGX 20 trillion in 2022 to UGX 22 trillion in 2023. As indicated in the 2023 report, up to 79% of the funds are invested in government securities,” Lugolobi added.

Lugolobi commended the Board of Directors and the CEO of URBRA for the efforts they put into steering the retirement benefits sector, and especially for always giving accountability to Ugandans.

The Uganda Retirement Benefits Regulatory Authority (URBRA) is responsible for regulating the establishment, management, and operation of retirement benefits schemes in Uganda in both the private and public sectors. The Authority is responsible for supervising institutions that provide retirement benefits products and services.

URBRA is an autonomous body established by virtue of Section 2 of the Uganda Retirement Benefits Regulatory Authority Act 2011, Act No. 15 of 2011.