national social security fund type quasi government industry social security founded 1985 headquarters 14th floor workers house 1 pilkington road kampala uganda key people patrick byabakama kaberenge chairman richard byarugaba managing director geraldine ssali busuulwa deputy managing director products investments revenue pretax ugx 202 billion h2 2014 1 total assets ugx 4.9 trillion december 2014 1 website homepage the national social security fund nssf is a quasi government agency responsible for the collection safekeeping responsible investment and distribution of retirement funds from employees of the private sector in uganda who are not covered by the government retirement scheme . participation for both employers and employees is compulsory . contents 1 history 2 investment portfolio 3 operations and economic performance 4 pension towers 5 governance 5.1 board of directors 5.2 management 6 branch network 7 see also 8 references 9 external links history edit in february 2009 the president of uganda fired the minister of finance whose ministry supervises the activities of nssf . also terminated were the managing director of the nssf and his deputy . 2 a new board of directors and a new management team were appointed in 2009 . in late 2010 nssf underwent a restructuring process aimed at making it more efficient competitive and responsive to the needs of the members . it is now poised to provide a wide range of social security products and be the lead institution for domestic capital formation and deepening the financial sector . 3 analysts in the country said in 2013 that the nssf had become a leading player in the country s economy . 4 investment portfolio edit according to its financial statements for the year ending 30 june 2014 nssf had ugx 2.65 trillion in government treasury bonds with yields ranging from 10.25 to 14.35 percent ugx 682.1 billion on deposit with commercial banks ugx 251.3 billion in equity investments at fair value through profit or loss epl ugx 250.2 billion in capital work in progress ugx 193.7 billion in investment properties ugx 143.2 billion in corporate bonds with yields ranging from 11.03 to 17.00 percent ugx 73.3 billion in equity securities held for trading by fund managers hft and ugx 14.6 billion in cash and bank balances . 5 15 based on market value as of 30 june 2014 nssf s largest investments in equity securities were as follows 5 41 42 44 safaricom kenya public company ltd. ugx 89.7 billion epl umeme ugx 88.1 billion epl stanbic bank uganda ltd. ugx 31.4 billion epl dfcu ltd. ugx 18.0 billion epl new vision publishing and printing company ltd. ugx 9.0 billion epl tanzania breweries ltd. ugx 7.04 billion hft east african breweries ltd. ugx 6.16 billion hft bank of baroda uganda ltd. ubx 5.74 billion epl diamond trust bank ugx 5.63 billion hft bat kenya ltd. ugx 5.57 billion hft centum investments ltd. ugx 5.19 billion epl safaricom ugx 4.90 billion hft kenya commercial bank ugx 4.09 billion hft equity bank ltd. ugx 3.97 billion hft dfcu bank ugx 3.32 billion hft cfc stanbic holdings ugx 3.02 billion hft nation media group ugx 2.91 billion hft equity bank ltd. ugx 2.78 billion epl nic bank ltd. ugx 2.86 billion hft stanbic bank uganda ugx 2.84 billion hft operations and economic performance edit the nssf is a defined contribution scheme and is financed largely by contributions from employers and employees . the total contribution is equal to 15 percent of an employee s gross salary with the employer contributing 10 percent and the employee 5 percent . 5 18 the nssf pays five types of benefits 5 18 age benefit paid to a member who has reached the retirement age of 55 withdrawal benefit paid to a member who has reached the age of 50 and is out of regular employment for one year invalidity benefit paid to a member who has become incapable of gainful employment survivor s benefit paid to the dependent survivor of a member emigration grant paid to a member who is leaving uganda permanently the nssf s total assets increased to ugx 4.9 trillion as of 31 december 2014 1 compared to ugx 4.4 trillion as of 30 june 2014 . 5 15 at the end of 2014 over 81 percent of the nssf s total investments were in fixed income with the remaining 19 percent invested in listed companies unlisted companies and real estate . 1 the number of account holders as of the end of 2014 was about 1.45 million . 1 pension towers edit beginning in the early 2000s nssfu has been developing an office complex known as pension towers along lumumba avenue on nakasero hill one of the most prestigious neighborhoods in kampala uganda s capital city . the complex consists of three interconnected towers ; one central tower of twenty five stories in height flanked on either side by a ten story tower . roko construction company a ugandan construction company constructed the four basement floors between 2008 and 2012 but failed to qualify for further works on the project . three chinese firms are in a final bidding process to complete the construction between 2012 and 2015 . construction costs for the complex are estimated at ugx 260 billion . 6 when finished the three towers will contain in excess of 59 410 square metres 639 500 sq ft in office space . parking for over 500 vehicles will be provided in the development . 7 governance edit board of directors edit ugandan minister of finance matia kasaija appointed a new board of directors in september 2015 composed of the following members 8 patrick byabakama kaberenge chairman pius bigirimaana sarah walusimbi vice chairperson patrick ocailap peninnah tukamwesiga richard byarugaba managing director and chief executive officer management edit the management of the nssf consisted of the following individuals as of october 2015 9 richard byarugaba managing director 10 geraldine ssali busuulwa deputy managing director 11 richard wejuli wabwire corporation secretary edward ssenyonjo acting head of risk patrick ayota chief finance officer solomon p. muganwa head of information technology barbara teddy arimi head of marketing and communications barigye geoffrey head of internal audit christine kasule mulimba acting head of human resources george kyarikunda head of administration stevens mwanje head of sales and operations gerald paul kasaato head of investments branch network edit as of october 2015 nssf had a branch network of 19 branches in the central eastern northern and western parts of uganda with six in kampala the capital . 12 head office workers house one pilkington road kampala bugolobi branch kireka branch entebbe branch kawempe branch bakuli branch arua branch arua gulu branch gulu lira branch lira soroti branch soroti mbale branch mbale jinja branch jinja lugazi branch lugazi masaka branch masaka masindi branch masindi hoima branch hoima fort portal branch fort portal mbarara branch mbarara kabale branch kabale see also edit bank of uganda economy of uganda insurance regulatory authority of uganda uganda retirement benefits regulatory authority uganda revenue authority list of tallest buildings in kampala references edit a b c d e sanya samuel 22 january 2015 . nssf s half year profits hit sh202b assets at 5 trillion . new vision kampala . retrieved 14 october 2015 . ptv 17 february 2009 . uganda first lady named cabinet minister . presstv.com ptv . retrieved 14 october 2015 . busuulwa bernard 3 april 2009 . nssf turns to fund managers . the eastafrican . retrieved 14 october 2015 . kidimu gilbert 12 september 2013 . uganda workers to benefit from pension reforms . new vision kampala via allafrica.com . retrieved 14 october 2015 . a b c d e financial statements for the year ended 30th june 2014 together with the report and opinion thereon of the auditor general uganda office of the auditor general 29 october 2014 accessed 14 october 2015 mugabe david 23 may 2012 . nssf constructs uganda s tallest tower . new vision . retrieved 14 october 2015 . nssfu 2011 . pension towers to reduce office space shortage in kampala . nssf uganda nssfu . retrieved 14 october 2015 . monitor reporter 29 september 2015 . finance minister names kaberenge new nssf chair . daily monitor . kampala . retrieved 14 october 2015 . nssf october 2015 . nssf management . national social security fund nssf . retrieved 14 october 2015 . vision reporter 29 october 2014 . byarugaba bounces back as nssf boss . new vision kampala . retrieved 14 october 2015 . mukasa henry 20 march 2011 . nssf gets new deputy director . new vision . retrieved 14 october 2015 . nssf october 2015 . branch directory . nssf . retrieved 14 october 2015 . external links edit total assets of ushs 6.25 trillion as of june 2016 national social security fund uganda homepage ushs170 billion set aside to boost savers interest nssf board nssf holds 86 % of all pension assets report as of december 2014 v t e kampala district capital kampala divisions kampala central division kawempe division lubaga division makindye division nakawa division neighborhoods banda bugoloobi bukoto busega butabika bwaise ggaba kabalagala kamwookya kansanga kaleerwe kanyanya kasubi katwe kawaala kawempe kibuli kibuye kigoowa kikaaya kisaasi kiwaatule kulambiro kololo kyambogo kyebando lubaga lungujja luzira makerere makindye mbuya mengo mpererwe mulago munyonyo muyenga naakulabye naguru najjanankumbi nakasero nakawa nakawa naguru estates namirembe namungoona namuwongo nateete ndeeba nsambya ntinda old kampala port bell wandegeya banking bank of uganda uganda deposit protection fund abc bank uganda barclays bank of uganda bank of africa uganda limited bank of baroda uganda limited bank of india uganda dfcu group cairo international bank centenary bank citibank commercial bank of africa crane bank dfcu bank diamond trust bank ecobank efc uganda limited equity bank exim bank uganda finance trust bank guaranty trust bank housing finance bank kcb bank uganda limited nc bank uganda orient bank postbank uganda stanbic bank uganda limited standard chartered uganda tropical bank united bank for africa east african development bank uganda development bank opportunity uganda limited pride microfinance limited efc uganda limited finca uganda limited ugafode microfinance limited exodus savings and credit cooperative society limited mercantile credit bank letshego microfinance uganda top finance bank uganda yako microfinance limited industry aya group cipla quality chemical industries limited fi holdings house of dawda group mukwano group kiira motors corporation media daily monitor new vision new vision group the independent uganda the observer uganda information technology africell uganda airtel uganda mtn uganda uganda communications commission uganda telecom vodafone uganda economy national housing and construction company tirupati development uganda limited insurance regulatory authority of uganda national food and drug authority national identification and registration authority national social security fund national water and sewerage corporation uganda securities exchange uganda investment authority ruparelia group kyagalanyi coffee limited brookside dairy limited jesa farm dairy limited uganda retirement benefits regulatory authority capital markets authority of uganda uganda coffee development authority roko construction transport air uganda uganda air cargo kampala airport uganda national roads authority entebbe kampala expressway kampala jinja expressway kampala jinja highway kampala entebbe road kampala gayaza road kampala bombo expressway kampala busunju expressway kampala mpigi expressway kampala masaka road kampala mityana road kampala hoima road kampala northern bypass highway kampala southern bypass highway energy umeme electricity regulatory authority uganda national oil company petroleum authority of uganda uganda electricity generation company limited uganda electricity transmission company limited uganda energy credit capitalisation company notable landmarks bulange uganda parliament buildings kampala capital city authority complex hotel africana kampala protea hotel kampala serena hotel kampala sheraton hotel imperial hotels group imperial royale hotel grand imperial hotel hotel equatoria kampala hilton hotel kampala intercontinental hotel kampala speke hotel mapeera house movement house munyonyo commonwealth resort speke resort and conference center church house east african development bank building bank of uganda building complex mengo palace banda kabaka s place namirembe cathedral rubaga cathedral makerere university main campus kampala tower kibuli mosque old kampala mosque uganda museum twed towers uganda national cultural centre kasubi tombs dfcu house pension towers jlos house