UGANDA - Uganda's state pension fund reported a return of 7% on members' contributions for the year to June, chairman Vincent Ssekkono said.
The National Social Security Fund has increased the interest rate paid to members from 3% to 7% in fiscal 2010," he said. The fund "will pay a higher rate in future as the fund's financial performance continues to improve", he added.
The fund reported pre-tax profit of 160bn Ugandan shillings ($71m) for the year as fixed-income deposits grew 24% to 135bn shillings. Members' funds increased 12% to 1.6trn shillings from a year earlier, while workers contributing to the pension rose to 450,000 from 350,000.
Earlier this month, Uganda'a National Social Security Fund said it was in the process of hiring new equity managers. (Global Pensions; Spetember 14, 2010)
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In this week's Pensions Buzz, we want to know whether bosses should have to pay into the same staff DB scheme as their workers rather than their own executive pension fund.