Kampala, Uganda: Finance Minister Henry Musasizi has directed the Uganda Retirement Benefits Regulatory Authority (URBRA) to ensure the successful implementation and effective regulation of the new Public Service Pension Scheme, saying it will play a critical role in strengthening Uganda’s retirement benefits sector.
Musasizi made the remarks during a meeting with the URBRA Board and Management at the Ministry of Finance, Planning and Economic Development, where discussions centred on the future of Uganda’s pensions industry and its contribution to the country’s economic transformation agenda.
The Minister said the retirement benefits sector, whose assets have grown to approximately Shs36 trillion, should increasingly partner with government to finance the country’s Tenfold Growth Strategy by investing long-term savings in productive sectors of the economy.
He stressed that retirement savings represent patient capital capable of driving sustainable economic growth if managed prudently.
“The sector, whose assets have grown to about Shs36 trillion, should focus on partnering with government to use this patient capital to deliver the Tenfold Growth Strategy,” Musasizi said.
He added that the funds should be professionally managed and channelled into productive investments that generate economic value while safeguarding contributors’ retirement savings.
The Minister also urged URBRA to strengthen engagement with employers, workers and other stakeholders to promote voluntary retirement savings, noting that increasing domestic savings is essential for Uganda’s long-term development.
The URBRA delegation was led by Board Chairperson Henry Balwanyi Magino and Chief Executive Officer Martin Anthony Nsubuga.
During the meeting, Balwanyi presented the Authority’s 2025/26–2029/30 Strategic Plan, which is anchored on the theme, “Harnessing Retirement Savings for Sustainable Socio-economic Transformation.”
He said the new strategy aligns with government’s vision of accelerating economic growth through stronger domestic resource mobilisation and increased long-term investment.
According to Balwanyi, retirement savings will remain a key pillar in achieving the Tenfold Growth Strategy, as they provide capital for investment, infrastructure development and private sector expansion.
“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 noted that a stronger retirement benefits sector would translate into stronger domestic savings, deeper capital markets, increased investment, more employment opportunities and faster economic transformation.
The meeting reaffirmed government’s commitment to strengthening Uganda’s pensions industry as a key source of long-term domestic capital to support national development while ensuring retirement security for workers.
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