Member value and the Fund strategy

3.65 million

The member remains at the centre of everything the Fund does. In FY2025/26, the Fund delivered exceptional value to its 3.65 million members. On the strength of a record investment performance, the Fund declared a strong interest rate of 22.53% to members, the highest in the Fund's history. At approximately 1,923 basis points above the year's average inflation of around 3.3%, this represents a substantial real gain. It therefore preserved and meaningfully grew the value of members' savings.

12.6%

The declared interest rate caps a long record of consistent value creation. Over the past decade, the Fund has declared returns to members averaging close to 12.6% a year. These have been in double digits in all but one of the years and dependably been ahead of inflation. Such consistency reaffirms the trust that members place in the Fund.

UGX 2.42Tn

That value rests on a strong and growing scale. Over the year, the Fund collected UGX 2.42 trillion in member contributions and returned UGX 1.55 trillion to members in benefits. Assets under management rose by 26.4% to UGX 32.87 trillion, from UGX 26.01 trillion a year earlier. Growth was driven by robust investment income and continued positive net contributions. This year's growth was therefore the latest step in a longer, uninterrupted climb.

50:80:95

Vision 2035

FY2025/26 marked the first full year of the Fund's journey towards its 2035 Vision, which coincides with its half-century. The strategy is anchored on a "50:80:95" framework. Under this framework, the Fund targets to grow assets under management to UGX 80 trillion by 2035.

Financial strength

The above financial strength increases its capacity to pursue this long-term ambition with confidence. As the membership matures and benefit obligations grow, the surplus of contributions over benefits is narrowing.

Investment performance and coverage

Investment performance has therefore become the primary engine of the Fund's growth, and this places a premium on the disciplined, returns-focused stewardship that defined the year. The Vision, however, seeks to also increase the Fund’s reach to 50% of the working population, counteracting the ageing effect.

Smartlife Flexi

Part of that reach is already being built. Smartlife Flexi, the Fund's voluntary savings product, was launched to extend the savings promise beyond the formal sector. By year-end it had attracted 97,492 savers that had contributed UGX 138 billion in contributions.

Growing value

The product had paid out UGX 34.7 billion and assets under management had grown to UGX 138 billion.

Evolving our investment strategy

Growing assets to UGX 80 trillion calls for a purposeful evolution in how the Fund invests. The Fund’s core portfolio comprising regional fixed income, equities and property will continue to anchor dependable, double-digit returns. Alongside it, the Fund will progressively build new satellite engines of growth and diversification.

Investment for development

These will span alternative asset exposures including infrastructure, private equity and pan-African debt and equity markets, among others. In doing so, the Fund will position itself not only as a custodian of members' savings, but also as a catalyst for Uganda's long-term economic transformation.

The Fund's contribution has always extended beyond the returns it delivers. According to reports by the Ministry of Finance, Planning and Economic Development, total Government debt stock by face value was UGX 80.3 trillion at the end of March 2026. The Fund held UGX 16.8 trillion, representing about 20.9% of this debt stock, thus operating at the forefront of financing the public services and infrastructure on which the wider economy depends. Over four decades, it has also translated members' savings into landmark developments — from Workers' House and Social Security House to the ongoing Pension Towers.

Its capital also supports listed companies and strategic enterprises across the region, sustaining business growth and employment.

Looking ahead, this developmental role deepens. The Fund intends to channel resources into affordable housing, where Uganda faces a backlog of more than two million homes. It will co-invest in infrastructure and provide patient capital for enterprise. These are the investments that build the nation and amplify the essence of a shared journey. The value created for members is, in turn, value created for Uganda and for the generations to come.

The sections that follow set out the developments that defined the investment landscape during the year, the performance that resulted, and the strategic priorities that will carry our shared journey forward.