Skip to main content
National Social Security Fund Integrated Report 2026
06 Our Performance 04 Outlook
20 / 47

Our Performance

03

Outlook

Explore the Fund’s strategic priorities, challenges and opportunities across the six capitals, and the outlook for the year ahead.

Baobab trees lining a road at sunset

Our Performance

Outlook

We present our integrated report to provide all our stakeholders with balanced, transparent information that supports informed assessments of the Fund’s prospects, including its viability, sustainability, and long-term value creation potential.

The information in this outlook is essential when reporting to stakeholders as it completes the value creation

This outlook is a key component of our stakeholder reporting, completing the Fund’s value creation narrative as outlined in the report, a story that will continue to evolve in the years ahead.

The information below covers the organisation’s strategic path ahead – the leadership’s view of the material uncertainties, disruptive factors, challenges that may affect the achievement of the strategic objectives and the potential implications for the organisation and of course the opportunities that have been identified. We present the information under each of the six capitals.

Up nextFinancial Capital

Financial Capital

Financial capital

Strategic priorities

  • Grow regular contributions through Smartlife, voluntary top-ups and improved employer remittance
  • Diversify the investment portfolio while maintaining liquidity and competitive returns
  • Protect member value through cost efficiency and prudent financial management

Committee oversight

Investments and Project Monitoring Committee (IPMC)

Challenges, uncertainties, and disruptive factors

Key challenge

Sustaining the exceptional growth achieved in FY2025/26 will be challenging as investment returns normalise and employer compliance continues to require attention. The priority is to translate strong financial performance into reliable, long-term growth in members’ savings.

Mitigating factors/opportunities

Measures undertaken to address the challenge

The Fund actively repositioned its portfolio to capture opportunities across listed equities, fixed income, and foreign exchange. It also developed a Social Impact Investment Policy to guide investments that generate sustainable, risk-adjusted returns for members while delivering measurable social and economic benefits, expanded voluntary saving through Smartlife and accelerated the disposal of completed property stock.

Mbale City House was completed, while the Temangalo Housing Project progressed towards market entry. During the financial year, we also conducted the Employer Amnesty Campaign to encourage defaulting employers to regularise their contribution obligations and improve compliance.

Trend during the reporting period

Assets Under Management increased by UGX 6.86 trillion, from UGX 26.01 trillion to UGX 32.87 trillion, representing 26% growth and exceeding the 12% target by more than twofold. Contribution collections rose by UGX 308.8 billion, or 13.7%, from UGX 2.13 trillion to UGX 2.42 trillion, while average monthly collections increased from UGX 177.5 billion to UGX 203.3 billion.

As a result of the Employer Amnesty Campaign, UGX 89 billion in contribution arrears was recovered.

KPI

Minimum return of 10-year inflation +2%

Outlook

In FY2026/27, the Fund aims to grow Assets Under Management to UGX 37.42 trillion, supported by average monthly contributions of UGX 216 billion and a targeted gross investment return of 13.5%. The portfolio pivot will begin through carefully selected infrastructure, alternative and regional investments, while priority property developments and disposals will continue.

With voluntary contributions accounting for approximately 40% of contribution growth, the Fund will scale Smartlife and voluntary top-ups, while strengthening digital channels and member engagement to encourage more regular and adequate saving. Employer segmentation, arrears recovery and reactivation initiatives will also be intensified to improve remittance compliance. The Fund will maintain an expense ratio of no more than 0.91%, while preserving sufficient liquidity and applying rigorous due diligence to new investments.

Up nextManufactured Capital

NSSF Integrated Report 2026

Ways to navigate

Choose how you would like to explore the digital publication.

Viewing on a laptop

For the best experience on a laptop, view the report in full screen.

In Chrome, open the three-dot menu at the top right, then select the full-screen icon beside Zoom.

To exit, move your pointer to the top of the screen and select the exit full-screen button.

Move through the report in the way that works best for you.

Contents Overview

Quick access

NSSF Integrated Report 2026

Search the Report

Start typing to search the Integrated Report.

Downloads

Download the full report, complete chapters or selected report sections.

01

Report Overview

02

Our Business

03

Our Strategy

04

Our Governance

05

Our Sustainability

06

Our Performance

No sections selected

Share This Page