The Makerere University Retirement Benefits Scheme (MURBS) Board of Trustees on 23^rd October 2025 during the 15^th Annual General Meeting declared an interest on 13.56% on Members balances for the Financial Year 2024/2025. Held in the Main Hall for the first time since the Main Building’s reconstruction, the AGM was a chance for the Board of Trustees led by Dr. Michael Kizito to showcase the dedication, strategic initiatives and resilience that had enabled the fund to grow by 16.2% from UGX 409.2 billion as at 30^th June 2024 to UGX 475.5 billion as at 30^th June 2025.

MURBS asset classes and contributions

Some of these strategic initiatives included investing 86.4% of MURBS’ portfolio in long-term Ugandan Government Bonds. This decision was in line with the Uganda Retirement Benefits Regulatory Authority (URBRA)’s approved waiver, allowing investment of up to 90% in this asset class. Investments in other asset classes included Unit Trusts (10.3%), Real Estate (3.19%), as well as Equities and Fixed Deposits at 0.08% each.

Additional contributors to the fund growth included the remittances from the Sponsor, Makerere University, which grew by 6.4% from UGX 34.4 billion to UGX 36.6 billion. Of particular significance were remittances from staff on projects amounting to UGX 4.59 billion, attracting the Chairperson’s commendation.

“MURBS Trustees appreciate the Sponsor’s compliance and are grateful for the engagements so far to settle historical debts” enthused Dr. Kizito, before adding “We equally recognize Principal Investigators, Accountants and College Principals who remitted to MURBS retirement contributions for their staff on contract and under different projects.” Thirteen new projects were registered by MURBS during the last quarter of FY 2024/2025, bringing the total number of projects remitting staff benefits to the Scheme to 174.

Membership and savings

As such, the number of MURBS Members actively contributing to the scheme grew from 3,137 last year to 3,368 as at 30^th June 2025. Of these, the majority i.e. 1,648 (48.93%) had savings below UGX 50 million, followed by 524 (15.56%) with savings between UGX 500 and 550 million. The minority i.e. 1 (0.03%) member has the highest savings between UGX 650 and 700 million, followed by 2 (0.06%) with savings between UGX 600 and 650 million.

Retirement of staff is a normal practice and as such, MURBS paid benefits worth UGX 21.7 billion last financial year. As alarming as this figure was, the Chairperson reassured members that the rise in benefits paid is a normal trend “because it corresponds to rise in the value of individual holdings for members.

“Our retirement benefits packages now include partial withdrawals after retirement, annuity arrangement with reputable industry partners, and Mid-Term Access,” explained Dr. Kizito.

Milestones registered

MURBS registered a number of achievements during the last financial year in its bid to ensure transformative growth. These included completion of a benchmarking process that will see the procurement and introduction of a modern Management Information System (MIS) to strengthen operational efficiency. The Chairperson equally announced that the MURBS Mobile App had been developed and is ready for deployment. The App, he added, will “dramatically enhance the member experience by offering instant access to benefit calculators, account information, and real-time statements.”

Other milestones highlighted by Dr. Kizito included the implementation of Document Management System (DMS) for efficient records management, and the acquisition of new office premises to accommodate the scheme’s growth and offer more member-focused services. On this note, the Chairperson appreciated the Makerere University Council and Management for their support in ensuring that MURBS continues to deliver “an enabling environment that promotes productivity, accessibility, and efficiency for both members and staff.”

Sector Regulator applauds MURBS Trustees

Speaking on behalf of URBRA, Mr. Mark Lotukei commended MURBS Trustees on leveraging sector rules to ensure that members receive the best return on investment for their benefits. “From this year’s presentation, your funds were invested more than 80% in government securities, which shows that your trustees were proactive enough to take advantage of shifts in the marketplace” he commended.

Mr. Lotukei urged MURBS members to use the platform provided by the AGM to not only question the Trustees decisions but also improve their own awareness of how scheme business is conducted. He equally encouraged members to make the most of the regular free online trainings provided by URBRA. “Those two hours could change a lot in terms of enabling you to plan better for your retirement”.

A pledge to continue delivering value

True to Mr. Lotukei’s encouragement, the AGM was concluded with a lively question and answer session, where members thoroughly probed the Trustees on various issues presented in the annual report. In addition to the Chairperson, other Trustees namely; the Board Secretary – CPA Francesca Angida Mugyema and Members – Mr. Joseph Ikarokok, Dr. Elizabeth Nansubuga, Mr. George Bamugemereire, and CPA Edna Rugumayo were on hand to provide responses, while Trustee Dr. Deus Kamunyu Muhwezi moderated the session.

In addition to Trustees, the Board’s co-opted experts include; CPA David Ssenoga, Dr. Saul Nsubuga, Mr. Alan Lwetabe, and Mr. Paul Kuteesa. The Board of Trustees is supported in the daily running of Scheme business by the Secretariat that is made up of; Ms. Susan Khaitsa, Ms. Juliet Nabukeera, Ms. Julian Marembo, Mr. Marvin Kakumba, Ms. Rhonah Asingwiire, Ms. Rebecca Nairuba, and Ms. Doreen Namono.

In closing, the Chairperson reassured Members of the MURBS’ Trustees unwavering commitment to continue focusing on optimizing operations, enhancing revenue streams through alternative investments, and delivering value to stakeholders.