MURBS Fund Value Grows to UGX 409.2 Billion
Drake Nyamugabwa
By Darlington Mabonga
The Makerere University Retirement Benefits Scheme [MURBS] has posted an impressive fund value growth of 409Bn as of the 2023/24 financial year which development reveals excellent performance by the scheme.
The shocking development now puts the fund among the top four of the several listed schemes in the country and experts say MURBS is now the power house on the block to watch.
Dr. Elizabeth Patricia Nansubuga, the Board Chairperson of the Makerere University Retirement Benefits Scheme (MURBS), was yesterday 24/10/2024 addressing members during their 14th annual general meeting held at the school of public health auditorium Makerere University attended by over 600 members in house and online respectively.
The disclosed that the MURBS fund value has grown to UGX 409.2 billion as of the 2023/24 financial year which ended on June 30, 2024 adding that over the last 14 years, MURBS has grown into the fourth-largest retirement benefits scheme in Uganda by fund value and is regarded as one of the best-managed schemes in the country.
She acknowledged the efforts, hard work, commitment and resilience of the past and current leaders for the continuous growth of the scheme.
“By 30th June 2023, MURBS had a fund value of 352.4 billion however the Trustees targeted Fund growth of 17%, and I am glad to inform you, that the fund value of MURBS, as per the Audited Financial Statements of 30th June 2024 is 409.2 billion, which is an increase of 16.1%, failing to hit the target by less than 1%’’ noted the beaming Nansubuga.
She observed that the achievement was made possible by strategic periodical activities undertaken by the Board and their fund managers, supported by the strong oversight committees of the Board.
She further shared that MURBS was able to improve the funds’ value after having an impressive financial performance, recording a net investment income of UGX 44.6 billion, far higher than the UGX 34.4 billion was collected in contributions during the financial year.
It is against this background that Dr. Nansubuga unveiled the 13.40% interest that the Trustees awarded to members with respect to the Financial Year 2023/24 which is higher than the one awarded last Financial Year.
Board chairpereson [L] Dr.Nansubuga shares a light moment with the lady masters of ceremonies of the day
Dr. Nansubuga further revealed that in order to have members who are grounded in protecting the benefits of the members, the Trustee made a decision to train its staff comprising of six in Tax, Corporate Governance, Digital Trust and Cyber security, Investment opportunities in the Downturn landscape, Data Protection and Privacy Awareness, among others.
The Financial Year 2023/24 under review marked the beginning of the implementation of the Board’s new Strategic Plan (23/24 – 27/28) which is centered around four strategic pillars – Member satisfaction, Financial Sustainability, Institutional capacity, and Stakeholder satisfaction.
She explained that through this they have been able to grow the fund value of the scheme by 16.1% from last financial year. She explained that although they did not reach their goal of improving the fund value by 17%, they appreciate the stakeholders for the milestone reached.
MURBS is the mandatory scheme for Makerere University staff which was established under irrevocable trusts with effect from 1st April 2009.
It was set up by Makerere University for the purpose of providing retirement benefits to employees of Makerere University upon retirement from the University.
