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Benefits of saving with NSSF
Margeret M. Mawejji
Margaret Mawejje’s story is one of resilience and wise financial decisions. Having saved with NSSF since the very start of her career in 1990, she has experienced first-hand the security and peace of mind that the Fund provides.
As a widow and mother of two, Margaret’s journey shows how consistent saving, careful planning, and trust in NSSF can empower members to enjoy retirement with dignity and confidence.
Tell us about yourself, including your family?
I am a Christian and a mother of two boys, my firstborn works with a bank and my second is in his first year at university. I currently live in Bweyogerere, Wakiso District. I am a widow, my husband (Julius Mawejje) passed away in 2011.
Please share your career journey leading up to retirement
I began my career journey in Information and Technology in 1990 at United Assurance Company, which later became UAP Insurance Company Limited and was finally renamed UAP Old Mutual Uganda in 2011. In 2018, I joined Spear Motors Limited as a Systems Administrator and was subsequently promoted to Business Analyst in the IT department, a role I held until reaching my retirement age in 2022. Thereafter, I was offered a three-year short-term contract, which I served until my final retirement in March 2025.
When did you begin saving with NSSF?
My journey with NSSF began in 1990, when I started my first job at United Assurance Company. It was there that my employer introduced us to NSSF and explained how it worked, and it has since become a pillar of support throughout my career and in managing my family as a single mother. Although saving with NSSF was mandatory, I found it encouraging to know that while the employee contributed 5%, the employer contributed an additional 10%. I was fortunate that all my employers remitted my contributions consistently and on time.
Could you please share your experience when accessing your benefits from NSSF?
Upon reaching retirement age in 2022, I chose to access 15% of my NSSF savings through the Bugolobi Village Mall branch. I was warmly received, guided through the required forms, and within two days the funds had been deposited into my account. This efficiency was particularly helpful, as I had a pending investment that required a quick cash top-up, which NSSF made possible. What stood out most for me was the professionalism of the staff, the impressive turnaround time, and the overall quality of service I experienced during that process.
What does this retirement milestone mean to you personally?
This retirement milestone means a great deal to me. Had I withdrawn all my savings in 2022, I would be struggling today with nothing left to rely on. Choosing instead to reinvest 15% and leave the remainder with NSSF, where it continues to grow through interest, has given me the assurance that I can enjoy retirement with peace of mind even without formal employment. Knowing that I can access my savings when needed also provides me with confidence, as it serves as a reliable backup plan in case of any emergencies during this phase of life.
Many members choose to withdraw their benefits at retirement. What influenced your decision to keep your money with the Fund?
It was not an easy decision, especially after losing my husband and shouldering the responsibility of raising my family on my own. I had to carefully think through how best to manage and grow my savings, despite the financial pressures I faced. Fortunately, I was still employed at the time of his passing, and even beyond my retirement age, which allowed me to rely on my monthly salary while NSSF contributions remained intact and continued earning interest.
What profoundly influenced my decision to keep my money with NSSF was the projected interest growth visible on the NSSF Go App, which provided clear estimates of how much my savings would grow if left untouched for several more years. Knowing that NSSF is a secure, multi-trillion entity gave me confidence that my funds were safe and well-managed. The ability to track my savings easily through my phone also gave me peace of mind.
Altogether, these factors motivated me to leave my contributions with NSSF, where they continue to grow, while I take time to plan carefully for future investments.
What message would you like to share with the people who are struggling to save or manage their finances?
My message to those who are struggling to save or manage their finances is to start small but stay consistent. Re-invest your income in different schemes and consider short-term investments that can accumulate value and be easily liquidated in times of emergency since it can be accessed anytime.
Young people should take advantage of the upcoming NSSF voluntary schemes and products that match their means. Allow your savings to grow, generate returns, and secure your retirement.
It is also important to make use of financial literacy programmes, which can teach you practical ways to save, for example, setting up a monthly standing order with your bank to automatically contribute to NSSF.
Most importantly, as you spend, make it a habit to set aside a portion of your earnings for your future and for your family, ensuring you are prepared for both retirement and unexpected emergencies.
What advice would you give to other members approaching retirement age who are deciding what to do with their benefits?
My advice to members approaching retirement is simple: do not rush to withdraw your savings if you do not yet have a clear plan. Allow your money to keep growing through interest while you take time to decide. If you are still earning a salary after retirement age, rely on that income and let your NSSF savings accumulate.
Only consider withdrawing a portion if you intend to re-invest, not to cover day-to-day expenses. Take advantage of NSSF’s voluntary savings schemes, as well as financial literacy programmes and annual member meetings where you can learn from experts and testimonies of fellow savers. Many have seen their money double simply by leaving it to grow, a powerful reminder that patience pays off.
I would like to encourage everyone, especially my fellow retirees and those nearing retirement, to secure their future with NSSF. The Fund is transparent, reliable, and provides peace of mind knowing that your money is safe and accessible whenever you need it.
For those that have not started saving yet, I strongly encourage you to register through the self-registration process on the NSSF website and begin your journey with NSSF. It is the surest way to build a better, more secure life.