Our Strategy
Progress on 2025 aspirations
Progress against each of our aspirations for the reporting period and outlook ahead is illustrated below:
Providing world-class service to our members
Delighting our Members – Customer satisfaction
2022/2023
- Target: 85%
- Achieved: 88%
2023/2024
- Target: 90%
- Achieved: 87%
2024/2025
- Target: 95%
- Achieved: 88%
2026
- Target: 92%
Key developments for 2024/2025
Our members asked for flexible, relevant products—and we delivered.
This year, we focused on solutions that directly address member needs, prioritising innovation, automation, and inclusivity to enhance service delivery and strengthen trust.
Key developments:
- Automation for efficiency and compliance: Introduced auto-registration, auto-billing, and auto-engagement tools, streamlining processes and proactively managing employer compliance. System upgrades also enabled acceptance of auto-generated bills for prosecution, improving enforcement.
- Product innovation: Launched Smartlife Flexi, a savings product designed for individuals with irregular incomes.
- Informal sector inclusion: Restructured operations and established a dedicated department to extend social security services to the informal sector, advancing our goal of broader national coverage.
Outlook for the year ahead
As we advance toward Vision 2035, maintaining exceptional service and sustaining a 95% customer satisfaction rate remains a top priority. Over the next year, we will focus on the following initiatives to deepen member value and drive inclusive growth:
Expansion of the Smartlife product suite
Enhancing Smartlife Flexi with more tailored solutions, including an affordable housing product to strengthen long-term financial security. Launching Smart Life Fixed with wealth management services, in-house trust solutions for estate planning and intergenerational wealth transfer, and access to a broader healthcare ecosystem.
Group-based savings solutions
Simplifying registration and contributions, particularly for informal sector workers, to accelerate membership and contribution growth in underserved communities.
Voluntary top-ups for mandatory members
Enabling mandatory members to contribute beyond statutory limits, empowering them to grow retirement savings at a pace aligned to their financial goals.
Achieving competitive returns and sustainable growth
Sustainable growth – value creation for long-term sustainability
2022/2023
- Target: UGX 18.98Tn
- Achieved: UGX 18.56Tn
2023/2024
- Target: UGX 21.10Tn
- Achieved: UGX 22.13Tn
2024/2025
- Target: UGX 25.42Tn
- Achieved: UGX 26.0Tn
2026
- Target: UGX 29.58Tn
Key developments for 2024/2025
This year, we exceeded our total asset target by 2%, achieving a 17.4% year-on-year growth. This robust performance was driven by a 10% increase in annual contributions and a 12% rise in total income, primarily from higher yields on treasury bonds.
Key strategic drivers of this success included:
- Value-based budgeting: Continued embedding of our "cost-to-realised-income" approach ensured that every shilling spent delivered measurable value. We closed the year with an expense ratio of 0.89%, outperforming our 1.04% target.
- Partnerships to boost compliance and coverage: Our collaboration with the Uganda Revenue Authority resulted in a 67% increase in registered employers compared to the previous financial year, significantly broadening our contributor base.
- Strategic asset allocation review: Ongoing reviews of our strategic asset allocation enabled greater diversification, capture of emerging market opportunities, and improved risk mitigation.
Outlook for the year ahead
In support of Vision 2035 and our long-term sustainability goals, the Fund will pursue strategic initiatives that unlock new value, enhance member impact, and contribute to national development.
Key priorities for the year include:
Establishing a social investment vehicle
Design and operationalise a dedicated vehicle to manage social impact investments, leveraging up to 1% of Assets Under Management (AUM) for projects that deliver both reasonable returns and meaningful community benefits.
Policy engagement for tax incentives
Work with the Ministry of Finance, Planning and Economic Development (MoFPED) to advocate for tax exemptions on member contributions and Fund investments, supporting sustainability and increasing member value.
Strategic infrastructure investments
Identify and invest in infrastructure projects that offer stable, long-term returns while advancing national economic development priorities.
Private equity opportunities
Target pre-IPO brownfield private equity investments in established businesses with growth potential, further diversifying our investment portfolio.