Parliamentary Pension Scheme Pays Out UGX 19.5 Billion Midterm Benefits, Assets Reach 492 Billion
The Uganda Parliamentary Pension Scheme (PPS) has made a payout of at least UGX 19.5 billion in midterm benefits to its members, as revealed at the scheme’s 13th annual general meeting yesterday.
The meeting was officiated by the Speaker of Parliament, Annet Anita Among, who was represented by the Minister of State for Finance, Planning and Economic Development, Hon. Henry Musasizi, at the opening ceremony.
The Speaker noted that the midterm benefits payout is a testament to the scheme’s robust financial health, with total assets reaching UGX 492 billion as of June 30, 2024. This asset base is expected to provide a strong foundation for the scheme’s future growth and benefit payouts.
“I have been informed that the gross investment income recorded was UGX 66 billion for the financial year 2023/24.” Speaker Among said.
This impressive performance is attributed to the scheme’s prudent investment strategies and the government’s supportive macroeconomic policies.
Dr. Francis Epetait, representing the Chairperson of the Board of Trustees, commended the government for keeping inflation in check, which has helped preserve the value of members’ funds.
Minister Musasizi thanked the members for their support, emphasizing the importance of the scheme in providing financial security to its members.
The Uganda Parliamentary Pension Scheme (PPS) was established in 2007 as a contributory hybrid cash balance retirement benefits plan. Its primary objective is to provide pension and other retirement benefits to Members of Parliament and staff of the Parliamentary Commission on permanent and pensionable terms.
