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e-statement

Welcome to the NSSF E-statement feature. In our continued effort to serve NSSF members better, we have enhanced the e-statement feature to make it more user-friendly, quicker and easier and to access your e-statement online.



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Welcome to the NSSF pre-registration feature. Please note that only non-registered members are to use this feature.



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Customer query

Welcome to the NSSF customer query feature. In our continued effort to serve NSSF members better, we have enhanced the e-statement feature to make it more user-friendly, quicker and easier and to access your e-statement online.



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YOUR STORY


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Contributions

The NSSF covers all employers who have 5 or more employees between 16 and 55 years of age, with the exception of employees under the Government Pensions Act. The NSSF Act requires a registered employer is required to pay contributions to the Fund for his\her employees every month during which he/she pays salaries.

The NSSF Act also provides for voluntary membership for employers with less than 5 employees.

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Investment

NSSF collects members' contributions and invests them judiciously, and pays commensurate benefits to qualifying members. The money collected is maintained on individual member accounts, invested and earns an annual interest depending on our return on investments.

NSSF's Investment Policy provides for clear guidelines on investments. The Board and Management are mandated by the NSSF Act to invest the money on behalf of the NSSF members. Currently, NSSF has various investment interests in real estate, equities, and fixed income. The benefit for the member is that the member is assured of secure retirement.

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Benefits

NSSF administers and pays qualified contributing persons the following benefits;
Age
Invalidity
Survivors
Withdrawal
Exempted Employment
Emigration Grant

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Contact info

  • Plot 1 Pilkington Road,
    Workers House, 14th Floor

  • P.O Box 7140, Kampala, Uganda
  • Email: customerservice@nssfug.org
  • Phone: +256 313-331-755
  • Toll free: 0800 286 773
  • Website: www.nssfug.org

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NSSF’s new payment plan to allow partial payments for eligible members

KAMPALA; Wednesday November 21 2018 – The National Social Security Fund (NSSF) has today announced a benefits payment plan that will allow qualifying members to retain part of their savings with the Fund at the point of exit to avoid depletion of their life savings within a short period.

 

The innovation, dubbed NSSF Draw Down Payment Plan, will be eligible to members who qualify for Age Benefit and Withdrawal Benefit.

 

According to the NSSF Act, Age Benefit is paid to a member of the Fund “if he or she attains the age of fifty years and has retired from regular employment; or if he or she attains the age of fifty-five years”.

 

Withdrawal Benefit is paid to a member of the Fund “if he or she attains the age of fifty years; and if he or she has not been employed under a contract of service for a period of one year immediately preceding his or her claim.

Withdrawal Benefit is also paid to “any person who ceases to be a member of the fund by virtue of being employed in excepted employment”.

 

Speaking to media at the launch of the plan at Workers House today, Patrick Ayota the Fund’s Deputy Managing Director said the plan will enable qualifying members utilise their NSSF savings slowly as they work through a retirement plan/investment that works for them.

 

“We have received several requests from qualifying members to pay them a portion of their savings and pay them the balance in instalments as they finalize their investment plans for the large sums saved.” Ayota said.

 

“It helps to extend income security during retirement because a member can decide how much they wish to retain in their NSSF account and when they wish to claim it all. This will enable our members avoid the risk of burning out life’s savings upon payment of a lump sum at a go by cushioning against losses, which may arise out of making rushed investment decisions,” he added.

 

The Draw Down Payment Plan was informed by a survey we conducted amongst 45- 60 year old members where 62% said they would consider the payment of their benefits in instalments rather than receiving them in a lump sum.

 

According to an earlier internal survey by the Fund, more than 70% of the beneficiaries had depleted their savings received from the Fund within two years, and most wished they had had an opportunity to receive their savings in installments.

 

Members also will have an opportunity to maintain a cash flow pattern that they may have been familiar with while still in employment.

 

Ayota also said that members that enroll for the plan would continue to receive annual interest on their balances retained by the Fund in line with the interest that will be declared by the responsible minister in a given Financial Year.

 

 

NSSF DRAW DOWN PAYMENT PLAN FACT SHEET

 

1. What is Draw Down Payment Plan?

It is a new product introduced by the National Social Security Fund (NSSF). It enables members who qualify for selected NSSF Benefits to retain some of their savings at payment of their benefit claims to avoid depletion of their life savings within a short-term period.

 

2. What are the key features and benefits of the Draw Down Plan to NSSF members?

The Draw Down Plan helps qualifying members utilise their NSSF savings slowly as they work through a retirement plan/investment that works for them.

It helps to extend income security during retirement because a member can:

a) Decide how much they wish to retain in their NSSF account and when they wish to claim it all

b) Continue to earn interest on the retained savings

c) Avoid the risk of burning out life’s savings upon payment of a lump sum at a go

d) Cushion against losses, which may arise out of making rushed investment decisions

 

3. Who qualifies for Draw Down Plan?

Initially, it will be open to any NSSF member/beneficiary eligible for Age Benefit (paid to members that attain the age of 55 years) and Withdrawal Benefit (paid to members who attain 50 years but have been out of employment for a period of one year. It is also paid to a contributing member who joins employment categories that are exempted i.e. have their social protection schemes that are recognized under the existing law and are exempted from contributing to NSSF).

 

4. How much of his/her savings can one draw?

A qualifying member can draw any amount of money that suits their plans, but must be at least UGX 500,000. The amount of money retained must not be less than 500,000 or 10% of the balance standing at the time of the claim, whichever is higher.

 

5. When can one enroll?

To enroll for the Draw Down payment Plan, one must qualify for either Age Benefit or Withdrawal Benefit.

 

6. How many times can one claim their savings under Drawdown Product?

A member can claim every after six months (bi annually) subject to other terms and conditions for members below the age of 55 years (Refer to NSSF Act, Section 20 (3).

 

7. Does my money earn interest?

All money retained in a members accounts that was part of a Financial Year’s opening balance will earn the year’s interest once declared. Money withdrawn before declaration shall earn interest of 2.5% as per Section 35 (3) of the NSSF Act.

 

8. How is the annual interest calculated considering the money withdrawn?

The current interest calculation provided for by the law continues to apply i.e it is computed on opening balance less any withdrawals.

 

9. How does one apply for Draw Down?

Visit any nearby branch, as you log your benefit claim indicate your preferred drawdown options.

 

 

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