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Parliament pension scheme pays Shs9.135b in retirement benefits to its members

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The parliamentary pension scheme has paid Shs9.135 billion in retirement benefits to its members in 2023.

The revelation was made during the 12th Annual General Meeting (AGM) taking place at Parliament.

Established through an Act of Parliament, the scheme is a contributory hybrid cash balance retirement benefits plan for Members of Parliament and staff of the Parliamentary Commission.

According to the annual report and financial statements for 2023, the scheme boasts 1,398 members, with members’ contributions of Shs48.291 billion and a net asset value of Shs425.260 billion.

“In 2023, the scheme paid out retirement benefits to members amounting to Shs9.135 billion, death benefits of Shs437 million, and disbursed Shs18.69 billion as loans to 170 members,” the report indicates.

The scheme is aimed at providing pension and other retirement benefits to Members of Parliament and staff of the Parliamentary Commission on permanent and pensionable terms and relief to the dependents of the deceased participants.

The scheme is governed by the Board of Trustees appointed in accordance with Section 18 of the Parliamentary Pensions Act, 2007 and regulated by Uganda Retirement Benefits Regulatory Authority (URBRA).

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