Uganda’s National Social Security Fund (NSSF) said its assets rose 26.4% to 32.87 trillion Ugandan shillings in the 2025/26 financial year, with total income up 85% to 6.51 trillion, it told members on Thursday.

The fund presented the figures at its 11th Annual Members’ Meeting. The increase in NSSF Uganda assets, up 6.86 trillion shillings from the previous year, leaves the fund at 41% of its Vision 2035 target of 80 trillion shillings in assets under management, the presentation showed.

Total income rose 85.1% to 6.51 trillion shillings, the fund said. Of that, 3.88 trillion shillings was realised revenue, while 2.62 trillion shillings came mainly from fair-value and foreign-exchange gains.

Fair-value gains are changes in the market value of investments that have not been sold. They are recorded in income but do not represent cash received.

Interest income rose 21.5% to 3.498 trillion shillings, the fund said. Dividend income increased 55.0% to 369 billion shillings, and real estate income grew to 16 billion shillings.

Net fair-value gains were 2.449 trillion shillings. The fund also swung from a foreign-exchange loss of 274 billion shillings a year earlier to a gain of 173 billion shillings.

Contributions collected rose 13.7% to 2.419 trillion shillings, the NSSF said.

It attributed the increase to 10% growth in active membership and the reactivation of about 55,000 dormant members. Voluntary contributions rose eightfold to 138 billion shillings, which the fund linked to enrolments in its “Smart Life” product.

Benefit payments increased 17.1% to 1.549 trillion shillings, the fund said, reflecting higher claim volumes and larger amounts paid per claim.

A total of 50,499 members received payments in the year. Age benefits and mid-term benefits, which allow members to withdraw part of their savings before retirement, accounted for about 65% of all claims, the presentation showed.

The fund said its operating costs have stayed broadly flat over the past five years while revenue and interest credited to members have risen.

The slides put value created at 27 shillings for every shilling spent this year, compared with 24 shillings a year earlier. The accompanying chart showed expenses of about 277 billion shillings in 2026, against revenue of about 6.5 trillion.

The NSSF said its stated goal is to credit members’ savings with interest at least 2 percentage points above the 10-year average rate of inflation.

The NSSF is Uganda’s state-run retirement savings scheme. It collects mandatory contributions from employers and employees in the formal private sector and invests them in assets including bonds, equities and property.

The 80 trillion shilling Vision 2035 target is the fund’s own long-term goal for total assets. On the figures presented on Thursday, assets have to grow by roughly 47 trillion shillings to reach it.