The Chief Operations Manager, Nightingale Mirembe said that this is attributed to an increase in member contributions, returns on investments in the equity market and the employment of a new risk management policy.
Mirembe made this revelation at the Eighth Annual General Meeting of the Parliament Pension Scheme on 21 February 2020.
“The use of a new risk management policy has helped us focus on investing in items that have less risk and greater return,” says Mirembe.
She added that risk management is crucial since the core value of the scheme is in investing funds for value and mitigating risks.
Mirembe added that this helped the fund realize improvement in other aspects of the scheme like prompt payment of pension benefits and.
“We have been able to pay out pension benefits by the 15th day of the month and sometimes the 10th day; we have also reduced the unclaimed benefits from over Shs3 billion to Sshs500 million,” she said.
Speaker Rebecca Kadaga pledged to support the Scheme and to remind the President of his pledge towards offering funds to boost it financially.