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HIGHLIGHTS

Our Report Overview

Our Integrated Report aims to provide a balanced and accurate reflection of our strategy, performance, opportunities and future outlook in relation to material financial, economic, social and governance issues. The intent of the report is primarily to address value creation considerations and sustainability over the short, medium and long term. We strive to incorporate the principle of integrated thinking into our business and ultimately our reporting.

  • Introduction

    As the National Social Security Fund, mandated by Government to provide social security services to private sector employees, including non-governmental organisations not covered by the government’s pension schemes, we are proud to present our first digital integrated report to you for the year ending 30 June 2021.

    This report has been aligned to the International <IR> Framework as a guideline. It is also in compliance with the National Social Security Fund Act (Cap 222) of Uganda. “National Social Security Fund”, “NSSF” and “The Fund” are used interchangeably but refer to the same entity.

  • Purpose, scope and boundary of report

    Our integrated report is a demonstration of our value creation story and our commitment to you, our members, to make your lives better, as we build a sustainable future together. It aims to provide a balanced and accurate reflection of value creation, preservation and erosion in terms of our strategy, performance, risks, opportunities, trade-offs and future outlook in relation to material financial, economic, social and governance issues. This report primarily addresses how we create value over the short, medium and long term, with a demonstration of the effects on the six capitals (i.e. outcomes) providing our stakeholders with a transparent and holistic view of our business operations.

    This integrated report covers the performance of National Social Security Fund (NSSF), both from a financial and non-financial perspective, for the financial year ended 30 June 2021.

  • Materiality

    As the National Social Security Fund, mandated by Government to provide social security services to private sector employees, including non-governmental organisations not covered by the government’s pension schemes, we are proud to present our first digital integrated report to you for the year ending 30 June 2021.

    This report has been aligned to the International [IR] Framework as a guideline. It is also in compliance with the National Social Security Fund Act (Cap 222) of Uganda. “National Social Security Fund”, “NSSF” and “The Fund” are used interchangeably but refer to the same entity.

  • Materiality determination process

    Identify matters by scanning the internal and external environment.

    Prioritise matters and formulate the strategic risks and opportunity register.

    Define strategy and targets incorporating performance measures.

Forward-looking statements

This report may contain forward-looking statements with respect to the Fund’s future performance and prospects.

While these statements represent our judgements and future expectations at the time of preparing this report, a number of emerging risks, uncertainties and other important factors could cause actual results to differ materially from our expectations. These include factors that could adversely affect our business and financial performance.

Outlook

Outlook information comprises challenges, opportunities and disruptive factors we have identified that have the potential to affect the achievement of our strategic objectives and our mitigating response as well as opportunities identified.

Outlook information can be found throughout this report; however, the majority of this information can be found in our outlook section.

Internal controls and assurance

The Internal Audit function supports the integrity and transparency underlying integrated reporting, by providing an independent reassurance on business sustainability. Internal Audit’s role is achieved through providing assurance on financial, as well as non-financial reporting, governance, risk management, and control processes supporting the main objectives of integrated reporting.

The Internal Audit function provides independent and objective assurance of the design and operating effectiveness of the framework of risk management, controls and governance processes, focusing on the areas of greatest risk.

External Audit

The external auditors undertake audits of the Annual Financial Statements - accordingly, the Auditor General appointed PwC Uganda to conduct an annual audit of the National Social Security Fund for the year ending 30 June 2021.

The auditors issued an unqualified audit opinion, in accordance with International Financial Reporting Standards and in the manner required by the Uganda Retirement Benefits Regulatory Authority Act and the NSSF Act, a testament of the Fund’s healthy financial state.

Combined Assurance

Accountability is clear within the three lines of defence model, with assurance providers working together to provide coordinated assurance. Enterprise Risk Management, Legal and Internal Audit, work collaboratively to provide combined assurance on risk, compliance and internal controls. Combined assurance ensures that there is comprehensiveness in terms of coverage, and avoidance of duplication.

Key components of the integrated report, such as governance, risk management and controls are assured.

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