Makerere University Retirement Benefits Scheme ( MURBS )
About Company
About MURBS
Makerere University Retirement Benefits Scheme (MURBS) is a Mandatory Employer Scheme for Makerere University Staff.
Established by Makerere University under an irrevocable trust. On 23 April 2010, MURBS was registered as a corporate body under the Trustees Incorporation Act, CAP. 165. MURBS commenced its operations on 1 July 2010.
After enacting the Uganda Retirement Benefits Regulatory Authority Act, 2011, MURBS was established as a Voluntary Occupational Scheme under the new law. MURBS is licensed by URBRA (License Number RBS.0005). On 21 June 2021, the Minister responsible for Finance, Planning and Economic Development exercised his powers under the law and approved MURBS as a superannuation scheme, in the category of “Exempted Employment” under the NSSF Act.
Our Mandate
MURBS’ Mandate involves four core functions, which can be summarised as follows
1.Collecting contributions.
2.Investing Scheme funds.
3.Safe keeping of assets/ custody.
4. Paying benefits.
Our Mission
To collect, secure and invest funds for the benefit of members and provide efficient services to members.
Our Vision
Outstanding service and retirement security for members – today and tomorrow.
Our Values
Ethics
Acting with virtue, integrity, responsibility, courage and professionalism
Stewardship
Fulfilling fiduciary responsibilities, and obligation of building a better, stronger and more durable Scheme for future generations.
Transparency
Communicating openly and frequently with stakeholders; setting out information in a format that is clear and understandable and being open to scrutiny and oversight.
Accountability
Being answerable to membership and other stakeholders.
Client-Focus
Meeting expectations of client by being responsive and relevant to the needs of clients.
MURBS Establishment and Evolvement
The Sponsor, Makerere University, is empowered by law to provide retirement benefits for her staff. Thus, the Sponsor operated various retirement benefits schemes since 1948.
Under such powers, on 1 April 2009, the Sponsor established with irrevocable trusts the Makerere University Retirement Benefits Scheme (MURBS) for the purpose of providing retirement benefits to employees of Makerere University, present and future, under the provisions of the Trust Deed and Scheme Rules dated 10 September 2009.
July 1996
The Sponsor managed a Deposit Administration Plan (the DAP scheme) through the National Insurance Corporation (NIC).
31 March 2009
The Sponsor operated the In-House Retirement Benefits Scheme (IHRBS) in favour of the qualified members up to 31 March 2009.
1 April 2009
Under the Trust Deed, all the accumulated funds for the IHRBS and the DAP scheme, which were previously administered by Makerere University, were to be transferred to MURBS. However, the Sponsor only transferred a portion of the accumulated funds to the newly created scheme.
23 April 2010
MURBS was registered as a corporate body under the Trustees Incorporation Act, CAP. 165. MURBS commenced its operations on 1 July 2010.
After the enactment of the Uganda Retirement Benefits Regulatory Authority Act, 2011, MURBS was established as a Voluntary Occupational Scheme under the new law. MURBS is licensed by URBRA (License Number RBS.0005).
21 June 2021
The Minister responsible for Finance, Planning and Economic Development exercised his powers under the law and approved MURBS as a superannuation scheme, in the “Excepted Employment” category under the NSSF Act.
