Northern Uganda: NSSF urges careful use of retirement benefits

The National Social Security Fund (NSSF) has cautioned savers, especially retirees, to remain vigilant against fraudsters targeting their benefits and to plan wisely before spending their retirement money.

Speaking during the 2026 Regional Employers’ Meeting for Northern Uganda held at Margarita Hotel in Lira City, NSSF Chief Commercial Officer, Geoffrey Waiswa Sajjabi, warned that criminals are actively tracking beneficiaries and attempting to defraud them.

Sajjabi told participants that fraudsters often have access to personal details of individuals receiving their NSSF payouts, making them particularly vulnerable.

“We have already arrested some culprits involved in fraud, but the threat still exists. Beneficiaries must stay alert to avoid losing their money,” he said.

He urged retirees to develop clear financial plans before accessing their savings, emphasizing that poor planning could lead to total financial loss.

The Chief Commercial Officer at the Fund cited a case of a friend who invested all his retirement benefits in a large-scale cement business in his village without proper guidance, only for the venture to fail and wipe out his entire savings.

“If you are going to invest, seek advice first on the type of business to start. Without proper planning, you risk losing everything,” he cautioned.

He further stressed that NSSF savings are primarily intended to support individuals during old age, not for luxury spending.

“This money is meant to sustain you after retirement. While it is okay to improve your home, do not exhaust all your savings on building a luxurious house. Start small and plan wisely.”

Meanwhile, the NSSF Chief Procurement Officer, Dan Mugura, commended women for their strong financial management skills, noting their growing influence in Uganda’s business sector.

“Between 38 and 40 percent of businesses in Uganda are owned by women. When women are given money, they tend to plan better and use it more responsibly,” Mugura said, adding that empowering women financially contributes significantly to household stability and economic growth.

Participants at the meeting also shared their experiences and lessons from the training.

Laker Regina from St. Joseph Hospital School of Nursing and Midwifery,  said the engagement had strengthened her understanding of saving with NSSF and the importance of financial discipline.

Harriet Oroma, an HR officer with African Woman Rising, noted that consistent saving with NSSF provides long-term security and helps workers plan for their future with confidence.

Another participant, Amongi Isabella, said she gained critical knowledge on accountability and transparency. “One of the key things I learned is about whistleblowing. If you notice anything suspicious or wrong, you should report it to NSSF instead of keeping quiet, to prevent bigger problems.”

Amongi added that the training also covered a wide range of topics including voluntary saving, procurement processes, personal financial management, and strategic planning.

The NSSF is a social security provider that caters to private sector employees who are not covered under the government pension scheme.

The Fund offers a range of benefits, including withdrawal benefits, age benefits, and survivors’ benefits.