Fund Manager Stanlib introduces Retirement Benefits plan.

Silvia Nyambura

Ugandans’ poor saving culture has contributed largely to a lack of retirement plans for the old generation therefore perpetuating the cycle of poverty in the country. This observation was made by James Muratha the regional director of Pension Fund Management firm Stanlib a subsidiary of Liberty Group while launching the Stanlib Umbrella Fund at the Sheraton Hotel Kampala on 16^th of April 2014. The Stanlib Umbrella Fund is a retirement plan aimed at preparing the firm’s customers for retirement by putting aside part of their income during their productive working years.

According to Muratha, saving for retirement is one of the most neglected financial obligations in Africa with most people hardly saving until old age comes knocking. “Majority of the population do not make sufficient provision for a comfortable retirement which means that they continue to work long after their ideal retirement age, or in most cases depend on their families for support despite the challenging economic times that we live in,