Uganda Retirement Benefits Authority
Martin A. Nsubuga
Chief Executive Officer
Uganda Retirement Benefits Authority
Plot 1 Clement Hill Rd.
P.O.Box 7561, Kampala
Tel: +256 417 304 500
+256 312 324 500
+256 200 513 500
URBRA is an autonomous body established by virtue of section 2 of the Uganda Retirement Benefits Regulatory Authority Act 2011, Act No. 15 of 2011. It is responsible for regulating the establishment, management and operation of retirement benefits schemes in Uganda in both the private and public sectors. The Authority is responsible for supervising institutions which provide retirement benefits products and services. URBRA is an oversight body and NOT a Retirement Benefits Scheme.
The primary strategic objectives of establishing URBRA and a strong supervisory framework include: –
- Protection of funds, pension members and beneficiaries’ interest by promoting transparency and accountability;
- Ensuring the stability and integrity of the financial sector through the stability and security of pension funds;
- Ensuring sustainability of the pension sector as a whole and encouragement of pension provision with a view to promoting long term capital development;
- Finally, setting the foundation for the gradual liberalization of the sector.
Mandate of the Authority
The Authority is responsible for the implementation of the URBRA Act, its functions among others include:
- Regulating the establishment, management and operation of retirement benefits schemes in Uganda in both the private and public sectors;
- Supervision of institutions which provide retirement benefits products and services;
- Promoting the development of the retirement benefits sector;
- Licensing of retirement benefits schemes; and
- Licensing of service providers including: – Trustees, Administrators, Fund Managers and Custodians of Retirement Benefits Schemes.
A vibrant, secure and sustainable Retirement Benefits System.
To regulate, supervise and promote the development of a stable and effective Retirement Benefits Sector.
Functions of Authority
- Regulate and supervise the establishment, management and operation of retirement benefits schemes in Uganda, in both the public and private sectors.
- License retirement benefits schemes in Uganda.
- License custodians, trustees, administrators and fund managers of retirement benefits schemes;
- Approve an actuary or auditor of any retirement benefit scheme.
- Protect the interests of members and beneficiaries of retirement benefits schemes including the promotion of transparency and accountability.
- Improve understanding and promote the development of the retirement benefits sector.
- Promote the stability and integrity of the financial sector through ensuring stability and security of retirement benefits schemes.
- Ensure sustainability of the retirement benefits sector with a view to promoting long term capital development.
- Advise the Minister on all matters relating to the development and operation of the retirement benefits sector.
- Implement Government policy relating to retirement benefits schemes.
- Promote public awareness of the retirement benefits sector.
- Any other function conferred upon it under the URBRA Act 2011. end
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