Uganda Retirement Benefits Regulatory Authority (URBRA) is a statutory body established in 2011 under the URBRA Act 2011. The Authority has the overall mandate of supervising, regulating the establishment, management and operation of retirement benefits schemes and protecting the interests of members and beneficiaries of retirement benefits schemes in Uganda.
A vibrant, secure and sustainable Retirement Benefits System.
To regulate, supervise and promote the development of a stable and effective Retirement Benefits Sector.
The pensions sector is one of the key non-banking financial sectors that is a source for long term finance for investment. It is a long term savings vehicle that permits the population to provide for old age retirement among others and a safety net in general against a variety of unforeseen future consumption requirements. Currently, the pension sector in Uganda is composed of; the Public Service Pension Scheme, which is a Government scheme catering for the pensions of civil servants; the National Social Security Funds, which receives mandatory pension contributions from all private sector employers with five or more staff, and their employees; and a number of occupational pension schemes to which various large employers and their employees make additional contributions, over and above the NSSF mandatory contribution.
The primary strategic objectives of establishing a Retirement Regulatory Authority & a strong supervisory framework include:-
The Uganda Retirement Benefits Regulatory Authority (URBRA) is established by the virtue of section 2 of the Uganda Retirement Benefits Regulatory Authority Act 2011, No. 15 of 2011. It is an autonomous body responsible for regulating establishment, management and operation of retirement benefits schemes in Uganda in both private and public sectors. The Authority is responsible for supervising institutions which provide retirement benefit products and services.
The Authority is responsible for the implementation of the URBRA Act, its functions among others include:-
Section 6 of the URBRA Act 2011 states that, for the purpose of carrying out its objectives, the Authority may exercise, perform and discharge any of the following powers:-