Uganda Retirement Benefits Regulatory Authority Act, 2011
Act 15 of 2011
- Published in Uganda Gazette no. 58 on 26 September 2011
- Assented to on 28 June 2011
- Commenced on 26 September 2011
- [This is the version of this document from 26 September 2011.]
Part I – Preliminary
1. InterpretationIn this Act, unless the context otherwise requires—"Actuary" means a person recognized as such by the Institute of Actuaries in England, the Faculty of Actuaries in Scotland, the Canadian Institute of Actuaries, the Society of Actuaries of the United States of America, the Institute of the Actuaries of Australia or a person holding such equivalent qualification as the Board may, by notice in the Gazette, prescribe;"actuarial valuation" means an analysis made of the cash value equivalent to a benefit, calculated by reference to appropriate financial assumptions and assumptions regarding normal life expectancy;"administrator" means a person appointed by trustees to administer a scheme in accordance with such terms and conditions of service as may be specified in the instrument of appointment and licensed under this Act;"annuity" means a schedule of regular payments made to a member of a retirement benefits scheme or to his or her beneficiary according to the terms of payment of the scheme;"Auditor" means a person registered by the Institute of Certified Public Accountants Uganda (ICPAU) and approved by the Authority;"Authority" means the Uganda Retirement Benefits Regulatory Authority established by section 2;"beneficiary" means a person designated by a member of a retirement benefits scheme, or by the rules of the scheme to benefit under the scheme;"Board" means the Board of Directors of the Authority appointed under section 8;"Chairperson" means the chairperson of the Board;"Chief Executive Officer" means the Chief Executive Officer of the Authority appointed under section 15;"currency point" has the value given to it in Schedule 1;"custodian" means a Financial Institution whose business includes taking responsibility for the safe custody of the funds, securities, financial instruments and documents of title of the assets of scheme funds and licensed under this Act;"defined retirement benefits scheme" means a retirement benefits scheme in which a sponsor undertakes to provide benefits expressed in the form of annuity or lump sum calculation, based on work history and guaranteed return on contribution account regardless of the investment performance of the fund associated with the scheme and accordingly constitutes a contingent liability for the sponsor;"fiduciary" has the meaning given to it by section 72;"Fund" means the Retirement Benefits Regulatory Authority Fund established by section 20;"fund manager" means a person appointed by the trustees to advice on the investment of the assets of the scheme in accordance with such terms and conditions of service as may be specified in the instrument of appointment and licensed under this Act;"inspector" means a person appointed by the Board under section 75 to inspect and examine the books of accounts, records, returns or documents of a retirement benefits scheme;"interim administrator" means a person appointed by the Chief Executive Officer under section 78 to assume the management, control and conduct of the affairs of a retirement benefits scheme in place of the trustee, custodian or fund manager of the retirement benefits scheme;"irrevocable trust" means a legal entity created for the benefit of designated beneficiaries which shall not be revoked or canceled after its creation;"member" means a person who is admitted to the membership of a retirement benefits scheme, who makes contributions, or in respect of whom contributions are made to a retirement benefits scheme;"Minister" means the Minister responsible for finance;"retirement benefits scheme" means a legally binding agreement or arrangement other than a contract for life assurance whether established by a written law or by any other instrument, under which members are entitled to benefits in the form of annuity or a lump sum payable upon retirement, or upon death, termination of service or upon the occurrence of an event specified in the written law, agreement or arrangement;"scheme rules" means the rules specifically governing the constitution, administration and management of a retirement benefits scheme;"secretary" means the secretary to the Board appointed under section 13;"sponsor" means a person who establishes a retirement benefits scheme;"Tribunal" means the Retirement Benefits Appeals Tribunal established under this Act;"trustee" means a person responsible for managing a retirement benefits scheme in accordance with the scheme rules and legal requirements under this Act.
Part II – Establishment and mode of operation of the Uganda Retirement Benefits Regulatory Authority
Uganda Retirement Benefits Regulatory Authority
2. Establishment of the Uganda Retirement Benefits Regulatory Authority
3. Official seal of the Authority
4. Objective of the AuthorityThe objective of the Authority is to supervise and regulate the establishment, management and operation of retirement benefits schemes, and to protect the interests of members and beneficiaries of retirement benefits schemes in Uganda.
5. Functions of the Authority
6. Powers of the AuthorityFor the purpose of carrying out its objectives, the Authority may exercise, perform and discharge any of the following powers—
7. Independence of the Authority
Board of directors
8. Board of Directors of the Authority
9. Tenure of office of members of the Board
10. Remuneration of Board membersThe Chairperson and members of the Board shall be paid such remuneration and allowances as may be determined by the Minister.
11. Functions of the Board
12. Meetings of the BoardThe meetings of the Board shall be conducted in the manner prescribed in schedule 2 to this Act.
13. Secretary to the Board
14. Committees of the Board
Chief Executive Officer and other staff of the Authority
15. Chief Executive Officer
16. Functions of Chief Executive Officer
17. Tenure of office and remuneration of Chief Executive Officer
18. Staff of the Authority
Part III – Funds and expenses of the Authority
19. Funds of the Authority
20. Retirement Benefits Regulatory Authority Fund
21. Bank accountsThe Board shall open and maintain such bank accounts as are necessary for the exercise of the functions of the Authority and shall pay into them—
22. Borrowing powersThe Board may, with the approval of the Minister, borrow money from any source as may be required for meeting the obligations, or discharging the functions of the Authority under this Act.
23. Investment of surplus fundsFunds of the Authority not immediately required for any purpose under this Act may in consultation with the Minister be invested in secure investments in a manner determined by the Board, in accordance with the Public Finance and Accountability Act, 2003.
25. Financial year of AuthorityThe financial year of the Authority shall be the same as the financial year of the Government.
26. Audit of accounts
27. Annual and other reports
Part IV – Establishment of retirement benefits schemes
28. Establishment of a retirement benefits scheme
29. Application for a licence to establish a retirement benefits scheme
30. Grant of licence to operate a retirement benefits scheme
31. Validity of licenceA licence issued to a retirement benefits scheme shall be valid from the date of issue and shall remain in force until the scheme is wound up in accordance with the scheme rules or the law under which the scheme is established or until the licence is revoked under this Act.
32. Revocation of licence
Part V – Licensing of custodians, trustees, administrators and fund managers
33. Custodian, trustee, administrator and fund managerEvery retirement benefits scheme shall have a custodian, trustee, administrator and fund manager licensed in accordance with this Act.
34. Licensing of custodianAn application for a licence as a custodian of a retirement benefits scheme shall not be granted—
35. Application and grant of licence of custodian
36. Refusal of licence of custodian
37. Validity of licence of custodian
38. Revocation of licence of custodian
39. Functions of a custodian
40. Licensing of trusteeA person shall not act as a trustee of a retirement benefits scheme unless he or she has a licence issued in accordance with this Act.
41. Application and grant of licence of trustee
42. Refusal of licence of trustee
43. Restrictions on licence of trusteeA person shall not be licensed as a trustee of a retirement benefits scheme if he or she—
44. Validity of licence of trustee
45. Revocation of licence of trustee
46. Functions of a trustee
47. Licensing of administrator
48. Application and grant of licence of administrator
49. Refusal to grant licence of administrator
50. Restrictions on licensing of administratorA person shall not be issued a licence as an administrator of a retirement benefits scheme if he or she—
51. Validity of licence of administrator
52. Revocation of licence of administratorThe Authority may revoke the licence of an administrator if—
53. Functions of administrator
54. Licensing of fund managersA person shall not act as a fund manager of a retirement benefits scheme unless he or she has a licence issued in accordance with this Act.
55. Application and grant of licence of fund manager
56. Refusal to grant licence of fund manager
57. Restrictions on licence of fund managerA person shall not be licensed as a fund manager of a retirement benefits scheme if he or she—
58. Validity of licence of fund manager
59. Revocation of licence of fund manager
60. Functions of a fund manager
61. General obligations of custodian, trustee, administrator or fund managerA custodian, trustee, administrator or fund manager of a retirement benefits scheme shall—
Part VI – Accounts, records and investment of funds of retirement benefits schemes
63. Bank accounts
64. Audit of accounts
65. Publication of audited accounts
66. Records and annual report
67. Investment of funds
68. Restriction on use of scheme funds
Part VII – Payment of contribution, actuarial valuations and fiduciary
69. Payment of contribution
70. Protection of member's contributionNotwithstanding anything to the contrary contained in any other written law, where a judgment or order against a member of a retirement benefits scheme is made, no execution or attachment or process of any nature shall be issued in respect of the contributions or funds of the member.
71. Actuarial valuation
72. FiduciaryFor the purposes of this Act, a fiduciary is defined as any person responsible for—
73. Duties of a fiduciary
74. Unsafe and unsound practices
Part VIII – Appointment of inspector and interim administrator
75. Appointment of inspectorThe Board shall appoint an inspector to inspect the books of accounts, records, returns and any document or premises of a retirement benefits scheme custodian, fund manager and administrator licensed under this Act.
76. Powers of inspector
77. Report of inspector
78. Appointment of interim administrator
79. Duties of interim administratorAn interim administrator shall be responsible for—
80. Report of interim administrator
81. Protection of interim administrator from liabilityAn interim administrator or a person acting on his or directions is not personally liable for any act or omission done or omitted to be done in good faith in the exercise of his or her duties under this Act.
Part IX – Retirement Benefits Appeals Tribunal
83. Establishment of the Retirement Benefits Appeals Tribunal
84. Powers of the Appeals Tribunal
85. Appeals to the High Court from decisions of a Tribunal
86. RulesThe Minister shall, in consultation with the Judicial Service Commission, make rules for the effective operation and management of the Tribunal.
Part X – Offences and penalties
87. Offences and penalties
88. General penaltyAny person who—
Part XI – Miscellaneous
89. Protection from liabilityThe Chief Executive Officer, a member of the Board and an employee of the Authority or a person acting on the directions of such a person is not personally liable for any act or omission done or omitted to be done in good faith in the exercise of the functions of the Authority.
90. Service of documentsA notice or document may be served on the Authority by delivering it at the office of the Authority, or by sending it by registered post to the office of the Authority.
92. Amendment of SchedulesThe Minister may, with the approval of Parliament, by statutory instrument, amend Schedules 2 and 3 of this Act.
93. GuidelinesThe Authority may issue guidelines for the better carrying out of its object and functions under this Act.
94. Protection of existing pension rights or other retirement benefits
95. Supremacy of this Act
96. Licensing of existing retirement benefit schemes, custodian, trustee, administrator or fund manager
History of this document
26 September 2011 this version
Published in Uganda Gazette number 58
28 June 2011
|Uganda Retirement Benefits Regulatory Authority (Assignment of Retirement Benefits for Mortgages and Loans) Regulations, 2022||Statutory Instrument 17 of 2022|
Cited documents 0
Documents citing this one 5
- Obonyo v Mtn (U) Ltd (Labour Dispute 45 of 2015)  UGIC 24 (30 June 2016)
- Okello v Rift Valley Railways (U) Ltd (Civil Suit No. 195 of 2009)  UGHCCD 52 (2 April 2014)
- Uganda Government Gazette dated 2012-12-21 number 68
- Uganda Government Gazette dated 2014-04-17 number 21
- Uganda Government Gazette dated 2018-12-07 number 63