URBRA Trains Tustees On New Policy Regulations
The Uganda Retirement Benefits Regulatory Authority – (URBRA) has urged Trustees to embrace its new policies in a bid to better organize the operations of savings schemes.
The regulator says this will work towards having savers gain more confidence and have the drive to save for meaningful retirement.
The URBRA Chief Executive Officer, Martin Nsubuga says that the amendments in the regulation were to ensure better compliance, and the institutions which don’t adhere will face penalties.
Last week, Parliament passed a resolution to investigate the National Social Security Fund (NSSF) top management for alleged financial impropriety.
The Uganda Retirement Benefits Regulatory Authority (URBRA) oversees the activities of NSSF and other pension funds and Savings Schemes. The URBRA Board Chairman Julius Bigirwa Junjura has cautioned savings schemes that violate the regulations, warning of dire consequences.
The URBRA Chief Executive Officer Martin Nsubuga highlighted some of the amendments made in the authority’s policies to ensure compliance and the smooth running of all savings schemes
The changes are for the good of the savers but Bigirwa says the regulator cannot do much without financial support from the government.
The URBRA chiefs made the remarks after meeting with trustees from different schemes to train them on new policies and regulations.
