Uganda Retirement Benefits Regulatory Authority
|Jurisdiction||Government of Uganda|
1 Clement Hill Road|
|Parent agency||Uganda Ministry of Finance and Economic Planning|
|15 staff (2014)|
The Uganda Retirement Benefits Regulatory Authority (URBRA) is a government-owned, semi-autonomous agency responsible for regulating, licensing, supervising, and controlling the retirement sector in Uganda, the third-largest economy in the East African Community. The authority is also responsible for issuing guidelines to allow the liberalization of the retirement sector in the country.
The headquarters of URBRA are located at 3rd to 6th Floor, URBRA Towers, 1 Clement Hill Road, on Nakasero Hill, in Kampala, the capital and largest city of Uganda. The coordinates of the headquarters are 0°19'16.0"N, 32°35'12.0"E (Latitude:0.321111; Longitude:32.586667).
URBRA was established by an Act of Parliament of Uganda in 2011. The agency is under the Uganda Ministry of Finance and Economic Development but is semi-autonomous, with a governing board and a management team led by an executive director as the chief executive officer.
Before 2012, there were only two major retirement benefits plans in the country: the Public Employees Retirement Plan, for some civil servants, and the National Social Security Fund (Uganda), for privately employed people whose employers had at least five employees on payroll.
When URBRA was established, it was anticipated that new retirement benefits managers would be licensed and the sector would be liberalized and improved, with more choices and new retirement products introduced.
Licensed pension schemes
As of June 2016, URBRA, had licensed the following pension funds:
- National Social Security Fund
- Kampala City Traders Association Retirement Fund (Kacita Retirement Fund)
- Mazima Retirement Plan
- FINMAP II (September 2013). "Recruitment of Chief Executive Officer for the Uganda Retirement Benefits Regulatory Authority (URBRA)". Uganda Ministry of Finance And Economic Planning. Retrieved 19 September 2014.
- Muhumuza, Mark Keith (11 April 2016). "Pension regulator reveals Shs92 billion five-year plan". Daily Monitor. Kampala. Retrieved 11 April 2016.
- Google. "Location of URBRA At Google Maps". Google Maps. Retrieved 19 September 2014.
- URBRA (20 June 2016). "URBRA: Who We Are". Kampala: Uganda Retirement Benefits Regulatory Authority (URBRA). Retrieved 20 June 2016.
- Towers Watson (1 January 2013). "Uganda: New Pension Plan Licensing Requirements Launch". TowersWatson.Com. Retrieved 19 September 2014.
- Nakaweesi, Dorothy (20 June 2016). "Uganda gets two informal pension schemes". Daily Monitor. Kampala. Retrieved 20 June 2016.
- Uganda Retirement Benefits Regulatory Authority Website
- Ministry of Finance And Economic Development: Uganda Retirement Benefits Regulatory Authority
- NSSF holds 86% of all pension assets - report, as at December 2014: According to URBRA