Opinion
Give Uganda Retirement Benefits Regulatory Authority a chance
Publish Date: Feb 13, 2014
newvision
  • mail
  • img

By Lawrence Kimbowa

Recently, I was surprised to hear some individuals trying to oppose the newly established Uganda Retirement Benefits Regulatory Authority and its mandate.
The Fact remains that the authority is to make a land mark in regulating the establishment, management and operation of retirement benefits schemes in Uganda in both the public and private sector.

In the era of increasing corruption and embezzlement, the money of workers is at high risk as you may never know what could happen. It is said that prevention is better than cure and it would be disappointing for you and me to retire and go home empty handed. The authority was established by the Government of Uganda under the Uganda Retirement Benefits Regulatory Authority Act 2011.

The mandate of the authority is also to supervise institutions which provide retirement benefits products and services and in this regard both the private and public sector schemes needed a regulatory body to oversee their activities. They also have to protect the interest of members and beneficiaries of the retirement schemes alongside seeing the development of the schemes which keep our savings. URBRA like the Government of Uganda will also provide for licencing for custodians, trustees, administration and fund managers retirement benefits scheme, the appointment of inspectors and interim administrators. I believe, as Ugandans, we deserve the best.

As a way forward, proprietors, civil society groups, managers of both the private and public retirement schemes together with the members need to give chance to URBRA to specifically ensure efficiency and effectiveness in the management of our schemes.

I would like to encourage and call upon all employers and employees both in the private and public sector to establish, maintain and join the schemes.

The Authority should not be looked at as a tool of mismanagement on short, medium or long term but rather be perceived as an opportunity to safe guard the safety and security of all our schemes. It is also critical that the schemes should be supported, supervised, inspected and coached in order for them to fulfil their missions, visions and core values. The fund managers too need to be supported in ensuring they are doing the right thing. So let us not view the authority as a threat and an inconvenience for our retirement schemes but change our mind set for the future.

Strongly, let us support URBRA to offer a foundation for discipline, good culture of compliance and commitment to serving our retirement schemes as they full fill their mission and visions and to URBRA, I look forward to seeing you at greater heights.

The writer is a public communicator

lawrencekimbowa2013@gmail.com

0752933628

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
What has become of NAADS and agricultural extension?
National Agricultural Advisory Service (NAADS) that was formed under the NAADS Act of 2001 began its operations by replacing the traditional extension workers....
“Whatever It Takes” in Ukraine
Europe’s efforts to revive its flagging economy and confront the crisis in Ukraine may seem to be two entirely separate challenges....
The Congress of Vienna revisited
Two hundred years ago, on September 25, 1814, Russia’s Czar Alexander I and Friedrich Wilhelm III, the King of Prussia, were greeted at the gates of Vienna by Austria’s Emperor Franz I....
Renewable energy can solve Uganda’s growing energy needs
Data from the Uganda Bureau of Statistics indicate that access to electricity by Ugandans has improved modestly from 9.5 per cent in 2002 to 14 per cent in 2013....
Invest in citizens to cause change in the countries
Last year, my sister died while giving birth in a private hospital in Kampala. She left behind a devastated husband and four children; her baby survived but suffered brain damage....
The future of storytelling
In October, a group of storytelling pioneers will gather in New York City for a future of storytelling summit. Their focus will be on new media, and the way it enables some surprising opportunities for interactivity....
Will police's move to increase the number of investigators help deal with fraud?
Yes
No
Can't Say
follow us
subscribe to our news letter