Embrace pension reforms, says regulator

By David Mugabe

Senior management of the newly established pensions regulatory authority are asking Uganda to grab hold of the reform opportunities in the pension sectors to secure the welfare of its citizens in the future.

Moses Byekabye, acting chief executive of the regulatory authority said over the weekend that a well-functioning fully liberalized pensions sector offers much future benefit to the young generation of the country and continent.

During a presentation to media, Byekabye said pension reforms are important as a surprising large percentage of government spending is directed to pension schemes covering only a small percentage of the population.

“Reforms can free up government resources to tackle other important policy goals,” said Byekabye from the Uganda Retirements Benefits Regulatory Authority (URBRA).

Uganda is awaiting a law currently before parliament, the Uganda Retirements Benefits Sector Liberalization Bill.

If passed, the piece of legislation will open up the sector and allow more private sector participation.