Uganda Act or statute

Parliament of Uganda

Uganda Retirement Benefits Regulatory Authority Act, 2011

Jurisdiction: Uganda
Structure: 43 provisions
Citation: Act 15 of 2011
Dates: As at 26 Sept 2011

More statute details

Dates: As at 26 Sept 2011

Source attribution: Source: Uganda Legal Information Institute

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Purpose and legislative effect

“This section provides definitions of terms used in the Act.”

This section provides definitions of terms used in the Act. The Authority's funds are listed and the Authority may apply those funds to pay expenses, obligations or remuneration connected to its functions under the Act. Establishes the Retirement Benefits Regulatory Authority Fund and requires the Authority to manage and control the Fund to defray the Authority's expenses. The Board must open and maintain bank accounts needed for the Authority's functions and must pay into them monies received from Government and other monies received in the exercise of the Authority's functions. The Board may, with the approval of the Minister, borrow money from any source to meet the Authority's obligations or discharge its functions under this Act.

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Preliminary - Interpretation

This section provides definitions of terms used in the Act.

Section 1

Establishment of retirement benefits schemes - Application for a licence to establish a retirement benefits scheme

Section 29

Accounts, records and investment of funds of retirement benefits schemes - Bank accounts

A trustee of a retirement benefits scheme must open and maintain bank accounts for scheme functions, pay into them member contributions and other monies received in the exercise of functions, and keep monies from subsections (1)(a) and (b) in separate…

Section 63

Payment of contribution, actuarial valuations and fiduciary - Unsafe and unsound practices

Section 74

Miscellaneous - Licensing of existing retirement benefit schemes, custodian, trustee, administrator or fund manager

Existing retirement benefits schemes and persons who immediately before commencement are custodians, trustees, administrators or fund managers must apply to the Authority for a licence within twelve months after the coming into force of this Act.

Section 96

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Showing 43 of 43 provisions

Provision 30Offence 8Interpretation 2Amendment 2

Part I

Preliminary

§ 1Preliminary - InterpretationInterpretation

This section provides definitions of terms used in the Act.

Section Interpretation Section In 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.

Section 1Verify source

Part III

Funds and expenses of the Authority

§ 19Funds and expenses of the Authority - Funds of the AuthorityProvision

The Authority's funds are listed and the Authority may apply those funds to pay expenses, obligations or remuneration connected to its functions under the Act.

Section Funds of the Authority Section The funds of the Authority shall consist of— The funds of the Authority may be applied— compulsory levies; and license fees. money appropriated by Parliament for the purposes of the Authority ; grants, gifts or donations from Government or other sources made with the approval of the Minister ; or any other fees charged for services and activities rendered by the Authority under this Act. for payment or discharge of its expenses, obligations or liabilities incurred in connection with the performance of its functions or exercise of its powers under this Act; and for the payment of any remuneration or allowances payable under this Act.

Section 19Verify source

§ 20Funds and expenses of the Authority - Retirement Benefits Regulatory Authority FundProvision

Establishes the Retirement Benefits Regulatory Authority Fund and requires the Authority to manage and control the Fund to defray the Authority's expenses.

Section Retirement Benefits Regulatory Authority Fund Section There is established a Retirement Benefits Regulatory Authority Fund into which shall be paid all monies referred to in section 19 (1). The Fund shall be managed and controlled by the Authority for the purposes of defraying the expenses of the Authority .

Section 20Verify source

§ 21Funds and expenses of the Authority - Bank accountsProvision

The Board must open and maintain bank accounts needed for the Authority's functions and must pay into them monies received from Government and other monies received in the exercise of the Authority's functions.

Section Bank accounts Section The 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— all monies received from Government for the purposes of this Act; and all other monies received by the Authority in the exercise of its functions under this Act.

Section 21Verify source

§ 22Funds and expenses of the Authority - Borrowing powersProvision

The Board may, with the approval of the Minister, borrow money from any source to meet the Authority's obligations or discharge its functions under this Act.

Section Borrowing powers Section The 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.

Section 22Verify source

§ 23Funds and expenses of the Authority - Investment of surplus fundsProvision

Funds of the Authority not immediately required may be invested in secure investments in consultation with the Minister and in accordance with the Public Finance and Accountability Act, 2003.

Section Investment of surplus funds Section Funds 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.

Section 23Verify source

§ 24Funds and expenses of the Authority - EstimatesProvision

The Chief Executive Officer must prepare and submit the Authority's next-year estimates and operating plan to the Board within three months before the end of each financial year; the Board must then submit those estimates to the Minister for approval within two months of receipt.

Section Estimates Section The Chief Executive Officer shall within three months before the end of each financial year, cause to be prepared and submitted to the Board for its approval, estimates of income and expenditure and the operating plan of the Authority for the next financial year. The Board shall, within two months after receiving the estimates referred to in subsection (1), cause to be submitted to the Minister for his or her approval, the estimates of income and expenditure of the Authority .

Section 24Verify source

§ 25Funds and expenses of the Authority - Financial year of AuthorityProvision

The Authority's financial year must be the same as the Government's financial year.

Section Financial year of Authority Section The financial year of the Authority shall be the same as the financial year of the Government.

Section 25Verify source

§ 26Funds and expenses of the Authority - Audit of accountsProvision

The Auditor General (or an auditor he appoints) must audit the Authority's accounts; the Board must submit the Authority's accounts and income/expenditure estimates to the Auditor General (or an auditor he appoints) within three months after each financial year ends.

Section Audit of accounts Section The accounts of the Authority shall be audited by the Auditor General or an auditor appointed by the Auditor General. The Board shall, within three months after the end of each financial year, submit the accounts and estimates of income and expenditure of the Authority to the Auditor General or an auditor appointed by him or her.

Section 26Verify source

§ 27Funds and expenses of the Authority - Annual and other reportsProvision

The Board must, within one month of receiving the audited accounts referred to in section 26, submit to the Minister an annual report on the Authority's operations for the preceding year (including an audited financial statement); the Minister must submit bi-annual reports to Parliament on the Authority's operations.

Section Annual and other reports Section The Board shall, within one month of receipt of the Audited Accounts referred to in section 26 , submit to the Minister , an annual report on the operations of the Authority during the preceding year, which shall include, an audited financial statement. The Minister , shall submit to Parliament bi-annual reports on the operations of the Authority .

Section 27Verify source

Part IV

Establishment of retirement benefits schemes

§ 28Establishment of retirement benefits schemes - Establishment of a retirement benefits schemeProvision

A person must not establish or operate a retirement benefits scheme except under a licence issued by the Authority; existing schemes established by written law must obtain such a licence.

Section Establishment of a retirement benefits scheme Section A person shall not establish or operate a retirement benefits scheme except under a licence issued by the Authority in accordance with this Act. For the avoidance of doubt, all existing retirement benefits schemes established by a written law shall be required to obtain a licence issued in accordance with this Act.

Section 28Verify source

§ 29Establishment of retirement benefits schemes - Application for a licence to establish a retirement benefits schemeOffence

Applications to establish a retirement benefits scheme must be in the prescribed form, accompanied by the prescribed fee, and must state specified details; establishing or operating a retirement benefits scheme without a licence is an offence punishable by a fine not exceeding one thousand five hundred currency points or imprisonment not exceeding twelve years, or both.

Section Application for a licence to establish a retirement benefits scheme Section An application for a licence to establish a retirement benefits scheme shall state— the status of the retirement benefits scheme in respect of— An application for a licence to establish a retirement benefits scheme shall be in the prescribed form and shall be accompanied by the prescribed fee. the name and address of the applicant; the name of the proposed retirement benefits scheme ; names and addresses of the custodian , trustee , administrator and fund manager of the retirement benefits scheme ; the names of members admitted into the retirement benefits scheme and their contribution; benefits that accrue to members under the retirement benefits scheme ; whether any members of the scheme are active members or not; the proposed scheme rules which shall adequately protect the interests of members and beneficiaries of the scheme; the address of a place in Uganda for the service on the applicant of any notice or document required or authorised to be served on the applicant under this Act; and any other information which the Authority considers necessary for the purposes of determining the application. A person who establishes or operates a retirement benefits scheme without a licence commits an offence and is liable on conviction to a fine not exceeding one thousand five hundred currency points or imprisonment not exceeding twelve years, or both.

Section 29Verify source

§ 30Establishment of retirement benefits schemes - Grant of licence to operate a retirement benefits schemeProvision

The Authority may grant or refuse licences to operate retirement benefits schemes subject to specified conditions; it must publish an annual list of licensed schemes and must notify applicants in writing when refusing a licence with reasons.

Section Grant of licence to operate a retirement benefits scheme Section The Authority may grant a licence to operate a retirement benefits scheme , if the Authority is satisfied that— The Authority may refuse to grant a licence to an applicant, if the Authority is satisfied that— the proposed retirement benefits scheme is established as an irrevocable trust under this Act and Regulations made under this Act; the scheme rules of the proposed retirement benefits scheme adequately protect the rights and interests of the members and beneficiaries of the scheme; and the custodian , trustee , administrator and fund manager of the proposed retirement benefits scheme are licensed in accordance with this Act. The Authority shall publish in the Gazette and in a newspaper of wide circulation in Uganda, a list of all retirement benefits schemes licensed under this Act at least once in every year. the information contained in the application is false in any material particular; the applicant does not meet the requirements specified in section 29 (2) and subsection 30 (1); or the applicant is not a fit and proper person as prescribed in Schedule 3. Where the Authority refuses to grant a licence to an applicant, the Authority shall notify the applicant of its decision and specify the reasons for the refusal in writing.

Section 30Verify source

§ 31Establishment of retirement benefits schemes - Validity of licenceProvision

A licence issued to a retirement benefits scheme is valid from the date it is issued and remains in force until the scheme is wound up in accordance with scheme rules or the law, or until the licence is revoked under this Act.

Section Validity of licence Section A 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.

Section 31Verify source

§ 32Establishment of retirement benefits schemes - Revocation of licenceProvision

The Authority may revoke or, in specified cases, shall revoke the licence of a retirement benefits scheme; it must give the trustee at least thirty days written notice, consider written representations by the sponsor, and may (with Board approval in consultation with the Minister) take over distribution of assets or appoint an interim administrator; members' and beneficiaries' rights are protected.

Section Revocation of licence Section The Authority may revoke the licence of a retirement benefits scheme if— The Authority shall revoke the licence of a retirement benefits scheme if— the Authority discovers that the applicant made a false statement in the application, which he or she knew to be false in any material particular; the retirement benefits scheme is merged, wound up or dissolved; the retirement benefits scheme breaches the conditions of its licence; the licence expires; or the retirement benefits scheme contravenes any provision 24 of this Act or any regulations made under this Act. The Authority shall give the trustee of a retirement benefits scheme at least thirty days notice in writing specifying the reasons for the intended revocation of the licence. The Authority shall, before revoking a licence of a retirement benefits scheme , consider any representations made in writing by the sponsor opposing the revocation. within thirty days after issuing the notice, the trustee of the retirement benefits scheme has not opposed the revocation, or the Authority is not satisfied by the representation made by the trustee under subsection (3). The revocation of a licence of a retirement benefits scheme shall not in any way prejudice the rights of members and beneficiaries under the retirement benefits scheme . Where the licence of a retirement benefits scheme is revoked, the Authority may, subject to the approval of the Board in consultation with the Minister , take over the distribution of the assets and the supervision of the retirement benefits scheme or appoint an interim administrator in order to protect the interests of members and beneficiaries of the retirement benefits scheme .

Section 32Verify source

Part IX

Retirement Benefits Appeals Tribunal

§ 82Retirement Benefits Appeals Tribunal - AppealsProvision

Members aggrieved by scheme decision may appeal to the Authority; persons aggrieved by an Authority decision may appeal to the Tribunal; where a dispute arises between any person and the Authority about its powers either party may appeal to the Tribunal in the manner prescribed by regulations.

Section Appeals Section Any member of a retirement benefits scheme who is aggrieved by a decision of the administrator , fund manager , custodian or trustee of the scheme may appeal to the Authority for review. A copy of the appeal under this section shall be served on the fund manager , trustees or custodian of the scheme. A person aggrieved by a decision of the Authority in subsection (1) may appeal to the Tribunal . Where any dispute arises between any person and the Authority as to the exercise of the powers conferred upon the Authority by this Act, either party may appeal to the Tribunal in such manner as may be prescribed by regulations made under this Act.

Section 82Verify source

§ 83Retirement Benefits Appeals Tribunal - Establishment of the Retirement Benefits Appeals TribunalOffence

Establishes the Retirement Benefits Appeals Tribunal and sets membership, appointment and qualification rules.

Section Establishment of the Retirement Benefits Appeals Tribunal Section A person shall not qualify for appointment as a member of the Tribunal unless the person— There is established the Retirement Benefits Appeals Tribunal for the purpose of hearing appeals under this part. The Tribunal shall be an adhoc forum consisting of a chairperson and four other members who shall be appointed by the Minister upon such terms and conditions as may be prescribed by regulations made under this Act. The chairperson of the Tribunal shall be a person qualified to be a judge of the High Court. The chairperson shall be appointed by the Minister , in consultation with the Judicial Service Commission. A person to be appointed a member of the Tribunal shall be a person with knowledge and experience in administration of retirement benefits schemes, banking, insurance, investment management, finance, law, or actuarial studies. is of high moral character and proven integrity; has not been convicted of an offence of moral integrity; is of sound mind; and has not been declared bankrupt. The members of the Tribunal shall be appointed by the Minister from the private sector. The quorum of the Tribunal for purposes of a hearing under this section shall be the Chairperson and any two members. The expenses incidental to the administration of the tribunal shall borne by the Authority .

Section 83Verify source

§ 84Retirement Benefits Appeals Tribunal - Powers of the Appeals TribunalProvision

On appeals, the Tribunal has the powers of the High Court to summon persons, take evidence on oath, proceed in the absence of a party, adjourn hearings, order costs enforceable like High Court orders, issue commissions to examine witnesses abroad, and compel evidence or production of documents; the Tribunal may accept affidavit evidence and administer interrogations when desirable to avoid expense or delay; documents signed by the chairperson are deemed to be issued by the Tribunal.

Section Powers of the Appeals Tribunal Section On hearing an appeal, the Tribunal shall— For the purpose of the hearing of a proceeding before the Tribunal , the Tribunal shall have powers of the High Court to summon a person to appear before it— take evidence on oath; proceed in the absence of a party who has had reasonable notice of the proceeding; adjourn the hearing of the proceeding from time to time; make an order as to costs against any party, which shall be enforceable like an order of the High Court; or issue a commission or request to examine witnesses abroad. to give evidence; or to produce books, documents or things in the possession, custody or control of the person named in the summons that are mentioned in the summons. Where a Tribunal considers it desirable for the purposes of avoiding expenses or delay, or for any other special reason, it may receive evidence by affidavit and administer interrogations and require the persons to whom interrogations are administered to make a full and true reply to the interrogations. All summons, notices or other documents issued under the hand of the chairperson of the Tribunal shall be deemed to be issued by the Tribunal .

Section 84Verify source

§ 85Retirement Benefits Appeals Tribunal - Appeals to the High Court from decisions of a TribunalProvision

A party to Tribunal proceedings may, within thirty days (or longer if allowed by the High Court), lodge a notice of appeal with the High Court registrar; a party intending to appeal must serve a copy of the notice on the other party.

Section Appeals to the High Court from decisions of a Tribunal Section A party to a proceeding before a Tribunal may, within thirty days after being notified of the decision or within such further time as the High Court may allow, lodge a notice of appeal with the registrar of the High Court. The party who intends to appeal against a decision of the Tribunal shall serve a copy of the notice of appeal on the other party to the proceedings before the Tribunal .

Section 85Verify source

§ 86Retirement Benefits Appeals Tribunal - RulesProvision

The Minister must make rules for the effective operation and management of the Tribunal.

Section Rules Section The Minister shall, in consultation with the Judicial Service Commission, make rules for the effective operation and management of the Tribunal .

Section 86Verify source

Part V

Licensing of custodians, trustees, administrators and fund managers

§ 33Licensing of custodians, trustees, administrators and fund managers - Custodian, trustee, administrator and fund managerProvision

Every retirement benefits scheme must have a licensed custodian, trustee, administrator and fund manager.

Section Custodian, trustee, administrator and fund manager Section Every retirement benefits scheme shall have a custodian , trustee , administrator and fund manager licensed in accordance with this Act.

Section 33Verify source

Part VI

Accounts, records and investment of funds of retirement benefits schemes

§ 63Accounts, records and investment of funds of retirement benefits schemes - Bank accountsProvision

Section Bank accounts Section A trustee of a retirement benefits scheme shall open and maintain bank accounts necessary for the exercise of the functions of the retirement benefits scheme and shall pay into them— all contributions of members of the retirement benefits scheme ; and all other monies received by the trustee in the exercise of his or her functions under this Act. Monies received by the trustee under subsection (1) (a) and under subsection (b) shall be kept in separate accounts.

Section 63Verify source

§ 64Accounts, records and investment of funds of retirement benefits schemes - Audit of accountsOffence

Trustees must submit audited accounts to the Authority within four months after the end of each financial year; certain scheme insiders may not be appointed as auditors; contravening trustees face fines up to five thousand currency points or up to three years imprisonment, or both.

Section Audit of accounts Section The accounts of a retirement benefits scheme shall be audited by an auditor appointed by the trustee of the retirement benefits scheme with the approval of the Board . A member , trustee , custodian , administrator or fund manager of the retirement benefits scheme shall not be appointed as an auditor under subsection (1). A trustee shall, within four months after the end of each financial year, submit a copy of the audited accounts of the retirement benefits scheme to the Authority . A trustee who contravenes this section commits an offence and is liable, on conviction, to a fine not exceeding five thousand currency points, or to imprisonment not exceeding three years, or to both.

Section 64Verify source

§ 65Accounts, records and investment of funds of retirement benefits schemes - Publication of audited accountsProvision

Trustees must display audited annual financial statements at their office year-round; schemes open to the public must publish audited annual financial statements and the auditor's report in widely circulated mass media within four months after each financial year, in a form the Authority may prescribe by notice in writing.

Section Publication of audited accounts Section A trustee of a retirement benefits scheme shall exhibit, throughout the year in a conspicuous place at its office, a copy of its audited annual financial statements with the auditor's opinion. A retirement benefits scheme whose membership is open to the public shall within four months after the end of each financial year publish in the mass media of wide circulation, in such form as the Authority may by notice in writing prescribe, a copy of its annual financial statements together with the auditor's report.

Section 65Verify source

§ 66Accounts, records and investment of funds of retirement benefits schemes - Records and annual reportProvision

Trustees must keep proper accounting records for at least ten years and must submit an annual report to the Authority within four months after each financial year-end that includes an audited financial statement and other information the Authority may require.

Section Records and annual report Section A trustee shall keep proper books of accounts and records of the transactions of the retirement benefits scheme for a period of not less than ten years. The trustee shall, within four months after the end of each financial year, submit to the Authority , an annual report on the transactions of the retirement benefits scheme during the preceding year, which shall include, among other things, an audited financial statement and such other information as the Authority may require.

Section 66Verify source

§ 67Accounts, records and investment of funds of retirement benefits schemes - Investment of fundsProvision

Every retirement benefits scheme must have a prudent investment policy for the scheme's funds; the Minister may make regulations (in consultation with the Board) to implement that investment policy.

Section Investment of funds Section Every retirement benefits scheme shall have a prudent investment policy of the funds of the scheme so as to maintain the capital funds of the scheme and generally to secure adequate rates of return on the investment. Notwithstanding the provisions of any other written law, the investment policy of a scheme shall be implemented subject to any regulations the Minister may, in consultation with the Board , make for that purpose. There shall be submitted to the Chief Executive Officer , in respect of every scheme, a statement of all investments of the retirement benefits scheme , in such a manner and at such intervals as may be prescribed.

Section 67Verify source

§ 68Accounts, records and investment of funds of retirement benefits schemes - Restriction on use of scheme fundsProvision

The funds of a retirement benefits scheme must not be used for specified purposes; a prescribed proportion of a member's benefits may be used for a mortgage to buy a home or to pay medical treatment (subject to prescribed terms and recommendation); the Authority may suspend or disqualify scheme managers who contravene this section.

Section Restriction on use of scheme funds Section The funds of a retirement benefits scheme shall not— Notwithstanding subsection (1), a prescribed proportion of the benefits accruing to a member in a retirement benefits scheme may be assigned and used by the member to— be used for speculative investments; be lent to any person, except through securities sold on the open market; be invested with a bank, non-banking financial institution, insurance company, building society or other institution with a view to securing loans or mortgages, at a preferential rate of interest or for any other consideration to the trustee , custodian , administrator or fund manager of the retirement benefits scheme ; used to make direct or indirect loans to any person; be used as security for loans; invested outside East Africa; or invested contrary to any guidelines prescribed for that purpose. secure a mortgage or a loan for purchasing a residential house from any institution and on such terms as may be prescribed in regulations made under this Act; pay for medical treatment in respect of the member , on recommendation of the Uganda medical Board . The Authority may suspend or disqualify a trustee , custodian , administrator or fund manager of a retirement benefits scheme who contravenes this section from participating in the management, custody or administration of the funds of the retirement benefits scheme .

Section 68Verify source

Part VII

Payment of contribution, actuarial valuations and fiduciary

§ 69Payment of contribution, actuarial valuations and fiduciary - Payment of contributionOffence

Employers must pay employee retirement contributions into a licensed retirement benefits scheme and remit them before the 15th of the following month; failure is an offence attracting payment of the remittance and a fine of not less than 10% per month or part-month on unpaid contributions.

Section Payment of contribution Section An employer shall, pay contributions in respect of his or her employee into a retirement benefits scheme licensed under this Act. An employer shall remit the contribution in respect of his or her employee to the retirement benefits scheme before the fifteenth day of the following month. An employer who fails to remit the contributions within the prescribed time, commits an offence and is liable to make the remittance already due, and in addition pay a fine of not less than ten percent of the total contribution that remains unpaid for each month or part of each month the default continues.

Section 69Verify source

§ 70Payment of contribution, actuarial valuations and fiduciary - Protection of member's contributionProvision

If a judgment or order is made against a member of a retirement benefits scheme, no execution, attachment or other process may be issued against that member’s contributions or funds.

Section Protection of member's contribution Section Notwithstanding 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 .

Section 70Verify source

§ 71Payment of contribution, actuarial valuations and fiduciary - Actuarial valuationProvision

Trustees must appoint an accredited actuary at least once every three years to value scheme resources and liabilities and evaluate financial consequences of risks; trustees must submit the actuarial valuation report to the Authority within three months; the Authority may, in exceptional circumstances, require trustees to have such an evaluation done by an actuary approved by the Authority at the scheme's expense.

Section Actuarial valuation Section A trustee of a defined retirement benefits scheme shall, at least once in every three years, appoint a dully accredited actuary to value the resources and liabilities of the scheme and evaluate the financial consequences of any risk undertaken by the trustee on behalf of the retirement benefits scheme . Notwithstanding subsection (1), the Authority may, in exceptional circumstances, require a trustee of a defined retirement benefits scheme to cause the resources and liabilities of the scheme to be evaluated by an actuary appointed by the trustees with the approval of the Authority at the expense of the scheme. The trustee shall, within three months after an actuarial evaluation is done submit a report of the actuarial valuation to the Authority .

Section 71Verify source

§ 72Payment of contribution, actuarial valuations and fiduciary - FiduciaryInterpretation

Defines 'fiduciary' as any person responsible for control, administration or management of a retirement benefits scheme; applying or interpreting scheme rules to determine members' benefits; or managing assets or investments of such a scheme.

Section Fiduciary Section For the purposes of this Act, a fiduciary is defined as any person responsible for— the control, administration or management of a retirement benefits scheme ; the application or interpretation of scheme rules in the determination of benefits of members or beneficiaries of a retirement benefits scheme ; or the management of assets or investment of funds of a retirement benefits scheme .

Section 72Verify source

§ 73Payment of contribution, actuarial valuations and fiduciary - Duties of a fiduciaryProvision

A fiduciary must act with care, skill, diligence, good faith and prudence; avoid misleading or deceptive acts; act in the best interests of scheme members and beneficiaries; ensure decisions comply with scheme rules; act impartially; perform functions according to the Act and regulations; and may obtain expert advice.

Section Duties of a fiduciary Section A fiduciary shall— act with due care, skill, diligence, good faith and prudence, and shall avoid misleading and deceptive acts or representations; act in the best interest of the scheme members and beneficiaries; ensure that all decisions regarding the scheme comply with scheme rules made under this Act; and act with impartiality in respect of all members and beneficiaries of the scheme. Notwithstanding subsection (1), a fiduciary shall perform his or her functions in accordance with this Act and regulations made under this Act and may obtain expert advice from actuaries, lawyers, auditors, investment advisers, financial experts or information technology professionals.

Section 73Verify source

§ 74Payment of contribution, actuarial valuations and fiduciary - Unsafe and unsound practicesOffence

If the Authority considers a retirement scheme fiduciary has engaged in unsafe or unsound practice, the Authority must in writing direct the trustee/custodian/administrator/fund manager/fiduciary to refrain from the act; contravention is an offence punishable by up to five hundred currency points or up to three years' imprisonment, or both.

Section Unsafe and unsound practices Section Where, in the opinion of the Authority , a custodian , trustee , administrator , fund manager or fiduciary of a retirement benefits scheme omits to perform or commits an act which the Authority considers to be an unsafe or unsound practice detrimental to the scheme, the Authority shall in writing direct the trustee , custodian , administrator , fund manager or fiduciary to refrain from omitting or committing the act. A custodian , trustee , administrator , fund manager or fiduciary of a retirement benefits scheme who contravenes a direction of the Authority issued under subsection (1) commits an offence and is liable, on conviction, to a fine not exceeding five hundred currency points or imprisonment not exceeding three years, or both.

Section 74Verify source

Part X

Offences and penalties

§ 87Offences and penalties - Offences and penaltiesOffence

It is an offence for a person (including an employee of the Authority) to obstruct, refuse to comply with orders, refuse access to records, present false documents, misuse information, or collude causing loss; on conviction the offender faces a fine up to five hundred currency points or imprisonment up to three years, or both.

Section Offences and penalties Section A person commits an offence who— A person commits an offence, who, being an employee of the Authority — without lawful justification or excuse, wilfully obstructs the Authority or any person authorised by the Authority in the performance of his or her functions under this Act; without reasonable excuse, refuses or fails to comply with any order or direction of the Authority ; without any lawful justification or excuse, refuses or fails to give to the Authority or any person authorised by the Authority , access to any books, records, returns or any papers, documents, records or information; or knowingly presents to the Authority or any person authorised by the Authority a false or forged document or makes a false statement with intent to deceive or mislead the Authority or any person authorised by the Authority . misuses any information obtained when performing his or her duties under this Act; or colludes with any trustee , custodian , administrator , fund manager or other public officer in the conduct of their duties under this Act to omit or commit any act; where the omission or commission leads to loss of funds of the Authority . A person convicted of an offence under this section is liable, on conviction, to a fine not exceeding five hundred currency points or imprisonment not exceeding three years, or both.

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§ 88Offences and penalties - General penaltyOffence

Any person who contravenes a provision of this Act expressly stated to be an offence without a prescribed penalty, or who fails to comply with a direction given by the Authority under this Act, is covered by this general penalty provision.

Section General penalty Section Any person who— contravenes any provision of this Act which is expressly stated to be an offence but for which no penalty is prescribed; or fails to comply with any direction given by the Authority under this Act,

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Part XI

Miscellaneous

§ 89Miscellaneous - Protection from liabilityProvision

Certain officials and employees acting in good faith while carrying out the Authority's functions are not personally liable for acts or omissions.

Section Protection from liability Section The 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 .

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§ 90Miscellaneous - Service of documentsProvision

A notice or document may be served on the Authority by delivery at its office or by registered post to its office.

Section Service of documents Section A 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 .

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§ 91Miscellaneous - RegulationsOffence

The Minister must, in consultation with the Board and by statutory instrument, make regulations to implement and administer this Act.

Section Regulations Section Without prejudice to the general effect of subsection (1), regulations under this section may— Regulations made under this section may, in respect of any contravention of any of the regulations— The Minister shall in consultation with the Board by statutory instrument, make regulations generally for giving effect to the provisions of this Act and for its due administration. prescribe the procedure for application for a licence to establish and operate a retirement benefits scheme ; prescribe the procedure for establishing a retirement benefits scheme as irrevocable trust under this Act; provide for the procedure for licensing of custodians, trustees, administrators and fund managers of retirement benefits schemes; prescribe the forms to be used for the purposes of this Act; provide for any matter relating to the establishment, operation, regulation and supervision of retirement benefits schemes; prescribe the fees payable under this Act; prescribe investment policy guidelines for retirement benefits schemes; prescribe administrative sanctions; exempt any person or class of persons from the application of any provision of this Act; prescribe any matter or thing required to be prescribed under this Act; or prescribe guidelines for the portability of scheme funds from one retirement benefit scheme to another retirement benefit scheme. [Please note: numbering as in original.] prescribe a penalty of a fine not exceeding seventy five currency points or imprisonment not exceeding one year, or both; in the case of a continuing contravention, prescribe an additional penalty not exceeding fifty currency points in respect of each day on which the offence continues; and prescribe a higher penalty not exceeding one hundred and fifty currency points in respect of a second or subsequent contravention.

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§ 92Miscellaneous - Amendment of SchedulesAmendment

The Minister may amend Schedules 2 and 3 of this Act, but only with the approval of Parliament and by statutory instrument.

Section Amendment of Schedules Section The Minister may, with the approval of Parliament, by statutory instrument, amend Schedules 2 and 3 of this Act.

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§ 93Miscellaneous - GuidelinesProvision

The Authority may issue guidelines to better carry out its object and functions under this Act.

Section Guidelines Section The Authority may issue guidelines for the better carrying out of its object and functions under this Act.

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§ 94Miscellaneous - Protection of existing pension rights or other retirement benefitsProvision

People who already have a pension or other retirement benefit under earlier written law keep their entitlement and shall continue to receive it after this Act comes into force.

Section Protection of existing pension rights or other retirement benefits Section For the avoidance of doubt, nothing in this Act affects the right of any person to pension or any other retirement benefit under any written law in force immediately before the coming into force of this Act. Any person who on the coming into force of this Act, is entitled to receive pension or any other retirement benefit in accordance with any written law relating to payment of pension or other retirement benefit, shall continue to receive that pension or retirement benefit.

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§ 95Miscellaneous - Supremacy of this ActAmendment

The Act takes precedence over other written laws (except the Constitution) on retirement benefits schemes and shall prevail where there is a conflict.

Section Supremacy of this Act Section This Act takes precedence over all existing Acts relating to establishment, operation, management, and regulation of retirement benefits schemes, and where there is a conflict between this Act and any other written law other than the Constitution, this Act shall prevail. Any thing duly done under the authority of this Act for the purpose of giving effect to the Government's policy on retirement benefits schemes shall have effect notwithstanding any other enactment. Any written law which conflicts with this Act shall be amended to bring it in conformity with the Act.

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§ 96Miscellaneous - Licensing of existing retirement benefit schemes, custodian, trustee, administrator or fund managerCommencement

Section Licensing of existing retirement benefit schemes, custodian, trustee, administrator or fund manager Section All retirement benefits schemes existing immediately before the coming into force of this Act shall, within twelve months after the coming into force of this Act, apply to the Authority for a licence in accordance with this Act. Any person who, immediately before the coming into force of this Act, is a custodian , trustee , administrator or fund manager of a retirement benefits scheme shall, within twelve months after coming into force of this Act, apply to the Authority for a licence in accordance with this Act.

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Legislative relationships

3 referenced instruments

Names are derived from the stored provision headings and citation-enrichment layer. Treat this as a research index and verify each relationship against the source text.

A–F

2 instruments

Authority not immediately required for any purpose under this Act
Section 23
Authority under this Act
Section 22

N–S

1 instrument

Schedules The Minister may amend Schedules 2 and 3 of this Act
Section 92

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26 Sept 2011 · currentEnglish

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