In this Act, unless the context otherwise requires
"actuary"
means a person recognised 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 of the Uganda Retirement Benefits Regulatory Authority may, by notice in the Gazette, prescribe;
"AGM"
means the Annual General Meeting of the members of the Scheme including a former member receiving pension under the Scheme or with deferred benefits in the Scheme;
"beneficiary or nominee"
means a person designated by a member to benefit under the Scheme;
"Authority"
means the Uganda Retirement Benefits Regulatory Authority;
"Board"
means the Board of Trustees established under section
23
;
"currency point"
has the value assigned to it in Schedule 1 to this Act;
"custodian"
means a financial institution whose business include taking responsibility for the safe custody of the funds, securities financial instruments and documents of title of the assets of this scheme funds and licensed under the Uganda Retirement Benefit: Regulatory Authority Act;
"dependant"
means a son or daughter under the age of eighteen years or a son or daughter above the age of eighteen years or any other: person who is wholly or substantially dependent on a member;
"defined 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;
"Fund"
means the Parliamentary Pensions Fund established under section
10
;
"Fund Manager"
means a person appointed by the trustees to advise 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;
"hybrid cash balance scheme"
means a defined benefits scheme which includes elements of money purchase pension design scheme;
"medical practitioner"
means a person registered and licensed to practice as a medical practitioner under the Medical and Dental Practitioners Act;
"member"
means a Member of Parliament and a member of staff of the Parliamentary Commission on permanent and pensionable terms contributing to the Fund;
"money purchase pension design scheme"
means a scheme that provides benefits based upon the amount of money that is in a member account when benefits are due to be paid;
"Parliamentary Commission"
means the Parliamentary Commission established by the Administration of Parliament Act;
"pensionable service"
means service as a member beginning from the 2nd day of July, 2001;
"pensioner"
means a person receiving pension under this Act;
"pensionable emolument"
means basic salary, excluding any allowance or gratuity;
"reserve account"
means a reserve account established under section
30
;
"retirement"
to mean retirement as, or ceasing to be, a member after a period of ten continuous years of service as a member and on attainment of forty-five years of age;
"Scheme"
means the Parliamentary Pension Scheme established under section
3
;
"scheme credit"
means the total contributions by and in respect of a member and interest accruing on it;
"spouse"
means a husband or wife by a lawful marriage.