Uganda Retirement Benefits Regulatory Authority Act

1. "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;
2. "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;
3. "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;
4. "Auditor" means a person registered by the Institute of Certified Public Accountants Uganda (ICPAU) and approved by the Authority;
5. "Authority" means the Uganda Retirement Benefits Regulatory Authority established by section 2;
6. "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;
7. "Board" means the Board of Directors of the Authority appointed under section 8;
8. "Chairperson" means the chairperson of the Board;

18 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) There is established an Authority to be known as the Uganda Retirement Benefits Regulatory Authority.
2. (2) The Authority shall be a body corporate with perpetual succession and a common seal and may for the discharge of its function under this Act-
3. (a) sue and be sued in its corporate name;
4. (b) acquire, hold, manage and dispose of movable and immovable property; and
5. (c) do all acts and things a body corporate may lawfully do.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The official seal of the Authority shall be in a form determined by the Board.
2. (2) The official seal shall, when affixed to any document, be authenticated by the signatures of the Chief Executive Officer and the Secretary to the Board.
3. (3) In the absence of the Chief Executive Officer, the person performing the functions of the Chief Executive Officer shall sign in his or her place.
4. (4) In the absence of the Secretary a person performing the functions of the Secretary shall sign in the place of the Secretary.
5. (5) An instrument or contract which if executed or entered into by a person other than a body corporate would not require to be under seal, may be executed or entered into on behalf of the Authority by the Chief Executive Officer or the Secretary to the Board or a person duly authorised by resolution of the Board.
6. (6) Every document purporting to be an instrument or contract executed or issued by or on behalf of the Authority in accordance with this section shall be deemed to be so executed or issued until the contrary is proved.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

This section states a single governing proposition and does not enumerate separate elements.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The functions of the Authority are to-
2. (a) regulate and supervise the establishment, management and operation of retirement benefits schemes in Uganda, in both the public and private sectors;
3. (b) license retirement benefits schemes in Uganda;
4. (c) license custodians, trustees, administrators and fund managers of retirement benefits schemes;
5. (d) approve an actuary or auditor of any retirement benefit scheme;
6. (e) protect the interests of members and beneficiaries of retirement benefits schemes including the promotion of transparency and accountability;
7. (f) improve understanding and promote the development of the retirement benefits sector;
8. (g) promote the stability and integrity of the financial sector through ensuring stability and security of retirement benefits schemes;

12 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (b) conduct any investigation or inquiry relevant to the retirement benefits industry in Uganda;
2. (c) conduct any inspection and examination of books of accounts, records, returns and any document or premises of a licensed person or scheme;
3. (d) issue guidelines, directives or instructions to any licensed person for the proper management of a retirement benefit scheme;
4. (e) search the premises of any licensed person in accordance with this Act;
5. (f) delegate any of its powers other than the powers of revocation, licensing, delegation or variation of such delegation; and
6. (g) do such other things to ensure efficiency in the management of retirement benefit schemes.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority shall be independent in the performance of its functions and shall not be subject to the direction, instruction or control of any person or authority.
2. (2) Notwithstanding subsection (1), the Minister may give the Authority policy guidelines.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority shall have a Board of Directors appointed by the Minister which shall comprise of-
2. (a) the Permanent Secretary of the Ministry responsible for finance or his or her representative authorised in writing;
3. (b) the Permanent Secretary of the Ministry responsible for labour or his or her representative authorised in writing;
4. (c) the Permanent Secretary of the Ministry responsible for public service or his or her representative authorised in writing;
5. (d) four persons, not being public officers who are knowledgeable or experienced in matters relating to the administration of retirement benefits schemes, banking, insurance, finance, law accounting, economic or actuarial studies; and
6. (e) the Chief Executive Officer appointed under section 15.
7. (2) A person shall not be eligible for appointment under paragraph (d) if such person is an employee or director of any company, firm or institution where such employment or directorship may lead to a conflict of interest.
8. (3) The Minister shall appoint a Chairperson from among the members appointed under subsection(l) (d).

3 further items remain in the statutory text above.

Citing judgments are indexed, but no express interpretive proposition has yet passed the passage-verification threshold. Open Judicial treatment for the citing passages.

1. (1) A member of the Board, other than the Chief Executive Officer shall hold office for five years and is eligible for reappointment for only one more term.
2. (2) A member of the Board may, at any time, resign his or her office in writing addressed to the Minster.
3. (3) A member of the Board may be removed from office by the Minister-
4. (a) for inability to perform the functions of his or her office arising from infirmity of body or mind;
5. (b) for misbehaviour or misconduct;
6. (c) for incompetence;
7. (d) for conflict of interest;
8. (e) if the member is bankrupt or insolvent or enters into a composition scheme with his or her creditors;

5 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. The Chairperson and members of the Board shall be paid such remuneration and allowances as may be determined by the Minister

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Board is responsible for the general direction and supervision of the Authority.
2. (2) For the purpose of subsection (1), the Board shall-
3. (a) review and approve strategic and operating plans, budgets, reports and audited financial statements of the Authority;
4. (b) oversee the operations of the Authority;
5. (c) control, supervise and administer the assets of the Authority;
6. (d) approve organisational structures of the Authority;
7. (e) establish and approve rules of procedure for appointment, termination, discipline and terms and conditions of staff of the Authority;
8. (f) monitor and supervise the implementation of the Act;

4 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. The meetings of the Board shall be conducted in the manner prescribed in schedule 2 to this Act

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Board shall appoint a secretary to the Board on terms and conditions as the Board may determine.
2. (2) The secretary shall report to the Board through the Chief Executive Officer.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Board may appoint committees of the Board to advise it on any matter concerning the functions of the Board as it may determine.
2. (2) A committee appointed under subsection (1) shall consist of a Chairperson who shall be a member of the Board and such other persons, whether members of the Board or not, as the Board may determine.
3. (3) The Board shall, in writing, specify the terms and conditions of service of the members of a committee appointed under subsection (1).
4. (4) The Board may delegate any of its functions under this Act to a committee appointed under this section.
5. (5) The Board may require a committee appointed under this section to act jointly or in co-operation with any other committee.
6. (6) Members of a committee appointed under this section may be paid such allowances as the Minister may determine.
7. (7) Subject to any direction given by the Board, a committee appointed under this section may regulate its own procedure.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority shall have a Chief Executive Officer who shall be appointed by the Minister on recommendation of the Board, on terms and conditions specified in the instrument of appointment.
2. (2) A person shall not be appointed Chief Executive Officer unless that person-
3. (a) has academic or professional qualifications in accounting, finance, economics, insurance, law or banking with experience and competence to manage the affairs of the Authority; and
4. (b) is a person of high moral character and proven integrity.
5. (3) The Chief Executive Officer shall be an ex officio member of the Board and shall attend all meetings of the Board with no right to vote at any meeting of the Board.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Chief Executive Officer is responsible for the day to day operations and administration of the Authority.
2. (2) Subject to this Act and to the general supervision and control of the Board, the Chief Executive Officer is responsible for-
3. (a) implementing the objectives, policies and programmes of the Authority and reporting on them to the Board;
4. (b) the proper management of the funds and property of the Authority;
5. (c) the organization, control and discipline of the staff of the Authority;
6. (d) the development of an operating plan to guide the Authority in achieving its objectives;
7. (e) the development of an economic, efficient and cost effective internal management structure; and
8. (f) performing any other function which may be assigned to him or her by the Board.

1 further item remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Chief Executive Officer shall hold office for five years and is eligible for re-appointment for only one more term.
2. (2) The Chief Executive Officer shall cease to hold office if-
3. (a) he or she resigns;
4. (b) he or she is declared bankrupt or insolvent, or has made an arrangement with his or her creditors;
5. (c) he or she is convicted of an offence involving dishonesty, fraud or moral turpitude;
6. (d) he or she is removed from office by the Minister on the recommendation of the Board for-
7. (i) inability to perform the functions of his or her office arising from infirmity of body or mind;
8. (ii) misbehaviour or misconduct; or

1 further item remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Board may on the advice of the Chief Executive Officer appoint staff of the Authority as may be necessary for the effective performance of the functions of the Authority.
2. (2) The staff appointed under this section shall hold office on such terms and conditions as may be specified in their instruments of appointment.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The funds of the Authority shall consist of-
2. (a) compulsory levies; and
3. (b) license fees.
4. (c) money appropriated by Parliament for the purposes of the Authority;
5. (d) grants, gifts or donations from Government or other sources made with the approval of the Minister; or
6. (e) any other fees charged for services and activities rendered by the Authority under this Act.
7. (2) The funds of the Authority may be applied-
8. (a) 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

1 further item remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

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

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (b) all other monies received by the Authority in the exercise of its functions under this Act.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. 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

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. 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,

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) 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.
2. (2) 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.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

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

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The accounts of the Authority shall be audited by the Auditor General or an auditor appointed by the Auditor General.
2. (2) 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.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) 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.
2. (2) The Minister, shall submit to Parliament bi-annual reports on the operations of the Authority.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A person shall not establish or operate a retirement benefits scheme except under a licence issued by the Authority in accordance with this Act.
2. (2) 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.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) 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.
2. (2) An application for a licence to establish a retirement benefits scheme shall state-
3. (a) the name and address of the applicant;
4. (b) the name of the proposed retirement benefits scheme;
5. (c) names and addresses of the custodian, trustee, administrator and fund manager of the retirement benefits scheme;
6. (d) the status of the retirement benefits scheme in respect of-
7. (i) the names of members admitted into the retirement benefits scheme and their contribution;
8. (ii) benefits that accrue to members under the retirement benefits scheme;

5 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority may grant a licence to operate a retirement benefits scheme, if the Authority is satisfied that-
2. (a) the proposed retirement benefits scheme is established as an irrevocable trust under this Act and Regulations made under this Act;
3. (b) the scheme rules of the proposed retirement benefits scheme adequately protect the rights and interests of the members and beneficiaries of the scheme; and
4. (c) the custodian, trustee, administrator and fund manager of the proposed retirement benefits scheme are licensed in accordance with this Act.
5. (2) 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.
6. (3) The Authority may refuse to grant a licence to an applicant, if the Authority is satisfied that-
7. (a) the information contained in the application is false in any material particular;
8. (b) the applicant does not meet the requirements specified in section 29 (2) and subsection 30 (1); or

2 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. 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

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority may revoke the licence of a retirement benefits scheme if-
2. (a) 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;
3. (b) the retirement benefits scheme is merged, wound up or dissolved;
4. (c) the retirement benefits scheme breaches the conditions of its licence;
5. (d) the licence expires; or
6. (e) the retirement benefits scheme contravenes any provision 24 of this Act or any regulations made under this Act.
7. (2) 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.
8. (3) The Authority shall, before revoking a licence of a retirement benefits scheme, consider any representations made in writing by the sponsor opposing the revocation.

5 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

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

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (b) if the applicant does not have the adequate professional, technical and operational systems to perform the functions of a custodian of a retirement benefits scheme;
2. (c) if the applicant has been a custodian of a retirement benefits scheme whose licence was revoked by the Authority due to any fault either fully or partially of the custodian; and
3. (d) if the applicant does not meet any additional requirements as may be prescribed by this Act or regulations made under this Act.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) An application for a licence to act as a custodian shall be in the prescribed form and shall-
2. (a) contain or be accompanied by any other information that the Authority may require for the purpose of determining the application;
3. (b) contain 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
4. (c) be accompanied by the prescribed fee.
5. (2) The Authority shall grant a licence to an applicant which meets the requirements specified in section 34 and subsection 35(1).
6. (3) The Authority shall publish in the Gazette and a newspaper with wide circulation, a list of all licensed custodians at least once every year.
7. (4) A financial institution which acts as a custodian of a retirement benefits scheme without a licence issued under this Act commits an offence and is liable on conviction to a fine not exceeding one thousand currency points.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority may refuse to grant a licence to an applicant, if the Authority is satisfied that-
2. (a) the information contained in the application is false in any material particular; or
3. (b) the applicant does not meet the requirements specified in section 34 and subsection 35 (1).
4. (2) 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.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A licence issued to a custodian shall be valid for one year and may be renewed upon payment of the prescribed fee.
2. (2) An application for the renewal of a licence under subsection (1) shall be made at least three months before the expiry of the licence.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority may revoke the licence of a custodian if-
2. (a) the Authority discovers after the licence has been issued, that the custodian made a false statement in relation to the application;
3. (b) any event occurs which renders the custodian ineligible to provide custodial services to the retirement benefits scheme;
4. (c) the custodian's business is wound up;
5. (d) the custodian is in breach of any condition of the licence;
6. (e) the custodian ceases to be a licensed financial institution under the Financial Institutions Act, 2004; or
7. (f) the custodian does not comply with any provision of this Act or regulations made under this Act.
8. (2) The Authority shall give the custodian at least thirty days notice in writing specifying the reasons for the intended revocation of the licence.

4 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A custodian of a retirement benefits scheme shall-
2. (a) hold the funds, assets and investments of the retirement benefits scheme in safe custody for the members and beneficiaries of the scheme;
3. (b) receive contributions made to the scheme;
4. (c) notify the administrator and fund manager of the receipt of contributions;
5. (d) be responsible for collecting of dividends and income in relation to the investments of the scheme;
6. (e) be responsible for processing and transferring documents; and
7. (g) report to the Authority on matters relating to the assets and investments of the scheme.
8. (2) A custodian shall not use the funds or assets in its custody to meet its own financial obligations.

2 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. A person shall not act as a trustee of a retirement benefits scheme unless he or she has a licence issued in accordance with this Act

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) An application for a licence to act as a trustee of a retirement benefits scheme shall be in the prescribed form and shall-
2. (a) state whether the applicant has the adequate professional, technical knowledge, experience or operational ability to perform the functions of a trustee;
3. (b) contain or be accompanied by any other information that the Authority may require for the purpose of determining the application;
4. (c) contain 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
5. (d) be accompanied by the prescribed fee.
6. (2) The Authority may grant a licence to an applicant who meets the requirements specified in subsection (1).
7. (3) The Authority shall publish in the Gazette and in a newspaper with wide circulation, a list of all licensed trustees, at least once in every year.
8. (4) A person who acts as a trustee of a retirement benefits scheme without a licence issued under this Act commits an offence and is liable on conviction to a fine not exceeding one thousand currency points or imprisonment not exceeding six years or both.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority may refuse to grant a licence to an applicant if the Authority is satisfied that-
2. (a) the information contained in the application is false in any material particular;
3. (b) the applicant is not a fit and proper person as prescribed in Part II of Schedule 3;
4. (c) the applicant has ever been a trustee of a retirement benefits scheme whose licence was revoked by the Authority due to any fault either fully or partially of the applicant; or
5. (d) the applicant does not meet the requirements specified in section 41(1).
6. (2) 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.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (b) is declared bankrupt or insolvent, or has entered into an arrangement with his or her creditors;
2. (c) was previously involved in the management or administration of a retirement benefits scheme whose licence has been revoked under this Act, due to his or her fault either fully or partially;
3. (d) is disqualified under any other written law, or his or her holding office as such is determined by the Authority as being, in any way, detrimental to the retirement benefits scheme; or
4. (e) is not a fit and proper person as prescribed in Schedule 3.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A licence issued to a trustee shall be valid for one year and may be renewed upon payment of the prescribed fee.
2. (2) An application for the renewal of a licence under subsection (1) shall be made at least three months before the expiry of the licence.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority may revoke the licence of a trustee if-
2. (a) the Authority discovers, after the licence has been issued, that the trustee made a false statement in relation to the application;
3. (b) an event occurs which renders the trustee ineligible to perform his or her functions as a trustee;
4. (c) the trustee is declared bankrupt or insolvent, or enters into an arrangement with his or her creditors;
5. (d) the trustee is in breach of any condition of the licence;
6. (e) the trustee is disqualified by virtue of section 43;
7. (f) the trustee ceases to be a fit and proper person as prescribed in Part II of Schedule 3; or
8. (g) the trustee does not comply with any provision of this Act, or any regulations made under this Act.

5 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A trustee of a retirement benefits scheme shall-
2. (a) manage and oversee the operation of the retirement benefit scheme in accordance with this Act and regulations made under this Act;
3. (b) provide for the proper investment of scheme funds in accordance with this Act and Regulations made under this Act;
4. (c) make arrangements for the payment of benefits in accordance with the scheme rules;
5. (d) keep financial and membership records of the scheme;
6. (e) open and maintain bank accounts necessary for the exercise of the functions of the scheme;
7. (f) appoint a custodian, fund manager, administrator or an actuary; and
8. (g) appoint an auditor to audit the accounts of the scheme.

3 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A person shall not act as an administrator of a retirement benefits scheme unless he or she has a licence issued in accordance with this Act.
2. (2) The provisions of subsection (1) shall not apply to a natural person who is an employee of a scheme.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) An application for a licence to act as an administrator shall be in the prescribed form and shall-
2. (a) state whether the applicant has the adequate professional, technical knowledge, experience or operational ability to perform the functions of an adminstrator;
3. (b) contain or be accompanied by any other information that the Authority may require for the purpose of determining the application;
4. (c) contain 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
5. (d) be accompanied by the prescribed fee.
6. (2) The Authority may grant a licence to an applicant who meets the requirements specified in subsection (1).
7. (3) The Authority shall publish in the Gazette and in a newspaper with wide circulation, a list of all licensed administrators, at least once in every year.
8. (4) A person who acts as an administrator of a retirement benefits scheme without a licence issued under this Act commits an offence and is liable on conviction to a fine not exceeding one thousand currency points or imprisonment not exceeding six years, or both.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority may refuse to grant a licence to an applicant if the Authority is satisfied that-
2. (a) the information contained in the application is false in any material particular;
3. (b) the applicant is not a fit and proper person as prescribed in Part II of Schedule 3;
4. (c) the applicant has ever been an administrator of a retirement benefits scheme whose licence was revoked by the Authority due to any fault either fully or partially of the applicant; or
5. (d) the applicant does not meet the requirements specified in section 48 (1).
6. (2) 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.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (b) is declared bankrupt or insolvent, or has entered into an arrangement with his or her creditors;
2. (c) was previously involved in the management or administration of a retirement benefits scheme whose licence has been revoked under this Act, due to any fault either fully or partially of the applicant;
3. (d) is disqualified under any other written law, or his or her holding office as such is determined by the Authority as being, in any way, detrimental to the retirement benefits scheme; or
4. (e) is not a fit and proper person as prescribed in Part II of Schedule 3.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A licence issued to an administrator shall be valid for one year and may be renewed upon payment of the prescribed fee.
2. (2) An application for the renewal of a licence under subsection (1) shall be made at least three months before the expiry of the licence.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (b) an event occurs which renders the administrator ineligible to perform his or her functions as administrator;
2. (c) the administrator is declared bankrupt or insolvent, or enters into an arrangement with his or her creditors;
3. (d) the administrator is in breach of any condition of the licence;
4. (e) the administrator is disqualified by virtue of section 50;
5. (f) the administrator ceases to be a fit and proper person as prescribed in Part II of Schedule 3; or
6. (g) the administrator does not comply with any provision of this Act, or regulations made under this Act.
7. (2) The Authority shall give the administrator at least thirty days notice in writing specifying the reasons for the intended revocation of the licence.
8. (3) The Authority shall, before revoking a licence of an administrator, consider any representations made in writing by the administrator opposing the revocation.

3 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) An administrator of a retirement benefits scheme shall-
2. (a) keep the records of the scheme;
3. (b) process receipts and invoices;
4. (c) produce quarterly and annual accounts for audit;
5. (d) organise and arrange for meetings; and
6. (e) prepare annual benefit statements and trustee reports.
7. (2) An administrator of a retirement benefits scheme shall not act as a custodian, trustee or fund manager of the same retirement benefits scheme.
8. (3) The provisions of subsection (2) shall apply to any assignee or related party of the administrator.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. A person shall not act as a fund manager of a retirement benefits scheme unless he or she has a licence issued in accordance with this Act

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) An application for a licence as a fund manager of a retirement benefits scheme shall be in the prescribed form and shall-
2. (a) state whether the applicant has the adequate professional, technical and operational ability to perform the functions of a fund manager;
3. (b) contain or be accompanied by any other information that the Authority may require for the purpose of determining the application;
4. (c) contain 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
5. (d) be accompanied by the prescribed fee.
6. (2) The Authority may grant a licence to an applicant who meets the requirements specified in subsection (1).
7. (3) The Authority shall publish in the Gazette and in a newspaper with wide circulation, a list of all licensed fund managers, at least once in every year.
8. (4) A person who acts as a fund manager of a retirement benefits scheme without a licence issued under this Act commits an offence and is liable on conviction to a fine not exceeding one thousand currency points or imprisonment not exceeding six years, or both.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority may refuse to grant a licence to an applicant if the Authority is satisfied that-
2. (a) the information contained in the application is false in any material particular;
3. (b) the applicant is not a fit and proper person as prescribed in Part II of Schedule 3;
4. (c) the applicant has ever been a fund manager of a retirement benefits scheme whose licence was revoked by the Authority due to any fault either fully or partially of the applicant; or
5. (d) the applicant does not meet the requirements specified in section 55 (1).
6. (2) 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.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (b) is declared bankrupt or insolvent, or has entered into an arrangement with his or her creditors;
2. (c) was previously involved in the management or administration of a retirement benefits scheme whose licence has been revoked under this Act due to his or her fault either fully or partially;
3. (d) is disqualified under any other written law, or his or her holding office as such is determined by the Authority as being, in any way, detrimental to the retirement benefits scheme; or
4. (e) is not a fit and proper person as prescribed in Part II of Schedule 3.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A licence issued to a fund manager shall be valid for one year and shall be renewed annually upon payment of the prescribed fee.
2. (2) An application for the renewal of a licence under subsection (1) shall be made at least three months before the expiry of the licence.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority may revoke the licence of a fund manager if-
2. (a) the Authority discovers, after the licence has been issued, that the fund manager made a false statement in relation to the application;
3. (b) any event occurs which renders the fund manager ineligible to perform his or her functions as a trustee;
4. (c) the fund manager is declared bankrupt or insolvent, or enters into an arrangement with his or her creditors;
5. (d) the fund manager is in breach of any condition of the licence;
6. (e) the fund manager is disqualified by virtue of section 57;
7. (f) the fund manager ceases to be a fit and proper person as prescribed in Part II of Schedule 3; or
8. (g) the fund manager does not comply with any provision of this Act, or any regulations made under this Act.

5 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A fund manager of a retirement benefits scheme shall-
2. (a) be responsible for management of funds and other assets of the retirement benefits scheme for purposes of investment in accordance with the scheme's investment policy and the scheme rules;
3. (b) provide advisory services on the investment of the scheme funds and disseminating information concerning the assets available for investment of scheme funds.
4. (2) A fund manager of a retirement benefits scheme shall not act as a custodian, trustee or administrator of the same retirement benefits scheme.
5. (3) The provisions of subsection (2) shall apply to any assignee or related party of the fund manager.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (b) take reasonable care to ensure that the management of the scheme is carried out in the best interests of the members and beneficiaries of the scheme;
2. (c) report to the Authority, as soon as reasonably practicable-
3. (i) any unusual occurrence which in his or her view could jeopardise the rights of the members or beneficiaries of the scheme; or
4. (ii) any contribution supposed to be paid into the scheme which remains due for more than thirty days from the date of payment.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority shall keep a register containing entries in respect of-
2. (a) all licensed retirement benefits schemes;
3. (b) licensed custodians, trustees, administrator and fund managers;
4. (c) any other information as may be directed in writing by the Board.
5. (2) The Authority shall keep all records of information entered in the register for a period of seven years.
6. (3) The Authority shall-
7. (a) keep an electronic version of the register which shall be accessible to the public;
8. (b) publish an updated register in the print media;

3 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) 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-
2. (a) all contributions of members of the retirement benefits scheme; and
3. (b) all other monies received by the trustee in the exercise of his or her functions under this Act.
4. (2) Monies received by the trustee under subsection (1) (a) and under subsection (b) shall be kept in separate accounts.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) 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.
2. (2) A member, trustee, custodian, administrator or fund manager of the retirement benefits scheme shall not be appointed as an auditor under subsection (1).
3. (3) 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.
4. (4) 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.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) 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.
2. (2) 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.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) 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.
2. (2) 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.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) 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.
2. (2) 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.
3. (3) 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.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The funds of a retirement benefits scheme shall not-
2. (a) be used for speculative investments;
3. (b) be lent to any person, except through securities sold on the open market;
4. (c) 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;
5. (d) used to make direct or indirect loans to any person;
6. (e) be used as security for loans;
7. (f) invested outside East Africa; or
8. (g) invested contrary to any guidelines prescribed for that purpose.

4 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) An employer shall, pay contributions in respect of his or her employee into a retirement benefits scheme licensed under this Act.
2. (2) 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.
3. (3) 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.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. 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

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) 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.
2. (2) 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.
3. (3) The trustee shall, within three months after an actuarial evaluation is done submit a report of the actuarial valuation to the Authority.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (b) the application or interpretation of scheme rules in the determination of benefits of members or beneficiaries of a retirement benefits scheme; or
2. (c) the management of assets or investment of funds of a retirement benefits scheme.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A fiduciary shall-
2. (a) act with due care, skill, diligence, good faith and prudence, and shall avoid misleading and deceptive acts or representations;
3. (b) act in the best interest of the scheme members and beneficiaries;
4. (c) ensure that all decisions regarding the scheme comply with scheme rules made under this Act; and
5. (d) act with impartiality in respect of all members and beneficiaries of the scheme.
6. (2) 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.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) 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.
2. (2) 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.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. The Board shall appoint an inspector to inspect the books of accounts, records, returns and any document or premises of a retirement benefits scheme custodian, fund manager and administrator licensed under this Act

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) An inspector may, by notice in writing, require any person who is or has at any time been a custodian, trustee, administrator, fund manager, employee or agent of a retirement benefits scheme being inspected, to-
2. (a) produce any books of accounts, records, returns or other documents relating to the affairs of the scheme for inspection;
3. (b) appear before the inspector for examination in regard to his or her participation in the scheme; or
4. (c) give all reasonable assistance for purposes of the inspection.
5. (2) The books of accounts and any documents shall not be removed from the premises in the course of inspection.
6. (3) Notwithstanding subsection (2), an inspector shall be availed with certified copies of any books, accounts and other documents required for the purposes of his or her report.
7. (4) Information obtained in the course of the inspection shall be treated as confidential and shall be used solely for the purposes of this Act.
8. (5) A person who-

3 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) An inspector appointed under section 75 shall submit his or her report to the Authority.
2. (2) The report of the inspector shall draw attention to any breach of the requirements of this Act and regulations made under this Act, any mismanagement or lack of management skills of the fund manager and any other matter revealed or discovered in the course of the inspection warranting, in the opinion of the inspector, remedial action or further investigation.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority shall appoint an interim administrator if-
2. (a) if the trustees of a retirement benefits scheme fail to submit to the Authority an annual report of the transactions of the retirement benefit scheme required under section 66(2) for over six months after the end of the financial year to which they relate;
3. (b) if the trustees are found to have submitted or provided any accounts, returns, statements, books, records, correspondences, documents or other information relating to the funds of the scheme which are false or misleading
4. (c) the inspector's report reveals a fact which, in the opinion of the Authority, warrants the appointment of an interim administrator in order to protect the interests of members and beneficiaries of the retirement benefits scheme or as a matter of public interest; or
5. (d) the licence of a custodian, trustee, administrator or fund manager is revoked by the Authority under this Act.
6. (2) An interim administrator shall assume the management, control and conduct of the affairs and business of the custodian, trustee, administrator or fund manager, as the case may be, to exercise all the functions of the custodian, trustee, administrator or fund manager to the exclusion of the custodian, trustee, administrator or fund manager.
7. (3) The appointment of an interim administrator shall be for a period, not exceeding twelve months, as the Authority may specify in the instrument of appointment.
8. (4) An interim administrator shall upon assuming the management, control and conduct of the affairs and business of the custodian, trustee, administrator or fund manager discharge his or her duties with diligence and in accordance with sound actuarial and financial principles and in particular, with due regard to the interests of members and beneficiaries of the retirement benefits scheme.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (b) recovering all debts and money due to and owing to the retirement benefits scheme;
2. (c) evaluating the solvency and the liquidity of the retirement benefits scheme;
3. (d) determining the adequacy of the capital, reserves and the management of the retirement benefits scheme;
4. (e) recommending to the Authority any restructuring or reorganisation which he or she considers necessary for the proper management of the retirement benefits scheme;
5. (f) obtaining records, books of accounts, statements, documents or information relating to the retirement benefits scheme from any former trustee, custodian, administrator or fund manager or an employee of the retirement benefits scheme; and
6. (g) performing any function as the Authority may in writing, direct in accordance with this Act.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) An interim administrator shall, within twelve months after the date of his or her appointment, prepare and submit to the Authority a report of-
2. (a) the financial position and the management of the retirement benefits scheme;
3. (b) recommendations as to whether the retirement benefits scheme is capable of being revived or not; or
4. (c) whether the retirement benefits scheme's licence should be revoked.
5. (2) The Chief Executive Officer shall, upon receipt of the report of an interim administrator, make appropriate recommendations to the Board which shall make a decision on the matter.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

This section states a single governing proposition and does not enumerate separate elements.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) 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.
2. (2) A copy of the appeal under this section shall be served on the fund manager, trustees or custodian of the scheme.
3. (3) A person aggrieved by a decision of the Authority in subsection (1) may appeal to the Tribunal.
4. (4) 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.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) There is established the Retirement Benefits Appeals Tribunal for the purpose of hearing appeals under this part.
2. (2) 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.
3. (3) The chairperson of the Tribunal shall be a person qualified to be a judge of the High Court.
4. (4) The chairperson shall be appointed by the Minister, in consultation with the Judicial Service Commission.
5. (5) 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.
6. (6) A person shall not qualify for appointment as a member of the Tribunal unless the person-
7. (a) is of high moral character and proven integrity;
8. (b) has not been convicted of an offence of moral integrity;

5 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.