(1)
A member dissatisfied with a decision of the trustees under these Regulations may appeal to the .Authority for review, within fourteen days from the date of receipt of the decision.
(2)
A member referred to under subregulation (1) shall notify the trustees of the decision to appeal in accordance with section
82
of the Act.
A currency point is equivalent to luenty thousand shillings.
APPLICATION TO USE A PROPORTION OF ACCRUED BENEFITS AS SECURITY
I...................................................................................................................... member No..... of ............... retirement benefits scheme with benefits amounting to................................... as of this date, apply to assign........... % of my benefits to................................................... (name of institution) for the purpose of securing a mortgage or a loan for purchasing a residential house.
I guarantee that the proposed mortgage or loan is for purchasing a residential house located at.............................................and I undertake to repay the facility in accordance with the terms and conditions that will be agreed upon with the Institution.
I understand that in case of default on repayment of the facility, the trustees will be at liberty to use a portion of my accrued benefits under the scheme to settle my obligation.
Dated this............................. day of...................................... 20........
Signed Applicant............................................
♦Attach a copy of the letter of offer of the proposed facility
ASSIGNMENT OF ACCRUED BENEFITS
' IN THE MATTER OF THE CONTRACTS ACT, 2010
IN THE MATTER OF THE UGANDA RETIREMENT BENEFITS REGULATORY AUTHORITY ACT, 2011
IN THE MATTER OF THE UGANDA RETIREMENT BENEFITS REGULATORY AUTHORITY (ASSIGNMENT OF BENEFITS FOR MORTGAGES AND LOANS) REGULATIONS, 2022
This deed of Assignment is made this....................... day of............. 20........
a member of............................... retirement benefits scheme of........................................... (address) hereinafter referred to as the (the "Assignor" which expression shall where the context so admits include his or her successors in title and assignees) of the one part;
.............................. {name of Institution) of........................ (address) hereinafter referred to as (the "Assignee") which expression shall where the context so admits include the successors in title and assignees ) of the other part.
The Assignor and the Assignee shall be collectively referred to as "Parties"
WHEREAS A. The Assignor is the owner of the accrued benefits in ............................. retirement benefits scheme.
B. The Assignor has agreed to assign his or her interest in accrued benefits of...........% (not more than 50%) of his or her accrued benefits at the date of signing this deed to the Assignee to secure a mortgage or a loan for purchasing a residential house. C. The Assignee is.................................................... (name ofInstitution and state whether the Institution is licensed under the Financial Institutions Act, 2004, the Micro Finance Deposit Taking Institutions Act, 2003, or any other written law) located at...................(address) is willing and ready to issue a facility to the Assignor.
NOW THIS DEED WITNESSES AS FOLLOWS-
In consideration of the sum of................................................. to be advanced by the Assignee as a facility to the Assignor, the Assignor hereby assigns .......... % of his or her accrued benefits in.............................retirement benefits scheme to the Assignee as security for the facility on the following covenants and warrants.
COVENANTS, WARRANTIES AND REPRESENTATIONS OF THE ASSIGNOR
The Assignor hereby represents, warrants and covenants as follows: (1) That he or she is a member of ...................... retirement benefits scheme and is entitled to accrued benefits from the scheme. (2) That Assignor confirms that he or she has obtained the required approval from the trustees of ...............................retirement benefits scheme to use his or her accrued benefits as security for the mortgage or loan to purchase a residential house.
(3)
That the Assignor undertakes to use the facility to purchase a residential house.
(4)
That the Assignor commits to repay the facility in accordance with the terms and conditions of the facility executed by the parties in a separate agreement. (5) That upon failure by the Assignor to repay the facility as stipulated in paragraph (4) above, the Assignee shall be entitled to claim......... % of the accrued benefits of the Assignor in................................. retirement benefits scheme.
(6)
That upon proof of default mentioned in paragraph (5) above, the trustees of......................... retirement benefits scheme shall4 approve..... % of the accrued benefits of the Assignor to be transferred to the Assignee and the Assignor shall not hold the trustees liable for the transfer.
COVENANTS, WARRANTIES AND REPRESENTATIONS OF THE ASSIGNEE
The Assignee hereby represents, warrants and covenants as follows:
(1)
That the Assignee is duly licenced to undertake......................... services under...........................................(state the law under which Assignee is licensed).
(2)
That the Assignee has adequate operational and internal control systems for the purposes of structuring and operating a facility, keeping and updating an accurate record of the transactions from and to the Assignor's loan account and submitting reports as may be required by the trustees from time to time.
(3)
That the Assignee shall regularly update the trustees of ............................. retirement benefits scheme on the performance of the Assignor regarding the facility.
(4)
That upon completing repayment of the facility, the Assignee shall handover the certificate of title of the residential house to the Assignor.
(5)
Where the Assignor defaults in payment and the facility is cleared by the trustees of....................... retirement benefits scheme, the Assignee shall hand over the certificate of title to the residential house to the trustees for custody.
IN WITNESS HEREOF the parties have set their hands and seal this................ day............................. 20................
SIGNED by the named Assignor:
SIGNED by.......................... on behalf of the Assignee:............................
In the presence of Trustees of......... ............retirement benefits scheme
Name................................................ Signature.........................................
Name................................................ Signature........................................
Name................................................ Signature........................................
Name................................................ Signature.........................................
SCHEDULE 4 Regulation 22(4}
THE UGANDA RETIREMENT BENEFITS REGULATORY AUTHORITY (ASSIGNMENT OF BENEFITS FOR MORTGAGES AND LOANS) REGULATIONS, 2022
REPORT OF ASSIGNMENTS ISSUED BY THE SCHEME
Name of scheme............................................................................................
Reporting period............................................................................................
lotal No. of Years of Repayment value of Name of financial No. Name of member contributing period assignments institution issued
TABLE A Indicate the details of mortgages or loans repaid by members *
No. Name of member lotal Value of mortgages Name of financial or loans repaid institution
TABLE B Indicate the details of assignments redeemed
details of assignments No. Particulars of member Name of Institution redeemed
Contracts Act, 2010, Act No. 7 of 2010 Financial Institutions Act, 2004, Act No.2 of 2004 Land Act, Cap.227 Micro Finance Deposit Taking Institutions Act, 2003, Act No. 5 of 2003 Mortgage Act, Act, 2009, Act No.8 of 2009 Registration of Titles Act, Cap. 230 Uganda Retirement Benefits Regulatory Authority (Financial Reporting and Disclosure) Regulations, 2016, S.I No. 1 of 2016
HON. MATIAKASAIJA Minister of Finance Planning and Economic Development.
