Uganda Retirement Benefits Regulatory Authority (Management and Operation of Retirement Benefits Schemes) Regulations

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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. These Regulations may be cited as the Uganda Retirement Benefits Regulatory Authority (Management and Operation of Retirement Benefits Schemes) Regulations, 2020.

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. "currency point" has the value assigned to it in Schedule 1 to these Regulations; "custodian" has the meaning given to it under the Act; "key officer" means a person in a decision making position in a retirement benefits scheme; "member" has the meaning given to it under the Act; "receiving scheme" means a scheme to which the accrued benefits of a member are to be transferred; "scheme" means a retirement benefits scheme; "service level agreement" means an agreement entered into between the trustees of a scheme and a service provider, for provision of a specified service to the retirement benefits scheme; "service provider" means the administrator, fund manager, custodian, auditor or an individual or a company appointed by the trustees of a scheme to offer services to the scheme; "sponsor" has the meaning given to it under the Act; "transferring scheme" means a scheme from which the accrued benefits of a member are to be drawn; "trustee" has the meaning given to it under the 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) ensure that there is clear identification and separation of the operational and oversight roles of all the officers and the employees of the scheme, including clear identification of responsibilities of the trustees, key officers and service providers;
2. (c) execute their functions in a manner that is consistent with the objectives of the scheme;
3. (d) ensure compliance with the Act and regulations made under the Act by the scheme and all service providers under the scheme;
4. (e) ensure that the scheme account into which contributions are made or into which funds are paid in respect of the members, is maintained by the custodian of the scheme; and
5. (f) ensure that the account referred to in paragraph (e) shall be maintained separately from any other accounts that the scheme may have for any other purpose.

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. (g) prescribe the nature and extent of transactions of the scheme with affiliate institutions and related parties (h) establish measures for dealing with feedback received from the members and other stakeholders of the scheme; and (i) ensure that the scheme complies with the disclosure requirements under the Act and the dissemination of accurate information about the 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) The trustees of the scheme shall be responsible for the governance of the scheme and development of policies for the scheme, including a policy on- (a) conflict of interest; (b) scheme outsourcing; (c) risk management; and (d) appointment and governance of the board of trustees.
2. (2) The policy referred to in subregulation (1)d) shall set out the following- (i) the composition of the board of trustees; (ii) the terms and conditions of appointment of the trustees; (iii) the qualifications for a trustee; (iv) the collective skills required of the board of trustees; (v) a succession plan for the board of trustees; (vi) the remuneration of the trustees; (vii) the remuneration structure of the trustees that supports the long term financial soundness of the retirement benefits scheme; and (viii) any other requirement necessary for the effective operation of the scheme.
3. (3) The trustees of a scheme shall annually, submit to the Authority a report indicating- (a) the tenure of every trustee; (b) the personal details of each newly appointed trustee; (c) all the changes in the personal details of every serving trustee; (d) the personal details of a preceding trustee whose term was terminated or whose appointment was not renewed for a reason specified in the Act, regulations or the trust deed; (e) the reason for termination or non-renewal of the term of office of the trustee referred to in paragraph (d); and (f) an annual evaluation of the scheme, the key officers and the service providers of the scheme and a copy of the evaluation reports. (4) The trustees shall review all the policies of the scheme after every three years. (5) The trustees of the scheme shall ensure that the scheme complies with all the governance requirements determined by the Authority from time to time.
4. (6) The trustees shall submit a copy of the evaluation report referred to in subregulation (3)f) to the Authority within thirty days from the conclusion of the evaluation exercise.

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 may delegate any function to a service provider or a key officer of the scheme, except the duty to appoint service providers.
2. (2) Every delegation of a function by a trustee, shall be in writing.
3. (3) A trustee shall not abrogate responsibility for the function that the trustee delegates.
4. (4) The trustees shall ensure that the scheme has proper reporting mechanisms for appropriate, timely and accurate flow of information.

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. In exercise of the duty to account to members of a scheme and other stakeholders, the trustees shall- (a) hold management meetings at least once every quarter of the calendar year and keep a record of the proceedings of the meetings; (b) ensure that collective decision making takes place during the management meetings; (c) communicate the decisions taken during the management meetings to the affected scheme members and stakeholders; (d) report significant developments during the operation of the scheme to the Authority not later than fourteen days after the occurrence of the event; and (e) prescribe measurable time and quality targets for- (i) service delivery to members of the scheme, beneficiaries and other stakeholders; (ii) processing of contributions and payment of benefits; (iii) resolving of queries and complaints from members; and (iv) submission of reports 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. (1) The trustees of a scheme shall establish and maintain a risk management policy.
2. (2) The risk management policy shall-
3. (a) classify the risks faced by the scheme and identify appropriate measures to mitigate the risks;
4. (b) provide for periodic assessment of the performance of the scheme and the service providers involved in the operation and oversight of the scheme; (c) provide for regular review of the compensation mechanisms of the scheme; (d) provide for regular review of information processes, operational software systems, accounting and financial reporting systems of the scheme; (e) put in place rules prohibiting the misuse of privileged information; (f) provide for an adequate risk management system including an internal audit system; (g) prescribe mechanisms for regular assessment of the regulatory compliance systems of the scheme; and (h) safeguard the scheme funds, assets and interests of the members.
5. (3) The risk management policy referred to in subregulation (2), shall be reviewed after every three years.

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 trustees shall maintain an outsourcing policy that conforms to the outsourcing guidelines issued by the Authority.
2. (2) Every trustee that engages a service provider shall execute a service level agreement with the service provider.
3. (3) The service level agreement referred to in subregulation (2) shall include- (a) the obligations of each party to the agreement; (b) the acceptable standards of service delivery; (c) the mode of remuneration of the service provider;
4. (d) the reporting requirements of the service provider to the trustees; (e) the duration of the service level agreement; (f) a commitment to adhere to ethical standards by each party to the agreement; (g) a provision for amendment of the agreement; (h) a termination clause and the obligations of every party to the agreement in the case of termination of the agreement; (i) a conflict resolution clause; and (j) any other provision considered necessary for the execution of the agreement.
5. (4) A service level agreement shall not consist of a clause intended to penalise a scheme financially or otherwise for termination of the agreement.
6. (5) The trustees shall submit a copy of every duly signed service level agreement to the Authority within fourteen days from the date of execution of the agreement.

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 trustees shall convene an annual general meeting of the scheme not later than one hundred days from the end of the financial year of the scheme.
2. (2) The trustees shall, at the annual general meeting, provide the members and beneficiaries of the scheme with-
3. (a) information about changes in the trust deed and rules of the scheme;
4. (b) information about changes in the benefits and contributions structure of the scheme;
5. (c) a report about the remuneration and performance of the trustees; (d) a report about the performance and costs of every service provider engaged by the scheme; (e) a report of the audited accounts of the scheme; (f) a report about the investments of the scheme; and (g) any other information requested for by the members.
6. (3) The trustees shall submit a notice of the annual general meeting of the scheme to the Authority and the members of the scheme, thirty days before the annual general meeting.
7. (4) A representative of the Authority may attend the annual general meeting of the scheme.
8. (5) The trustees shall submit a copy of the minutes of the annual general meeting of the scheme to the Authority not later than thirty days from the date of the meeting.

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. (1) The trustees may appoint a committee to advise the trustees on any aspect of the scheme including investment, audit and risk management. (2) Where the trustees appoint a committee referred to in subregulation (1), the trustees shall set out the terms and conditions of service of the committee.

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 member is entitled to a fair hearing where the member makes a claim in respect of his or her rights and benefits under a scheme. (2) The trustees shall ensure that the procedure for making the claim- (a) is expeditious, transparent and easy to understand; (b) constitutes reasonable costs for the member claiming the rights and benefits under the scheme; (c) offers an independent in-house appeal mechanism to the member who wishes to appeal against the decision of the scheme administrator, fiduciary or sponsor; and (d) stipulates remedial measures for redress for the loss of rights or benefits, where the claim of the member is found to be valid.

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 the transfer of the accrued benefits is likely to result into a loss of benefits associated with the scheme from which the benefits originated, the trustees shall provide every member of the scheme with adequate information about the scheme rules associated with the transfer of the vested benefit accruals of the member or beneficiary.
2. (2) Every amendment or change in the trust deed or scheme rules that significantly impacts the rights and benefits of the members of a scheme, shall be disclosed to the members of the scheme in reasonable time and in a manner that the members and beneficiaries understand.
3. (3) Where the requisite contributions of the members or sponsors have not been remitted to the scheme, the trustees shall inform the members about the non-remittance of the benefits in reasonable time.

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 member of the scheme shall receive equal treatment in respect of all rights associated with the 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. The Authority may issue guidelines for the effective implementation of these Regulations

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 after inspection the Authority determines that a scheme is not in compliance with these Regulations, the Authority may impose any or all of the following remedial measures and administrative actions- (a) summon the trustees of the scheme and the administrator to explain the reasons for the non-compliance with the regulatory requirements; and (b) direct the trustees of the scheme and the administrator to ensure immediate compliance with these Regulations and to submit reports on the remedial action taken. (2) In addition to the remedial measures referred to in subregulation(1), the Authority may impose administrative sanctions on the trustees, administrator, fund manager or the custodian of a scheme, that is not in compliance with these Regulations.
2. (3) The administrative sanctions referred to under subregulation (2) shall include- (a) caution for a first time offender; (b) cash penalties for a continuing offender; (c) suspension of the licence of the offender;
3. (d) revocation of the licence of the offender; (e) prohibition of the scheme from admitting new members; (f) a declaration that a particular trustee of the scheme is not a fit and proper person for purposes of the Act; (g) a declaration that a particular service provider is not a fit and proper person for purposes of the Act; and (h) suspension or removal from office of the erring offender.
4. (4) The cash penalties referred to in subregulation (3)(b) shall include- (a) a fine not exceeding seventy- five currency points in the case of a contravention; (b) an additional penalty not exceeding fifty currency points in respect of every day on which the contravention continues, in the case of a continuing contravention; or (c) a penalty not exceeding one hundred and fifty currency points in respect of a second or subsequent contravention.

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 who contravenes a provision of these Regulations commits an offence and is liable, on conviction, to a fine not exceeding seventy-five currency points or to imprisonment for one year.
2. (2) Where the contravention of these Regulations is committed by a body corporate, the body corporate or the person purporting to act in the capacity of the body corporate but did not exercise due diligence to ensure compliance with these Regulations, shall be deemed to have committed an offence and shall be liable, on conviction, to a fine not exceeding seventy-five currency points or to imprisonment for one year. (3) In the case of a continuing contravention, the person, body corporate or person purporting to act in the capacity of the body corporate shall, be liable to an additional penalty of fifty currency points in respect of every day on which the contravention 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. (a) appointing the trustees of the scheme who shall be constituted as set out under the Uganda Retirement Benefits Authority (Licensing of Retirement Benefits Schemes) Regulations, 2012;
2. (b) financing the initial start-up costs for the scheme for a period of not less than five years from the date of establishing the scheme or until such a time when the scheme is able to meet its costs; and
3. (c) performing any other role necessary for the establishment of the scheme in accordance with the Act and the regulations made under the Act. (2) Notwithstanding subregulation (1), a sponsor shall not get involved in the operations or the management of the scheme.
4. (3) A sponsor who contravenes this regulation commits an offence and is liable to- (a) a fine not exceeding seventy-five currency points in the case of a first contravention; (b) a penalty not exceeding one hundred and fifty currency points in respect of a second or subsequent contravention; or (c) an additional penalty not exceeding fifty currency points in respect of every day on which the offence continues in the case of a continuing contravention.
5. (i) Name: ……………………………………………………………… *Surname *Other name
6. (ii) Date of birth: ……………………………Gender ……….…………… DD/MM/YY
7. (iii) Date of joining the Scheme ………………………………..……..
8. (iv) Retirement benefits number of the member ………………………….

10 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.