urbra.go.ug Retirement Benefits Scheme : Uganda Regulatory Authority

Organization : Uganda Retirement Benefits Regulatory Authority
Type of Facility : Retirement Benefits Scheme
Country: Uganda

Website : http://www.urbra.go.ug/index.php
Forms: http://www.urbra.go.ug/payment-procedures.html

Retirement Benefits Scheme :

A Retirement Benefits Scheme Means a legally binding agreement or arrangement other than a contract for life assurance whether established by written law or by other instrument under which members are entitled to benefits in form of annuity or a lump sum payable upon retirement or death, termination of service or upon occurrence of an event specified in written law, agreement or arrangement.

Related : Insurance Regulatory Authority Procedures For Settling Insurance Claims Uganda : www.statusin.org/7384.html

Payment Procedures:
Payment Procedures For Application And Licence Fees For Schemes, Trustees, Fund Managers, Administrators And Custodians

Applications:
** Obtain an application form from URBRA offices or download the form from here.
** Deposit the relevant amount of application fees in the bank account using the URBRA deposit slip available in Housing Finance Bank and DFCU Bank branches. A sample deposit slip can be viewed on the website. Please indicate the amounts paid for each category of fees using codes provided on the deposit slip.
** The deposit slip is in triplicate, the white copy remains with the bank, the yellow copy remains with client and the green copy submitted to URBRA.
** Submit the green copy of the deposit slip to URBRA office and obtain an acknowledgement receipt for the deposited amounts.
** In case of Bank transfers, electronic payments (EFTs, RTGS) please indicate the category of application fees using the applicable codes. (Description of the codes is available on the website)
** Submit the application form and the acknowledgement receipt to the Compliance and Supervision Directorate for processing.

Licence:
** Upon successful application, deposit the relevant amount of licence fees following steps outlined above.
** Thereafter, obtain the licence from Compliance and Supervision Directorate.

Fiduciary:
In the context of the retirement benefits sector, Trustees and all other service providers are fiduciaries and must, in the management of retirement benefits schemes:
** Act with due care, skill, diligence, good faith and prudence, and shall avoid misleading and deceptive acts or representations;
** Act in the best interest of the scheme members and beneficiaries;
** Ensure that all decisions regarding the scheme comply with scheme rules; and
** Act with impartiality in respect of all members and beneficiaries of the scheme.

Complaint :
A complainant is advised to come to URBRA Offices and fill a complaint form with assistance with URBRA staff, and submit supporting documents. A complainant may get someone else to lodge the complaint on his/her behalf for example a lawyer, accountant or trade union representative, or a friend or family member so long as they have the complainant’s written consent to represent him/her.

The process is as follows once the complaint has been lodged:
i. The Authority receives all documents required and opens a file for the complainant;
ii. The Authority writes to the complainant acknowledging receipt of the complaint and supporting documentation;
iii. The Authority also writes to the party the case is being brought against and sends a copy to the complainant;
iv. The complainant will receive a copy of any further communication between the Authority and the party the case is being brought against;
v. In some cases the Authority seeks the guidance of the Solicitor General to give an opinion on legal issues involved.
vi. The authority works out appropriate mechanisms for resolving the complaint in the most expeditious way including conducting meetings between the parties involved or simply providing the appropriate information.

Please note that this process is transparent and free of charge.

Contact Us:
3rd-6th Floor
Plot 1 Clement Hill Rd.
P.O.Box 7561, Kampala

Tel: +256 417 302 500
Email: urbra@urbra.go.ug