Nansasi (right) receiving a portrait during the function
HABARI DAILY I Kampala, Uganda I Non compliant entities have their days numbered as the Uganda Retirement Benefits Regulatory Authority (URBRA) soon moves to enforce penalties and sanctions on schemes that are non-compliant to pension sector rules.
“After 12 years of existence, we are now mature enough to enforce penalties and sanctions. We now believe it’s about time to apply the Stick,” said Rita Faith Nansasi, the body’s Ag. chief
executive officer.
She made the remarks recently during the Annual Trustees Breakfast Forum at Four Points Hotel in Kampala.
She called upon schemes that are non-complaint to meet their obligations since they are ready to apply a more stringent stance.
“We need to comply in order to avoid the penalties and
Sanctions,” she said, adding that where they have challenges, they need to reach out to the regulator.
Nansasi said a number of schemes submitted their returns for
the last quarter and those that did not saw our letters to encourage them to comply.
Unveiled on the occasion was The National Rapid Assessment of
the Feasibility of a National Long- Term Savings Scheme 2023 report by URBRA and FSD Uganda.
Uganda’s pension sector has two pension schemes; a non-contributory Public Service Pension Scheme for civil servants and the National Social Security Fund for other formal workers including government agencies
