Interview as published in The New Vision on 23rd April, 2018 and The Daily Monitor on 24th April, 2018.
Martin A Nsubuga was appointed Acting Chief Executive Officer at the Uganda Retirement Benefits Regulatory Authority (URBRA) at the end of February, 2018. He took over from David Nyakundi Bonyi who left the Authority at the end his tenure. He is concurrently the Director of Supervision and Compliance, and he has been pivotal in setting up URBRA’s institutional capabilities and the supervisory framework for the Retirement Benefits Sector. Before joining URBRA, he spent close to 15 years at the Ministry of Finance, Planning & Economic Development (MoFPED), working in different capacities where he initiated policy and regulatory reforms in Insurance, Pension and Capital Markets. He is a Chartered Accountant and a Member of the Association of Chartered Certified Accountants (ACCA). He holds a BSc. in Economics, MSc. in Financial Management and is an accredited Fellow of the Macroeconomic and Financial Management Institute (MEFMI) of Eastern and Southern Africa.
How far is the Retirement Benefit Sector Reform Process?
The Retirement Benefits Sector reform is an ongoing process and will take some time to complete. The aim is to ensure that whatever reforms are undertaken do not result in unintended consequences. Some critical aspects of governance through regulating and supervising the establishment, management and operation of Retirement Benefits Schemes and service providers are already effective. Ultimately, we seek to promote, the stability, security and good governance of Retirement Benefits Schemes, to protect the interests of members and beneficiaries.
What are the economic implications of Retirement Benefits Sector reforms?
Our domestic savings have generally been low and therefore need to be harnessed to better promote economic growth. The reforms stand to create avenues by which Ugandans can build up future income and consumption. With increased coverage, funds saved could relieve pressure on the overstretched government budget and support Uganda’s development agenda if invested prudently. At an individual level, it is envisaged that workers will be encouraged to save (more) through Retirement Benefit Schemes, and be able to provide for their own retirement, curb old age poverty and excessive dependency on relatives and Government.