The Minister of State General Duties, Hon Henry Musasizi, has pledged the continued support of the Ministry of Finance Planning and Economic Development (MoFPED) to the Uganda Retirement Benefits Regulatory Authority (URBRA). This will be in form of financial resources, guidance and representation of the Authority’s interests.

Hon. Musasizi was speaking at the inauguration of the new Board of Directors for URBRA at Serena Hotel, Kigo.

The new board was appointed, following the end of a decade under the Chairmanship of Senior Counsel Andrew Kasirye. The outgoing board was inaugurated in October 2011, soon after the establishment of the regulator through the enactment of the Uganda Retirement Benefits Regulatory Authority (URBRA) Act, 2011.

Hon Musasizi lauded the outgoing Board, former and current CEOs, as well as staff for ensuring the growth of URBRA to its current state. He especially noted that under URBRA’s strict regulatory and supervisory regime, there hasn’t been any record of schemes losing savers’ money. He commended the Board and staff for effectively implementing URBRA’s mandate of protecting savers’ retirement benefits.

On outstanding sector challenges, the Minister told the new Board that the sector needs more support to continue contributing to national development. He observed that if schemes are well-regulated, they will keep growing and generate enough money to support the economy. This will halt capital flight and government’s borrowing from other economies.

Minister Musasizi also noted that many people don’t want to save for retirement, preferring to spend their money when they are still alive and energetic. He noted that many people didn’t understand the difference between retirement savings and SACCOs. He challenged URBRA to persuade more people to save for retirement and avoid old-age poverty.  On this note, he urged the new board to lead by example, and embark on voluntary saving as individuals.

The incoming Chairman, Hon Julius Bigirwa Junjura, thanked the Minister for entrusting him with the responsibility of leading the URBRA Board of Directors. Having been a member of the outgoing Board for the last three years, Hon Junjura commended his colleagues for mentoring and preparing him for his new role. He thanked the Directors for the stewardship over the past ten years, and committed to carry the good work forward, and create even more milestones to steer the authority further ahead.

Among the priorities, Hon. Junjura said the Board would strengthen the Research Directorate to make URBRA a one-stop centre for information regarding pensions issues. He also pledged to engage the ministries implementing government programmes like the Parish Development Model, to ensure that they include URBRA in the implementation processes. Hon Junjura also pledged to improve partnerships with Ministry of Health and Ministry of Education.

“You cannot talk about retirement without partnering with the Ministry of Health on how to live healthy. We also have to engage the Ministry of Education so that the pupils are involved in developing the saving culture,” Junjura said. He also pledged to strengthen the existing schemes and improve retirement benefits products and to promote dignity in retirement.

The outgoing Board Chairman, Senior Counsel Andrew Kasirye, congratulated the new Directors and pledged full support and guidance to his successor. Reminiscing on URBRA’s beginnings, Mr. Kasirye noted that the Authority started with nothing but an Act of Parliament. He commended the founding Board and staff for setting up the Authority. He commended past CEOs, Mr. Moses Bekabye and Mr David Nyakundi for setting a good pace, and current CEO, Mr. Martin Nsubuga for maintaining the standards set by his predecessors. According to Senior Counsel Kasirye, the most outstanding achievement of his Board is improved scheme governance and professionalism in the sector. “When we came in, the sector assets under management were below four trillion, today the sector is worth 20 trillion. There are 65 schemes now, but when we started there were only three known schemes. It is because of our efforts to set up a robust framework for regulation and supervision,” he said.

To spur more growth, Mr. Kasirye pointed to the need to liberalise the sector to encourage more competition and to improve efficiencies and performance of the existing schemes. He also expressed a need for more public awareness about retirement saving and to attain more visibility for URBRA.

Outgoing board member, Mrs. Rosemary Ssenabulya urged the incoming board to apply the “eyes on, hands off” approach which had enabled the old board to maintain a good working relationship with management. She pledged her continued support, given her wide experience in the labour and employment sector. She expressed pride in the calibre of staff that they had attracted, exposed and maintained. “We leave behind a competent, knowledgeable and skilled staff. It took us time and effort to get the best and we have jealously tried to retain them. Struggle to maintain the good staff so that they don’t leave us,” she advised.

Dr. Robert Okello, also one of the founding Board members, appealed to the new Board Chairman to remember that URBRA is not only for Kampala, but for the whole country. He advised them to ensure that they constitute a representative board.

Other new members joining the URBRA Board are: