- Regulate and supervise the establishment, management and operation of retirement benefits schemes in Uganda, in both the public and private sectors.
- License retirement benefits schemes in Uganda.
- License custodians, trustees, administrators and fund managers of retirement benefits schemes;
- Approve an actuary or auditor of any retirement benefit scheme.
- Protect the interests of members and beneficiaries of retirement benefits schemes including the promotion of transparency and accountability.
- Improve understanding and promote the development of the retirement benefits sector.
- Promote the stability and integrity of the financial sector through ensuring stability and security of retirement benefits schemes.
- Ensure sustainability of the retirement benefits sector with a view to promoting long term capital development.
- Advise the Minister on all matters relating to the development and operation of the retirement benefits sector.
- Implement Government policy relating to retirement benefits schemes.
- Promote public awareness of the retirement benefits sector.
- Any other function conferred upon it under the URBRA Act 2011.