Information is a key ingredient for proper retirement planning

Article Written by Bruno Billy Gang, Corporate and Public Affairs Directorate, URBRA

Anybody wishing to retire to a comfortable and enjoyable old age must think and plan for quite a number of things: where they will live, how they will access healthcare, the company they will keep, and most importantly, whether the funds saved for retirement can last its duration. However, all such planning cannot be realized if people don’t have the right information.
Addressing the need for retirement information and financial literacy, the Uganda Retirement Benefits Regulatory Authority (URBRA) organized a virtual training for Trustees to share pertinent information about the retirement benefits sector. The webinar mainly targeted Trustees under the umbrella schemes.
“The Authority seeks to enhance public knowledge of the sector,” said Rita Faith Nansasi, URBRA’s Director Legal Services, while opening the webinar on behalf of the Chief Executive Officer. She observed that assets under umbrella schemes alone had grown from 38 billion in 2015 to 133 billion in 2019 with the number of participating employers growing from less than 100 in 2015 to more than 170 in 2020. This calls for proper regulation and governance of schemes, as well as an informed, knowledgeable public.

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