(1) An application for a licence to establish a retirement benefits scheme shall be in the prescribed form and shall be accompanied by the prescribed fee.

(2) An application for a licence to establish a retirement benefits scheme shall state;

1. the name and address of the applicant;
2. the name of the proposed retirement benefits scheme;
3. names and addresses of the custodian, trustee, administrator and fund manager of the retirement benefits scheme;
4. the status of the retirement benefits scheme in respect of;
   
   1. the names of members admitted into the retirement benefits scheme and their contribution;
   2. benefits that accrue to members under the retirement benefits scheme;
   3. whether any members of the scheme are active members or not;
5. the proposed scheme rules which shall adequately protect the interests of members and beneficiaries of the scheme;
6. the address of a place in Uganda for the service on the applicant of any notice or document required or authorised to be served on the applicant under this Act; and
7. any other information which the Authority considers necessary for the purposes of determining the application.

(3) A person who establishes or operates a retirement benefits scheme without a licence commits an offence and is liable on conviction to a fine not exceeding one thousand five hundred currency points or imprisonment not exceeding twelve years, or both.

Grant of licence to operate a retirement benefits scheme

(1) The Authority may grant a licence to operate a retirement benefits scheme, if the Authority is satisfied that;

1. the proposed retirement benefits scheme is established as an irrevocable trust under this Act and Regulations made under this Act;
2. the scheme rules of the proposed retirement benefits scheme adequately protect the rights and interests of the members and beneficiaries of the scheme; and
3. the custodian, trustee, administrator and fund manager of the proposed retirement benefits scheme are licensed in accordance with this Act.

(2) The Authority shall publish in the Gazette and in a newspaper of wide circulation in Uganda, a list of all retirement benefits schemes licensed under this Act at least once in every year.

(3) The Authority may refuse to grant a licence to an applicant, if the Authority is satisfied that;

1. the information contained in the application is false in any material particular;
2. the applicant does not meet the requirements specified in section 29 (2) and subsection 30 (1); or
3. the applicant is not a fit and proper person as prescribed in Schedule 3.

(4) Where the Authority refuses to grant a licence to an applicant, the Authority shall notify the applicant of its decision and specify the reasons for the refusal in writing.

Validity of licence

A licence issued to a retirement benefits scheme shall be valid from the date of issue and shall remain in force until the scheme is wound up in accordance with the scheme rules or the law under which the scheme is established or until the licence is revoked under this Act.

Revocation of licence of Scheme

(1) The Authority may revoke the licence of a retirement benefits scheme if;

1. the Authority discovers that the applicant made a false statement in the application, which he or she knew to be false in any material particular;
2. the retirement benefits scheme is merged, wound up or dissolved;
3. the retirement benefits scheme breaches the conditions of its licence;
4. the licence expires; or
5. the retirement benefits scheme contravenes any provision of this Act or any regulations made under this Act.

(2) The Authority shall give the trustee of a retirement benefits scheme at least thirty days notice in writing specifying the reasons for the intended revocation of the licence.

(3) The Authority shall, before revoking a licence of a retirement benefits scheme, consider any representations made in writing by the sponsor opposing the revocation.

(4) The Authority shall revoke the licence of a retirement benefits scheme if;

1. within thirty days after issuing the notice, the trustee of the retirement benefits scheme has not opposed the revocation, or
2. the Authority is not satisfied by the representation made by the trustee under subsection (3).

(5) The revocation of a licence of a retirement benefits scheme shall not in any way prejudice the rights of members and beneficiaries under the retirement benefits scheme.

(6) Where the licence of a retirement benefits scheme is revoked, the Authority may, subject to the approval of the Board in consultation with the Minister, take over the distribution of the assets and the supervision of the retirement benefits scheme or appoint an interim administrator in order to protect the interests of members and beneficiaries of the retirement benefits scheme.

Download the relevant regulations in the links below; 

Licensing of Retirement Benefits Schemes  Regulations 2012   

Licensing of Retirement Benefits Schemes  Regulations (AMENDMENT) 2014

Licensing of Retirement Benefits Schemes Regulations (AMENDMENT) 2017