Kampala, Uganda, June 29th, 2020 – Today, The Insurance Training College (ITC) and Uganda Retirement Benefits Regulatory Authority (URBRA) sign a Memorandum of Understanding (MOU) to rollout a certified training programme for trustees in Uganda’s pensions sector that seeks to improve and enhance professionalism of Trustees.
The programme is in line with ITC’s mandate of enhancing professionalism in the financial services sector as well as URBRA’s mandate of improving and promoting development of the retirement benefits’ sector.
The certification will therefore be part of the minimum requirements for any trustees to be licensed by URBRA.
The programme is expected to lead to improvement in the management of Retirement Benefits Schemes. Trustees will provide better services to schemes and members and bring better understanding between boards and the different service providers.
Although the training is primarily aimed at Trustees of Retirement Benefits Schemes, it has been structured in such a way that it benefits other players within the pensions sector. The programme beneficiaries will thus spread to include Scheme Members, Fund Managers, Fund Custodians, and Pension Managers. Other target beneficiaries include CEOs and managers in the financial services sector and Institutions.
The programme also targets human capital management practitioners, to equip them with information on benefits’ provisions and management as they develop benefits packages for the staff of their institutions.
“Going forward, we hope to attain better managed retirement benefits schemes which will ensure the safety of members’ savings. Trustees will be more accountable and make informed investment decisions,” said Martin Nsubuga, Chief Executive Officer, URBRA.
“Pensions has been one of the ITC programmes under the Certificate of Proficiency (COP) although it has been a smaller part but now, we are only spreading our wings to ensure that we provide solutions to everyone that is engaged in the financial services sector,” said Saul Sseremba, Chief Executive Officer – ITC.
“This development takes the College to another level where we shall be certified as the institution to provide training services to the pension services.”
The Certified Training Program sits in well with the mandate of URBRA – to supervise and regulate the establishment, management and operation of retirement benefits schemes, and to protect the interests of members and beneficiaries of retirement benefits schemes in Uganda (URBRA Act, 2011).
Established in 1964, the Insurance Training College (ITC) is the training arm of Uganda’s Insurance sector with a mandate to carry out Education, Training and Professional Development in the Insurance and financial services sector. The above mandate is recognized under the Insurance Act 2017. The college has linkages and partnerships locally, regionally and globally that help it tap into the workforce and professional development.
URBRA is an autonomous body established by virtue of Section 2 of the Uganda Retirement Benefits Regulatory Authority Act 2011. It is responsible for regulating the establishment, management and operation of retirement benefits schemes in Uganda in both the private and public sectors. URBRA is an oversight body and NOT a Retirement Benefits Scheme.
FOR DETAILS, CONTACT,
- Agnes E Nantaba
ITC Public Relations Officer – +256758158383/ firstname.lastname@example.org
- Lydia Mirembe
URBRA, Manager Communication and Public Affairs – +256752749857 email@example.com