Kampala, Uganda | THE INDEPENDENT | The Uganda Retirement Benefits Regulatory Authority (URBRA) has partnered with Insurance Training College (ITC) to train Trustees, who are key persons in the proper management of the pensions sector.
Unveiled on April 16, the Trustee Training and Certification Programme is intended to enhance professionalism of scheme trustees. It will be part of the minimum requirements for any trustees to be licenced by URBRA.
The programme, according to URBRA, will also enhance the regulator’s ability to communicate and engage sector players, increase efficiency and reduce turnaround times for decision making.
“Ugandans can look forward to a wide range of benefits including better managed retirement benefits schemes; informed investment decisions by Trustees; growth of the sector due to increased trust in scheme management; and growth of savings owing to better investment decisions,” said Martin Nsubuga, Chief Executive Officer URBRA as he outlined key benefits of the training programme.
He further said that the programme will act as a catalyst for involvement and engagement for all sector players and the enforcement of sector standards.
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.
Saul Sseremba, the ITC Chief Executive Officer and Principal said, “the training is vital to ensure pension funds are efficiently managed especially in an environment of changing economic and social circumstances.”
Sseremba reiterated the College’s commitment to training that equips trustees with advanced knowledge and management tools needed for the effective oversight and administration of the all the retirement benefits schemes.
Moses Kaggwa, Ag Director Economic Affairs at the Ministry of Finance Planning and Economic Development officiated at the launch of the Trustees Training and Certification Programme. He observed that the pensions sector is currently contributing 11.4% of National Gross Domestic Product (GDP), and the sector asset value is estimated at UGX16 Trillion.
“The growth in the number of retirement benefits schemes, and the value of sector assets, requires competent members of society to serve as trustees and provide good governance to the schemes,” Kaggwa said.
He urged all Ugandans currently serving and those hoping to serve as scheme trustees, to embrace the programme and contribute to the development of the pensions sector.
The trustee training and certification programme is in line with ITC’s mandate of enhancing professionalism in the insurance services sector as well as URBRA’s mandate of improving and promoting development of the retirement benefits’ sector.