BY SAMUEL NABWIISO,
The Insurance Training College and Uganda Retirement Benefits Regulatory Authority (URBRA) have unveiled the commencement of a trustees training and certification programme intended to improve and enhance the professionalism of pension saving scheme trustees.
According to the press statement, the training will be conducted by the institute on behalf of URBRA.
The training is in line with the mandate of the Institute: promoting professionalism in the financial services sector as well as URBRA’s mandate of improving and promoting the development of the retirement benefits sector.
Martin Nsubuga the Executive Director of the URBRA said “Equipping trustees with professional financial skills is key towards the development of the pension sector since they play a big role when it comes to the scheme’s financial investment decision making”.
“Trustees plays a big role towards the development of the pension sectors in the country but, the challenge Uganda has had is the absence of the Training Institute where they can go and acquire skills related to their roles as trustees.
Under this programme, Uganda will be in a position to have competent trustees in the pension sector” explained Nsubuda during the Launch of the programme in Kampala.
The CEO also outlined the benefits of the training, saying Uganda will now have qualified managers who can make a professional investment decision for the pension schemes.
This will drive the development of pension schemes in the country due to increased trust in the scheme management and the growth of saving owing to better investment decisions.
Launching the programme in Kampala, the Acting Director of Economic Affairs in the Ministry of Finance Planning and Economic Development, Moses Kagwa said the pension schemes in Uganda are contributing greatly to the country’s Gross Domestic Products, thus the need to have professional people to manage the funds of the schemes.
“Our pension schemes contribute to over 10% to the National GDP so the sector should be professionalized to ensure growth to the Economy”, He said.
Speaking at the same event, Saul Sserembe, Principal of the Institute said the training is vital because it will equip professional skills to the trustees to ensure the funds are efficiently managed especially in an environment of changing economic and social stress.
Jonan Kisakye the Deputy Principal of the Institute told the EABW NEWS that apart from equipping skill to the pensions scheme trustees, the programme will enable them to save financial resource.