Professional Documents
Culture Documents
Contents
Acronyms ........................................................................................................................... iii
1.0
Introduction ............................................................................................................. 1
1.1
1.2
Methodology ....................................................................................................... 2
2.0
3.0
3.1
Membership: ........................................................................................................ 2
3.2
3.3
Taxation ................................................................................................................. 4
3.4
4.0
5.0
Rationale for the reform of the Public Service Pension Scheme ..................... 5
6.0
6.1
6.2
6.3
7.0
8.0
9.0
12
16
ii
Acronyms
APRM
BOU
CMA
CPG
EAC
ETE
GDP
GLA
IGG
ILO
IPD
MOFPED
MOPS
NSSF
OECD
PSPF
PSPR
PSPS
STG
UPDF
URBRA
iii
Introduction
1.1
This study has been undertaken, as part of the work-plan for the Directorate of
Economic Affairs and Research, for the year 2013/14. The main objective of the
study is to illuminate and present the dynamics that are driving the public
service reform in Uganda. Other specific objectives are to;
Examine the adequacy of the on-going reforms and appraise the policy
decision makers of the potential benefits for undertaking the reform;
Identify the key challenges that are affecting the reform process; and
Propose recommendations that may be undertaken to reinforce the
achievement of the desired outcomes.
1
1.2
Methodology
A scoping review of the reforms so far implemented and those being proposed
are the method that has been adopted. It is predominantly a desk review of the
various past reports, legislations, critiques, and policy measures that are driving
the reforms. These have been complimented by on-line resources of best
practices compiled by OECD and World Bank.
2.0
The Public Service Pension Scheme (PSPS) was established on January 01, 1946.
The provision of pension benefits to the public service employees (covering
traditional civil servants, including police and prisons services, local government
employees and teachers1) is enshrined in the constitution2. The Armed Forces
are provided for under the Armed Forces Pension Act3 (AFPA). Meanwhile, until
1994, the provision for pensions for the Urban Authorities was being administered
under the provisions of the Local Government Provident Act (CAP 292), while
Municipalities were also provided separately under the Municipalities and Public
Authorities Provident Fund Act (CAP 291). Following the amendment of the
Pensions Act in 1994, the provision of pensions to both Urban Authorities and
Municipality employees was brought under the purview of the Pensions Act,
which requires that all Local Government (Urban Authorities and Municipalities
alike) should provide for the pensions of their employees. Subsequently, the
responsibility of administering and managing pensions for local government was
transferred to the Ministry of Public Service.
3.0
Membership:
Table 1
3.2
31.8 million
227,600
37.4 yrs
31,000
0.82%
63.7 yrs
13.9%
Sh.2,980,200
70%
Sh. 34,580 billion
0.35%
PROST technical note by the Pensions Advisor, from data provided by MOPS and
MOFPED.
Current Benefits
The table below summarizes the benefits offered under the Public Service
Pension Scheme.
Table 2
Monthly Pension
Requirements
Length of service; 20yrs or 45
yrs of age and 10 yrs of
service. Mandatory retirement
age is 60 yrs.
Length of service; 20 yrs or 45
yrs of age plus 10 yrs of
service. Mandatory retirement
age is 60 yrs.
Paid to spouse and children
when the pensioner dies
before expiry of 15 yrs after
date of retirement
Abolition of office
Formula
(1/500th of annual salary
before retirement * No. of
months served) * (1/3) * 15.
[(1/500th of annual salary
before retirement * No. of
months served) * (2/3)]/12.
Pensioner monthly pension
paid for 15 yrs.
3.3
Taxation
Under the Income tax Act, taxation of the retirement benefits follows the
Exempt/Taxed/Exempt (ETE) system. In this system, pension contributions are tax
exempt, pension investment income is taxed, while the pension benefits are tax
exempt. The system is consistent with the requirements of the Constitution, under
Article 254 (2), which exempts pension benefits from taxation. In addition,
employers pension contributions are tax deductible.
3.4
4.0
Policy reforms that were undertaken in the mid 1990s; which among others,
retrenched staff7 and consolidated as well as monetized8 the pay and
emoluments of the retained staff; revised the benefit formula; introduced the
indexation of pensions9 to salaries (as a result of the high inflation); and applied
it retrospectively to all wage increases since 1988. This resulted in a sharp
increase in the stock of pension liabilities (which became recognized in terms of
pension arrears). Further, whereas local governments were required to fund the
pensions of their employees, the woefully low tax base of the local governments,
exacerbated later by the scrapping of the graduated tax, significantly eroded
their capacity to generate adequate revenues to cater for the pensions. This
has necessitated the take-over of local government liabilities by the central
Government (MOPS). Other factors that contributed to the rise in pension arrears
are; the amendment of the Pension Act in 1978, to recognize the services of
persons who served under the defunct East African Community; and the
decision by the High Command of the UPDF to recognize the services of persons
who served in the previous armies, since independence.
Overall, as a result of the above developments, the stock of pension arrears
increased to unsustainable levels and has greatly stressed the government
budget, which has necessitated the urgent need to reform the PSPS.
5.0
The primary reason that has triggered the need to initiate PSPS reform has been
a huge build-up of pension arrears that were clearly unsustainable, as they were
becoming unaffordable as indicated above. Further, the cumulative increase in
the size of the public service, especially following the expansion of the local
government structures; has similarly led to an increase in the number of
pensioners, including the implicit pension debt. Therefore, the current annual
accrual rate of 2.4%, arising from the adjustment of the formula from 1/600 to
1/500 in the mid 1990s, together with a high replacement rate of 87%, has
rendered the PSPS one of the most generous in the world10. It should be noted,
that even the current indexation method is contributing to the steady increases
in pension liabilities. The method employed indexes the full pension (even during
7
Retrenched staffs were forced to retire before the retiring age, which made them pensioners at a relatively young
age.
8
Certain items, like housing and transport allowances were consolidated and monetized for purposes of taxes and
subsequently pensions. Apparently, at the time, the effects of this policy on the pensions had not been foreseen. This
is because pensions do not form part of the normal day-to-day life pattern of the retirees. This policy raised the base
value for calculating the pensions hence; the overall effect was a sharp increase in pension liabilities.
9
The pension statutory instrument No. 6 (amendment of the 1 st schedule regulations, 1995) set out the indexation
formula for pensions, based on the salary levels.
10
In Africa, the Cape Verde is the second most generous, compared to the one for Uganda.
the commutation period) and deducts the actual amounts commuted, resulting
in the net pension increasing at a rate greater than the wage growth.
6.0
The reform of the Uganda pension system started in earnest in the mid 1990s,
with the amendment of the Pension Act. This was triggered by the erosion of the
value of the pension, caused by inflation during the 1970s and 1980s. The
Pensions (Amendment) Statute No.4 of 1994, and the Statutory Instrument No.6
of 1995, amended the Pensions Act and the Regulations respectively. Pensions
were indexed to the salaries, allowing them to be raised whenever salaries of
serving public officers are increased. The amendment also provided for the
payment of the survivors pension to the spouses, children and dependants of
the deceased public officers and pensioners. This amendment was backdated
to July 1, 1988.
Earlier-on, in 1978, the Pension Act had been amended to recognize and
provide pensions for the officers who served under the defunct East African
Community11 (EAC).
The consensus for the reform of the PSPS gained momentum and strengthened
in the early 2000s (partly informed by the studies commissioned by the MOPS).
The African Peer Review Mechanism (APRM) Country review report of 2009, also
recommended that there was need for reform, regulation and liberalization of
the pension sector. Other initiatives that had addressed the same matter
Include;
The Deloitte & Touch (2001) review of the Public Service pension
arrangements, which noted the issue of the rapidly rising pension arrears, an
ineffective design and poor administration of the scheme;
The Stakeholders Transition Group (STG) of 2003, instituted by the Ministry of
Gender, Labor and Social Development. The findings of the STG were the first
comprehensive initiative to assist government in the development of a legal,
regulatory and financing framework for the social security sector. The key
findings of the STG called for;
Review of the existing legislation, to provide constitutional protection of
social security and pension rights to all Ugandans (as opposed to only
public servants); and to consolidate all pieces of legislation on retirement
schemes, social security institutions and pensions.
Establishment of an independent regulator for the entire social protection
sector.
Liberalize the social security and pension sector.
Make all pension arrangements mandatory through a contributory system.
11
Pensions Reform Task Force (PRTF) of 2004 was instituted by the MOFPED. The
recommendations of the PRTF include that ;
The pension sector should be liberalized;
An independent regulatory body should be established;
There should be a mandatory level of contribution by all gainfully
employed workers, followed by a voluntary and discretionary level;
The reforms should be carefully phased but that in the long term, pensions,
capital markets and insurance sub-sectors should be merged under one
regulator for the Non-Bank Financial Institutions; and
A uniform tax regime for all pension providers and tax incentives should be
explored.
Subsequent to the consensus generated from the various initiatives, the Hon.
Minister of Public Service presented to Cabinet (in 2004) the proposed reforms.
Cabinet approved; that the PSPS be changed from a defined benefit to a
contributory scheme; the establishment of an appropriate regulatory framework
to supervise the pension sector; and that a provision for the pension arrears
payments be prioritized within the total provision for domestic arrears in the
medium and long term.
The broad principles of pension reform have now been agreed and adopted as
the criteria for the reform options. The options are to be based on the following
key parameters;
Affordability. The scheme needs to be made affordable, with respect to the
financing capacity of government and individuals; through a combination of
measures to remove anomalies in the scheme-design and by adopting a
defined contributory arrangement (or appropriate hybrid thereof).
Secured funding (sustainability). The funding needs to be made more secure
through the introduction of contributions by government as well as its
employees. Secondly, a public Service Pension Fund (PSPF) would be
established to hold the contributions and it is to be managed by professional
Fund managers (licensed by Capital Markets Authority, under the provisions
of the CMA Act), in accordance with the provisions of the Retirement
Benefits Regulatory Authority Act.
Equity and Fairness. The scheme needs to be made equitable and fair with
respect to the general population. It is therefore the intention, that the system
should be widened to encompass all pensionable and contractual public
officers. Further, the introduction of contributions would enhance equity.
Adequacy of benefits. The reformed system is to ensure adequacy with
respect to protection against levels, inflation, and predictability. Adequate
pensions according to the World Bank definitions are the ones that are
sufficient to provide income smoothing over the individuals lifetime, while at
the same time prevent them from sliding into poverty. The challenge
7
ii.
iii.
iv.
v.
vi.
6.1
The Uganda Retirement Benefits Regulatory bill, 2011 was passed by Parliament
into law on April 26, 2011. H.E The President of Uganda assented it into law on
June 28, 2011 and became effective in September 2011, as the Uganda
Retirement Benefits Regulatory Authority (URBRA) Act, 2011. The Act provides for
the regulation of the establishment, management and operation of the
retirement benefits pension schemes; supervise institutions which provide
pension products and services; protect the interest of the scheme members and
beneficiaries; and promote the development of the retirement benefits sector.
Further, the law provides for the establishment of the retirements benefits
appeals tribunal.
The thrust of the Act is to;
Establish an independent pensions sector regulator;
12
Article 67, (schedule to part XI) of the ILO Convention No. 102 of 1952. It should be noted that the ILO
Convention No.128 requires higher benefits levels; 45% for old age and survivors and 50% for disability pensions
respectively.
Put in place minimum requirements for the licensing, legal form, governance,
conduct, supervision, disclosure and audit of all pensions schemes in
Uganda; and
Provide for the minimum professional standards for all players in the sector
and to establish a formal separation of roles in all pension schemes, with
respect to the duties of the Trustees, Members, Investment Managers,
Administrators, Custodians, Lawyers, Auditors and Actuaries.
The law provides for the Authority to keep registers in respect of; all licensed
schemes; registered trustees; registered custodians; registered scheme
administrators; and licensed fund managers. In respect of all these, except for
the Fund Managers13, all interested players are required to apply for a license
from the Authority before they are allowed to operate. According to the CEO of
CMA14, as at end of December 2011, the 8 fund managers licensed by the CMA
were managing 19 occupational pension funds with just over UGX 220 billion
(US$ 92 million). According to the Retirement Benefits Authority15, as at end of
December 2013, the Authority had licensed a number of participants in the
sector. These include; 42 retirement benefits schemes, 11 administrators, 7 fund
managers, 4 custodians and 3 corporate trustees. The list of licensed participants
was published in the newspapers (New Vision 13/1/2014, page 46) in
accordance with sections 30(2), 35(3), 41(3) and 55(3) of the URBRA Act.
Among the licensed schemes is the NSSF, which, is the only mandatory scheme.
The Authority is also in the final stages of procuring a firm to undertake a survey
to establish the exact number of retirement savings schemes that are operating
in the country, including the resources they have and were they have invested
them.
6.2
Another bill, the Retirement Benefits Sector Liberalization bill, 2011 is still in
Parliament. The objects of the bill are;
Provide for the liberalization of the retirement benefits sector;
Remove the monopoly of a single retirement benefits scheme (NSSF) over
mandatory contributions; and
Provide for competition among licensed retirement benefits schemes.
The implications of the liberalization are that;
The NSSF will cease to enjoy monopoly of the statutory mandatory
contributions, and will henceforth compete with other private funds who will
have been licensed to collect contributions from employers and members;
13
Fund Managers apply and are issued with licenses by the CMA in accordance with the CMA Act and will be
required to present such a license to be registered by the Benefits Regulatory Authority.
14
Presentation by the CEO, Mr. Japheth Kato, on Sharing the East African Experience: The Case of Uganda
during the World Bank Contractual Savings Conference, held on 9-11 January, 2012 in Washington, D.C.
15
New Vision, Monday 13th January, 2013 page 46.
16
10
6.3
Following the enactment of the URBRA Act, the MOPS17 on September 13, 2011
decided to commission an inter-ministerial taskforce to synthesize and
contextualize the report (the World Bank technical report on options for reform
of the PSPS) that had been prepared earlier in 2011 to move forward the reform
of the PSPS. The 19 member task force consisted of officers from MOPS, MOFPED,
Ministry of Local government, Ministry of Justice and Constitutional Affairs,
Ministry of Defense, Ministry of Gender, Labor and Social Development and
Office of the Auditor General. The taskforce was required to assess the
necessary reforms that were to be undertaken on the PSPS, in compliance and
in light of the URBRA Act, 2011 and the Retirement Benefits Sector Liberalization
Bill, 2011. Further, they were to consider the proposed Public Service Health
Insurance Scheme (PSHIS), being spearheaded by the Ministry of Health, and
harmonize the recommendations therein within the overall PSPS reform agenda.
The task force finalized its report and presented its findings to the Hon. 2nd
Deputy Prime Minister and Minister of Public Service on February 06, 2012. The
key recommendations were the following;
i.
A PSPS should be created with a PSPF, under the guidance of the Minister of
Public Service and should be managed in accordance with the requirements
of the URBRA Act, with a separation of the Fund assets and management
from the sponsor/employer (government).
ii.
The scheme should be regulated by the Retirement Benefits Regulatory
Authority.
iii.
A contributory system, of 15% contributions (10% by the Government as the
employer, and 5% by all public service employees) should be paid into the
PSPF and a proportion of the contribution (1% is suggested) will be dedicated
as an integral portion for the Health Insurance.
iv.
The Public Service pension reform should proceed within the broader
framework of the Public Service pay reform.
v.
A two-pillar hybrid scheme (1st pillar being a defined benefit scheme, while
the 2nd pillar being a contributory benefits arrangement) should be
implemented.
vi.
A cut-off date of establishing the contributory arrangement should be set. All
the accrued rights up to the cut-off date of the current system will be fully
guaranteed by the government, while the new rights start accruing after the
cut-off date.
vii.
The government Standing Orders (2010), particularly Chapter L-f should be
amended to comply with the requirements of the reformed PSPS.
viii.
The Pension Act (CAP 286) should be repealed and replaced with a new Act
that defines the framework of the reformed PSPS including the transition
arrangements.
17
The Ministry of Public Service, according to the Pensions Act is also referred to as the Pensions Authority.
11
ix.
Government should meet the start up costs of the new scheme, for a period
of up to 3 years, when it is expected to attain stability.
Government should implement appropriate financial sector reforms, to
strengthen financial institutions and deepen money and capital markets to
support the optimal operation of the reformed PSPS.
x.
The MOPS has expressed its broad support for the recommendations and is yet
to present the recommendations to Cabinet for approval, so as to move the
reforms forward.
7.0
There has been an increasing realization of the fact that the present public
pensions system in Uganda does not cover all public servants. Members of
Parliament, being part of the group not catered for, decided to push and
legislated to make a provision for their own members. The Parliamentary
Pensions Act No.6 of 2007 was passed by the 7th Parliament in April, 2007 and
assented into law on July 20, 2007. However, the scheme has been designed to
benefit legislators effective from those who served in the 6th Parliament (i.e., from
2001). The Act is a hybrid contributory scheme, covering the members of
Parliament and the members of staff of Parliament. It establishes a
parliamentary pension fund, for the payment or granting of pensions or
retirement benefits to its members.
Section 6(1), requires that 15% of the members pensionable emoluments are
deducted as contributions to the pension fund, while government contributes
30%18 for each member. The Act, under section 12(1), provides for the payment
of pension to a member who retires or ceases to be a member on or after
attaining 45 years of age, subject to being a member for a continuous period of
5 years or more. Further, section 12(5), allows a member entitled to a pension to
receive a lump sum payment of not more than 25% of his/her scheme credit.
Although the Act (under section 16) recognizes death-in-service benefit by way
of refund of contribution with interest and a gratuity amounting to two years
annual salary based on the last salary earned by the member, it does not make
provision for Group Life Assurance, which is a much cheaper way of financing
death-in-service benefits. This represents an area of potential business for
insurance companies that offer life assurance products. Management of the
Parliamentary pension scheme may wish to draft a proposal and start to
engage the insurers on this matter. It should also be noted, that section 21 of the
Act, provides for a Government guarantee during the short and medium term,
and ensure that the scheme is solvent for payments that may be required under
it. However, the time period when such a guarantee lapses, remains undefined
18
Section 6(2).
12
8.0
The provision of formal social security for the private sector commenced
following the enactment of the Social Security Act (No.21), of 1967. Under this
Act, the Social Security Fund was established, which operated as a department
in the Ministry of Labor. Later, this Act was repealed by the National Social
Security Fund Act (No.8) of 1985, which established the NSSF as a body
corporate. The NSSF is a Provident Fund, which pays benefits in a lump sum and
at the moment provides only the following benefits; Old Age, Invalidity, Survivors,
Withdrawal and Emigration Grants. The rates of return offered by the Fund have
historically been too low, often below the annual rate of inflation. However, in
19
Mortality tables
13
the recent past the rate has been rising gradually based on the increasing
returns to the Fund. Because of the huge Fund it has accumulated at its
disposal, the competition it may likely face as a result of the proposed
liberalization the pension sector has changed its investment strategy. During the
year ended December 2009, it realized a huge profit and as a result, doubled
the rate offered to 14%. Given that much of this profit came from their portfolio
investments in the stock markets20; and that the Fund was still embroiled in
various investment scandals and further that the rate offered was not
guaranteed, there was doubt as to whether this rate can be sustained beyond
the medium term.
The NSSF Act makes it mandatory for every employer with a minimum of five
employees to deduct and remit 5% of each employees gross pay to NSSF each
month, and for themselves, as employers, to contribute an equivalent of 10% of
each employees gross salary to the NSSF. This has given the NSSF a substantial
dominance and monopoly in the pension sector and hence overtime given little
incentive for them to provide high quality service to the contributors. Until very
recently, the contributors to the Fund were receiving very low returns on their
contributions because NSSF has made very poor investment decisions, resulting
into negative real rates of return on its asset portfolio. Because the pension
benefits available from the NSSF were plainly inadequate, several of the larger
employers decided to set up their own in-house occupational pension schemes,
in addition to making their mandatory contributions to the NSSF.
It should also be noted that upon the advent of the privatization program in
1993, in the PERD Statute, NSSF was listed21 as one of the enterprises in which the
state was required to retain 100% shareholding, a position that obtains up to
today. While government does not in fact have any shares in the NSSF, the
purpose of classifying NSSF in this category was to ensure supervision by the
government, considering the contingent liability that it poses to the treasury, if it
were to go under. The continued out-cry by the public over the fraudulent and
poor investment decisions by the NSSF under the stewardship of the Ministry of
Labor, prompted H.E. The President to intervene in 2007 and transfer the
supervisory role over the NSSF from the Ministry of Gender, Labor and Social
Development to the Ministry of Finance, Planning and Economic Development.
The restructuring of the NSSF was embarked on after the appointment of the
new Board of Directors, and the NSSF Act is yet to be amended to reflect the
governance structure required by the Benefits Authority Regulatory law.
20
21
Share prices have since fallen, on the back of the escalating global financial crisis.
Class 1 of the 1st Schedule.
14
9.0
Like in many countries, pension reforms take long; are complex and often
resisted by various interest groups. The full impact of the reforms on the new
entrants is normally felt a couple of decades later and in most cases entails
getting lower pensions than the previous generations. This calls for them to save
more or work longer for their retirement to compensate for the reduced
retirement. According to Angel Gurria, the Secretary General of OECD,
Promoting private pensions and raising retirement ages as important aspects of
pension reform, but alone are insufficient. Governments need to consider the
long term impact on social cohesion, inequality and poverty. Ensuring that
everyone has a decent standard of living after a life of work should be at the
heart of policies.
Therefore, as part of the effort to promote private (contributory) pensions
systems, keeping down the costs of running the pensions schemes is a challenge
and will remain critical in the medium to long term. Balancing sustainability and
adequacy of the pension payments is another challenge. This is particularly so,
where beneficiaries have been getting very low wages during their active
service, yet the cost of living is moderately high. It should be noted that the
recent proposal, by the Parliamentary Commission to amend the Parliamentary
Pension Act, to introduce trivial pension22 is in response to complaints of
inadequate level of payments being received by some current pensioners.
Other challenges include;
The Pension sector liberalization bill before parliament is still being resisted
by a section of workers representatives and hence, the full
implementation of URBRA Act may take longer to be effected.
Accurate statistical data on retirement benefits schemes is lacking and,
this makes meaningful modeling of the impact of the reforms, to inform
policy decision making at best as guesstimates. The administration of the
reformed scheme will require a drastic improvement in data quality,
relative to what is obtaining at the moment.
The necessary amendments to the various laws, namely; the Constitution;
the Pensions Act (CAP 286); the Prisons Service Act (2005); the Uganda
Police Forces Act (2005); the Uganda Armed Forces Pensions Act; the
Uganda Public Service Government standing Orders (2010); and the NSSF
Act among others will take long yet it is necessary to have them aligned
to the new pension sector regulatory framework.
The URBRA Act is yet to be fully implemented, yet the apparent weak
governance (as witnessed by the scandals that have rocked the Pensions
Authority MOPS) may expose the accumulated funds (member
22
Trivial pensions are lump sum payments that the beneficiary may opt to get, if the pension payment he/she
qualifies to get is so small that it cannot sustain a meaningful standard of living.
15
16
11.0 Recommendations
Implementing pension reforms is a complex undertaking because in involves
adjusting the lifelong contractual benefits of the retirees and most often involves
reducing the benefits. As such, a lot of care and caution needs to be exercised
and actions should be guided and informed by research and technical
judgment. As the economic and demographic systems change and so are the
pensions arrangements expected to evolve. Therefore, the reforms being
proposed may significantly differ from what will be required 50 years from now.
Nevertheless, the authorities may wish to consider the following
recommendations:
i.
The MOPS should consider and establish a Public Service Pension Reform
secretariat, as a dedicated unit with adequately remunerated technical
personnel, such as research and actuarial specialists to steer and move
forward the technical aspects of the reforms; including forecasting23
pension expenditures in the medium to long term. What is required,
among others is the preparation of a communication strategy to ensure
that all stakeholders are on board and understand the implications of the
reform. The pension department in the MOPS should also be
strengthened, so as to supervise the work of the secretariat, while
23
Further training to staff on the use of the World Banks Pension Reform Options and Simulation Toolkit
(PROST), could be the beginning. While some staff (in MOFPED and MOPS) may already be trained, there is need
to refresh them on the new version of the model.
17
ii.
iii.
iv.
v.
vi.
vii.
viii.
12.0 Conclusion
Since pension benefits are claims against future economic output, it is essential
that overtime pension systems contribute to growth and output to support the
promised benefits. The public service pension reform should be handled and
implemented within a framework of a holistic public service reform agenda. This
should include a thorough and careful study of the human resource policies;
including; remuneration and benefits, appointments, promotions and exit
policies of both the civil and armed forces. Otherwise, focusing on public service
pension reform without a better understanding of additional elements; like
public vs. private wage rates and earnings; different types of fringe benefits
available; and working conditions, may not provide results that are desirable
both in the medium and long term. In addition, this should help build a
trustworthy public service capable of delivering goods and services that are
demanded by the citizens more effectively and efficiently.
19
13.0 References
Callund, David (2004); Pension reform; charting a way forward.
Deloitte and Touche (2001); Review of the public service pension arrangements.
Dirk Muir, Karan Pilippe, Pereira Joana, and Tulaghar Anita; (Dec. 2010)
Macroeconomic effects of public pension reforms, IMF working paper 10/297
(Washington: International Monetary Fund)
Tatyana Bogolova, Gregorio Impavido, and Montserrat Pallares-Miralles, (Feb
2007); An assessment of reform options for the public service pension fund in
Uganda, Working Paper Series No. 4091 (Washington; World Bank).
Stakeholder Transitional Group (2003); The tripartite consultative process policy
recommendations and the way forward on social security reform in Uganda,
MOGLSD.
Pension Reform Task Form (2004); The recommendations for the pension reform
in Uganda, MOFPED
Report of the Inter Ministerial Taskforce on the Reform of the Public Service
Pension scheme (January 2012), MOPS.
The Pension Act (CAP 286)
The Parliamentary Pensions Act (2007)
The Uganda Retirement Benefits Regulatory Authority Act (2011)
The Retirement benefits Sector Liberalization Bill (2011).
OECD/IOPS (Jan. 2011); Good practices for Pension Funds Risk Management
Systems.
OECD (June 2009); Guidelines for Pension Fund Governance.
20
World Bank (June 2011); Technical Note on Options for the reform of the public
service pension fund in Uganda.
21