The roadmap for reform of Uganda’s pension sector was drawn more than a decade ago.

In 2003, the Minister of Gender, Labour and Social Development constituted the Stakeholders Transition Group (STG) to assist the Government with the development of a comprehensive legal, regulatory and financing framework for social security reforms. Following the STG recommendations another taskforce was established, the Pension Sector Reform Task Force, Chaired by Ministry of Finance, Planning and Economic Development (MOFPED). The main role of this task force was to prepare a clear and practical policy framework to serve as a road map for the reform of the pension sector.

The taskforce created the sub-committee on liberalisation and regulation (SCLR), which was mandated to make proposals on the liberalisation and regulation of the pension sector. In the taskforces and working groups there was consensus that the pension sector needs to be regulated and liberalised.

In 2011, the Uganda Retirement Benefits Regulatory Authority (URBRA) Act was enacted and soon after the regulatory authority, (URBRA) was established. This was a great mile stone for Uganda.

The MOFPED submitted the Retirement Benefits Sector Liberalisation Bill to Parliament for consideration in 2011. The Bill is core to the pension reform agenda for Uganda and is key to development of the pension sector.