UGANDA - The Ugandan government has commited to pay out at least USh100bn (US$56m) of the accumulated pension arrears every year, starting from 2007.
In its memorandum of economic and financial policy, the government said it would announce a payment schedule to settle all domestic pension arrears.
The total amount of pension payments due has not yet been verified. This exercise should be carried out by end of May.
The government also said it would be making an effort to avoid the accumulation of new arrears through strict budget discipline and timely payment of pensions. By the end of May deadline it would have had to prepare a review of the pension payment and accounting systems.
In addition, the International Monetary Fund called on the Ugandan government to establish a new supervisory body for financial institutions including private and public pension funds.
This is to be carried out by the end of December 2007, and will enhance the possibility of long term financing and ensure that pensions and other savings entrusted to the companies will be prudently managed, the IMF said.
This week's edition of Professional Pensions is out now.
The government is in talks with the UK and Irish pensions regulators over how to protect members of cross-border schemes in the event of a no-deal Brexit.
The equalisation of guaranteed minimum pensions (GMPs) is at least two years away from being completed, and could take longer than four years for some schemes, a poll has found.
The Pensions Regulator will consider if schemes should be required to have professional trustees and assess the case for greater regulation of administrators and system providers, PP can reveal.