>JUSTICE PARTY
http://www.dfwa-u.tk
http://www.ugandanetwork.org.uk/photoalb/2kent_pro_im/kyeune_petero_hut_01.j
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The Democratic Farmers Workers Alliance -Uganda rejects the bill proposal in its entirelity as speculative, corrupt and based on individual motives.
DFWA-U has not read the entire pension proposed bill but once again dfwa-u is not in any illusion that pensions should be the measure of social justice in Uganda as a collective tool for the social welfare of general populance of Uganda.
It is for that reason that dfwa-u stands by it pensions proposal earlier made that pensions should be managed by an independent, non- governmentally affiliated body, the citizens unions,cooperatives and associates.
All investment made by pensions funds should return or rather benefit pensions contributors.
If that is not attained will dfwa-u come into power will with immediate effect repeal all laws which are directed at using Ugandans pensions funds to enrich corporate entities and individuals.
Pension funds should not in anyway be used in speculative financial markets run by global capitalist as it so happened with what appears to have been money lost on New York stock exchange without the knowledge of pension fund contributors.
All the above is based on very simple social justice as shown below;
1. Pensions for all Ugandans of different profession and background should be based on equal justice, for each and every individual in society.
2. Pensions should be calculated based on basic necessities; shelter, food, clothing, medicare, housing rents & transport.
3. That pension should incrementary be based on points attained from pension fund contribution and number of years worked in a given profession.
4. Pensions should have an optimal and minimum level based on what the pension fund can generate calculated on the pension fund annual incomes from investments, contributions (percentage level) and pension offers/ population per capita increase.
5. Pensions in Uganda should be handled by only one single entity for both monetary (fiscal and financial) reasons and guaranteeing the stability of the socio-economic justice into the country.
6. That pensions in Uganda for each and every individual citizen should not be pegged on global financial capital markets.
There are more additional issue we have extensively written about. If this government and parliament can�t implement and manage the pension fund within what is socially economically possible � dfwa-u in government will be forced to delete such an act which generates injustices among the citizens of Uganda.
People are born socially equal.
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MPs Start Pension Scheme
PARLIAMENT is to start its own pension scheme to cater for MPs who leave the House
Oyam North MP Ben Wacha yesterday moved a motion seeking to introduce a private members Bill to establish the scheme. The scheme is to consist of all MPs including ex-officio members. It excludes any member who is elevated to vice-president.
�Pension shall be paid to an MP who retires or leaves service on or after the attainment of 45 years, if he or she has served as an MP for a continuous period of 10 years or more,� reads the draft Bill.
A member who retires or ceases to be a Member of Parliament and whose age is less than 45 years shall be entitled to a refund of the contribution paid by him and interest.
All the members of the current Parliament shall be deemed to have joined the scheme.
Contribution to the scheme shall be by deduction from member�s emoluments. Government contribution to the scheme is calculated at a certain percentage.
Contribution deducted from the member�s emoluments and government contribution shall be paid into the Provident Fund to be kept with Bank of Uganda.
The Parliamentary Management Committee, chaired by the Speaker, will manage the scheme.
Ends
Stanbic in funds meet
By Andrew Kanyegirire
STANBIC Investment Management Services (SIMS) will today host various key players in Uganda's pension sector under the theme, �The case for Fund Managers in the Management of Pension and Provident Funds'.
Part of the aim of this function is, �To introduce ourselves to the market, to tell people what we do as fund managers and to also educate the market and the public on the role of fund managers�, said Martin Owiny, the SIMS general manager.
Stanbic bid approved
By Andrew Kanyegirire
Stanbic Investment Management Services (SIMS) became the first investment and pension fund manager to be licensed by the Capital Markets Authority (CMA).
�We are extremely proud to be the first investment manager to be licensed by the Uganda authorities. This is a sign of growing stability and maturity in Uganda�s important sectors and will be welcomed in many quarters,� Chris Mwebesa, SIMS executive director based in Nairobi said on Wednesday.
Stanlib and Stanbic Bank (Uganda) are joint owners of SIMS. Stanlib are also the largest distributor of pension fund and wealth management products in both South Africa and the continent. The two firms are subsidiaries of the Standard Bank Group of South Africa.
During their presentation, John Mackie, the Head of African Funds at Stanlib, said the main aim of a pension fund was to deliver benefits to pensioners, but without risking the future benefits of existing members.
�The whole point of having a good fund manager is to add value to your investments,� he said.
Mackie advised trustees to act responsibly in selecting potential fund manager for their clients.
Speaking on behalf of the Minister for Gender, Labour and Social Development, Ralph Ochan, the permanent secretary said, �The opening up and liberalisation of the social security sector is key to Uganda therefore we support the initial work that Stanbic is attempting to do�.
Geoffrey Onegi-Obel, chairman of the Social Security Stakeholders Transitional Group (STG) said, �We expect the pension market to be opened up, we expect the public service pension scheme to become funded so as to reduce the drag on government.�
Stanbic Touts Pensions
By Andrew Kanyegirire
AT the start of this week, Stanbic Investment Management Services (SIMS) Uganda, hosted various trustees of pension schemes that are held by corporations, to a workshop on the roles and functions of trustees.
�The workshop has been held in light of the fact that there are a number of corporations that have pension schemes that they have set up for their employees and they are looking for better returns for their employees�, said Martin Owiny, the General Manager of SIMS Uganda.
�Essentially we have come in as fund managers to sensitise them on the role and duty of trustees so that we could move to the professional management of occupational schemes inside Uganda,� he added.
The launch of SIMS as investment and fund managers in October 2002, introduced to the Ugandan market an investment management service provider.
SIMS whose focus is on pension funds is in the business of managing people�s money by adding value to it in the long run.
As the first key player on this front, they have had to invest in sensitising the market about fund management of which trustees are a key component.
The workshop, which was facilitated by Peter Van Ryneveld, the Director of the Johannesburg School of Finance, brought in participants from some of the leading commercial banks, service providers such as MTN and Shell, insurance firms and large employers such as Makerere University and The New Vision.
As trustees and or potential trustees the participants would be expected to make sure that a fund manager such as SIMS acts in the interests of their members, by investing their funds in those assets and equities that would add value to their funds.
�It is a burden being a trustee, but also a big privilege in terms of helping people to mobilise savings for future use,� said Ryneveld.
�It offers trustees an opportunity for making a wonderful contribution towards the Ugandan economy,� he added.
Rynevelb gave examples on how to make prudent investment decisions for their members.
Locally, he identified the need for regulation and standardisation of the pension sector. The workshop dealt with the roles of the trustee and the conflicts of interest to be avoided.
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bwanika
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