MAKERERE UNIVERSITY RETIREMENT BENEFITS SCHEME. Members Handbook
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1 MAKERERE UNIVERSITY RETIREMENT BENEFITS SCHEME Members Handbook
2 INTRODUCTION This Booklet describes the benefits provided under the Makerere University Retirement Benefits Scheme. This Scheme is established by Makerere University under an irrevocable trust for providing pensions and other benefits for those of its employees who are admitted to membership under the provision of the rules of the Scheme. This is a defined contribution Scheme where both the employees and the employer contribute a percentage of the employees monthly salary. It takes the form of question and answer and an index is given on the page three to the questions, which are considered important for you to know on joining the Scheme, or as an existing member of the Scheme. If there are further particulars on which you would like details, or if you would like the information explained in any way please contact the Scheme Trustees. While this Booklet shows the main provisions in simple language, it must be understood that the Trust Deed and Rules (as amended from time to time) are the regulations governing the Scheme. A copy of the Trust Deed and Rules can be seen at the Trustee s office by arrangement. The trustees of the MAKERERE UNIVERSITY RETIREMENT BENEFITS SCHEME Mr. Augustus Nuwagaba Mr. Henry Mayega Mr. Bruce Twesigye Mr. Sengendo Dan Mr. Patrick Kagoro Mr. Dyson W. Maswere Mr. Peter Wandera Mr. Tweyambe Chrysostom Mr. Saul Nsubuga
3 INDEX 1. Who is eligible for membership to the Scheme? 2. Am I also a member of NSSF? 3. Will I need to be medically examined? 4. What do I contribute to the Scheme? 5. What does my employer contribute to the Scheme? 6. What is the normal retirement age? 7. Can I retire before the normal retirement age? 8. Can I retire after the normal retirement age? 9. When can I receive my benefits? 10. How is my retirement benefit calculated? 11. How is my pension paid? 12. What happens if I die when I am still receiving pension? 13. What happens if I resign? 14. What happens if I am dismissed? 15. Can I borrow against the Scheme? 16. What is the tax position? 17. What is the role of the Administrator? 18. What is the role of the Fund Manager? 19. What is my role of the Custodian? 20. Who manages the Scheme and how is it done? 21. What is the Trust Deed and Rules? 22. Who appoints the Trustees? 23. What is the role of the Trustees? 24. What is the Annual General Meeting (AGM)? 25. What is the role of the Auditor? 26. What is the role of the Actuary? 27. What is my role as a member of the Scheme? 28. What is the role of my employer? 29. What is the role of the government of Uganda?
4 1. WHEN DO I JOIN THE SCHEME? An individual aged at least 18 years but not more than 50 years old and who has been appointed to the permanent service of Makerere University. All persons who were in University Service by 31 st March 2009 were deemed to have joined the Scheme. Persons who were appointed in University service after 31 st March 2009 have to fill form B01 to be enrolled into the Scheme. (In future form B01 will be part of the Appointment Letter package.) 2. AM I ALSO A MEMBER OF NSSF? If you were in University service and a member of NSSF any time before 31 st March 2009 then you still are and NSSF still holds some of your benefits. If you joined University service after 31 st March 2009 and were a member of NSSF prior to joining Makerere University again you are still a member of NSSF. 3. WILL I NEED TO BE MEDICALLY EXAMINED? No. 4. WHAT DO I CONTRIBUTE TO THE SCHEME? 5% of your gross monthly salary. And in the incident of you being on unpaid leave, you will be expected to contribute on the basis of your full gross monthly salary to make up both yours and the employer s contributions. You can also make an Additional Voluntary Contribution (AVC) to enhance your benefits. 5. WHAT DOES MY EMPLOYER CONTRIBUTE TO THE SCHEME? 10% of your gross monthly salary.
5 Your employer may also make an Additional Voluntary Contribution; the benefits arising from which may be fully commuted, that is, given as cash lump sum on retirement, without subjecting it to monthly pension rules. 6. WHAT IS THE NORMAL RETIREMENT AGE? Your sixtieth (60 th ) birthday. 7. CAN I RETIRE BEFORE THE NORMAL RETIREMENT AGE? Yes, with the consent of your employer given that you are at least fifty (50) years old and have been in pensionable service for at least 10 years. 8. CAN I RETIRE AFTER THE NORMAL RETIREMENT AGE? Yes, with your employer s consent. Your retirement benefits will then become payable on your actual retirement. 9. WHEN CAN I RECEIVE MY BENEFITS? Your benefits are only available to you in the following circumstances: a) On normal retirement-at age sixty (60) years or; b) On early retirement- between age fifty (50) and sixty (60) years or; c) On late retirement- after age sixty (60) years or; d) On retirement on medical grounds- at any age or; e) On resignation- terms and conditions apply. 10. HOW IS MY RETIREMENT BENEFIT CALCULATED? Your retirement benefit is the total of your contributions and your employer s contributions together with accrued interest. 11. HOW IS MY PENSION PAID? You are allowed to take up to half (1/2) of your accumulated fund in a cash lump sum provided that benefits arising from Additional Voluntary Contributions may be fully
6 commuted. The balance will be used to purchase an annuity for you from an Annuity Service provider (e.g an insurance company licensed to do Life and Pension business). This pension will be paid on or before the last day of every calendar month using the agreed mode of payment. 12. WHAT HAPPENS IF I DIE AFTER RETIREMENT? After purchasing an annuity your beneficiaries will be paid an equivalent pension for the remaining guaranteed period. If you chose a zero guarantee pension then nothing is payable on your death in retirement. 13. WHAT HAPPENS IF I RESIGN? If you voluntarily resign before completing three (3) years of pensionable service, you shall be paid the total of only your contributions plus compound interest determined by the Board of Trustees. If you voluntarily resign after at three (3) years of pensionable service you may choose to leave your funds in the Scheme and be entitled to a deferred vested pension payable on your actual retirement (or on attainment of 55 years of age) or; you could request the Board of Trustees to transfer your benefits to another Scheme. 14. WHAT HAPPENS IF I AM DISMISSED? You will be entitled to total contributions together with compound interest calculated at a rate determined by the Trustees from time to time. This is also the case when you are allowed to resign on the grounds of fraud, dishonesty or gross misconduct. 15. CAN I BORROW AGAINST THE SCHEME? No. Benefits or contributions accruing or payable from this Scheme are strictly nonassignable.
7 16. WHAT IS THE TAX POSITION? a) Contributions: The employee contribution to the scheme is deducted from the employee s taxed income (after PAYE); while the Employer s contribution is exempted from Corporation tax of 30%. b) Investment Income: Income from investment by the fund will be treated as income of the fund, and chargeable income determined in accordance with the provision of the Income Tax Act on taxation of trust funds. Thus the fund will pay tax on income. Where the fund derives interest this will be taxed at source and will be final tax allowable expense. c) Withdrawal Benefits: There is no tax on withdrawal benefits. Withdrawal benefits include retirement pay and any other benefits paid from the Scheme to a member withdrawing from the Scheme in accordance with the rules of the Scheme. 17. WHAT IS THE ROLE OF THE ADMINISTRATOR? a) Is the Secretary to the Board of Trustees and attends all meetings of the Board of Trustees b) Prepares administrative reports and financial statements of the Scheme c) Periodically reviews the Scheme s administrative structure d) Preparing status reports to include new entries, retirees and withdrawals. e) Preparing the annual budget for the scheme for approval by the Board of Trustees f) Ensure timely submission of quarterly records of contributions to the Council committee 18. WHAT IS THE ROLE OF THE FUND MANAGER? a) Assisting the Board of Trustees to make a prudent investment policy b) Investing the fund subject to the investment policy of the Scheme c) Preparing quarterly reports on major investment options d) Preparing cash flow forecasts e) To credit into the Scheme fund all monetary benefits arising out of managing the Scheme s funds f) To prepare a quarterly Investment report to the Board
8 19. WHAT IS THE ROLE OF THE CUSTODIAN? a) Receiving and keeping in safe hands the funds, title deeds, securities and income accruing to the Scheme b) Safe custody of the guaranteed fund contract and all insurance policies of the Scheme c) Acknowledge receipt of and deposit in the Scheme s bank account all contributions other payments made to the Scheme d) Opening a bank account with a competent for the exclusive benefit of the Scheme e) Submitting on a quarterly basis a report on the state of accounts of the Scheme 20. WHO MANAGES THE SCHEME AND HOW IS IT DONE? The Scheme is managed by Trustees in accordance with the Trust Deed and Rules. The Board of Trustees appoints service providers such as the Administrator, Custodian and Fund manager who offer professional services to the Scheme. The Investments of the Scheme are guided by the Investment Policy Statement of the Scheme; this document is prepared and maintained by the Board of Trustees. 21. WHAT IS THE TRUST DEED AND RULES? This is a legal document that governs the Scheme. All concerns about the Scheme are addressed in accordance with this legal document. It is the point of reference for the Employer, the Trustees, the Members and the other Stakeholders of the Scheme. The Trustees may amend the Trust Deed and Rules with the consent of the Council provided that the amendment does not reduce the Benefits of any Member or undermine the objectives of establishing the Scheme. 22. WHO APPOINTS THE TRUSTEES? The Board of Trustees is composed of nine members with a four year term subject to reappointment only once. The Trustees are appointed as follows:
9 Representative of Appointment The council (1 member) nominated by the council Academic Staff (2 members) secret ballot by members of the Academic Staff Administrative Staff (1 member) Secret ballot by members of the Administrative Staff Support staff (1 member) secret ballot by members of the Support Staff Legal professional (1 member) nominated by the Uganda Law Society Actuarial Science professional nominated by the Actuarial Society of Uganda (1 member) Financial Management be nominated by the Institute of Certified Public professional (1 member) Accountants of Uganda Retirees (1 member) selected by the Council Committee from three (3) nominations from the three (3) Staff Associations at Makerere University 23. WHAT IS THE ROLE OF THE TRUSTEES? a) Appointment of the Scheme Administrator, the Fund Manager and the Custodian b) Administering the scheme according to the Trust Deed and Rules c) Keeping all proper books and records of accounts d) Maintaining and updating Membership data e) Ensuring timely and proper remittance of contributions f) Distributing benefits statements to the members at least half yearly g) Organizing annual meetings of Members 24. WHAT IS THE ANNUAL GENERAL MEETING (AGM)? This is a members meeting held once a year (there may be special AGM) to deliberate on the Scheme issues. The AGM may be structured along the following: a) Any legislative changes that may affect the scheme. b) Benefits and contribution structure. c) Scheme annual accounts. d) Retirement and appointment of Trustees. e) Trustee and service provider remuneration.
10 25. WHAT IS THE ROLE OF THE AUDITOR? a) Audit of the Scheme s annual transactions b) Satisfying statutory requirements 26. WHAT IS THE ROLE OF THE ACTUARY? a) Advise on benefits changes. b) Assess the financial position (solvency) of the scheme by actuarial valuations. 27. WHAT IS MY ROLE AS A MEMBER OF THE SCHEME? a) Understanding the provisions of the Trust Deed and Rules b) Electing in writing, the mode of payment of your benefits c) Opting to make an Additional Voluntary Contribution d) Advising on the status of your Dependants 28. WHAT IS THE ROLE OF MY EMPLOYER? a) To deduct your contributions from your salary b) Timely remittance of contributions and other payments to the Scheme 29. WHAT IS THE ROLE OF THE GOVERNMENT OF UGANDA? a) Promoting the development of the Retirement Benefits Schemes industry b) Implementing policies regarding retirement benefits using statutory institutions designed for this purpose c) Safeguarding the interests of members and sponsors of retirement benefits d) Implement all policies related to retirement benefits through the Insurance Commission, Capital Markets Authority and any other statutory institution related to the sector.
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