Govt Withdraws Retirement Benefits Liberalization Bill for Further Review

Government has withdrawn the Retirement Benefits Sector Liberalization Bill 2011 seeking for more time to have it revised.

The Bill was seeking to provide for liberalization of retirement benefits sector and provide for fair competition among licensed retirement benefits schemes for mandatory contributions.

The Bill as well intended to provide for voluntary contributions and voluntary schemes, to regulate occupational retirement benefits schemes, to provide for licensing of umbrella retirement benefits schemes.

It also called for provision for the portability and transfer of accrued benefits, to provide for innovation of new retirement products and services as well as to repeal the National Social Security Fund Act Cap 222 and for related matters.

The Minister of State for Planning, David Bahati told the House on Wednesday that they had fused the Bill with the NSSF Act which had created issues that they need to reconcile before it is considered by Parliament.

He requested for more time to consult with the workers and harmonize on a number of issues of regulation.

“Government is proposing for the withdraw of the Bill because we still have a number of issues that we need to reconcile with the sector, the touches NSSF which protects the contributions of workers, the NSSF,” Bahati submitted.