SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Apply knowledge and insight to structure and implement a retirement fund for an organisation 
SAQA US ID UNIT STANDARD TITLE
242564  Apply knowledge and insight to structure and implement a retirement fund for an organisation 
ORIGINATOR
SGB Insurance and Investment 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 6  Level TBA: Pre-2009 was L6 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard does not replace any other unit standard and is not replaced by any other unit standard. 

PURPOSE OF THE UNIT STANDARD 
This Unit Standard is intended for learners who are involved in structuring retirement funds for corporate clients. It will be useful for human resource managers, financial directors and senior consultants.

The qualifying learner is capable of:
  • Analysing the needs and motivation of an organisation in establishing a retirement fund.
  • Applying knowledge of legislation to determine the possible structure of a fund.
  • Developing a proposal to meet the identified needs of a specific organisation.
  • Designing an implementation plan. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that learners are competent in Communication and Mathematical Literacy at NQF Level 4 and are working towards or have a Level 5 Financial Services Qualification or equivalent. 

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is:
  • Human resources data includes, but is not limited to, salary range and structure, number of employees, industry, location of employer (locally and offshore) work profiles of employees, current retirement fund and labour agreements, special needs and tax status of the employer.
  • Economic and labour issues include, but are not limited to, proposed membership, employee expectations, employer expectations, desired benefits and monetary limits.
  • Legislation includes, but is not limited to, Income Tax Act, Pension fund Act, Labour Relations Act and the Financial Institutions Protection of Funds Act.
  • Capacity refers to the administrator and/or the employer.
  • Role players include actuaries, auditors, consultants and legal counsel. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Analyse the needs and motivation of an organisation in establishing a retirement fund. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Human Resources data is analysed in order to compile a profile of the organisation. 

    ASSESSMENT CRITERION 2 
    Economic and labour relations issues are analysed to determine the motivation for the fund. 

    SPECIFIC OUTCOME 2 
    Apply knowledge of legislation to determine the possible structure of a fund. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Legislation that impacts on the structure of a fund is identified with reference to how legislation determines the possible structure of a fund. 

    ASSESSMENT CRITERION 2 
    The implications of potential changes in legislation for the structure of a fund are discussed with reference to current information. 

    SPECIFIC OUTCOME 3 
    Develop a proposal to meet the identified needs of a specific organisation. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    A fund structure is selected and substantiated with reference to the identified needs of the client. 

    ASSESSMENT CRITERION 2 
    The tax implications of the selected fund structure are explained with reference to the tax profile of the client and the tax structure and salaries of the employees. 

    ASSESSMENT CRITERION 3 
    An insurance strategy is proposed to reinsure benefits. 

    ASSESSMENT CRITERION 4 
    Labour relations implications are assessed with reference to conditions of employment. 

    ASSESSMENT CRITERION 5 
    An organisation's capacity is tested against the proposed structure. 

    SPECIFIC OUTCOME 4 
    Design an implementation plan. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The rules of the fund are drafted in accordance with the proposal and relevant legislation. 

    ASSESSMENT CRITERION 2 
    Systems and procedures are outlined to facilitate implementation. 

    ASSESSMENT CRITERION 3 
    Role players are identified to liaise with the proposed fund. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
  • Anyone assessing a candidate against this Unit Standard must be registered as an assessor with the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Any institution offering learning that will enable achievement of this Unit Standard must be accredited as a provider through the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines and the agreed ETQA procedures. 

  • UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    The learner is able to identify and solve problems in which responses show that responsible decisions using critical and creative thinking have been made in proposing a retirement fund for an organisation. 

    UNIT STANDARD CCFO WORKING 
    The learner is able to work as a member of a team as structuring a fund is usually a team effort. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and critically evaluate information in analysing human resources data. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively in drafting the rules of a fund and substantiating the choice of fund structure. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    Search words:
  • Retirement fund. 

  • QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  66611   National Certificate: Wealth Management  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. AFRICAN UNION SKILLS DEVELOPMENT PTY LTD 
    2. ALCARI 233 CC T/A ALCARI (Eversdal)(TP) 
    3. Boland Public FET College - Central Office 
    4. CKP Development Agency (Pty) Ltd. 
    5. COLLEGE OF CAPE TOWN 
    6. College of Cape Town - Central Office 
    7. False Bay College 
    8. Intec College 
    9. Masifunde Training Centre (Pty) Ltd 
    10. North Link College 
    11. Old Mutual Life Assurance Company South Africa 
    12. Ray Strodl Consulting (Pty) Ltd 
    13. Ripple Effect 4 (Pty) Ltd 
    14. Sanlam Life Insurance Ltd 
    15. Sanlam Life Insurance Ltd. 
    16. South Cape College 
    17. South Cape Public FET College - Central Office 
    18. The Institute of Health Risk Managers (Pty) Ltd 
    19. Umfolozi FET College - Central Office 
    20. Universal Healthcare Services (Pty) Ltd 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.