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: 

Analyse the implications of current and/or proposed reform for the Retirement Fund/Medical Scheme sub-sector in order to formulate a possible response 
SAQA US ID UNIT STANDARD TITLE
242579  Analyse the implications of current and/or proposed reform for the Retirement Fund/Medical Scheme sub-sector in order to formulate a possible response 
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 Actuaries, Medical Scheme Fund Managers, Trustees, Principal Officers, Senior Managers, Product Developers, Investment Managers and senior people already in the financial services industry who are responsible for commenting on and implementing reform and understand the issues involved and whether employee benefits need to be aligned to current or proposed reforms. It will be useful for graduates entering financial services employment and Employers and Retirement Fund and Medical Scheme Consultants.

The qualifying learner is capable of:
  • Analysing and interpreting current or proposed changes in the retirement fund/medical scheme environment and their potential impact of the financial services industry.
  • Formulating a response to pending or current changes to the retirement fund/medical scheme sub-sector.
  • Investigating changes needed for a business to implement an agreed decision for retirement fund/medical scheme reform in a specific organisation.
  • Communicating proposed changes as a result of retirement fund/medical scheme reform. 

  • 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:
  • Communication to role players includes, but is not limited to, changes in the environment, impact on the business, options considered, decisions made, method of implementation, cost implications and time frames.
  • Commentators include political, financial and industry related issues.
  • The target audience includes the industry and internal and external clients. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Analyse and interpret current or proposed changes in the retirement fund/medical scheme environment and their potential impact on the financial services industry. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Pending and/or current changes in the regulatory environment are interpreted to identify potential implications. 

    ASSESSMENT CRITERION 2 
    Responses of commentators to proposed or current changes are analysed and compared in order to contextualise a response to current or proposed changes. 

    SPECIFIC OUTCOME 2 
    Formulate a response to pending or current changes to the retirement funds/medical scheme sub-sector. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The effects of identified changes on the retirement fund/medical scheme sub-sector are analysed with reference to possible changes needed in strategy, employee benefits policies, benefit structures and the related costs. 

    ASSESSMENT CRITERION 2 
    A proposal is presented to a management team and the decision of the Board is formulated and substantiated by resolution. 

    SPECIFIC OUTCOME 3 
    Investigate changes needed for a business to implement an agreed decision for retirement fund/medical scheme reform in a specific organisation. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The areas of the business that will be affected by proposed or current reform are identified with reference to products, systems and training. 

    ASSESSMENT CRITERION 2 
    Contracts, rules and procedures are analysed and changes for implementation are suggested with due regard for compliance. 

    SPECIFIC OUTCOME 4 
    Communicate proposed changes as a result of retirement fund/medical scheme reform. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Proposed changes to a specific fund/scheme are communicated in order to identify role players with due regard for the target audience and the relevance of the selected information. 


    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 formulating a response to pending or current changes. 

    UNIT STANDARD CCFO WORKING 
    The learner is able to work as a member of a team in that decisions about reform are not made alone and discussion is an essential part of decision making. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and critically evaluate information in analysing and interpreting current changes in the retirement fund/medical scheme environment and comparing responses of commentators and competitors. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively in communicating changes to the industry and internal and external clients. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to see the world as a set of related systems in considering retirement fund/medical scheme reform in a broad context and in applying the reform to a specific retirement fund/medical scheme. 

    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, employee benefits, medical scheme reform. 

    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.