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: 

Evaluate the effectiveness of the administration function of a retirement fund in order to make an informed decision 
SAQA US ID UNIT STANDARD TITLE
242596  Evaluate the effectiveness of the administration function of a retirement fund in order to make an informed decision 
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 5  Level TBA: Pre-2009 was L5 
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 implement the decisions of trustees of retirement funds, including Trustees, Retirement Fund Consultants, Principal Officers, Branch Managers, Fund Managers and Senior Operational Administrative Staff.

The qualifying learner is capable of:
  • Analysing the administrative function of a retirement fund.
  • Evaluating the implementation of trustee decisions by the administrator.
  • Evaluating compliance with the regulatory environment.
  • Proposing a solution to address identified administration risks. 

  • 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. 

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is:
  • Governance audits include, but are not limited to, financial matters, communication, contracts, management of Long-Term risk assessment and service level agreements.
  • Retirement Funds include, but are not limited to, self administered funds, insured funds, privately administered and insurer administered funds. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Analyse the administrative function of a retirement fund. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    A service level agreement is analysed to identify the functions of the administrator and assess the performance of the administrator. 

    ASSESSMENT CRITERION 2 
    A governance audit is conducted on the administrator of a selected retirement fund. 

    SPECIFIC OUTCOME 2 
    Evaluate the implementation of trustee decisions by the administrator. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The role players responsible for implementing the decisions of the trustees are identified for a selected retirement fund. 

    ASSESSMENT CRITERION 2 
    The implementation of trustee decisions is evaluated in terms of timeousness and correctness. 

    ASSESSMENT CRITERION 3 
    Records of trustee decisions are analysed and tracked for implementation and feedback. 

    SPECIFIC OUTCOME 3 
    Evaluate compliance with the regulatory environment. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Compliance with legislation is checked from records. 

    ASSESSMENT CRITERION 2 
    Feedback from different regulatory bodies is analysed to determine whether standards are met and to suggest corrective measures. 

    ASSESSMENT CRITERION 3 
    Actions to be taken in cases of qualified auditors' reports are explained and an indication is given of the consequences of non-compliance. 

    SPECIFIC OUTCOME 4 
    Propose a solution to address identified administration risks. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    A solution is proposed to improve the administrative effectiveness of a retirement fund and manage administration risk. 

    ASSESSMENT CRITERION 2 
    The proposed solution is presented to the trustees and/or the administrator of a selected 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 solution to address identified administration risks. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and critically evaluate information in conducting a governance audit on a selected retirement fund. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively presenting a proposed solution to the trustees or administrator of a retirement fund. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to see the world as a set of related systems in evaluating compliance. 

    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 funds; trustees; retirement fund administrator. 

    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.