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: 

Develop a set of rules that meets the needs of a retirement fund client and are compliant 
SAQA US ID UNIT STANDARD TITLE
242611  Develop a set of rules that meets the needs of a retirement fund client and are compliant 
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 write rules for retirement funds and need to ensure that the rules are comprehensible and legal. It will be useful for Rule Writers, Trustees, Administrators, Consultants, Service Providers, Intermediaries and the Financial Services Board (FSB).

The qualifying learner is capable of:
  • Interpreting the structure and benefit design of a selected retirement fund.
  • Applying knowledge of the regulatory environment and best practice to a set of retirement fund rules.
  • Developing a set of rules for a new retirement fund.
  • Editing and reviewing a set of retirement fund rules for submission to the Financial Services Board (FSB) and South African Revenue Service (SARS). 

  • 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, that they have a high level of literacy, ability to write plain English and a working knowledge of the legislation applicable to retirement funds. 

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is:
  • Types of fund include, but are not limited to, pension, provident, defined benefit, defined contribution, retirement annuity, preservation, umbrella, insured, self administered and privately administered.
  • A benefit design may be for an existing or potential fund.
  • The Income Tax environment includes, but is not limited to, Income Tax Act, Tax on Retirement Funds Act, general notes, practice notes and relevant case law.
  • The pension funds environment includes, but is not limited to, the Pension funds Act, Pension Fund Circulars, adjudicator determinations, relevant case law and other gazetted documents.
  • Plain language implies, but is not limited to, user friendly, unambiguous, jargon free language appropriate to the target group and in the required format.
  • Regulatory bodies include, but are not limited to the Financial Services Board (FSB) and South African Revenue Service (SARS). 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Interpret the structure and benefit design of a selected retirement fund. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The structure of a retirement fund is analysed to determine the type of fund and the implications of the fund type for fund rules. 

    ASSESSMENT CRITERION 2 
    The benefit design of a retirement fund is analysed to determine the relationship between the benefit design and the rules of the fund. 

    SPECIFIC OUTCOME 2 
    Apply knowledge of the regulatory environment and best practice to a set of retirement fund rules. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Knowledge of the Income Tax environment is applied to the rules of a retirement fund to determine compliance. 

    ASSESSMENT CRITERION 2 
    Knowledge of the pension fund environment is applied to the rules of a retirement fund to determine compliance. 

    ASSESSMENT CRITERION 3 
    The implications of the South African Constitution for the rules of a retirement fund are explained with specific reference to the Bill of Rights. 

    ASSESSMENT CRITERION 4 
    Areas of best practice are identified and explained in terms of how they protect the fund, members and trustees. 

    ASSESSMENT CRITERION 5 
    The business practices of the administering entity are analysed to ensure that the rules are aligned to practice. 

    SPECIFIC OUTCOME 3 
    Develop a set of rules for a new retirement fund. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    A brief is interpreted to establish the benefit design and structure to be incorporated in the rules. 

    ASSESSMENT CRITERION 2 
    A set of rules is developed for a retirement fund that complies with the specifications of current legislation. 

    ASSESSMENT CRITERION 3 
    The rules are drafted in plain language with due regard for compliance. 

    SPECIFIC OUTCOME 4 
    Edit and review a set of retirement fund rules for submission to the Financial Services Board (FSB) and South African Revenue Service (SARS). 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    A set of rules is reviewed and edited for compliance and to identify areas where language is unclear. 

    ASSESSMENT CRITERION 2 
    Instances of bad practice are identified and rules are checked for logic and internal consistency. 

    ASSESSMENT CRITERION 3 
    Rules are checked to ensure that they reflect the current requirements and practices of regulatory bodies. 


    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 COLLECTING 
    The learner is able to collect, organise and critically evaluate information in analysing benefit design and structure of a retirement fund and drafting a set of rules. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively using plain language to develop a set of rules for a retirement fund. 

    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:
  • Trustees; retirement fund rules. 

  • 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.