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 technical knowledge and skill to advise an individual on planning for retirement 
SAQA US ID UNIT STANDARD TITLE
242613  Apply technical knowledge and skill to advise an individual on planning for retirement 
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 advise individuals at any life stage on retirement planning and who give financial advice or engage in wealth management or financial planning including retirement funding. It is applicable to Broker Consultants, Intermediaries, Financial Planners, Actuaries and Managers in life insurance and financial planning organisations.

The qualifying learner is capable of:
  • Applying knowledge of legislation to retirement planning.
  • Assessing objectives and provisions to determine a financial strategy.
  • Constructing a portfolio for a specific client based on a client's risk tolerance and objectives.
  • Recommending changes to a retirement plan after an unplanned life event. 

  • 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:
  • Retirement vehicles include, but are not limited to Retirement Annuities, Provident Funds, Pension funds, Preservation Funds and other investment instruments.
  • Needs include, but are not limited to, bond repayments, children's education needs, contingency money, emergency fund, provision for medical expenses, covering debt, and income.
  • Lifestyle objectives include, but are not limited to, overseas trips, holidays and cars.
  • Unplanned life events include, but are not limited to, retrenchment, resignation, divorce, permanent disability and dismissal.
  • Legislation includes, but is not limited to, the Pension Fund Act, Income Tax Act, Tax on Retirement Funds Act, Labour Relations Act, Long-Term Insurance Act and Divorce Act. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Apply knowledge of legislation to retirement planning. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The impact of legislation on retirement planning is analysed for a specific client. 

    ASSESSMENT CRITERION 2 
    Developments relating to retirement funds are researched and discussed with reference to current trends. 

    ASSESSMENT CRITERION 3 
    The implications of changes in legislation on existing retirement plans are analysed with a view to proposing an updated financial solution. 

    SPECIFIC OUTCOME 2 
    Assess objectives and provisions to determine a financial strategy. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The nature and term of needs and lifestyle objectives are analysed to determine capital requirements at retirement. 

    ASSESSMENT CRITERION 2 
    The nature and term of existing financial provisions are analysed to determine the situation at retirement. 

    ASSESSMENT CRITERION 3 
    Different assumptions are applied to specific scenarios to propose and substantiate a well argued financial strategy. 

    SPECIFIC OUTCOME 3 
    Construct a portfolio for a specific client based on a client's risk tolerance and objectives. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    A risk tolerance assessment is conducted to set an investment strategy. 

    ASSESSMENT CRITERION 2 
    Appropriate retirement investment vehicles are proposed based on risk tolerance, term, liquidity, tax, cost and ability to deal with the consequences. 

    ASSESSMENT CRITERION 3 
    The agreed strategy is implemented and a management plan is proposed to allow for review. 

    SPECIFIC OUTCOME 4 
    Recommend changes to a retirement plan after an unplanned life event. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The impact of an unplanned life event on an existing retirement plan is assessed with reference to immediate prospects and future options. 

    ASSESSMENT CRITERION 2 
    Changes to an existing retirement plan are proposed with reference to revised objectives and what can reasonably be achieved within the time horizon. 


    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 financial strategy. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and critically evaluate information in assessing intended liabilities and proposing investment instruments. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively using visual, mathematics and language skills in the modes of oral and/or written presentations in proposing a well argued financial strategy and presenting options to minimise tax. 

    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; financial planning, retirement planning. 

  • 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. Invuya Institute of Learning (Pty) Ltd 
    10. Masifunde Training Centre (Pty) Ltd 
    11. North Link College 
    12. Old Mutual Life Assurance Company South Africa 
    13. Ray Strodl Consulting (Pty) Ltd 
    14. Ripple Effect 4 (Pty) Ltd 
    15. Sanlam Life Insurance Ltd 
    16. Sanlam Life Insurance Ltd. 
    17. South Cape College 
    18. South Cape Public FET College - Central Office 
    19. The Institute of Health Risk Managers (Pty) Ltd 
    20. Umfolozi FET College - Central Office 
    21. 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.