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: 

Describe retirement funding in South Africa 
SAQA US ID UNIT STANDARD TITLE
8992  Describe retirement funding in South Africa 
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 3  NQF Level 03 
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 introduces the concept of retirement funding and provides a broad introduction to pension provision that will enable learners to be informed workers in the industry.

The qualifying learner is capable of:
  • Explaining the concept of retirement funding.
  • Identifying avenues for retirement funding.
  • Assessing the adequacy of retirement provision.
  • Explaining retirement products.
  • Illustrating information in a diagram.
  • Asking questions to obtain information.
  • Conducting an interview.
  • Making a decision about own retirement. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    There is open access to this unit standard. Learners should be competent in Communication and Mathematical literacy at level 2. 

    UNIT STANDARD RANGE 
    The typical scope of this unit standard is:
    1. Retirement annuities, pension funds and provident funds.
    2. Unplanned events such as retrenchment, mergers, change from one scheme to another, ill health, job hopping, death of a spouse, inflation, changes in economic policy. 

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Know and understand the concept of retirement funding. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The concept of being a pensioner is explained and illustrated diagramatically. 

    ASSESSMENT CRITERION 2 
    2. A pensioner and a working adult of similar age are interviewed in order to ascertain and compare their needs. 

    ASSESSMENT CRITERION 3 
    3. The basic needs of a pensioner and a working adult of similar age are presented in a table. 

    ASSESSMENT CRITERION 4 
    4. The different financial needs are identified for a pensioner and a working adult of similar age are compared in a table. 

    ASSESSMENT CRITERION 5 
    5. The concept of providing for retirement is explained in terms of the responsibility of the individual and the State. 

    SPECIFIC OUTCOME 2 
    Identify the different avenues that exist for retirement funding and providing for one's retirement. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The State pension system is researched and the benefits and conditions for qualification as a State pensioner are presented diagramatically. 

    ASSESSMENT CRITERION 2 
    2. An organisation's retirement fund is researched and the benefits and conditions are presented in a poster or diagram. 

    ASSESSMENT CRITERION 3 
    3. Three alternative forms of saving for retirement are explored and the benefits and conditions of each are summarised and presented in a way that facilitates comparison. 

    ASSESSMENT CRITERION 4 
    4. The different forms of retirement funding are compared and an indication is given of who would be most likely to select each form of pension. 

    SPECIFIC OUTCOME 3 
    Explain the concept of retirement products. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. Retirement annuities, pension funds and provident funds are compared and the similarities and differences are illustrated in a table. 

    ASSESSMENT CRITERION 2 
    2. The tax implications of the different retirement products are compared with reference to case studies. 

    ASSESSMENT CRITERION 3 
    3. Defined benefit and defined contribution schemes are compared and the advantages and disadvantages of each are considered from the point of view of the employer and employee. 

    ASSESSMENT CRITERION 4 
    4. Conditions of benefit payments for pension and provident funds are compared and presented in a poster. 

    SPECIFIC OUTCOME 4 
    Assess the adequacy of retirement provision. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The situations of three people who have been pensioners for 5 years or longer are compared and a decision is made as to whether pension provision in each case was adequate. 

    ASSESSMENT CRITERION 2 
    2. The amount of pension is compared in the event of compulsory early retirement versus voluntary early retirement. 

    ASSESSMENT CRITERION 3 
    3. Unplanned events that can influence the amount of pension a person would receive are explained with reference to case studies. 

    ASSESSMENT CRITERION 4 
    4. The effect of inflation on a post retirement pension is explained and illustrated graphically. 

    ASSESSMENT CRITERION 5 
    5. The amount of pension that a person would receive if s/he retires early at 50, 55, 60 and normal retirement age is compared and the implications of being retrenched, changing work and ill health during the last 10 years of working life are indicated with reference to case studies. 

    ASSESSMENT CRITERION 6 
    6. A decision is made about own retirement funding. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    This Unit Standard will be internally assessed by the provider and moderated by a moderator registered by INSQA or a relevant accredited ETQA. The mechanisms and requirements for moderation are contained in the document obtainable from INSQA, INSQA framework for assessment and moderation. 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    A learner is able to identify and solve problems when making decisions regarding personal pension provision. 

    UNIT STANDARD CCFO COLLECTING 
    Learners can collect, organise and evaluate information when comparing different forms of pension investments, benefits and conditions and by presenting the comparison. 

    UNIT STANDARD CCFO COMMUNICATING 
    Learners can communicate effectively using visual, mathematics and language skills to illustrate and present concepts in poster, diagram or other graphic form. 

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

    UNIT STANDARD NOTES 
    N/A 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  20177   National Certificate: Insurance  Level 3  NQF Level 03  Passed the End Date -
    Status was "Registered" 
    2004-10-10  Was INSETA until Last Date for Achievement 
    Core  48493   National Certificate: Financial Services: Wealth Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2007-02-11  Was INSETA until Last Date for Achievement 
    Core  20773   National Certificate: Long Term Insurance  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2004-12-05  INSETA 
    Elective  48494   National Certificate: Financial Services Management  Level 3  NQF Level 03  Passed the End Date -
    Status was "Reregistered" 
    2012-06-30  INSETA 
    Elective  20774   National Certificate: Insurance: Long Term: Risk Assessment  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2004-12-05  Was INSETA until Last Date for Achievement 


    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. Discovery Life Ltd 
    2. Faisit (Pty) Ltd 
    3. Intec College 
    4. Invuya Institute of Learning (Pty) Ltd 
    5. Masifunde Training Centre (Pty) Ltd 
    6. Umfolozi FET College - Central Office 



    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.