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 THAT HAS PASSED THE END DATE:

Describe the main aspects of pre and post retirement planning

SAQA US ID	UNIT STANDARD TITLE
113931	Describe the main aspects of pre and post retirement planning
ORIGINATOR
SGB Financial Services
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 4	NQF Level 04	2
REGISTRATION STATUS		REGISTRATION START DATE	REGISTRATION END DATE	SAQA DECISION NUMBER
Passed the End Date - Status was "Registered"		2004-02-11	2007-02-11	SAQA 1852/04
LAST DATE FOR ENROLMENT		LAST DATE FOR ACHIEVEMENT
2008-02-11		2011-02-11

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 is replaced by:

US ID	Unit Standard Title	Pre-2009 NQF Level	NQF Level	Credits	Replacement Status
243136	Describe the main aspects of pre and post retirement planning	Level 4	NQF Level 04	3

PURPOSE OF THE UNIT STANDARD

This Unit Standard is intended for learners in a financial services environment. It will add value to financial planners, intermediaries financial advisers, healthcare intermediaries, product developers, co-coordinators of medical schemes, financial call centre agents and trustees of medical schemes and retirement funds. It complies with the current legislated practices in giving financial advice.

The qualifying learner is capable of:

Explaining the main aspects that impact on a secure and comfortable retirement.

Matching anticipated personal retirement needs to available products.

Explaining the impact of annuity rates on an investment.

Revisiting an investment solution and adjust it to meet current needs.

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, Mathematical Literacy and Financial Literacy at Level 3.

UNIT STANDARD RANGE

The typical scope of this Unit Standard is:

Options in joint life products are guaranteed period, level of benefit and reducing benefit.

Specific Outcomes and Assessment Criteria:

SPECIFIC OUTCOME 1

Explain the main aspects that impact on a secure and comfortable retirement.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The impact of lifestyle on the cost of retirement products is explained with examples.

ASSESSMENT CRITERION 2

2. The impact of age on the cost of retirement products is illustrated graphically.

ASSESSMENT CRITERION 3

3. The impact of assumptions about mortality and socio-economic status on the cost of retirement products is explained with examples.

SPECIFIC OUTCOME 2

Match anticipated personal retirement needs to available products.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. Three products available to meet single life and joint life needs are investigated and compared in terms of cost and monthly income.

ASSESSMENT CRITERION 2

2. Options available in joint life products are explained with reference to cost and benefits.

ASSESSMENT CRITERION 3

3. The needs of a specific client are interpreted and a recommendation is made as to whether single or joint life cover is the most appropriate.

ASSESSMENT CRITERION 4

4. Options available for investment are explained with reference to lump sum and monthly contribution.

SPECIFIC OUTCOME 3

Explain the impact of annuity rates on an investment.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The concept of an annuity rate is explained with reference to the current economic climate.

ASSESSMENT CRITERION 2

2. The impact of annuity rates on post retirement monthly income is explained with examples.

ASSESSMENT CRITERION 3

3. The reasons for fluctuation in annuity rates is explained with examples.

ASSESSMENT CRITERION 4

4. The impact of rate projection on the value of a policy is explained with reference to real rate of return and inflation rate of return.

SPECIFIC OUTCOME 4

Revisit an investment solution and adjust it to meet current needs.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. An original needs analysis and investment solution are analysed and compared to current needs for a specific client.

ASSESSMENT CRITERION 2

2. A quote is drawn based on current lifestyle needs.

ASSESSMENT CRITERION 3

3. Current needs at the current cost are compared to anticipated needs and a recommendation is made to address the current situation.

ASSESSMENT CRITERION 4

4. Specific products are matched to a clients current needs.

UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS

Accreditation for this Unit Standard shall be obtained from the relevant Education and Training Quality Assurance Body, through summative and formative assessment by a registered assessor.

Assessors must be registered as an Assessor with the relevant ETQA

Moderators must be registered as assessors with the relevant ETQA, or with an ETQA that has a Memorandum of Agreement with the relevant ETQA.

Training providers must be accredited by the relevant ETQA.

Moderation should include both internal and external moderation where applicable.

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 capable of identifying and solving problems and making decisions in interpreting a needs analysis and proposing a financial solution to meet current needs.

UNIT STANDARD CCFO COMMUNICATING

The learner is capable of communicating effectively in proposing a solution to meet changed needs.

UNIT STANDARD CCFO DEMONSTRATING

The learner is capable of demonstrating cultural sensitivity is dealing with a client and proposing a solution to meet changed needs.

UNIT STANDARD ASSESSOR CRITERIA

N/A

UNIT STANDARD NOTES

This unit standard has been replaced by unit standard 243136, which is "Describe the main aspects of pre and post retirement planning", Level 4, 3 credits.

QUALIFICATIONS UTILISING THIS UNIT STANDARD:

	ID	QUALIFICATION TITLE	PRE-2009 NQF LEVEL	NQF LEVEL	STATUS	END DATE	PRIMARY OR DELEGATED QA FUNCTIONARY
Elective	49649	Further Education and Training Certificate: Long-term Insurance	Level 4	NQF Level 04	Passed the End Date - Status was "Reregistered"	2023-06-30	INSETA
Elective	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

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.

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