SAQA

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SOUTH AFRICAN QUALIFICATIONS AUTHORITY

REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE:

Investigate the need to provide financially for own retirement

SAQA US ID	UNIT STANDARD TITLE
114960	Investigate the need to provide financially for own 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 3	NQF Level 03	3
REGISTRATION STATUS		REGISTRATION START DATE	REGISTRATION END DATE	SAQA DECISION NUMBER
Passed the End Date - Status was "Reregistered"		2018-07-01	2023-06-30	SAQA 06120/18
LAST DATE FOR ENROLMENT		LAST DATE FOR ACHIEVEMENT
2026-06-30		2029-06-30

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 the concept of financial planning for retirement in order to make an informed choice.

The qualifying learner is capable of:

Identifying the role players in own pension provisioning.

Investigating the needs of a pensioner in relation to lifestyle.

Identifying the different avenues that exist for retirement funding and providing financially for one's retirement.

Assessing the adequacy of retirement provision.

Identifying the legal environment and avenues for assistance.

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

Retirement annuities, pension funds and provident funds.

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.

Needs include financial needs.

Ancillary options at retirement include provision for dependents, guarantee periods and death benefits.

Pre retirement ancillary options include death disability and withdrawal.

Specific Outcomes and Assessment Criteria:

SPECIFIC OUTCOME 1

Identify the role players in own pension provisioning.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

The State pension system is researched and an indication is given of the benefits and conditions for qualification as a State pensioner.

ASSESSMENT CRITERION 2

The role of the employer in retirement provision is discussed with reference to the implications of changing employment for pension provisioning.

ASSESSMENT CRITERION 3

The role of the family and the community in retirement provision is discussed with reference to current trends.

ASSESSMENT CRITERION 4

The responsibility of the individual to provide for his/her own retirement is discussed with reference to the limitations of State funding and the need to preserve retirement fund contributions.

SPECIFIC OUTCOME 2

Investigate the needs of a pensioner in relation to lifestyle.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

A pensioner and a working adult of similar age are interviewed in order to compare their basic needs.

ASSESSMENT CRITERION 2

The needs of a pensioner and a younger working adult are compared in terms of lifestyle and attitudes to retirement funding.

ASSESSMENT CRITERION 3

Reasons why it is necessary to plan for retirement funding are discussed with reference to the power of compound interest, unplanned events, inflation and earning power

SPECIFIC OUTCOME 3

Identify the different avenues that exist for retirement funding.

OUTCOME NOTES

Identify the different avenues that exist for retirement funding and providing financially for one's retirement.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

The concept of voluntary and compulsory pension provision is explained with examples.

ASSESSMENT CRITERION 2

An organisation's retirement fund is researched and the benefits and conditions are presented in diagrammatically.

ASSESSMENT CRITERION 3

Three alternative forms of saving for retirement are explored and an indication is given of the benefits and conditions of each.

ASSESSMENT CRITERION 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 retirement funding.

ASSESSMENT CRITERION 5

Different benefits at retirement are identified with reference to ancillary options and benefits.

ASSESSMENT CRITERION 6

Pre-retirement benefits are identified with reference to ancillary options and benefits.

SPECIFIC OUTCOME 4

Assess the adequacy of retirement provision.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 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

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

ASSESSMENT CRITERION 3

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

ASSESSMENT CRITERION 4

The implications of retiring early at 50, 55, 60 and normal retirement age are discussed 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 5

A decision is made about own retirement funding.

SPECIFIC OUTCOME 5

Identify the legal environment and avenues for assistance.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

The individual's rights in seeking financial advice are identified with reference to FAIS and the Policy Holder Protection Rules.

ASSESSMENT CRITERION 2

The role of the Ombud and Pension Fund Adjudicator are explained in terms of consumer protection.

UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS

This Unit Standard will be internally assessed by the provider and moderated by a moderator registered by a relevant accredited ETQA or an ETQA that has a Memorandum of Understanding with the relevant accredited ETQA.

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

A learner is able to identify and solve problems when making decisions regarding personal retirement provision.

UNIT STANDARD CCFO COLLECTING

Learners can collect, organise and evaluate information when comparing different forms of retirement investments, benefits and conditions.

UNIT STANDARD CCFO COMMUNICATING

Learners can communicate effectively engaging in discussion of issues relating to retirement funding.

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

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	49089	National Certificate: Financial Services	Level 3	NQF Level 03	Passed the End Date - Status was "Reregistered"	2023-06-30	INSETA
Core	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
Core	66613	Further Education and Training Certificate: Wealth Management	Level 4	NQF Level 04	Passed the End Date - Status was "Reregistered"	2023-06-30	As per Learning Programmes recorded against this Qual
Elective	48783	National Certificate: Financial Services	Level 2	NQF Level 02	Passed the End Date - Status was "Reregistered"	2023-06-30	INSETA
Elective	49772	National Certificate: Archaeology	Level 3	NQF Level 03	Passed the End Date - Status was "Reregistered"	2012-06-30	CATHSSETA
Elective	49256	Further Education and Training Certificate: Counselling	Level 4	NQF Level 04	Passed the End Date - Status was "Reregistered"	2023-06-30	HW SETA
Elective	49529	Further Education and Training Certificate: Long-Term Risk Assessment	Level 4	NQF Level 04	Passed the End Date - Status was "Reregistered"	2023-06-30	INSETA
Elective	49356	Further Education and Training Certificate: Medical Claims Assessing	Level 4	NQF Level 04	Passed the End Date - Status was "Reregistered"	2023-06-30	INSETA
Elective	66609	Further Education and Training Certificate: Retail Insurance	Level 4	NQF Level 04	Passed the End Date - Status was "Reregistered"	2023-06-30	As per Learning Programmes recorded against this Qual
Elective	66610	Further Education and Training Certificate: Short Term Insurance	Level 4	NQF Level 04	Passed the End Date - Status was "Reregistered"	2023-07-30	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.

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