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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE: 

Analyse the role of group retirement benefits in the insurance industry 
SAQA US ID UNIT STANDARD TITLE
117122  Analyse the role of group retirement benefits in the insurance industry 
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 4  NQF Level 04  2 
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 replaces: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
10394  Demonstrate knowledge and understanding of how the insurance industry responds to different needs in the Group Retirement Benefits market  Level 4  NQF Level 04  2   

PURPOSE OF THE UNIT STANDARD 
This unit standard is intended for learners in financial services and other fields who work with group retirement benefits. It is useful for people in administrative positions and learners who participate in the group retirement benefits market including learners Ii Employee Benefits, Group Benefits, Trade Unions, Employee Benefits Consultants, Actuaries, Legal Advisors, Underwriters, Administrators and Trustees of group and employee retirement benefits. The qualifying learner is capable of:
  • Describing the group retirement benefits market in South Africa.
  • Analysing the needs of the market that are met by group retirement benefits.
  • Comparing group based benefits and individually provided retirement benefits
  • Investigating how group retirement benefit market has changed in response to the changing financial services industry. 
    		•

    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 and Financial Literacy at Level 3. 

    UNIT STANDARD RANGE 
    The typical scope of this unit standard is:
  • Players in the market include the State, legislators, sponsors, employers, service providers, members, trade unions and Trustees, legal advisors, underwriters, liquidators, auditors, statutory authorities, dependants, beneficiaries, fund managers and investment managers.
  • Sponsors include bargaining councils, unions, individuals, employers.
  • Advantages to the member include, but are not limited to, free cover limits, underwriting, economies of scale and tax.
  • Disadvantages to the member include, but are not limited to, choice, control and possible risks.
  • Advantages to the employer include, but are not limited to, exemptions from moral liabilities, pressure from trade unions, cost and being an employer of choice.
  • Disadvantages to the employer include, but are not limited to, cost control, requirements for consultation, efficient time management and supplier requirements. 
    		•

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Describe the group retirement fund market in South Africa. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The concept of a market is explained as it applies in group benefits. 

    ASSESSMENT CRITERION 2 
    Reasons why group retirement benefit funds exist are explored with reference to the members and the scheme. 

    ASSESSMENT CRITERION 3 
    The players in a fund are identified and an indication is given of the role of each in relation to the fund. 

    ASSESSMENT CRITERION 4 
    The concept of a sponsor is explained with examples. 

    ASSESSMENT CRITERION 5 
    The role of the Trustees in the group retirement benefit market is explained and an indication is given of the implications of being a Trustee. 

    ASSESSMENT CRITERION 6 
    The concept of fund ownership is explained with reference to the balance of power of the fund and the management of surpluses and deficits. 

    SPECIFIC OUTCOME 2 
    Analyse the needs of the market that are met by group retirement benefits. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The needs of the different players in group retirement benefits market are analysed in terms of concerns specific to each of the players. 

    ASSESSMENT CRITERION 2 
    The possible tension between employers, employees, their representative bodies and other players in the group retirement fund market is identified in terms of conflicting interests. 

    ASSESSMENT CRITERION 3 
    The rules of a fund are analysed to establish the basic benefit structure and an indication is given of how the benefits provided for in the rules meet the needs of the members. 

    SPECIFIC OUTCOME 3 
    Compare group based benefits and individually provided retirement benefits. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The advantages and disadvantages of belonging to a group based scheme are explored from the point of view of the member. 

    ASSESSMENT CRITERION 2 
    The advantages and disadvantages of belonging to a group based scheme are explored from the point of view of the employer. 

    SPECIFIC OUTCOME 4 
    Investigate how the group retirement benefits market has changed in response to the changing financial services industry. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    Ways in which society has changed since 1994 are investigated with reference to legislative, political, economic, social and global aspects and an indication is given of how the changes have impacted on group retirement benefits. 

    ASSESSMENT CRITERION 2 
    The impact of HIV/AIDS on the long term insurance market is investigated and an indication is given of the changes in the market as a result of the HIV/AIDS pandemic. 

    ASSESSMENT CRITERION 3 
    The changing role of Trustees, the employer and their advisors in group retirement funds is outlined with reference to governance of the fund. 


    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 COLLECTING 
    The learner is able to collect, organise and critically evaluate information relating the group retirement benefit market and in exploring group based benefits from different points of view. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to recognise the world as a set of related systems by investigating ways in which group insurance products have changed in response to the needs of society and explaining the impact of HIV/AIDS on long term insurance product. 

    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 
    This unit standard has replaced 10394 which was "Demonstrate knowledge and understanding of how the insurance industry responds to different needs in the Group Retirement Benefits market", Level 4 with 2 credits 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  49089   National Certificate: Financial Services  Level 3  NQF Level 03  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  INSETA 
    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  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  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 


    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.
     
    NONE 


    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.