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: 

Demonstrate knowledge and understanding of the individual`s basic rights and responsibilities under a group retirement fund 
SAQA US ID UNIT STANDARD TITLE
12546  Demonstrate knowledge and understanding of the individual`s basic rights and responsibilities under a group retirement fund 
ORIGINATOR
SGB Financial Services 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Office Administration 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 1  NQF Level 01 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Registered" 
2002-10-09  2005-10-09  SAQA 0144/02 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2006-10-09   2009-10-09  

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
123416  Demonstrate knowledge and understanding of the individual's basic rights and responsibilities under a retirement fund  Level 1  NQF Level 01   

PURPOSE OF THE UNIT STANDARD 
This unit standard is intended to empower learners to understand their own retirement fund. It should enable them to act responsibly in electing trustees of their own retirement fund.
The qualifying learner is capable of:
  • Naming a retirement fund and indicating why people should belong to a retirement fund.
  • Indicating the type of their own retirement fund and the implications of the type of fund for the member.
  • Explaining the role and responsibilities of trustees in a Board of Funds.
  • Explaining the rights and responsibilities of members in the election of trustees.
  • Explaining the avenues available to members who are unhappy with the governance of a fund. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    There is open access to this unit standard. 

    UNIT STANDARD RANGE 
    The typical scope of this unit standard is pension funds and provident funds.
  • A specific retirement fund means the learners own retirement fund.
  • Exit options include but are not limited to withdrawal, death, retirement and capital disability.
  • The types of retirement funds are pension (defined contribution and defined benefit) and provident funds.
  • The main duties of a trustee as specified in section 7 of the Pension Funds Act and Financial Institutions Protection of Funds Act.
  • Reasons why a retirement fund has trustees as indicated in section 7 of the Pension Funds Act.
  • Documents a member should receive refer to those documents prescribed by legislation.
  • The way in which contributions are structured could include the monthly contribution of the employer and the member, how the contribution is divided between investment, risk benefits and administration charges and how the contribution split affects the value of the member`s eventual benefit.
  • Tax advantages of belonging to a retirement fund refer to the learners own fund and include advantages to both the employer and employee. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Name a retirement fund and indicate why people should belong to such a fund. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. A retirement fund is named and an indication is given of who is eligible to be a member of the fund. 

    ASSESSMENT CRITERION 2 
    2. Reasons why a person should belong to a retirement fund are illustrated graphically. 

    ASSESSMENT CRITERION 3 
    3. The tax advantages of belonging to a retirement fund are indicated for a specific retirement fund. 

    ASSESSMENT CRITERION 4 
    4. The need to provide for one's retirement is investigated and an indication is given of why it is important to preserve retirement fund benefits. 

    SPECIFIC OUTCOME 2 
    Indicate the type of retirement fund and the implications of the type of fund for the member. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The main types of retirement fund are named with examples. 

    ASSESSMENT CRITERION 2 
    2. A specific fund is classified according to type and an indication is given of the main benefits to members that apply to this type of retirement fund. 

    ASSESSMENT CRITERION 3 
    3. The exit options specific to a particular fund are named and an indication is given of the circumstances under which each benefit is payable. 

    ASSESSMENT CRITERION 4 
    4. The way in which contributions to a specific fund are structured is explained and illustrated graphically. 

    ASSESSMENT CRITERION 5 
    5. The implications of the various benefit options for a specific retirement fund are explained with examples. 

    ASSESSMENT CRITERION 6 
    6. A benefit statement for the learner is read and an indication is given of what information is contained in the statement. 

    ASSESSMENT CRITERION 7 
    7. The standard procedures to be followed to update beneficiaries and communicate with the Fund in the event of the death of a member are explained and an indication is given of the consequences if a member neglects to communicate with a Fund. 

    ASSESSMENT CRITERION 8 
    8. The implications of a housing loan granted as security against the benefits of a fund are explained in terms of reduced benefits or increased payments to a fund. 

    ASSESSMENT CRITERION 9 
    9. The need to preserve benefits is explained with reference to the learner's own situation. 

    SPECIFIC OUTCOME 3 
    Explain the role and responsibilities of Trustees in a Board of Funds. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The reasons why a retirement fund has trustees are named and an indication is given of how the member is affected if a trustee is unable to perform his/her duties. 

    ASSESSMENT CRITERION 2 
    2. The main duties of a trustee are identified and an indication is given of the expertise needed to be a trustee of a retirement fund. 

    ASSESSMENT CRITERION 3 
    3. The role of trustees in handling queries or complaints and avoiding disputes is indicated with examples. 

    ASSESSMENT CRITERION 4 
    4. The documents that a member should receive from the Trustees of a retirement fund are indicated with reference to the Pension Funds Act. 

    SPECIFIC OUTCOME 4 
    Explain the rights and responsibilities of members of retirement funds in the election of trustees. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The qualities essential in a trustee are discussed and an indication is give of how one would recognise these qualities in a colleague. 

    ASSESSMENT CRITERION 2 
    2. The rules concerning elections are known and an indication is given of the rights of a member to elect trustees and the proportion of employer trustees to elected trustees. 

    ASSESSMENT CRITERION 3 
    3. The responsibilities of members in the election of trustees are identified and an indication is given of the consequences of neglecting to exercise these rights diligently. 

    SPECIFIC OUTCOME 5 
    Explain the avenues available to a member who is unhappy with the governance of a retirement fund. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The procedure to be followed in case of a query or complaint is explained in terms of the rules of the fund. 

    ASSESSMENT CRITERION 2 
    2. The procedure to be followed in case of a dispute is explained in terms of the rules of the fund. 

    ASSESSMENT CRITERION 3 
    3. The role of the Adjudicator is explained with reference to his/her role in addressing member grievances. 

    ASSESSMENT CRITERION 4 
    4. The role of the Financial Services Board is explained in terms of his/her role when a member is unhappy with the governance of a fund. 


    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 
    The learner is able to make a responsible decision in identifying the qualities essential in a trustee. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively in explaining his rights and responsibilities as a member of a retirement fund. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to see the world as a set of related systems in understanding the consequences of exercising his/her rights and responsibilities as a member of a retirement fund. 

    UNIT STANDARD NOTES 
    This unit standard has been replaced by unit standard 123416, which is "Demonstrate knowledge and understanding of the individual's basic rights and responsibilities under a retirement fund", Level 1, 1 credits. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  48783   National Certificate: Financial Services  Level 2  NQF Level 02  Reregistered  2023-06-30  INSETA 
    Elective  14657   National Certificate: Insurance Administration  Level 2  NQF Level 02  Passed the End Date -
    Status was "Registered" 
    2004-04-18  INSETA 


    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. CKP Development Agency (Pty) Ltd 
    2. Faisit (Pty) Ltd 
    3. Investmentwise (Pty) Ltd 
    4. 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.