SAQA

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SOUTH AFRICAN QUALIFICATIONS AUTHORITY

REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE:

Demonstrate knowledge and understanding of the role, functions and duties of trustees of Retirement Funds

SAQA US ID	UNIT STANDARD TITLE
12547	Demonstrate knowledge and understanding of the role, functions and duties of trustees of Retirement Funds
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 3	NQF Level 03	4
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
123420	Demonstrate knowledge and understanding of the role and responsibilities of Trustees of retirement funds	Level 3	NQF Level 03	2

PURPOSE OF THE UNIT STANDARD

This unit standard is intended to empower learners who are trustees of retirement funds or who intend standing for election as trustees of group retirement funds to understand their responsibilities as trustees. It should enable new and prospective trustees to act responsibly in standing for election or performing their duties as trustees of their own retirement fund.

The qualifying learner is capable of:

Understanding the role of trustees in establishing a fund.

Understanding the role of trustees in managing a fund.

Understanding the role of trustees in restructuring a fund.

Understanding the role of trustees in terminating a fund.

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 at NQF level 2

the unit standard entitled, "Demonstrate knowledge and understanding of the individual`s basic rights and responsibilities under a group retirement fund".

UNIT STANDARD RANGE

The typical scope of this unit standard is:

Fund officials and service providers include functionaries, auditors, investment managers, actuaries, consultants, administrators, asset managers, principal officers and the functions to be outsourced.

A specific retirement fund means the learner`s own retirement fund.

Specific Outcomes and Assessment Criteria:

SPECIFIC OUTCOME 1

Demonstrate knowledge and understanding of the role of trustees in establishing a fund.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The role of an interim Board of management in the establishment of a fund is explained and an indication is given of why an interim board may be necessary.

ASSESSMENT CRITERION 2

2. The concept of a Board of Management is explained and an indication is given of the required composition of a board.

ASSESSMENT CRITERION 3

3. Reasons why it is essential to have a properly constituted board are explained and an indication is given of the implications if the board is not properly constituted.

ASSESSMENT CRITERION 4

4. The process of registering a fund is explained in terms of the drafting and approval of rules of the fund.

ASSESSMENT CRITERION 5

5. The fund officials and service providers to be appointed are identified and an indication is given of the rules that apply to their appointment.

ASSESSMENT CRITERION 6

6. The need for an investment policy statement is explained in terms of setting investment objectives and the selection of investment and risk managers.

SPECIFIC OUTCOME 2

Demonstrate knowledge and understanding of the role of trustees in managing a fund.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The concept of corporate governance is explained with reference to relevant legislation and reports.

ASSESSMENT CRITERION 2

2. The administrative function of a trustee is explained with examples and with reference to the Pension Funds Act.

ASSESSMENT CRITERION 3

3. The accounting function of a trustee is explained with examples and with reference to the Pension Funds Act.

ASSESSMENT CRITERION 4

4. The investment function of a trustee is explained with reference to the Pension Funds Act.

ASSESSMENT CRITERION 5

5. The monitoring function of a trustee is explained with reference to service providers.

ASSESSMENT CRITERION 6

6. The communication function of a trustee is explained with examples and with reference to the Pension Funds Act.

ASSESSMENT CRITERION 7

7. The different communications requirements of trustees as laid down by the regulator are identified with examples.

ASSESSMENT CRITERION 8

8. The concepts of transparency and access to information are explained with reference to the constitutional rights of member and regulatory communication requirements.

ASSESSMENT CRITERION 9

9. The discretionary powers of trustees are named with examples and an indication is given of the consequences of abusing discretionary powers.

ASSESSMENT CRITERION 10

10. The importance of compliance and the consequences of non-compliance with legislation in the management of a retirement fund are explained with examples.

ASSESSMENT CRITERION 11

11. The responsibility of trustees to investigate the distribution of benefits is explained and an indication is given of how investigations are conducted by a specific fund.

SPECIFIC OUTCOME 3

Demonstrate knowledge and understanding of the role of trustees in restructuring a fund.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. Current trends in contributions, benefits and the retirement fund industry are identified and illustrated graphically.

ASSESSMENT CRITERION 2

2. The impact of HIV on the fund is determined from fund data and an indication is given of the risk to the fund.

ASSESSMENT CRITERION 3

3. Ways of giving members choice in benefits are explored and a recommendation is made on a possible adjustment of benefits.

SPECIFIC OUTCOME 4

Demonstrate knowledge and understanding of the role of trustees in terminating a fund.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The process to be followed in cases of termination is described with reference to reasons for the termination.

ASSESSMENT CRITERION 2

2. Legal requirements that govern the termination of a fund are explained with examples and with reference to relevant legislation.

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 recommendation for a wider choice of benefits for members.

UNIT STANDARD CCFO COMMUNICATING

The learner is able to communicate effectively in explaining his his/her role, functions and duties as a trustee.

UNIT STANDARD CCFO DEMONSTRATING

The learner is able to see the world as a set of related systems in understanding the consequences of abusing discretionary powers and non-compliance and in identifying the risk of HIV to the fund.

UNIT STANDARD NOTES

This unit standard has been replaced by unit standard 123420, "Demonstrate knowledge and understanding of the role and responsibilities of Trustees of retirement funds", level 3, credits 2.

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	Passed the End Date - Status was "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
Elective	48494	National Certificate: Financial Services Management	Level 3	NQF Level 03	Passed the End Date - Status was "Reregistered"	2012-06-30	INSETA
Elective	83946	National Certificate: Management	Level 3	NQF Level 03	Passed the End Date - Status was "Reregistered"	2023-07-30	As per Learning Programmes recorded against this Qual
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	65110	Further Education and Training Certificate: Management	Level 4	NQF Level 04	Passed the End Date - Status was "Reregistered"	2009-03-14	As per Learning Programmes recorded against this Qual
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
Elective	48640	National Certificate: Financial Services Management	Level 4	Level TBA: Pre-2009 was L4	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
Elective	24396	National Certificate: Risk Management	Level 4	NQF Level 04	Passed the End Date - Status was "Registered"	2006-10-08	Was INSETA until Last Date for Achievement
Elective	21796	National Certificate: Short Term Insurance	Level 4	NQF Level 04	Passed the End Date - Status was "Registered"	2005-06-12	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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