SAQA

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SOUTH AFRICAN QUALIFICATIONS AUTHORITY

REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE:

Demonstrate ability to use and interpret texts that apply to the role and responsibilities of trustees of Retirement Funds

SAQA US ID	UNIT STANDARD TITLE
12548	Demonstrate ability to use and interpret texts that apply to the role and responsibilities 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
123417	Demonstrate ability to use and interpret texts that apply to the role and responsibilities of Trustees of retirement funds	Level 3	NQF Level 03	3

PURPOSE OF THE UNIT STANDARD

This unit standard is intended to empower learners who are trustees of group retirement funds or who intend standing for election as trustees to be able to use the documents and texts related to the duties of trustees. It should enable new and prospective trustees to read, interpret and act on the different documents that are associated with the duties of trustees of their own retirement fund.

The qualifying learner is capable of:

Interpreting documents related to the rules of a retirement fund.

Interpreting documents related to meetings of the Board of Management of a retirement fund.

Interpreting documents related to the financial responsibilities trustees of a retirement fund.

Interpreting legal documents applicable to trustees of a retirement 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, Mathematical Literacy at NQF level 1 and the unit standard `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:

Documents include agendas, minutes, contracts with service providers, reports from service providers, Board of Management rules, resolutions and amendments, financial statements, policy documents, member benefit statements and policy values.

Learners are required to use authentic documents.

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

Conditions required to validate a recommendation refer to Board of Management rules of a specific fund.

Specific Outcomes and Assessment Criteria:

SPECIFIC OUTCOME 1

Interpret documents related to the rules of a retirement fund.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The rules of a specific retirement fund are understood and explained with reference to eligibility, benefits, contributions and general governance of the fund.

ASSESSMENT CRITERION 2

2. Terminology used in the rules of the fund is explained and illustrated with examples.

ASSESSMENT CRITERION 3

3. Proposed amendments to the rules of a specific fund are compared to current legislation and practice notes and a personal decision is made and supported to accept or reject the proposed amendment.

ASSESSMENT CRITERION 4

4. Questions are asked of a service provider to obtain clarity and determine compliance.

ASSESSMENT CRITERION 5

5. At least three case studies are used to discuss how trustees could act on the information related to the rules and amendments of a retirement fund and medical scheme.

SPECIFIC OUTCOME 2

Interpret documents related to meetings of the Board of Management of a retirement fund.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The purpose of an agenda is explained and an indication is given of how matters are placed on the agenda.

ASSESSMENT CRITERION 2

2. The purpose of keeping minutes of meetings is explained with reference to legal requirements in terms of record keeping.

ASSESSMENT CRITERION 3

3. Minutes are checked for accuracy and completeness.

ASSESSMENT CRITERION 4

4. The procedure to be followed in cases where there are inaccuracies, omissions or actions required is explained with reference to a set of minutes.

ASSESSMENT CRITERION 5

5. Case studies are used to discuss how trustees could act on information contained in the minutes of meetings of the Board of Management.

SPECIFIC OUTCOME 3

Interpret documents related to the financial responsibilities of trustees of retirement funds.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The sources of income of a retirement fund are identified in a financial statement.

ASSESSMENT CRITERION 2

2. Payments from a fund are identified from a financial statement.

ASSESSMENT CRITERION 3

3. The net result of a fund is compared for two consecutive years.

ASSESSMENT CRITERION 4

4. Questions are asked of an expert to establish reasons for growth or decline in the financial situation of a specific fund.

ASSESSMENT CRITERION 5

5. Questions are asked of an expert to ascertain whether investments comply with the investment mandate of a specific retirement fund.

ASSESSMENT CRITERION 6

6. At least three case studies are used to discuss how trustees could act on information related to the financial statements of a fund.

SPECIFIC OUTCOME 4

Interpret legal documents applicable to Trustees of retirement funds.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. A retirement fund service provider contract is interpreted and an indication is given of what the service provider is expected to deliver and how performance will be assessed.

ASSESSMENT CRITERION 2

2. A recommendation is made as to whether a service provider's contract should be renewed based on performance.

ASSESSMENT CRITERION 3

3. Conditions required to validate a recommendation of the Board of Management are explained for three case studies.

ASSESSMENT CRITERION 4

4. Situations where trustees are legally required to communicate with members are named and an indication is given of whether the trustees are required to inform or consult on specific issues.

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 on whether or not to support a proposed amendment.

UNIT STANDARD CCFO WORKING

The learner is able to work effectively with others as a member of a team, group, organisation or community in participating in the decision making of a Board of Management.

UNIT STANDARD CCFO ORGANISING

The learner is able to organise and manage him/herself and his/her activities responsibly and effectively in preparing for meetings and composing questions to obtain clarity.

UNIT STANDARD CCFO COLLECTING

The learner is able to collect, organise and critically evaluate information contained in documents related to the role of trustees.

UNIT STANDARD CCFO COMMUNICATING

The learner is able to communicate effectively in reading, interpreting and explaining the purpose of the different documents.

UNIT STANDARD CCFO DEMONSTRATING

The learner is able to see the world as a set of related systems in asking questions to obtain clarity and determine compliance.

UNIT STANDARD CCFO CONTRIBUTING

The learner is able to participate as a responsible citizen in the life of local, national and global communities in ensuring that s/he understands the information contained in documents related to the role of trustees of a specific retirement fund.

The learner is able to be culturally sensitive across a range of social contexts in making a decision to support or reject a proposed amendment to the rules of a specific fund.

UNIT STANDARD NOTES

This unit standard has been replaced by unit standard 123417, which is "Demonstrate ability to use and interpret texts that apply to the role and responsibilities of Trustees of retirement funds", Level 3, 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	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	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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