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: 

Apply technical knowledge and insight into how the legislative and regulatory environment impacts on retirement fund benefits for employees 
SAQA US ID UNIT STANDARD TITLE
242586  Apply technical knowledge and insight into how the legislative and regulatory environment impacts on retirement fund benefits for employees 
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 5  Level TBA: Pre-2009 was L5  6 
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
2024-06-30   2027-06-30  

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 is intended for learners who are required to apply legislation to a retirement fund. It is applicable to Trustees, Administrators, Retirement Fund/Employee Benefits Consultants, Management Consultants, Fund Advisors, Pension Lawyers, Actuaries, Principal Officers and Payroll Administrators.

The qualifying learner is capable of:
  • Identifying the legal and regulatory framework for a retirement fund.
  • Critically analysing an existing benefit structure in relation to the relevant legislation.
  • Analysing existing contracts and rules for compliance.
  • Investigating existing control structures in order to address areas of non-compliance. 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that learners are competent in Communication and Mathematical Literacy at NQF Level 4. 

    UNIT STANDARD RANGE 
    The typical scope of this unit standard is:
  • Main Legislation includes, but is not limited to, the Pension Funds Act, the Long Term Insurance Act, Financial Institutions (Protection of Funds) Act, Income Tax Act and the Tax on Retirement Funds Act.
  • Ancillary legislation includes, but is not limited to the Labour Relations Act, Promotion of Access to Information Act, South African Constitution, Maintenance Act, Marriages Act, Divorce Act, Financial Advisors and Intermediaries Act, Financial Intelligence Centre Act, Short Term Insurance Act, Companies Act, Financial Markets Act, Collective Investment Schemes Act, Regional Services Councils Levies Act, Financial Services Board Act, the Financial Services Charter and the South African Constitution.
  • Relevant mandates include, but are not limited to, trustee, investment manager and sub-investment manager mandates.
  • Service level agreements include, but are not limited to, consultants, administrators, actuaries and asset consultants.
  • Control structures include, but are not limited to, rules, policies, contracts, procedures, financial statements and statutory reporting.
  • Common areas of non-compliance include, but are not limited to, signed contracts, documents and mandates (legally enforceable and binding).
  • Legality of Board of Trustees includes, but is not limited to, compliance with legislation, elections, due process, quorum and decision making.
  • Reports include those required by the South African Revenue Services (SARS), the Financial Services Board (FSB), members, employers, the South African Reserve Bank, Trustee/Management Board and internal audit. 
    		•

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Identify the legal and regulatory framework for a retirement fund. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The main legislation governing group retirement funds is identified with reference to how each Act impacts on employee benefits. 

    ASSESSMENT CRITERION 2 
    Aspects of ancillary legislation that have implications for retirement fund employee benefits are identified with reference to how each Act impacts on a selected retirement fund. 

    SPECIFIC OUTCOME 2 
    Critically analyse an existing benefit structure in relation to relevant legislation. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    An existing benefit structure is analysed with reference to type of retirement fund, contribution levels, benefits provided, payment of benefits and investments. 

    ASSESSMENT CRITERION 2 
    Potential changes to the existing benefit structure are analysed for compliance with current and proposed legislation. 

    ASSESSMENT CRITERION 3 
    Definitions in the rules of a retirement fund and benefit structure are checked for unfair discrimination. 

    SPECIFIC OUTCOME 3 
    Analyse existing contracts and rules for compliance. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The rules of a retirement fund are critically analysed and compared to current practice in order to identify any necessary changes. 

    ASSESSMENT CRITERION 2 
    Insurance policies are analysed to ensure that the policy benefits complement the rules of the fund. 

    ASSESSMENT CRITERION 3 
    Investment contracts are analysed in terms of regulatory requirements and the relevant mandates. 

    ASSESSMENT CRITERION 4 
    Service level agreements with providers are analysed and checked for compliance with legislation and with due regard for roles, duties and remuneration. 

    SPECIFIC OUTCOME 4 
    Investigate the existing control structures in order to address areas of non-compliance. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    Areas of non-compliance are identified and suggestions are made to improve control structures of a selected fund. 

    ASSESSMENT CRITERION 2 
    Administrative processes and procedures are analysed to ensure that the fund is managed appropriately with reference to payment of benefits, collection of contributions, investments of a fund and payments of expenses and creditors. 

    ASSESSMENT CRITERION 3 
    Reports required of administrators and trustees are evaluated for correctness, completeness and appropriateness for the intended audience. 

    ASSESSMENT CRITERION 4 
    Compliance mechanisms or policies of a selected fund are evaluated for suitability and effectiveness. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
  • Anyone assessing a candidate against this Unit Standard must be registered as an assessor with the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Any institution offering learning that will enable achievement of this unit standard must be accredited as a provider through the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines and the agreed ETQA procedures. 
    		•

    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 
    The learner is able to identify and solve problems in which responses show that responsible decisions using critical and creative thinking have been made in investigating control structures, evaluating reports and making recommendations for changes. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and critically evaluate information in investigating existing control structures. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively in recommending changes and analysing contracts and rules. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to see the world as a set of related systems in analysing documents, policies and procedures for compliance. 

    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 
    Search words: retirement fund benefits; legislation; employee benefits. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  66611   National Certificate: Wealth Management  Level 5  NQF Level 05  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.
     
    1. CKP Development Agency (Pty) Ltd 
    2. Ray Strodl Consulting (Pty) Ltd 
    3. Ripple Effect 4 (Pty) Ltd 
    4. The Graduate Institute of Financial Sciences (Pty) Ltd 
    5. The Institute of Health Risk Managers (Pty) Ltd 
    6. Universal Healthcare Services Pty Ltd 


    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.