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

Apply financial knowledge and skill to manage a Trust Fund 
SAQA US ID UNIT STANDARD TITLE
242605  Apply financial knowledge and skill to manage a Trust Fund 
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  3 
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 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 involved in the management of umbrella trust funds such as Trust Officers and/or learners who are Trustees of Trust Funds and are required to execute the terms and conditions of Trusts. It is applicable to Intermediaries, Actuaries, Retirement Consultants and Managers in life insurance and financial planning organisations.

The qualifying learner is capable of:
  • Explaining the different types of Trusts and the roles of the Trust Officer/Administrator.
  • Applying knowledge of legislation to the management of a Trust.
  • Projecting the financial support a Trust can provide over a certain term.
  • Applying knowledge of different types of property ownership in order to recommend an appropriate financial solution. 
    		•

    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:
  • Trusts include Inter Vivos, Will/Testamentary Trusts, Trusts for Minor dependents and Employee Benefits Trusts.
  • Responsibilities of Trustees include, but are not limited to, audits, placing and monitoring of investments, application of terms and conditions of the Trust and ensuring fidelity cover.
  • Property includes, but is not limited to residential and other property, Royalties, Art Works, Patents, Assets of Business Entities both Corporeal and Incorporeal.
  • Trust Officers refer to individuals who act on behalf of the Trustees of a Fund. They are not necessarily Trustees. 
    		•

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Explain the different types of Trusts and the roles of the Trust Officer/Administrators. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The characteristics of Inter Vivos Trusts are explained with reference to terms and conditions and their effect on the management of a Trust. 

    ASSESSMENT CRITERION 2 
    The characteristics of Testamentary Trusts are explained with reference to terms and conditions and their effect on the management of a Trust. 

    ASSESSMENT CRITERION 3 
    A Will and/or Trust Deed is analysed to determine the terms and conditions of a Will or Inter Vivos Trust. 

    ASSESSMENT CRITERION 4 
    The characteristics of Employee Benefits/Umbrella Trusts are explained with reference to terms and conditions and their effect on the management of a Trust. 

    ASSESSMENT CRITERION 5 
    The role of the Trust Officer in managing a Trust is explained with reference to Inter Vivos, Will/Testamentary Trusts and Umbrella Trusts. 

    ASSESSMENT CRITERION 6 
    The role of the Trustees in managing a Trust is explained with reference to their appointment, responsibilities and recourse in the case of mismanagement. 

    SPECIFIC OUTCOME 2 
    Apply knowledge of legislation to the management of Trust. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The Trust Property Control Act 57/1988 is analysed in terms of the roles of Trustees, Trust Officers, Master of the High Court and the protection afforded to Trust beneficiaries. 

    ASSESSMENT CRITERION 2 
    The Financial Institutions Act 28/2001 is analysed in terms of the roles of Trustees and their duties in terms of the investment of funds on behalf of beneficiaries. 

    ASSESSMENT CRITERION 3 
    Section 37C of the Pension Funds Act is analysed in terms of the disposal of death benefits. 

    ASSESSMENT CRITERION 4 
    The different types of marriage recognised in South Africa are explained with reference to the implications of each for Trust beneficiaries. 

    ASSESSMENT CRITERION 5 
    The provisions of the Divorce and Maintenance Act are explained with reference to guardians and Trust beneficiaries. 

    ASSESSMENT CRITERION 6 
    Knowledge of the Law of Contract is applied to the management of a Trust. 

    ASSESSMENT CRITERION 7 
    Knowledge of taxation is applied to different types of Trusts. 

    ASSESSMENT CRITERION 8 
    Knowledge of Customary Law is applied to the management of Trust Funds. 

    SPECIFIC OUTCOME 3 
    Project the financial support a Trust can provide over a certain term. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The financial amount that can be provided to a guardian or beneficiary is calculated with reference to yield, term capital sum and inflation. 

    ASSESSMENT CRITERION 2 
    The investment strategy of a fund is analysed to determine the intention. 

    ASSESSMENT CRITERION 3 
    The yield on an investment made on behalf of a Trust is evaluated and compared to other similar investments in order to highlight variations and deficiencies. 

    SPECIFIC OUTCOME 4 
    Apply knowledge of different types of property ownership in order to recommend an appropriate financial solution. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    Different types of property ownership are explained with reference to the associated risk and implications of each. 

    ASSESSMENT CRITERION 2 
    The advantages and disadvantages of outright ownership by beneficiaries are compared to ownership by the Trust. 

    ASSESSMENT CRITERION 3 
    The need for insurance is explained for a specific situation with reference to the consequence of non-insurance for the Trustees and the beneficiaries. 

    ASSESSMENT CRITERION 4 
    The responsibilities of Trust Officers are explained where property is in outright ownership. 

    ASSESSMENT CRITERION 5 
    The responsibilities of Trustees are explained when property ownership is within a Trust. 


    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 recommending an appropriate solution for different types of property ownership. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and critically evaluate information in projecting the financial support a Trust can provide. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively explaining different types of Trusts and the application of the appropriate legislation. 

    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:
  • Trusts; trustees; Trust Property Control Act. 
    		•

    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.
     
    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.