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: 

Describe the main aspects of pre and post retirement planning 
SAQA US ID UNIT STANDARD TITLE
243136  Describe the main aspects of pre and post retirement planning 
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 4  NQF Level 04 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
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 replaces: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
113931  Describe the main aspects of pre and post retirement planning  Level 4  NQF Level 04  Complete 

PURPOSE OF THE UNIT STANDARD 
This Unit Standard is intended for learners in a financial services environment who require a basic introduction to investment for retirement. It will add value to Trainee Financial Planners, Intermediaries, Product Developers, Financial Call Centre Agents and Trustees and Principal Officers of retirement funds.

The qualifying learner is capable of:
  • Explaining the main aspects that impact on a secure and comfortable retirement.
  • Matching anticipated personal retirement needs to available products.
  • Explaining the impact of annuity rates on the provision of income.
  • Proposing a retirement solution for a specific client. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that learners are competent in Communication and Mathematical Literacy at Level 3. 

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is:
  • Annuity type options include single and joint life products, guaranteed period, level of benefit, reducing benefit and life cover. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Explain the main aspects that impact on a secure and comfortable retirement. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The impact of lifestyle provision for retirement is explained with examples. 

    ASSESSMENT CRITERION 2 
    The impact of age on retirement products is explained with reference to age at retirement and investment time horizons. 

    ASSESSMENT CRITERION 3 
    The impact of assumptions about mortality and socio-economic status on retirement products is explained with examples. 

    SPECIFIC OUTCOME 2 
    Match anticipated personal retirement needs to available products. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Options available for providing for retirement are explained with reference to lump sum and monthly contribution. 

    ASSESSMENT CRITERION 2 
    Different products available to meet single life and joint life retirement needs are investigated and compared in terms of cost, benefit and monthly income. 

    ASSESSMENT CRITERION 3 
    The needs of a specific client are analysed and a recommendation is made as to the type of annuity that is the most appropriate at retirement. 

    SPECIFIC OUTCOME 3 
    Explain the impact of annuity rates on the provision of income. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The concept of an annuity rate is explained with reference to the current economic climate. 

    ASSESSMENT CRITERION 2 
    The impact of annuity rates on post retirement monthly income is explained with examples. 

    ASSESSMENT CRITERION 3 
    Reasons for fluctuations in annuity rates are explained with examples. 

    SPECIFIC OUTCOME 4 
    Propose a retirement solution for a specific client. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    A needs analysis is conducted for a specific client and a quote is drawn based on current lifestyle needs. 

    ASSESSMENT CRITERION 2 
    Current needs at the current cost are compared to anticipated needs and a recommendation is made to address the current situation. 

    ASSESSMENT CRITERION 3 
    Specific products are matched to a client's current needs. 


    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 capable of identifying and solving problems and making decisions in interpreting a needs analysis and proposing a financial solution to meet current and anticipated needs. 

    UNIT STANDARD CCFO ORGANISING 
    The learner is capable of organising and managing him/herself and his/her own activities in drawing a quote for a client based on lifestyle needs. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is capable of collecting, organising and critically evaluating information in gathering information to explain the impact of annuity rates on post retirement income and in matching a client's needs to a specific product. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is capable of communicating effectively in recommending the most appropriate annuity for a specific client and in recommending a retirement solution to address a client's current situation. 

    UNIT STANDARD CCFO SCIENCE 
    The learner is capable of use technology effectively and critically in using an electronic system to access information, conduct a needs analysis and match a product to the client's needs. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is capable of demonstrating an understanding of the world as a set of related systems in explaining the relationship between post retirement income, lifestyle, annuity rates and monthly income and the reasons for fluctuation. 

    UNIT STANDARD CCFO CONTRIBUTING 
    The learner is capable of demonstrating cultural sensitivity is dealing with a client and proposing a solution to meet identified and anticipated needs. 

    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 
    This unit standard replaces unit standard 113931, "Describe the main aspects of pre and post retirement planning", Level 4, 2 credits. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  66613   Further Education and Training Certificate: Wealth Management  Level 4  NQF Level 04  Reregistered  2021-06-30  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. African Resources & Financial Training (Pty) Ltd 
    2. CKP Development Agency (Pty) Ltd. 
    3. De Vries Management & Training Services cc 
    4. Faisit (Pty) Ltd 
    5. Masifunde Training Centre (Pty) Ltd 
    6. Ray Strodl Consulting (Pty) Ltd 
    7. RJM Educational Consulting (Pty) Ltd 
    8. Sanlam Life Insurance 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.