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: 

Investigate the need to provide financially for own retirement 
SAQA US ID UNIT STANDARD TITLE
114960  Investigate the need to provide financially for own retirement 
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 3  NQF Level 03 
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 does not replace any other unit standard and is not replaced by any other unit standard. 

PURPOSE OF THE UNIT STANDARD 
This Unit Standard introduces the concept of retirement funding and provides a broad introduction to the concept of financial planning for retirement in order to make an informed choice.

The qualifying learner is capable of:
  • Identifying the role players in own pension provisioning.
  • Investigating the needs of a pensioner in relation to lifestyle.
  • Identifying the different avenues that exist for retirement funding and providing financially for one's retirement.
  • Assessing the adequacy of retirement provision.
  • Identifying the legal environment and avenues for assistance. 

  • 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 and Mathematical Literacy at level 2. 

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is
  • Retirement annuities, pension funds and provident funds.
  • Unplanned events such as retrenchment, mergers, change from one scheme to another, ill health, job hopping, death of a spouse, inflation, changes in economic policy.
  • Needs include financial needs.
  • Ancillary options at retirement include provision for dependents, guarantee periods and death benefits.
  • Pre retirement ancillary options include death disability and withdrawal. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Identify the role players in own pension provisioning. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The State pension system is researched and an indication is given of the benefits and conditions for qualification as a State pensioner. 

    ASSESSMENT CRITERION 2 
    The role of the employer in retirement provision is discussed with reference to the implications of changing employment for pension provisioning. 

    ASSESSMENT CRITERION 3 
    The role of the family and the community in retirement provision is discussed with reference to current trends. 

    ASSESSMENT CRITERION 4 
    The responsibility of the individual to provide for his/her own retirement is discussed with reference to the limitations of State funding and the need to preserve retirement fund contributions. 

    SPECIFIC OUTCOME 2 
    Investigate the needs of a pensioner in relation to lifestyle. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    A pensioner and a working adult of similar age are interviewed in order to compare their basic needs. 

    ASSESSMENT CRITERION 2 
    The needs of a pensioner and a younger working adult are compared in terms of lifestyle and attitudes to retirement funding. 

    ASSESSMENT CRITERION 3 
    Reasons why it is necessary to plan for retirement funding are discussed with reference to the power of compound interest, unplanned events, inflation and earning power 

    SPECIFIC OUTCOME 3 
    Identify the different avenues that exist for retirement funding. 
    OUTCOME NOTES 
    Identify the different avenues that exist for retirement funding and providing financially for one's retirement. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The concept of voluntary and compulsory pension provision is explained with examples. 

    ASSESSMENT CRITERION 2 
    An organisation's retirement fund is researched and the benefits and conditions are presented in diagrammatically. 

    ASSESSMENT CRITERION 3 
    Three alternative forms of saving for retirement are explored and an indication is given of the benefits and conditions of each. 

    ASSESSMENT CRITERION 4 
    The different forms of retirement funding are compared and an indication is given of who would be most likely to select each form of retirement funding. 

    ASSESSMENT CRITERION 5 
    Different benefits at retirement are identified with reference to ancillary options and benefits. 

    ASSESSMENT CRITERION 6 
    Pre-retirement benefits are identified with reference to ancillary options and benefits. 

    SPECIFIC OUTCOME 4 
    Assess the adequacy of retirement provision. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The situations of three people who have been pensioners for 5 years or longer are compared and a decision is made as to whether pension provision in each case was adequate. 

    ASSESSMENT CRITERION 2 
    Unplanned events that can influence the amount of pension a person would receive are explained with reference to case studies. 

    ASSESSMENT CRITERION 3 
    The effect of inflation on a post retirement pension is explained and illustrated graphically. 

    ASSESSMENT CRITERION 4 
    The implications of retiring early at 50, 55, 60 and normal retirement age are discussed and the implications of being retrenched, changing work and ill health during the last 10 years of working life are indicated with reference to case studies. 

    ASSESSMENT CRITERION 5 
    A decision is made about own retirement funding. 

    SPECIFIC OUTCOME 5 
    Identify the legal environment and avenues for assistance. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The individual's rights in seeking financial advice are identified with reference to FAIS and the Policy Holder Protection Rules. 

    ASSESSMENT CRITERION 2 
    The role of the Ombud and Pension Fund Adjudicator are explained in terms of consumer protection. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    This Unit Standard will be internally assessed by the provider and moderated by a moderator registered by a relevant accredited ETQA or an ETQA that has a Memorandum of Understanding with the relevant accredited ETQA. 

    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 
    A learner is able to identify and solve problems when making decisions regarding personal retirement provision. 

    UNIT STANDARD CCFO COLLECTING 
    Learners can collect, organise and evaluate information when comparing different forms of retirement investments, benefits and conditions. 

    UNIT STANDARD CCFO COMMUNICATING 
    Learners can communicate effectively engaging in discussion of issues relating to retirement funding. 

    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 
    N/A 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  49089   National Certificate: Financial Services  Level 3  NQF Level 03  Reregistered  2023-06-30  INSETA 
    Core  49649   Further Education and Training Certificate: Long-term Insurance  Level 4  NQF Level 04  Reregistered  2023-06-30  INSETA 
    Core  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 
    Elective  48783   National Certificate: Financial Services  Level 2  NQF Level 02  Reregistered  2023-06-30  INSETA 
    Elective  49772   National Certificate: Archaeology  Level 3  NQF Level 03  Passed the End Date -
    Status was "Reregistered" 
    2012-06-30  CATHSSETA 
    Elective  49256   Further Education and Training Certificate: Counselling  Level 4  NQF Level 04  Reregistered  2023-06-30  HW SETA 
    Elective  49529   Further Education and Training Certificate: Long-Term Risk Assessment  Level 4  NQF Level 04  Reregistered  2023-06-30  INSETA 
    Elective  49356   Further Education and Training Certificate: Medical Claims Assessing  Level 4  NQF Level 04  Reregistered  2023-06-30  INSETA 
    Elective  66609   Further Education and Training Certificate: Retail Insurance  Level 4  NQF Level 04  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 
    Elective  66610   Further Education and Training Certificate: Short Term Insurance  Level 4  NQF Level 04  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. ACADEMY OF LEARNING JHB CENTRAL 
    2. African Resources & Financial Training (Pty) Ltd 
    3. ALCARI 233 CC T/A ALCARI (Eversdal)(TP) 
    4. Alcari Learning Centre (Pty) Ltd 
    5. BRC Solutions (Pty) Ltd 
    6. CKP Development Agency (Pty) Ltd. 
    7. De Vries Management & Training Services cc 
    8. DSBI (Pty) Ltd 
    9. EJW Financial Services (Pty) Ltd 
    10. Executive People Development Solutions (Pty) Ltd 
    11. Faisit (Pty) Ltd 
    12. Intec College 
    13. Intelligo Solutions Pty (Ltd) 
    14. Invuya Institute of Learning (Pty) Ltd 
    15. License to Skill cc 
    16. Masifunde Training Centre (Pty) Ltd 
    17. O'Keeffe & Swartz Consultants (Pty) Ltd 
    18. Octomate (Pty) Ltd 
    19. Old Mutual Life Assurance Company South Africa 
    20. Outsurance Insurance Company Ltd 
    21. Ray Strodl Consulting (Pty) Ltd 
    22. Ripple Effect 4 (Pty) Ltd 
    23. RJM Educational Consulting PTY LTD 
    24. Sanlam Life Insurance Ltd 
    25. Sanlam Life Insurance Ltd. 
    26. The Institute of Health Risk Managers (Pty) Ltd 
    27. Umfolozi FET College - Central Office 



    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.