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: 

Demonstrate knowledge and understanding of the role, functions and duties of trustees of Retirement Funds 
SAQA US ID UNIT STANDARD TITLE
12547  Demonstrate knowledge and understanding of the role, functions and duties 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 
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
123420  Demonstrate knowledge and understanding of the role and responsibilities of Trustees of retirement funds  Level 3  NQF Level 03  Complete 

PURPOSE OF THE UNIT STANDARD 
This unit standard is intended to empower learners who are trustees of retirement funds or who intend standing for election as trustees of group retirement funds to understand their responsibilities as trustees. It should enable new and prospective trustees to act responsibly in standing for election or performing their duties as trustees of their own retirement fund.

The qualifying learner is capable of:
  • Understanding the role of trustees in establishing a fund.
  • Understanding the role of trustees in managing a fund.
  • Understanding the role of trustees in restructuring a fund.
  • Understanding the role of trustees in terminating a 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
  • the unit standard entitled, "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:
  • Fund officials and service providers include functionaries, auditors, investment managers, actuaries, consultants, administrators, asset managers, principal officers and the functions to be outsourced.
  • A specific retirement fund means the learner`s own retirement fund. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Demonstrate knowledge and understanding of the role of trustees in establishing a fund. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The role of an interim Board of management in the establishment of a fund is explained and an indication is given of why an interim board may be necessary. 

    ASSESSMENT CRITERION 2 
    2. The concept of a Board of Management is explained and an indication is given of the required composition of a board. 

    ASSESSMENT CRITERION 3 
    3. Reasons why it is essential to have a properly constituted board are explained and an indication is given of the implications if the board is not properly constituted. 

    ASSESSMENT CRITERION 4 
    4. The process of registering a fund is explained in terms of the drafting and approval of rules of the fund. 

    ASSESSMENT CRITERION 5 
    5. The fund officials and service providers to be appointed are identified and an indication is given of the rules that apply to their appointment. 

    ASSESSMENT CRITERION 6 
    6. The need for an investment policy statement is explained in terms of setting investment objectives and the selection of investment and risk managers. 

    SPECIFIC OUTCOME 2 
    Demonstrate knowledge and understanding of the role of trustees in managing a fund. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The concept of corporate governance is explained with reference to relevant legislation and reports. 

    ASSESSMENT CRITERION 2 
    2. The administrative function of a trustee is explained with examples and with reference to the Pension Funds Act. 

    ASSESSMENT CRITERION 3 
    3. The accounting function of a trustee is explained with examples and with reference to the Pension Funds Act. 

    ASSESSMENT CRITERION 4 
    4. The investment function of a trustee is explained with reference to the Pension Funds Act. 

    ASSESSMENT CRITERION 5 
    5. The monitoring function of a trustee is explained with reference to service providers. 

    ASSESSMENT CRITERION 6 
    6. The communication function of a trustee is explained with examples and with reference to the Pension Funds Act. 

    ASSESSMENT CRITERION 7 
    7. The different communications requirements of trustees as laid down by the regulator are identified with examples. 

    ASSESSMENT CRITERION 8 
    8. The concepts of transparency and access to information are explained with reference to the constitutional rights of member and regulatory communication requirements. 

    ASSESSMENT CRITERION 9 
    9. The discretionary powers of trustees are named with examples and an indication is given of the consequences of abusing discretionary powers. 

    ASSESSMENT CRITERION 10 
    10. The importance of compliance and the consequences of non-compliance with legislation in the management of a retirement fund are explained with examples. 

    ASSESSMENT CRITERION 11 
    11. The responsibility of trustees to investigate the distribution of benefits is explained and an indication is given of how investigations are conducted by a specific fund. 

    SPECIFIC OUTCOME 3 
    Demonstrate knowledge and understanding of the role of trustees in restructuring a fund. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. Current trends in contributions, benefits and the retirement fund industry are identified and illustrated graphically. 

    ASSESSMENT CRITERION 2 
    2. The impact of HIV on the fund is determined from fund data and an indication is given of the risk to the fund. 

    ASSESSMENT CRITERION 3 
    3. Ways of giving members choice in benefits are explored and a recommendation is made on a possible adjustment of benefits. 

    SPECIFIC OUTCOME 4 
    Demonstrate knowledge and understanding of the role of trustees in terminating a fund. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The process to be followed in cases of termination is described with reference to reasons for the termination. 

    ASSESSMENT CRITERION 2 
    2. Legal requirements that govern the termination of a fund are explained with examples and with reference to relevant legislation. 


    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 recommendation for a wider choice of benefits for members. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively in explaining his his/her role, functions and duties as a trustee. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to see the world as a set of related systems in understanding the consequences of abusing discretionary powers and non-compliance and in identifying the risk of HIV to the fund. 

    UNIT STANDARD NOTES 
    This unit standard has been replaced by unit standard 123420, "Demonstrate knowledge and understanding of the role and responsibilities of Trustees of retirement funds", level 3, credits 2. 

    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  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  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 
    Elective  49649   Further Education and Training Certificate: Long-term Insurance  Level 4  NQF Level 04  Reregistered  2023-06-30  INSETA 
    Elective  49529   Further Education and Training Certificate: Long-Term Risk Assessment  Level 4  NQF Level 04  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  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 
    Elective  48640   National Certificate: Financial Services Management  Level 4  Level TBA: Pre-2009 was L4  Reregistered  2023-06-30  INSETA 
    Elective  48493   National Certificate: Financial Services: Wealth Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2007-02-11  Was INSETA until Last Date for Achievement 
    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.
     
    1. Alcari Learning Centre (Pty) Ltd 
    2. BRC Solutions (Pty) Ltd 
    3. CKP Development Agency (Pty) Ltd. 
    4. De Vries Management & Training Services cc 
    5. DIBANISA LEARNING 
    6. Discovery Life Ltd 
    7. DORO-ELLA PTY LTD 
    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. Masifunde Training Centre (Pty) Ltd 
    16. Octomate (Pty) Ltd 
    17. Outsurance Insurance Company Ltd 
    18. Ripple Effect 4 (Pty) Ltd 
    19. The Institute of Health Risk Managers (Pty) Ltd 
    20. 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.