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 ability to use and interpret texts that apply to the role and responsibilities of trustees of Retirement Funds 
SAQA US ID UNIT STANDARD TITLE
12548  Demonstrate ability to use and interpret texts that apply to the role and responsibilities 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
123417  Demonstrate ability to use and interpret texts that apply to 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 group retirement funds or who intend standing for election as trustees to be able to use the documents and texts related to the duties of trustees. It should enable new and prospective trustees to read, interpret and act on the different documents that are associated with the duties of trustees of their own retirement fund.

The qualifying learner is capable of:
  • Interpreting documents related to the rules of a retirement fund.
  • Interpreting documents related to meetings of the Board of Management of a retirement fund.
  • Interpreting documents related to the financial responsibilities trustees of a retirement fund.
  • Interpreting legal documents applicable to trustees of a retirement 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, Mathematical Literacy at NQF level 1 and the unit standard `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:
  • Documents include agendas, minutes, contracts with service providers, reports from service providers, Board of Management rules, resolutions and amendments, financial statements, policy documents, member benefit statements and policy values.
  • Learners are required to use authentic documents.
  • A specific retirement fund means the learner`s own retirement fund.
  • Conditions required to validate a recommendation refer to Board of Management rules of a specific fund. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Interpret documents related to the rules of a retirement fund. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The rules of a specific retirement fund are understood and explained with reference to eligibility, benefits, contributions and general governance of the fund. 

    ASSESSMENT CRITERION 2 
    2. Terminology used in the rules of the fund is explained and illustrated with examples. 

    ASSESSMENT CRITERION 3 
    3. Proposed amendments to the rules of a specific fund are compared to current legislation and practice notes and a personal decision is made and supported to accept or reject the proposed amendment. 

    ASSESSMENT CRITERION 4 
    4. Questions are asked of a service provider to obtain clarity and determine compliance. 

    ASSESSMENT CRITERION 5 
    5. At least three case studies are used to discuss how trustees could act on the information related to the rules and amendments of a retirement fund and medical scheme. 

    SPECIFIC OUTCOME 2 
    Interpret documents related to meetings of the Board of Management of a retirement fund. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The purpose of an agenda is explained and an indication is given of how matters are placed on the agenda. 

    ASSESSMENT CRITERION 2 
    2. The purpose of keeping minutes of meetings is explained with reference to legal requirements in terms of record keeping. 

    ASSESSMENT CRITERION 3 
    3. Minutes are checked for accuracy and completeness. 

    ASSESSMENT CRITERION 4 
    4. The procedure to be followed in cases where there are inaccuracies, omissions or actions required is explained with reference to a set of minutes. 

    ASSESSMENT CRITERION 5 
    5. Case studies are used to discuss how trustees could act on information contained in the minutes of meetings of the Board of Management. 

    SPECIFIC OUTCOME 3 
    Interpret documents related to the financial responsibilities of trustees of retirement funds. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The sources of income of a retirement fund are identified in a financial statement. 

    ASSESSMENT CRITERION 2 
    2. Payments from a fund are identified from a financial statement. 

    ASSESSMENT CRITERION 3 
    3. The net result of a fund is compared for two consecutive years. 

    ASSESSMENT CRITERION 4 
    4. Questions are asked of an expert to establish reasons for growth or decline in the financial situation of a specific fund. 

    ASSESSMENT CRITERION 5 
    5. Questions are asked of an expert to ascertain whether investments comply with the investment mandate of a specific retirement fund. 

    ASSESSMENT CRITERION 6 
    6. At least three case studies are used to discuss how trustees could act on information related to the financial statements of a fund. 

    SPECIFIC OUTCOME 4 
    Interpret legal documents applicable to Trustees of retirement funds. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. A retirement fund service provider contract is interpreted and an indication is given of what the service provider is expected to deliver and how performance will be assessed. 

    ASSESSMENT CRITERION 2 
    2. A recommendation is made as to whether a service provider's contract should be renewed based on performance. 

    ASSESSMENT CRITERION 3 
    3. Conditions required to validate a recommendation of the Board of Management are explained for three case studies. 

    ASSESSMENT CRITERION 4 
    4. Situations where trustees are legally required to communicate with members are named and an indication is given of whether the trustees are required to inform or consult on specific issues. 


    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 decision on whether or not to support a proposed amendment. 

    UNIT STANDARD CCFO WORKING 
    The learner is able to work effectively with others as a member of a team, group, organisation or community in participating in the decision making of a Board of Management. 

    UNIT STANDARD CCFO ORGANISING 
    The learner is able to organise and manage him/herself and his/her activities responsibly and effectively in preparing for meetings and composing questions to obtain clarity. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and critically evaluate information contained in documents related to the role of trustees. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively in reading, interpreting and explaining the purpose of the different documents. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to see the world as a set of related systems in asking questions to obtain clarity and determine compliance. 

    UNIT STANDARD CCFO CONTRIBUTING 
    The learner is able to participate as a responsible citizen in the life of local, national and global communities in ensuring that s/he understands the information contained in documents related to the role of trustees of a specific retirement fund.

    The learner is able to be culturally sensitive across a range of social contexts in making a decision to support or reject a proposed amendment to the rules of a specific fund. 

    UNIT STANDARD NOTES 
    This unit standard has been replaced by unit standard 123417, which is "Demonstrate ability to use and interpret texts that apply to the role and responsibilities of Trustees of retirement funds", Level 3, 3 credits. 

    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  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. ACADEMY OF LEARNING JHB CENTRAL 
    2. Alcari Learning Centre (Pty) Ltd 
    3. BRC Solutions (Pty) Ltd 
    4. CKP Development Agency (Pty) Ltd. 
    5. De Vries Management & Training Services cc 
    6. DIBANISA LEARNING 
    7. EJW Financial Services (Pty) Ltd 
    8. Executive People Development Solutions (Pty) Ltd 
    9. Faisit (Pty) Ltd 
    10. Intec College 
    11. Intelligo Solutions Pty (Ltd) 
    12. Invuya Institute of Learning (Pty) Ltd 
    13. Masifunde Training Centre (Pty) Ltd 
    14. O'Keeffe & Swartz Consultants (Pty) Ltd 
    15. Octomate (Pty) Ltd 
    16. Outsurance Insurance Company Ltd 
    17. Ripple Effect 4 (Pty) Ltd 
    18. The Institute of Health Risk Managers (Pty) Ltd 
    19. 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.