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 QUALIFICATION THAT HAS PASSED THE END DATE:

Postgraduate Diploma: Management: Retirement Funds

SAQA QUAL ID	QUALIFICATION TITLE
71826	Postgraduate Diploma: Management: Retirement Funds
ORIGINATOR
Monash South Africa
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY			NQF SUB-FRAMEWORK
CHE - Council on Higher Education			HEQSF - Higher Education Qualifications Sub-framework
QUALIFICATION TYPE	FIELD		SUBFIELD
Postgraduate Diploma	Field 03 - Business, Commerce and Management Studies		Finance, Economics and Accounting
ABET BAND	MINIMUM CREDITS	PRE-2009 NQF LEVEL	NQF LEVEL	QUAL CLASS
Undefined	120	Level 7	NQF Level 08	Regular-Provider-ELOAC
REGISTRATION STATUS		SAQA DECISION NUMBER	REGISTRATION START DATE	REGISTRATION END DATE
Passed the End Date - Status was "Registered"		SAQA 2663/05	2009-07-07	2010-03-30
LAST DATE FOR ENROLMENT		LAST DATE FOR ACHIEVEMENT
2011-03-30		2014-03-30

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 qualification is replaced by:

Qual ID	Qualification Title	Pre-2009 NQF Level	NQF Level	Min Credits	Replacement Status
88608	Postgraduate Diploma in Management	Level 7	NQF Level 08	120	Complete

PURPOSE AND RATIONALE OF THE QUALIFICATION

Purpose:

The Postgraduate Diploma in Management (Retirement Funds) was designed to be a specialised postgraduate qualification in retirement funds practice and management instilling in learners the intellectual competence and practical skills in the acquisition, analysis, interpretation and application of retirement funds administration, pensions law, retirement funds financial and operational management and retirement funds taxation in the commercial private retirement funds management and business context. The Programme was also designed taking into consideration the legislative and regulatory framework within which private retirement funds operate and to meet the stringent legal and regulatory requirements that apply to the various practitioners within the retirement funds field including, fund administrators, fund consultants, legal advisors, pension lawyers, fund accountants, fund auditors, fund investment consultants and boards of management. The need for developing a specialised qualification was identified to enhance the employability of learners by preparing them for careers in the retirement funds profession or industry, business and commerce or for further learning in this field.

Rationale:

The qualification seeks to provide learners with advanced specialist knowledge, relevant competencies and skills in the areas of retirement (pension) funds practice, pensions law principles, retirement funds benefits, retirement funds administration, retirement funds investments, retirement funds management, retirement funds governance and specific retirement funds taxation principles in order to meet the challenges of rapidly changing regional, national and global business environments and their impact on professional and commercial responsibilities and practices in retirement funds management. The postgraduate qualification is designed to enhance the employability of learners by preparing them for careers in the retirement funds profession or industry, specialised legal practice, business and commerce or for further learning in this field.

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING

The Qualification assumes that the student is competent in the language of instruction, material, able to work independently; in possession of general theoretical, practical and academic knowledge accomplished at NQF Level 4. Learners accessing this qualification should demonstrate their ability to read, analyse and reflect on study material and relevant literature on a graduate level (NQF Level 6). Learners should be able to communicate effectively using English in written and oral form. Learners must be able to manage their own study programme and time effectively. Learners must have acquired applied competence in the retirement funds or legal profession, industry and business context and be able to take managerial decisions in the context of retirement funds management.

Recognition of Prior Learning:

The university endorses policies and procedures to allow for the recognition of prior learning to gain entrance to the course or to receive credit for parts of the course through educationally appropriate alternative learning such as:

Learning acquired in a 'credentialled' context, other than an accredited university or technikon, such as a course offered by a professional body, enterprise, private educational institution, or by any other provider recognised by the university.

Students must lodge an application form together with required documentation (e.g. academic transcript, syllabi, course structure, contact hours, assessment details). Applications are forwarded to the relevant committee and assessed.

Learning acquired in an 'uncredentialled' context, such as through work experience or through life experience. At present the learner is required to submit details of such experience to the faculty, and each application is handled on a case-by-case basis. The school evaluates the background and experience of the applicant against the course requirements.

Access to the Qualification:

Learners must have successfully completed an undergraduate degree like the Bachelor of Business and Commerce, Bachelor of Arts, Bachelor of Social Science at Monash South Africa or an equivalent qualification from another tertiary institution with programme specific minimum level of competencies for NQF Level 6.

RECOGNISE PREVIOUS LEARNING?

QUALIFICATION RULES

The course is comprised of 8 units of equal value. Each unit is equal to 15 credits.

Level at which qualification is fixed; Total Credits:

8; 120.

Credits required for:

Fundamental Learning:

General Principles of Retirement Funds (15 credits).

Core Learning:

Retirement Funds Management (15 credits).

Retirement Funds Taxation (15 credits).

Retirement Funds Benefits (15 credits).

Retirement Funds Administration (15 credits).

Legal Framework of Retirement Funds (15 credits).

Retirement Funds Investments (15 credits).

Retirement Funds Governance (15 credits).

EXIT LEVEL OUTCOMES

1. Demonstrate understanding of the discipline of retirement funds management.

2. Apply the fundamental concepts and principles applicable to the field of Retirement Fund administration.

3. Apply the fundamental concepts and principles applicable to the field of benefit design.

4. Apply the fundamental concepts and principles applicable to the field of Retirement Fund funding and valuing.

5. Apply investment management principles and techniques to manage long-term investment portfolios in the life insurance and fund management industry.

Critical Cross-Field-Outcomes:

The programme aims to develop the SAQA critical cross-field outcomes listed below:

Identify and solve problems in which responses display that responsible decisions using critical and creative thinking have been made.

Work effectively with others as a member of a team, group, organisation, community.

Organise and manage oneself and one's activities responsibly and effectively.

Collect, analyse, organise and critically evaluate information.

Communicate effectively using visual, mathematical and/or language skills in the modes of oral and/or written presentation.

Use science and technology effectively and critically, showing responsibility towards the environment and health of others.

Demonstrate an understanding of the world as a set of related systems by recognizing that problem-solving contexts do not exist in isolation.

ASSOCIATED ASSESSMENT CRITERIA

Associated Assessment Criteria for Exit Level Outcome 1:

The legal boundaries within which insurance business is conducted in terms of the basic requirements of applicable legislation, legal and tax systems and regulatory institutions are discussed.

The basic principles governing the formation of a valid contract in basic terms of the law of contract, the law of agency and the rights of third parties to contracts are explained.

The role of the Pension Fund Act in governing Retirement Funds in terms of stipulations and regulations with regard to the registration, management, administration, benefits and investment structures of Retirement Funds is described.

The role and implications circulars and notes in the field of Retirement Funds in terms of Retirement Fund circulars, General Notices and Pension Fund circulars are explained.

Associated Assessment Criteria for Exit Level Outcome 2:

The ability to distinguish between different types of Retirement Funds in accordance with Section 2 of the Pension Funds Act is demonstrated.

The registration procedures for setting up a Retirement Fund in terms of the legal framework of Retirement Funds, registration under the Pension Funds Act, rules of the fund, other required documentation apart from the rules, trust deeds and registration with the Commissioner for Inland Revenue, are explained.

The statutory control of the administration of Retirement Funds in terms of the requirements and provisions stipulated by the Pension Funds Act and the Income Tax Act, are discussed.

The different role-players involved in the administration of Retirement Funds are distinguished.

Associated Assessment Criteria for Exit Level Outcome 3:

The main considerations to be taken into account when establishing a Retirement Fund is explained.

The benefits provided by Retirement Funds in terms of normal retirement benefits, death and disability benefits and withdrawals from a fund are analysed.

The issues relating to the amendment of retirement benefits in terms of the circumstances around the transfer of a group of members, the merger of funds, voluntary dissolution of funds and distribution of surpluses, and with due consideration of member's rights, expectations and options are discussed.

Associated Assessment Criteria for Exit Level Outcome 4:

The statutory requirements of funding a Retirement Fund are explained.

The basic valuation of a Retirement Fund is explained.

The content of valuation reports is described.

Fundamental concepts and principles regarding retirement funding and valuing are discussed and explained.

Associated Assessment Criteria for Exit Level Outcome 5:

A basic investment strategy is formulated.

Investment alternatives available to South African insurance companies and retirement funds from the following markets (equity market, money market, capital market, property market, derivative market) are identified, valued and selected.

The performance of long-term investment funds are compared.

Integrated Assessment:

Assessment is based on a mixture of examinations, assignments, practical assignments, class tests and project work.

In general the Exit-Level Outcomes outlined will be assessed as follows:

Knowledge outcomes will be assessed principally through examinations and class tests, which require learners to demonstrate knowledge of fundamental concepts, their use and application.

Understanding outcomes will be assessed principally through assignments which require learners to discuss, evaluate or extrapolate concepts and techniques, and through project work which will require the learners to show their understanding of particular aspects of theory by discussing or demonstrating its application to the solution of a practical problem.

Skills outcomes will be assessed through practical assignments and group work, which require learners to use the tools and techniques that they have been taught to create appropriate solutions to specified problems.

Attitudes outcomes will be assessed through learner participation in project work and group assignments, which will require them to plan and work collaboratively.

The syllabus contains information on the specific educational outcomes of each unit and the manner in which learners will be assessed, summatively as well as formatively, in each section to evaluate whether they have achieved the specified outcomes.

INTERNATIONAL COMPARABILITY

Although there is no other similar qualification focusing only on retirement funds management, a large number of postgraduate diplomas and degrees in financial planning or financial management addresses retirement funds planning in their syllabi, but none of these focus on the retirement fund as separate entity as Monash does.

Several academic institutions in India, such as The Indian Institute of Financial Planning as well as the Edinburgh Business School in the UK presents for example postgraduate Diplomas in Advanced Financial Planning and Wealth Management which addresses modules such as:

Introduction to Personal Financial Planning:
> Personal Financial Planning process.
> Ethical and professional consideration in Financial planning-Code of ethics.
> Cash flow planning.
> Budgeting.
> Personal financial statement Analysis.
> Financial Mathematics-Time value of Money.
> Economic environment and Indicators.
> Forms of business ownership/entity relationships.
> Legal aspects of financial planning.

Risk Analysis and Insurance Planning:
> Introduction to Risk Analysis.
> Insurance Concepts.
> Legal principles of Insurance.
> Insurance Contract.
> Insurance Policies and Strategies.
> Insurance products.
> Regulatory framework of Insurance.
> Motor Insurance.
> Health and Householders Insurance.
> Group Insurance.
> Annuities.
> Insurance Pricing.

Retirement Planning and Employee Benefits:
> Introduction to Retirement Planning.
> Types of Retirement Plans-Defined Benefit and Defined Contribution plan.
> Superannuation and other retirement plans.
> Group Life and Health Insurance.
> Retirement planning and Strategies.
> Post Retirement Counseling.
> Retirement Income Streams.
> Pension Sector Reforms.

ARTICULATION OPTIONS

Vertical Articulation:

The qualification should articulate vertically to a variety of diplomas and degrees offered at Public or Private Institutions for example:

Advanced Diploma: Human Resource Management, NQF Level 6.

Advanced Diploma: Marketing, NQF Level 6.

Advanced Diploma: Finance, NQF Level 6.

Advanced Diploma: Project Management, NQF Level 6.

Advanced Diploma: Public Administration, NQF Level 6.

Bachelor of Commerce, NQF Level 6.

Horizontal Articulation:

The qualification will articulate horizontally with other specialist areas offered at Diploma level, for example:

Diploma: Metropolitan and Traffic Policing, NQF Level 6.

Diploma: Fleet Management, NQF Level 6.

Diploma: Accounting, NQF Level 6.

Diploma: Marketing, NQF Level 6.

Diploma: Marketing Research, NQF Level 6.

Diploma: Office Administration, NQF Level 6.

The qualification also allows for articulation from the Lyceum Certificates.

MODERATION OPTIONS

Under Monash University regulations each faculty has a Board of Examiners that is responsible for evaluating the results of the performances of all candidates enrolled in the faculty. This Board advises its faculty board on any matter relating to the method of assessment of candidates' performances.

The Chief Examiner is responsible for moderation of results across all campuses, where the Chief Examiner for each unit will be the chairperson of the department/school concerned or any other person appointed by the relevant faculty board, on the nomination of the chairperson.

Assessors and moderators will have qualifications and/or experience recognised by Monash as appropriate for the relevant discipline area. An assessor will normally hold a doctoral or master's qualification or equivalent accreditation and standing.

In South Africa, an external moderation process will be in place for Postgraduate Diploma units which are to be offered exclusively in South Africa in 2006.

The process of appointing external examiners is as follows: The appropriate academic staff nominates an external examiner. The nomination, a detailed curriculum vitae and a motivation for the nomination is submitted to the Head of School who forwards it to the School Advisory Committee. If there are no objections to the nomination, the nominee is approached with a view to appointment as an external examiner.

The Monash South Africa moderation policy, explaining the relationship between the processes of internal and external moderation is provided. See Monash Moderation Policy annexed.

CRITERIA FOR THE REGISTRATION OF ASSESSORS

Assessors and moderators assessing a learner or moderating the assessment of an assessor against this Qualification must be registered as an assessor and/or moderator with a relevant Education and Training Quality Assurance (ETQA) Body.

Formative assessment will be conducted internally with internal moderation being done by registered moderators. The moderation body is the relevant Education and Training Quality Assurance (ETQA).

Moderation must include both internal and external moderation of assessments at exit point of the Qualification.

For an applicant to register as an assessor for this Qualification, the applicant should:

Hold a relevant qualification at least on NQF Level 6.

Have workplace experience in business management.

Be declared competent in all the outcomes of the enclosed outcomes as stipulated by South African Qualifications Authority (SAQA).

Be declared competent in all the exit level outcomes of the qualification as stipulated by South African Qualifications Authority (SAQA).

NOTES

This qualification has been replaced by Qualification ID 88608, Postgraduate Diploma: Management, Level 7, 120 credits.

LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION:

When qualifications are replaced, some of their learning programmes are moved to being recorded against the replacement qualifications. If a learning programme appears to be missing from here, please check the replacement.

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PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS QUALIFICATION:

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.

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