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: 

Occupational Certificate: Professional Principal Executive Officer (Retirement Fund Trustee) 
SAQA QUAL ID QUALIFICATION TITLE
99574  Occupational Certificate: Professional Principal Executive Officer (Retirement Fund Trustee) 
ORIGINATOR
DPQ - Financial Services Board (FSB) 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY NQF SUB-FRAMEWORK
-   OQSF - Occupational Qualifications Sub-framework 
QUALIFICATION TYPE FIELD SUBFIELD
Occupational Certificate  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  Not Applicable  NQF Level 05  Regular-ELOAC 
REGISTRATION STATUS SAQA DECISION NUMBER REGISTRATION START DATE REGISTRATION END DATE
Reregistered  EXCO 0425/24  2018-07-01  2025-12-30 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2026-12-30   2029-12-30  

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 does not replace any other qualification and is not replaced by any other qualification. 

PURPOSE AND RATIONALE OF THE QUALIFICATION 
Purpose:
The purpose of this qualification is to prepare a learner to operate as a Retirement Fund Trustee. Retirement Fund Trustees direct, control and oversee the operations of a retirement fund in terms of the applicable law, including common law and customary law, rules and the objectives of the Fund.

A qualified learner will be able to:
  • Contribute to the governance of the functions of the Board of Trustees (the Board).
  • Oversee the operations of the Fund.
  • Oversee the investment activities of the Fund.
  • Monitor the performance of the service providers on a regular basis and take appropriate corrective action when necessary.

    Rationale:
    The monetary value of retirement fund investments in South Africa is approximately R2.5 trillion as at December 2013. Overseeing the performance of each of the more than 3,000 active funds in South Africa is the function of a Board of Trustees of each Fund. These boards comprise approximately 18,000 trustees. The Retirement Fund Trustee is the basis of governance in a retirement fund and all governance interventions are initiated and driven from this function. Each board is thus responsible for the governance of the fund and for ensuring that the fund complies with all regulatory requirements.

    Trustees have extensive responsibilities and can be held personally accountable for fund-related matters in retirement funds. As a result, Government and other stakeholders are taking steps to address the competency levels of trustees. Since the roles and responsibilities of a Retirement Fund Trustee are focused and specialised, there is a need for occupational training. Developing competency to oversee and manage these funds properly is important and a formal qualification in this regard for trustees is a way to address trustee competency.

    This occupational qualification will enhance the functioning of the retirement fund trustee, which has historically been unstructured and undefined. It will also support the transformation imperative as it enables incumbents to obtain a qualification that they may not have had access to as working individuals and who may not have satisfied traditional higher education access criteria. This is accomplished through, amongst others, recognition of prior learning (RPL).

    This occupational qualification for trustees of retirement funds will be the first of its kind in South Africa due to the unique financial services environment in South Africa. This occupational qualification will provide much needed recognition of competence to incumbents who may want to formalise their education for purposes of career mobility or succession planning, and to ensure the continuity and sustainability of retirement funds.

    The range of learners for the proposed qualification would include current trustees, principal officers and retirement fund functionaries with demonstrable experience in retirement funds and a desire to fulfil the requirements of this function. 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    Recognition of Prior Learning (RPL):
    RPL for access to the external integrated summative assessment: Accredited providers and approved workplaces must apply the internal assessment criteria specified in the related curriculum document to establish and confirm prior learning. Accredited providers and workplaces must confirm prior learning by issuing a statement of result or certifying a work experience record.

    RPL for access to the qualification: Accredited providers and approved workplaces may recognise prior learning against the relevant access requirements.

    Entry Requirements:
    Entry requirements for this qualification are:
  • A qualification at NQF Level 4. 
    		•

    RECOGNISE PREVIOUS LEARNING? 
    Y 

    QUALIFICATION RULES 
    This qualification is made up of the following compulsory Knowledge and Practical Skill Modules:

    Knowledge Modules:
  • 134910001-KM-01, Governance and strategic direction and control, NQF Level 5, 4 Credits.
  • 134910001-KM-02, Legal requirements and common law (statutes, regulations, directives, notices and circulars), NQF Level 5, 10 Credits.
  • 134910001-KM-03, Rules and operations of a retirement fund, NQF Level 5, 5 Credits.
  • 134910001-KM-04, Governance of Fund assets, NQF Level 5, 16 Credits.
  • 134910001-KM-05, Financial requirements of a retirement fund, NQF Level 5, 8 Credits.
  • 134910001-KM-06, Risk management, NQF Level 5, 5 Credits.
    Total number of Credits for Knowledge Modules: 48 Credits.

    Practical Skill Modules:
  • 134910001-PM-01, Govern the activities of the Board, NQF Level 5, Credits 8 Credits.
  • 134910001-PM-02, Select and conduct on-going assessment of service providers in the process of overseeing the operations of the Fund, NQF Level 5, 4 Credits.
  • 134910001-PM-03, Review and approve financial statements, rule amendments and applicable regulatory submissions, NQF Level 5, 8 Credits.
  • 134910001-PM-04, Formulate the investment strategy and monitor the performance of fund assets in terms of applicable laws and regulations, Fund rules and policies, NQF Level 5, 28 Credits.
    Total number of Credits for Practical Skill Modules: 48 Credits.

    This qualification also requires the following Work Experience Modules:
  • 134910001-WM-01, Processes related to contributing to the governance of the Board, NQF Level 5, 4 Credits.
  • 134910001-WM-02, Processes related to the oversight of the operations of the Fund, NQF Level 5, 8 Credits.
  • 134910001-WM-03, Establishment of processes used to formulate the investment strategy and monitor the performance of fund assets in terms of applicable laws, regulations, Fund rules and policies, NQF Level 5, 12 Credits.
    Total number of Credits for Work Experience Modules: 24 Credits. 
    		•

    EXIT LEVEL OUTCOMES 
    1. Contribute to the governance functions of the Board of Trustees.
    2. Oversee the administration relating to the Fund itself.
    3. Oversee the investment activities of the Fund. 

    ASSOCIATED ASSESSMENT CRITERIA 
    Associated Assessment Criteria for Exit Level Outcomes 1:
  • Contribution to the establishment of the Code of Conduct establishment is demonstrated.
  • The Principal Officer (and Deputy Principal Officer where applicable) are identified and independent trustees (where applicable) after completing the short listing and interviewing processes.
  • Meetings are prepared for by reviewing Board packs including the previous minutes and action items in order to participate effectively in the activities of the Board and Board committees.
  • Different methods to trace the members, dependants or beneficiaries of a retirement fund are identified and understood.
  • Proposals by the administrator/sub-committee in allocating death benefits are interrogated.

    Associated Assessment Criteria for Exit Level Outcomes 2:
  • Terms of contract are negotiated with service providers.
  • Performance of service providers is assessed against contract (service level agreement) criteria.
  • The transfer of records or assets to the new service providers is overseen.
  • Financial statements are analysed.
  • Rule amendments for submission, registration and approval by the Regulator are reviewed and approved.

    Associated Assessment Criteria for Exit Level Outcomes 3:
  • Assistance with the development of an investment policy statement or strategy is provided.
  • Assessment of how well the investment strategy is meeting the investment objectives of the Fund is conducted.
  • Performance of service providers is monitored in relation to fulfilment of mandates and breaches thereof.
  • Reports from service providers are reviewed to ensure that contractual obligations have been met.

    Integrated Assessment:
    Integrated Formative Assessment:
    The skills development provider will use the curriculum to guide them on the stipulated Internal Assessment Criteria and weighting. They will also apply the scope of practical skills and applied knowledge as stipulated by the Internal Assessment Criteria.

    Integrated Summative Assessment:
    An external Integrated Summative Assessment, conducted through the relevant QCTO Assessment Quality Partner is required for the issuing of this qualification. The external integrated summative assessment will focus on the Exit Level Outcomes and Associated Assessment criteria. The External Assessment will be by conducted by means of written examination conducted at an accredited assessment centre through two, 2-hour examinations that occur on the same day. 
    		•

    INTERNATIONAL COMPARABILITY 
    The international comparability exercise has shown that there are no standalone qualifications for trustees except for short courses offered by private training providers. These are offered either in contact sessions, e-learning, distance learning or in the form of conferences or seminars.

    The duration of the courses offered has also been found to vary from being a two-day workshop to a six-day workshop. Course content covered by the training providers compares favourably with that covered in this occupational qualification. It has also been established that in all the courses offered by the training providers, the objective is to empower trustees to comply with various legislative requirements and regulatory framework stipulations that prescribe to the retirement fund industry.

    Access to these qualifications is open although it is recommended that intending learners be in possession of a Bachelor of Commerce (BCom), Legal or Administration qualification. The courses are aimed at learners who are representatives of the employers and employees, interested parties and individuals who are involved in advising the Boards on the distribution of members' funds.

    Some of the courses found include among others:
    Advanced Certificate in Corporate Governance is offered by the Institute of Chartered Secretaries and Administrators based in the United Kingdom. The qualification is suitable for anyone who undertakes governance activities - that is, Lawyers or Accountants who deal with governance as part of their job; chartered professionals who want to update their corporate governance knowledge; or those who work in the company secretarial arena and are looking for a comprehensive stand-alone qualification in governance.

    Topics covered include:
  • Legal and regulatory aspects of corporate governance.
  • Codes and reports on corporate governance.
  • Application of governance rules and principles.
  • Role of the company secretary.
  • The Board of Directors/Board of Governors.
  • Remuneration of directors and senior executives.
  • Reporting to shareholders and external audits.
  • Relations with shareholders.
  • Risk management and internal control.
  • Corporate social responsibility and sustainability.

    Tower Watson, a United Kingdom based training provider is providing an e-learning short course for trustees called Trustee and Scheme Management. The aim of the short course is to empower trustees with the required knowledge in order for them to perform their functions effectively. The content of the programme includes understanding the law relating to pensions and trusts, the funding of pension schemes, and the investment of scheme assets.

    Similarities:
    In reference to the topics mentioned above the content of the qualifications compares to the South African Trustee occupational qualification.

    Differences:
    The South African Occupational Certificate: Professional Principal Executive Officer (Retirement Fund Trustee) is designed with a theoretical knowledge (Knowledge Modules) component to expose learners to a simulated environment in which they will be expected to practise the expected roles under the guidance of a facilitator or online by working on case studies (Practical Skill Modules) and finally, be exposed to a real work environment under the guidance of a mentor (Work Experience Modules) before they sit for the final examination. The duration of this occupational qualification is also longer as it caters for all the three components discussed above.

    Conclusion:
    Based on the comparability, it can be concluded that the Occupational Certificate: Professional Principal Executive Officer (Retirement Fund Trustee) compares well with the qualifications offered by other international institutions. 
    		•

    ARTICULATION OPTIONS 
    Horizontal Articulation:
  • Higher Certificate in Investment Administration, NQF Level 5, (ID 93949).

    Vertical Articulation:
  • Diploma: Financial Management, NQF Level 6, (ID 71779). 
    		•

    MODERATION OPTIONS 
    N/A 

    CRITERIA FOR THE REGISTRATION OF ASSESSORS 
    N/A 

    NOTES 
    Qualifying for external assessment:
  • In order to qualify for an external assessment, learners must provide proof of completion of all required modules by means of statements of results and work experience.
  • Foundational learning competence is not a pre-requisite for the awarding of this qualification.

    Additional legal or physical entry requirements:
  • There are no additional external assessment requirements.

    Criteria for the accreditation of providers:
  • Accreditation of providers will be done against the criteria as reflected in the relevant curriculum on the Quality Council for Trades and Occupations (QCTO) website.
  • The curriculum title and code is: Retirement Fund Trustee: 134910001.

    This qualification encompasses the following trades as recorded on the National Learners' Records Database (NLRD):
  • This is not a trade.

    Part Qualifications:
  • None. 
    		•

    LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION: 
     
    NONE 


    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.
     
    NONE 


    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.