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: 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: |
RECOGNISE PREVIOUS LEARNING? |
Y |
QUALIFICATION RULES |
This qualification is made up of the following compulsory Knowledge and Practical Skill Modules:
Knowledge Modules: Total number of Credits for Knowledge Modules: 48 Credits. Practical Skill Modules: Total number of Credits for Practical Skill Modules: 48 Credits. This qualification also requires the following Work Experience Modules: 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:
Associated Assessment Criteria for Exit Level Outcomes 2: Associated Assessment Criteria for Exit Level Outcomes 3: 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: 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:
Vertical Articulation: |
MODERATION OPTIONS |
N/A |
CRITERIA FOR THE REGISTRATION OF ASSESSORS |
N/A |
NOTES |
Qualifying for external assessment:
Additional legal or physical entry requirements: Criteria for the accreditation of providers: This qualification encompasses the following trades as recorded on the National Learners' Records Database (NLRD): Part Qualifications: |
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. |