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: 

Investigate possible funding options for investors exiting a group retirement fund 
SAQA US ID UNIT STANDARD TITLE
113920  Investigate possible funding options for investors exiting a group retirement fund 
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 4  NQF Level 04  2 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Registered" 		 2004-02-11  2007-02-11  SAQA 1852/04 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2008-02-11   2011-02-11  

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
243150  Investigate possible funding options for investors exiting a group retirement fund  Level 4  NQF Level 04  2   

PURPOSE OF THE UNIT STANDARD 
This Unit Standard is intended for learners in a financial services environment. It will add value to financial planners, intermediaries financial advisers, healthcare intermediaries, product developers, co-coordinators of medical schemes, financial call centre agents and trustees of medical schemes and retirement funds. It complies with the current legislated practices in giving financial advice.

The qualifying learner is capable of:
  • Explaining the various instances where a benefit could become payable from a group retirement fund.
  • Interpreting the regulatory environment governing exit from a group retirement fund.
  • Investigating funding options on exiting a group retirement fund.
  • Explaining the procedure specific to a funding option.
  • Proposing a financial solution for a client exiting a group 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, Mathematical Literacy and Financial Literacy at Level 3. 

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is
  • Events that could result in payment from a group retirement fund include, but are not limited to, death, disability, liquidity, resignation, redundancy, death, retirement, ill health and dismissal.
  • Different benefit payments include lump sum benefit, ill health retirement and income benefit.
  • Product types are generic and not specific to an organisation. 
    		•

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Explain the various instances where a benefit could become payable from a group retirement fund. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. Events that could result in payment from a group retirement fund are listed and an indication is given of the type of benefit associated with each event. 

    ASSESSMENT CRITERION 2 
    2. A set of fund rules is interpreted to identify the benefits payable on each instance. 

    ASSESSMENT CRITERION 3 
    3. Questions are asked to establish benefits applicable to a client for three different scenarios. 

    SPECIFIC OUTCOME 2 
    Interpret the regulatory environment governing exit from a group retirement fund. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. Legislation applicable to events that could result in payment from a group retirement fund is identified and applied for three different scenarios. 

    ASSESSMENT CRITERION 2 
    2. Current South African Revenue Service (SARS) and Financial Services Board (FSB) circulars and practice notes are identified and applied to three different exit instances. 

    ASSESSMENT CRITERION 3 
    3. Tax implications on exiting a fund are explained and tax is calculated for three case studies. 

    ASSESSMENT CRITERION 4 
    4. The implications of early retirement from a fund are explained from the point of view of the employer, employee and the fund. 

    ASSESSMENT CRITERION 5 
    5. The impact of a different benefit payment arising as a result of disability is explained from the point of view of a member, employer and the fund. 

    SPECIFIC OUTCOME 3 
    Investigate funding options on exiting a group retirement fund. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. Product types available at each exit instance are identified and an indication is given of the advantages and disadvantages of each. 

    ASSESSMENT CRITERION 2 
    2. The regulatory environment is applied to the funding options and an indication is given of restrictions, advantages and disadvantages for three different scenarios. 

    SPECIFIC OUTCOME 4 
    Explain the procedure specific to a funding option. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. The documents required on exiting a fund are identified with reference to the event and the organisation`s business rules. 

    ASSESSMENT CRITERION 2 
    2. The payment procedures relating to a specific fund are explained with reference to time frames, fund practices, exit incident and business rules. 

    SPECIFIC OUTCOME 5 
    Propose a financial solution for a client exiting a group retirement fund. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. The financial needs of a specific client are analysed with reference to the exit instance and alternative funding options. 

    ASSESSMENT CRITERION 2 
    2. A financial solution is proposed and substantiated for three different scenarios with reference to the advantages and disadvantages of each. 

    ASSESSMENT CRITERION 3 
    3. The documents required for compliance are prepared for one case study and an indication is given of the consequences of non-compliance. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    Accreditation for this Unit Standard shall be obtained from the relevant Education and Training Quality Assurance Body, through summative and formative assessment by a registered assessor.
  • Assessors must be registered as an Assessor with the relevant ETQA
  • Moderators must be registered as assessors with the relevant ETQA, or with an ETQA that has a Memorandum of Agreement with the relevant ETQA.
  • Training providers must be accredited by the relevant ETQA.

    Moderation should include both internal and external moderation where applicable. 
    		•

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    The learner is capable of identifying and solving problems and making decisions in analysing the needs of a client and proposing a financial solution. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is capable of communicating effectively in proposing and substantiating a financial solution. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is capable of demonstrating cultural sensitivity is dealing with a client and proposing a solution. 

    UNIT STANDARD CCFO CONTRIBUTING 
    The learner is capable of seeing the world as a set of related systems in explaining the implications of early retirement from a fund from different points of view. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    UNIT STANDARD NOTES 
    This unit standard has been replaced by unit standard 243150, which is "Investigate possible funding options for investors exiting a group retirement fund", Level 4, 2 credits. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  49649   Further Education and Training Certificate: Long-term Insurance  Level 4  NQF Level 04  Passed the End Date -
    Status was "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 


    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.
     
    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.