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: 

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
123417  Demonstrate ability to use and interpret texts that apply to the role and responsibilities of Trustees of retirement funds 
ORIGINATOR
SGB Insurance and Investment 
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
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

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 unit standard replaces: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
12548  Demonstrate ability to use and interpret texts that apply to the role and responsibilities of trustees of Retirement Funds  Level 3  NQF Level 03   

PURPOSE OF THE UNIT STANDARD 
This Unit Standard is intended to empower learners who are Trustees of retirement funds or learners 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 and texts that are associated with the duties of Trustees of their own retirement fund. The Unit Standard is intended as scaffolding to enable access to the role of Trustee for learners with limited schooling and literacy levels.

The qualifying learner is capable of:
  • Interpreting documents and texts related to the rules of a retirement fund.
  • Interpreting documents and texts related to meetings of the Trustees of a retirement fund.
  • Interpreting documents and texts 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 
    It is assumed that learners are competent in Communication and Mathematical Literacy at NQF level 2 and in the Level 1 Unit Standard Demonstrate knowledge and understanding of the individual's basic rights and responsibilities under a retirement fund. 

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is:
  • Documents and texts include, but are not limited to, agendas, minutes, contracts with service providers, reports from service providers, rules, resolutions and amendments, financial statements, policy documents, member benefit statements, policy values and codes of practice or conduct.
  • Learners are required to use authentic documents.
  • A selected retirement fund means the learner's own retirement fund.
  • Governance of a fund includes, but is not limited to, tax status, registration, the format required by legislation and the fund mandate.
  • Service providers include, but are not limited to, Investment Managers, Administrators, Financial Advisors, Actuaries, Auditors and compliance with the rules of the fund. 

  • Specific Outcomes and Assessment Criteria: 

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

    ASSESSMENT CRITERIA
     

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

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

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

    ASSESSMENT CRITERION 4 
    Questions are asked of a service provider to obtain clarity and determine compliance with associated policies, rules and legislative documents. 

    ASSESSMENT CRITERION 5 
    Knowledge of fund rules and Trustee powers is applied to make a decision. 

    SPECIFIC OUTCOME 2 
    Interpret documents and texts related to meetings of the Trustees of a retirement fund. 

    ASSESSMENT CRITERIA
     

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

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

    ASSESSMENT CRITERION 3 
    Minutes are checked for accuracy and completeness. 

    ASSESSMENT CRITERION 4 
    Meeting protocol is discussed with reference to procedures to be followed in cases where there are inaccuracies, omissions or actions required and how Trustees could act on information contained in the minutes of meetings of the Trustees. 

    SPECIFIC OUTCOME 3 
    Interpret documents and texts related to the financial responsibilities of Trustees of retirement funds. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The financial statements of a retirement fund are interpreted with reference to sources of income and payments from a fund. 

    ASSESSMENT CRITERION 2 
    Questions are asked of an expert to clarify movements in the financial statements of a selected fund. 

    ASSESSMENT CRITERION 3 
    Questions are asked of an expert to ascertain whether investments comply with the investment mandate of a specific retirement fund. 

    ASSESSMENT CRITERION 4 
    Knowledge of the financial function of Trustees is applied to make a decision 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 
    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 against the service level agreement. 

    ASSESSMENT CRITERION 2 
    A service provider's performance is assessed against the service level agreement in order to recommend a course of action. 

    ASSESSMENT CRITERION 3 
    Situations where Trustees are 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 
  • Anyone assessing a candidate against this Unit Standard must be registered as an assessor with the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Any institution offering learning that will enable achievement of this Unit Standard must be accredited as a provider through the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines and the agreed ETQA procedures. 

  • UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    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 or proposal. 

    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 Trustees of a retirement fund. 

    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 of a retirement fund. 

    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 relating 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 ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    This unit standard replaces unit standard 12548, "Demonstrate ability to use and interpret texts that apply to the role and responsibilities of trustees of Retirement Funds", Level 3, 4 credits.

    Search words:

    Trustees; retirement fund; board of trustees. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  57613   Further Education and Training Certificate: Short-Term Risk Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered" 
    2012-06-30  INSETA 
    Elective  66613   Further Education and Training Certificate: Wealth Management  Level 4  NQF Level 04  Reregistered  2023-06-30  As per Learning Programmes recorded against this Qual 


    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. African Resources & Financial Training (Pty) Ltd 
    2. CKP Development Agency (Pty) Ltd 
    3. De Vries Management & Training Services cc 
    4. Faisit (Pty) Ltd 
    5. Investmentwise (Pty) Ltd 
    6. Ray Strodl Consulting (Pty) Ltd 
    7. RJM Educational Consulting (Pty) Ltd 
    8. Sanlam Life Insurance Ltd 
    9. The Graduate Institute of Financial Sciences (Pty) Ltd 
    10. 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.