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: 

Analyse different group retirement products 
SAQA US ID UNIT STANDARD TITLE
117123  Analyse different group retirement products 
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 4  NQF Level 04  2 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Reregistered" 		 2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2026-06-30   2029-06-30  

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
10390  Demonstrate knowledge and understanding of different group retirement benefit products  Level 4  NQF Level 04  2   

PURPOSE OF THE UNIT STANDARD 
This unit standard is intended for learners in financial services and other fields who work with group retirement benefits including trustees, intermediaries, union officials and learners in group risk departments.

The qualifying learner is capable of:
  • Comparing the different group retirement products available in South Africa.
  • Comparing the group risk benefit options.
  • Describing different group termination benefit options.
  • Analysing post retirement options.
  • Describe the investment vehicles used by group retirement funds. 
    		•

    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 and Financial Literacy at Level 3. 

    UNIT STANDARD RANGE 
    The typical scope of this unit standard is group retirement benefits.
  • Events covered by risk benefit options are funeral, death benefits, dread disease, disability income, pure disability, accidental death and disability benefits and trauma benefits.
  • Types of group retirement funds include pension, provident and insured funds.
  • Death benefits include funeral, spouses cover, accidental death, spouses and orphans pensions and trauma cover and lump sum payments.
  • Disability benefits include accident, trauma cover, disability income, capital/pure disability, partial disability and dread disease and lump sum payments.
  • Funding methods that apply to different types of group retirement funds include defined benefit and defined contribution.
  • Options on withdrawal include preservation funds, Retirement Annuities and payout. 
    		•

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Compare the different group retirement products available in SA. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The different types of group retirement funds are identified in terms of benefits and tax implications. 

    ASSESSMENT CRITERION 2 
    The benefits provided under each type of fund are explained with reference to the advantages and disadvantages of each type of fund and the circumstances under which each type of fund could be recommended based on risk, affordability and future needs of members. 

    ASSESSMENT CRITERION 3 
    The funding methods that apply to the different types of group retirement funds are compared in a table. 

    ASSESSMENT CRITERION 4 
    Stand alone and umbrella funds are compared in terms of governance and cost. 

    SPECIFIC OUTCOME 2 
    Compare the group risk benefit options. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The concepts of insured and self insured risk benefits are explained with reference to the impact on a fund and the cost of insurance. 

    ASSESSMENT CRITERION 2 
    Events covered by risk benefits options are named and an indication is given of which options are optional. 

    ASSESSMENT CRITERION 3 
    Terms, conditions and exclusions that apply to death benefits are named with examples. 

    ASSESSMENT CRITERION 4 
    Terms, conditions and exclusions that apply to disability benefits are named with examples. 

    SPECIFIC OUTCOME 3 
    Describe different group termination benefit options. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The impact of the reason for withdrawal is explained in relation to the method of calculation of the benefit with reference to the minimum benefits prescribed by the Pension Funds Second Amendment Act of 2001 and the rules of the fund. 

    ASSESSMENT CRITERION 2 
    The impact of length of service on withdrawal is explained in relation to the method of calculation of the benefit with reference to the minimum benefits prescribed by legislation and the rules of the fund. 

    ASSESSMENT CRITERION 3 
    The options that members can exercise on withdrawal are explained with examples. 

    ASSESSMENT CRITERION 4 
    Schedule 2 of the Income Tax Act is applied to the taxation of fund benefits on termination for three case studies. 

    SPECIFIC OUTCOME 4 
    Analyse post retirement options. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The rules of a fund are analysed to determine the post retirement benefit payment options. 

    ASSESSMENT CRITERION 2 
    The rules of a fund are analysed to determine the post retirement death benefit options. 

    ASSESSMENT CRITERION 3 
    The impact of tax legislation on post retirement options is explained with examples. 

    SPECIFIC OUTCOME 5 
    Describe the investment vehicles used by group retirement funds. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The concepts of market related and smooth investments, pooled and segregated funds, and other investment instruments used by a specific fund are explained and their relationship is illustrated diagrammatically. 

    ASSESSMENT CRITERION 2 
    Investment vehicles such as market related, absolute return, structured products, smoothed bonus products and multi-manager products and other variations developed to meet changing needs are explained with reference to how they function. 

    ASSESSMENT CRITERION 3 
    The impact of member level investment choice is explained with reference to the kinds of investment options, governance of investment options, value of benefit paid, costs and associated risk. 

    ASSESSMENT CRITERION 4 
    The importance of the investment policy statement is explained with reference to the responsibility of the Trustees and the interests of other players. 

    ASSESSMENT CRITERION 5 
    The impact of the Retirement Funds Tax on investment vehicles is explained with examples. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    This Unit Standard will be internally assessed by the provider and moderated by a moderator registered by a relevant accredited ETQA or an ETQA that has a Memorandum of Understanding with the relevant accredited ETQA. 

    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 solve problems in which responses show that responsible decisions have been made in indicating the circumstances under which the different types of group retirement funds could be recommended. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and critically evaluate information in order to compare different group retirement products. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively in explaining the concepts covered in the unit standard. 

    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 has replaced 10390 which was "Demonstrate knowledge and understanding of different group retirement benefit products", Level 4 with 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  49089   National Certificate: Financial Services  Level 3  NQF Level 03  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  INSETA 
    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  49529   Further Education and Training Certificate: Long-Term Risk Assessment  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  INSETA 
    Elective  66613   Further Education and Training Certificate: Wealth Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "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.
     
    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.