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 knowledge and understanding the duties of Trustees of retirement funds with regard to death benefits 
SAQA US ID UNIT STANDARD TITLE
123419  Demonstrate knowledge and understanding the duties of Trustees of retirement funds with regard to death benefits 
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 does not replace any other unit standard and is not replaced by any other unit standard. 

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 of retirement funds to understand their responsibilities and duties as Trustees of their own retirement fund. The Unit Standard is relevant to Trustees who are involved in locating beneficiaries and recommending the distribution of benefits.

The qualifying learner is capable of:
  • Interpreting legislation and legal documents to determine the level and distribution of death benefits of a retirement fund.
  • Investigating and locate dependants on the death of a member.
  • Interviewing dependants to identify financial needs.
  • Proposing and substantiate a recommendation on distribution of benefits for beneficiaries. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that learners are competent in Communication 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:
  • Legislation and legal documents include, but are not limited to, pension fund legislation including the current Pension Funds Act, regulations, practice notes and other legislation, rules of the Fund, policy contracts and nomination forms.
  • Exclusions and limitations include, but are not limited to, free cover limit, excess cover, medical free limits, war, death resulting from nuclear events, terrorism, civil insurrection, and death outside the borders of South Africa.
  • Supporting documents include, but are not limited to, bank information, copy of identity document, birth and marriage certificates and affidavits.
  • Dependants as described in the current Pension Funds Act.
  • Disposal refers to the allocation and payment of death benefits on the death of a member. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Interpret legislation and legal documents to determine the level and distribution of death benefits of a retirement fund. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The disposal of death benefits on the death of a member of a retirement fund is explained with reference to the current Pension Funds Act. 

    ASSESSMENT CRITERION 2 
    The rules of a selected fund are interpreted with reference to the benefit payable and potential beneficiaries. 

    ASSESSMENT CRITERION 3 
    A policy contract in terms of which fund benefits are insured is interpreted with reference to exclusions and limitations for a specific fund. 

    ASSESSMENT CRITERION 4 
    A nomination form is examined to determine the wishes of the deceased member in terms of direct dependants and nominees and an indication is given of when a nomination is binding on Trustees. 

    SPECIFIC OUTCOME 2 
    Investigate and locate dependants on the death of a member. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The concept of a dependant is explained in terms of financial and legal dependence. 

    ASSESSMENT CRITERION 2 
    Colleagues, family and friends of the deceased are interviewed to identify undisclosed potential dependants. 

    ASSESSMENT CRITERION 3 
    Evidence necessary to prove dependency is identified with examples. 

    ASSESSMENT CRITERION 4 
    Information relating to the investigation is recorded and supported by the relevant documents. 

    SPECIFIC OUTCOME 3 
    Interview dependants to identify financial needs. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Questions are asked to establish level of dependency at the date of death of a member, current and future financial needs and financial sophistication. 

    ASSESSMENT CRITERION 2 
    Responses to questions are documented for record keeping purposes. 

    SPECIFIC OUTCOME 4 
    Propose and substantiate a recommendation on distribution of benefits to beneficiaries. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    All the relevant facts and provisions of the current Pension Funds Act are considered and a proposal on the distribution of the benefit is presented and substantiated to the Trustees of a specific pension fund. 

    ASSESSMENT CRITERION 2 
    Answers are given in response to questions from other Trustees. 

    ASSESSMENT CRITERION 3 
    A decision is made on the distribution and payment of benefits to the potential beneficiaries of a specific deceased member. 

    ASSESSMENT CRITERION 4 
    The minutes of the decision are checked for accuracy and completeness. 

    ASSESSMENT CRITERION 5 
    The Trustees' decision is explained to the final beneficiaries. 

    ASSESSMENT CRITERION 6 
    The monitoring and follow up required of Trustees is explained with examples. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
  • Assessors for this Unit Standard must be registered as an assessor with the appropriate ETQA or with an ETQA that has a Memorandum of Understanding with the appropriate ETQA.
  • Any institution offering learning that will enable achievement of this Unit Standard must be accredited as a provider through the appropriate ETQA or with an ETQA that has a Memorandum of Understanding with the appropriate ETQA.
  • Moderation of assessment will be overseen by the appropriate ETQA according to the moderation guidelines and the agreed ETQA procedures.
  • Moderators must be registered as assessors with the relevant ETQA, or with an ETQA that has a Memorandum of Understanding with the relevant 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 to identify and solve problems in which responses show that responsible decisions using critical thinking have been made in presenting a proposal to the Trustees. 

    UNIT STANDARD CCFO WORKING 
    The learner is able to work effectively with others as a member of a team, group, organisation or community in investigating the dependants of a deceased member 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 keeping the necessary records and acquiring the required supporting documents. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and critically evaluate information in investigating dependants and identifying their needs. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively in interviewing people to identify dependants and explaining the decision of the Trustees to the beneficiaries. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to demonstrate cultural sensitivity across a range of social contexts in investigating dependants and identifying their needs. 

    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 
    Search words:
  • Trustees
  • Retirement fund
  • Death benefits
  • 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  Passed the End Date -
    Status was "Reregistered" 
    2021-06-30  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. Masifunde Training Centre (Pty) Ltd 
    6. Ray Strodl Consulting (Pty) Ltd 
    7. RJM Educational Consulting (Pty) Ltd 
    8. Sanlam Life Insurance Ltd 



    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.