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 of the role and responsibilities of Trustees of retirement funds 
SAQA US ID UNIT STANDARD TITLE
123420  Demonstrate knowledge and understanding of 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
12547  Demonstrate knowledge and understanding of the role, functions and duties 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 who intend standing for election as Trustees of retirement funds to understand their responsibilities and duties as Trustees. It should enable new and prospective Trustees to act responsibly in standing for election or performing their duties as Trustees of their own retirement fund.

The qualifying learner is capable of:
  • Explaining the legal framework governing retirement funds.
  • Explaining the types of retirement fund.
  • Explaining the functions of role players in a retirement fund.
  • Explaining the role of Trustees in managing a fund.
  • Interpreting the benefit structure of a specific fund.
  • Discussing aspects of ethics and personal behaviour relevant to Trustees. 

  • 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:
  • Role players include, but are not limited to, Fund Officials and Service Providers including Functionaries, Auditors, Investment Managers, Actuaries, Consultants, Administrators, Asset Managers, Principal Officers, Trustees and Regulatory Authorities.
  • A specific retirement fund means the learner's own retirement fund.
  • The accounting function includes reference to the collection of contributions, payment of benefits, the basic actuarial evaluation and whether the fund is under funded, funded or in surplus.
  • Different types of fund are pension, provident, defined contribution, defined benefit, insured and privately managed funds.
  • The business of a fund includes, but is not limited to, decision making procedures, and meeting requirements.
  • Structures in which benefits can be offered include, but are not limited to, insurance, self insurance and cell captives.
  • Legislation includes, but is not limited to, the pension fund legislation including the current Pension Funds Act, regulations, practice notes and other legislation. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Explain the legal framework governing retirement funds. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The most significant legislation governing retirement funds is identified and explained with reference to the governance of retirement funds. 

    ASSESSMENT CRITERION 2 
    The powers of the Pension Funds Adjudicator are explained with reference to how determinations could affect the governance of a fund. 

    SPECIFIC OUTCOME 2 
    Explain the types of retirement funds. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Different types of retirement funds are explained with reference to benefits, tax and risk to members and employers. 

    ASSESSMENT CRITERION 2 
    The structure of a Board of Trustees is identified for different types of fund. 

    SPECIFIC OUTCOME 3 
    Explain the functions of role players in a retirement fund. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Role players in a selected fund are identified with reference to function. 

    ASSESSMENT CRITERION 2 
    The responsibilities of Trustees in appointing, monitoring and evaluating the role players are explained with specific reference to service level agreements and mandates. 

    SPECIFIC OUTCOME 4 
    Explain the role of Trustees in managing a fund. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The legal duties of Trustees are explained with reference to current pension finds legislation. 

    ASSESSMENT CRITERION 2 
    The administrative and management functions of Trustees are explained with examples. 

    ASSESSMENT CRITERION 3 
    The accounting function of Trustees is explained with examples. 

    ASSESSMENT CRITERION 4 
    The investment function of a Trustee is explained with reference to setting the investment strategy and monitoring investments. 

    ASSESSMENT CRITERION 5 
    The consequences for Trustees who mismanage a retirement fund are explained with examples. 

    ASSESSMENT CRITERION 6 
    The manner in which Trustees conduct the business of a fund is explained for a specific fund. 

    SPECIFIC OUTCOME 5 
    Interpret the benefit structure of a selected fund. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The rules, policies and practice notes of a selected retirement fund are interpreted to determine the benefits. 

    ASSESSMENT CRITERION 2 
    Different structures in which benefits can be offered are explained with examples. 

    SPECIFIC OUTCOME 6 
    Discuss aspects of ethics and personal behaviour relevant to Trustees. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Issues of ethics and confidentiality are discussed with reference to fiduciary duty. 

    ASSESSMENT CRITERION 2 
    The importance of expertise in making decisions is discussed with reference to when it is important to obtain expert advice and the importance of cost relative to value. 

    ASSESSMENT CRITERION 3 
    Issues of responsibility and accountability are discussed with specific reference to delegation to third parties or sub-committees. 

    ASSESSMENT CRITERION 4 
    Situations where there could be a conflict of interest are identified in terms of how these could be managed or avoided by individual Trustees. 

    ASSESSMENT CRITERION 5 
    Appropriate ways of dealing with members are discussed for different scenarios. 


    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 WORKING 
    The learner is able to work as a member of a team as Trustees of retirement funds are members of Boards. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect and analyse information in performing his/her duties as a Trustee. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively in explaining his his/her role, functions and duties as a Trustee. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to see the world as a set of related systems in understanding the consequences of non-compliance and abusing discretionary powers. 

    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 12547, "Demonstrate knowledge and understanding of the role and responsibilities of Trustees of retirement funds", credits 4, level 3.

    Search words:

    Trustee; retirement fund; fiduciary duty; 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.