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: 

Investigate possible funding options for investors exiting a group retirement fund 
SAQA US ID UNIT STANDARD TITLE
243150  Investigate possible funding options for investors exiting a group retirement fund 
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 
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
113920  Investigate possible funding options for investors exiting a group retirement fund  Level 4  NQF Level 04   

PURPOSE OF THE UNIT STANDARD 
This Unit Standard is intended for learners in a financial services environment. It will add value to Trainee Financial Planners, Intermediaries, Product Developers, Financial Call Centre Agents and Trustees of retirement funds.

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. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that learners are competent in Communication and Mathematical 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 and include, but are not limited to, preservation fund, annuity options and trusts.
  • Annuity options include, living, joint life and single life. 

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

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

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

    ASSESSMENT CRITERIA
     

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

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

    ASSESSMENT CRITERION 3 
    Tax implications on exiting a fund are explained and tax is calculated for different scenarios. 

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

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

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

    ASSESSMENT CRITERIA
     

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

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


    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 COLLECTING 
    The learner is capable of collecting, organising and critically evaluating information in interpreting the rules of a fund and investigating product options. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is capable of communicating effectively in explaining instances where a benefit could become payable and explaining payment procedures. 

    UNIT STANDARD CCFO SCIENCE 
    The learner is capable of using technology effectively in accessing information about a fund using an electronic system. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is capable demonstrating an understanding of the world as a set of related systems by explaining the implications of early retirement from a 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 113920, "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  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.