SAQA

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SOUTH AFRICAN QUALIFICATIONS AUTHORITY

REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE:

Demonstrate knowledge and understanding of how the insurance industry responds to different needs in the Group Retirement Benefits market

SAQA US ID	UNIT STANDARD TITLE
10394	Demonstrate knowledge and understanding of how the insurance industry responds to different needs in the Group Retirement Benefits market
ORIGINATOR
SGB Financial Services
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 "Registered"		2002-06-12	2004-12-02	SAQA 0742/02
LAST DATE FOR ENROLMENT		LAST DATE FOR ACHIEVEMENT
2005-12-02		2008-12-02

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 is replaced by:

US ID	Unit Standard Title	Pre-2009 NQF Level	NQF Level	Credits	Replacement Status
117122	Analyse the role of group retirement benefits in the insurance industry	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.

The qualifying learner is capable of:

Describing the group retirement benefits market in South Africa.

Analysing the needs of the market that are met by group benefits.

Comparing group based benefits and individually provided retirement benefits

Investigating how group retirement benefit products change in response to the changing needs of society.

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

Learners In Employee Benefits, Group Benefits, Trade Unions, Employee Benefits Consultants, Actuaries, Legal Advisors, Underwriters, Administrators and Trustees

Group and employee retirement benefits.

Players in the market include the State, legislators, sponsors, employers, service providers, members, trade unions and Trustees, legal advisors, underwriters, liquidators, auditors, statutory authorities, dependants, beneficiaries, fund managers and investment managers.

Sponsors include bargaining councils, unions, individuals, and employers.

Specific Outcomes and Assessment Criteria:

SPECIFIC OUTCOME 1

Describe the group retirement fund market in South Africa.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The concept of a market is explained as it applies in group benefits.

ASSESSMENT CRITERION 2

2. The players in the fund are identified and an indication is given of the role of each in relation to the fund.

ASSESSMENT CRITERION 3

3. The concept of a sponsor is explained with examples.

ASSESSMENT CRITERION 4

4. The concept of fund ownership is explained with reference to the balance of power of the fund and the management of surpluses and deficits.

ASSESSMENT CRITERION 5

5.The role of the Trustees in the group retirement benefit market is explained and an indication is given of the implications of being a Trustee.

SPECIFIC OUTCOME 2

Analyse the needs of the market that are met by group retirement benefits.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The needs of different players in group retirement benefits are analysed in terms of their major focus.

ASSESSMENT CRITERION 2

2. An indication is given of the possible tension between employers, employees and their representative bodies in the group retirement fund market in terms of conflicting interests.

ASSESSMENT CRITERION 3

3. The rules of a fund are analysed to establish the basic benefit structure and an indication is given of what the rules indicate about the profile and needs of the members.

SPECIFIC OUTCOME 3

Compare group based benefits and individually provided retirement benefits.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The advantages of belonging to a group-based scheme are explored from the point of view of the member with reference to free cover limits, underwriting and economies of scale.

ASSESSMENT CRITERION 2

2. The advantages of belonging to a group-based scheme are explored from the point of view of the employer with reference to exemptions from moral liabilities, pressure from trade unions and being an employer of choice.

ASSESSMENT CRITERION 3

3. The disadvantages of belonging to a group-based scheme are explored from the point of view of the member with reference to choice, control and possible risks.

ASSESSMENT CRITERION 4

4. The disadvantages of belonging to a group-based scheme are explored from the point of view of the employer with reference to cost control, requirements for consultation and supplier requirements.

SPECIFIC OUTCOME 4

Investigate how the group retirement benefits market has changed.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. Ways in which society has changed over the past ten years are investigated with reference to legislative, political, economic, social and global aspects.

ASSESSMENT CRITERION 2

2. The impact of HIV/AIDS on the long term insurance market is investigated and an indication is given of the changes in the market as a result of the HIV/AIDS pandemic.

UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS

This unit standard will be internally assessed by the provider and moderated by a moderator registered by INSQA or a relevant accredited ETQA. The mechanisms and requirements for moderation are contained in the document obtainable from INSQA,
INSQA framework for assessment and moderation.

Critical Cross-field Outcomes (CCFO):

UNIT STANDARD CCFO COLLECTING

1. The learner is able to collect, organise and critically evaluate information relating the group retirement benefit market and in exploring group based benefits from different points of view.

UNIT STANDARD NOTES

This unit standard has been replaced by 117122, which is 'Analyse the role of group retirement benefits in the insurance industry', 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	48640	National Certificate: Financial Services Management	Level 4	Level TBA: Pre-2009 was L4	Passed the End Date - Status was "Reregistered"	2023-06-30	INSETA

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.

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