Professional Principal Executive Officer (Retirement Fund Trustee)

The purpose of this qualification is to prepare a learner to operate as a Retirement Fund Trustee. Retirement Fund Trustees direct, control and oversee the operations of a retirement fund in terms of the applicable law, including common law and customary law, rules and the objectives of the Fund. A qualified learner will be able to: • Contribute to the governance of the functions of the Board of Trustees (the Board). • Oversee the operations of the Fund. • Oversee the investment activities of the Fund. • Monitor the performance of the service providers on a regular basis and take appropriate corrective action when necessary.

The monetary value of retirement fund investments in South Africa is approximately R2.5 trillion as at December 2013. Overseeing the performance of each of the more than 3,000 active funds in South Africa is the function of a Board of Trustees of each Fund. These boards comprise approximately 18,000 trustees. The Retirement Fund Trustee is the basis of governance in a retirement fund and all governance interventions are initiated and driven from this function. Each board is thus responsible for the governance of the fund and for ensuring that the fund complies with all regulatory requirements. Trustees have extensive responsibilities and can be held personally accountable for fund-related matters in retirement funds. As a result, Government and other stakeholders are taking steps to address the competency levels of trustees. Since the roles and responsibilities of a Retirement Fund Trustee are focused and specialised, there is a need for occupational training. Developing competency to oversee and manage these funds properly is important and a formal qualification in this regard for trustees is a way to address trustee competency. This occupational qualification will enhance the functioning of the retirement fund trustee, which has historically been unstructured and undefined. It will also support the transformation imperative as it enables incumbents to obtain a qualification that they may not have had access to as working individuals and who may not have satisfied traditional higher education access criteria. This is accomplished through, amongst others, recognition of prior learning (RPL). This occupational qualification for trustees of retirement funds will be the first of its kind in South Africa due to the unique financial services environment in South Africa. This occupational qualification will provide much needed recognition of competence to incumbents who may want to formalise their education for purposes of career mobility or succession planning, and to ensure the continuity and sustainability of retirement funds. The range of learners for the proposed qualification would include current trustees, principal officers and retirement fund functionaries with demonstrable experience in retirement funds and a desire to fulfil the requirements of this function.

Recognition of Prior Learning (RPL): RPL for access to the external integrated summative assessment: Accredited providers and approved workplaces must apply the internal assessment criteria specified in the related curriculum document to establish and confirm prior learning. Accredited providers and workplaces must confirm prior learning by issuing a statement of result or certifying a work experience record. RPL for access to the qualification: Accredited providers and approved workplaces may recognise prior learning against the relevant access requirements. Entry Requirements: Entry requirements for this qualification are: • A qualification at NQF Level 4.

• Contribute to the governance functions of the Board of Trustees.
• Oversee the administration relating to the Fund itself.
• Oversee the investment activities of the Fund.