Postgraduate Diploma in Employee Benefits

Purpose

The Postgraduate Diploma in Employee Benefits aims to enable learners to demonstrate knowledge of and show an engagement in the field of Employee Benefits. The qualification will enable learners to make informed decisions, address challenges and issues and enable learners to provide sound advice based on legal and professional principles. The Postgraduate Diploma in Employee Benefits intends to deliver graduates who can act ethically and professionally, think analytically, communicate with relevant role players in the industry, interact effectively with the public and evaluate and apply relevant information from legislation, literature and secondary data sources to specific practical scenarios.

On achieving this qualification a graduate will be able to

• Explain and apply relevant legislation and the principle of ethics in the Employee Benefits industry.
• Understand and apply all the legislative and industry specific requirements to effectively draft all documentation relevant to the Employee Benefits industry.
• Demonstrate an advanced understanding of the theoretical framework, key concepts and core legal rules and principles of all areas of the Employee Benefits industry.
• Apply the theoretical legal knowledge and skills to practical administration processes.

Rationale

Currently the government and the private sectors administer Employee Wellness Programmes to ensure that employees receive relevant advice and important information they need in order to understand their benefits. There is a need for legal practitioners and financial planning experts to provide such professional advice in various contexts. Therefore this qualification will meet the growing societal need for expert knowledge to address the diverse range of challenges, problems and risks related to employee benefits and employment.

The qualification will also enhance the capacity of Financial Planners and Legal Practitioners in the country who understand their constructive role as intellectual leaders and strategic partners to support growth and development in various spheres of the business and social society.

The rationale for this qualification is to enable learners to provide expert advice within a multitude of financial and legal contexts such as providing advice to the Board of Trustees and to employees with regard to legislative issues surrounding the Employee Benefits industry. This qualification will also enable learners who have not obtained a Legal Degree to further their study in this specific environment.

Recognition of Prior Learning (RPL)

The assessment of prior learning is governed by the regulations of the Institution and supported by the RPL Centre, in collaboration with heads of departments and programme directors. Recognition of Prior Learning will be conducted on learning that an individual has acquired in formal education and the work context. This learning will be assessed recognised to provide new learning paths for individuals who need to get admission to qualifications.

The RPL assessment process will be as follows

• Portfolio of evidence (POE): A portfolio of evidence is the organised collection of documents presented by the candidate describing and giving proof of evidence of prior learning by:
• Undergoing knowledge test.
• Completing a practical assignment.

A portfolio template and an assistance manual will be provided to candidates by the RPL Centre and they will also receive support in the development of the POE. A practical workshop, which is compulsory, will be scheduled to guide candidates in the development of the POE.

Entry Requirements

A learner may apply for admission to the qualification if he/she has

• A Bachelors' Degree or equivalent Level 7 qualification in the relevant field of study.

This qualification consists of two compulsory modules at NQF Level 8 totalling 120 Credits

• Fund Governance and Maintenance, 60 Credits.
• Fund Design and Financing, 60 Credits.

1. Demonstrate knowledge of and engagement with both the legal and practical governance and maintenance requirements for all types of funds and schemes.
2. Provide advice on complex issues in the Employee Benefits sector and resolve complex professional problems that are common to the Employee Benefits industry, using evidence and theory-driven arguments as solutions.
3. Act ethically and professionally, and exhibit the ability to take full responsibility for decisions, drawing on appropriate ethical values and approaches.

Associated Assessment Criteria for Exit Level Outcome 1

• All concepts relating to registered retirement fund vehicles (and ancillary benefit structures) are understood and applied.
• The roles and responsibilities of trustees, service providers and regulatory bodies in the industry are explained.
• The concept of Fund Governance and Maintenance and the Regulatory Landscape with specific reference to Governance provisions for funds and Trustees and governance provisions for service providers are and analysed.
• The different types of funds, the legislation that approves and recognises these funds and the classification of funds by the administrator are explained.
• All the elements and requirements regarding maintenance and compliance of a retirement fund are discussed.
• All the legislative and industry specific requirements to effectively draft all documentation relevant to the Employee Benefits industry are evaluated and applied.
• An understanding of the theoretical framework, key concepts and core legal rules and principles for the establishment, maintenance and compliance of Retirements Funds and Employee Benefit Schemes governed by legislation other than the Pension Fund Act and certain specialist funds are demonstrated.
• Theoretical legal knowledge of the administration processes in the Employee Benefits industry are applied.
• Knowledge of the legal and governance aspects when designing and setting up a new fund or revising the structure of an existing fund is understood.
• Case studies and proposals in the field of employee benefits are presented and analysed.

Associated Assessment Criteria for Exit Level Outcome 2

• Information is analysed and interpreted by using applicable industry specific information and relevant legislation is applied to address problems and to produce evidence-based solutions.
• Client needs and suggested strategies to address client needs are presented.
• Solutions with regard to financial risks, applicable regulatory and legislative requirements and the influence of changing economic conditions and markets are drafted.
• Informed decisions are made on challenging issues relating to the Employee Benefits industry, taking into account legislation and applicable case laws.
• Simple, sensible, practical and understandable solutions according the client's needs are provided.
• An appropriate fund structure is designed that complies with applicable legislation and meets the needs of all parties.

Associated Assessment Criteria for Exit Level Outcome 3

• Relevant legislation and the principle of ethics in the Employee Benefits industry are discussed and applied.
• Behaving with dignity, showing respect and courtesy to clients, fellow professionals and others in business-related activities and complying with appropriate rules, regulations and professional requirements is understood.
• An understanding of the protection of client information is demonstrated.

Integrated Assessment

Assessments are conducted in strict compliance with the Assessment Policy of the Financial and Economic Sciences Faculty's assessment policy. The assessment purpose and the applied competences to be assessed are clearly articulated in terms of relevant exit level outcomes and associated assessment criteria of the qualification.

The essence of the assessment approach will be that of formative and summative assessments, which will incorporate written assignments (case studies) and class tests. Written assignments are will be directly linked to theory and will incorporate the theory and skills related to the Exit Level Outcomes. Continuous formative assessment will provide feedback to learners on their progress in the achievement of specific exit level outcomes.