Assessor Resource

FNSSMS502A
Manage changes to fund structure

Assessment tool

Version 1.0
Issue Date: May 2024


This unit can apply to job roles involving management of all fund types, including self-managed superannuation funds.

This unit covers the skills and knowledge required to manage changes to a fund structure including transfers, merging, termination, closing and splitting of a fund. It encompasses confirmation of trustee instructions, the verification of outstanding transactions, managing the distribution of information to appropriate parties, managing the distribution of fund assets and managing documentation to support this process.

This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)

Employability Skills

This unit contains employability skills.



Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

confirm trustee instructions using knowledge of trust deed requirements

identify outstanding transactions

manage the distribution of fund assets

meet all reporting and statutory reporting requirements.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to organisation financial records

access to organisation policies and procedures.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency

observing processes and procedures in workplaces

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

accessing and validating third party reports

setting and reviewing workplace business simulations or scenarios.

Guidance information for assessment

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

Required skills

communication skills to:

liaise with others, share information, using questioning and active listening as required

use language and concepts appropriate to cultural differences

numeracy and IT skills to:

perform basic calculations related to superannuation funds

access and update account records electronically

access and use appropriate software such as word processors, spreadsheets and databases

use internet information

data analysis and interpretation skills

literacy skills to:

write business reports

read and interpret documentation from a variety of sources and record and consolidate related information

interpersonal skills to relate effectively within a team environment

organisational skills, including the ability to plan and sequence work

Required knowledge

basic accounting principles

Australian Prudential Regulation Authority (APRA) reporting requirements

Australian Securities and Investments Commission (ASIC) reporting requirements

Australian Taxation Office (ATO) reporting requirements

trust deed requirements

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Specialist advice may include:

accountancy

actuarial

investment

legal

valuation.

Transactions may include:

benefits and other payments out are paid

contributions in (i.e. insurance payments/refunds)

government levies

tax payments.

Trust deeds may include:

allocation of surplus

custodians

investment managers

trust deed requirements for member benefits, guarantor.

Assets transferred may include:

custodians

investment managers.

Statutory reporting requirements may include:

APRA

ASIC

ATO.

Relevant parties may include:

actuarial advisers

APRA

ATO

custodians

employers

investment managers

members

trustees.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Trustee instructions are checked to ensure that they are in accordance with trust deeds and legislative requirements 
Reports are provided to trustee on appropriate steps to be taken to change the structure of the fund 
Agreed timeframes for structural changes to occur are established 
Transitional specialist advice to support structural change is obtained if required 
Business sales agreement between employers is reviewed where relevant 
Trustee instructions being in accordance with trust deed requirements is confirmed 
Outstanding transactions according to trust deed requirements are identified 
Processing of all outstanding transactions in accordance with agreed timeframes is confirmed 
External parties are communicated with to ensure transactions are processed and actioned within agreed timeframes 
Open communication is maintained with relevant parties 
Request for relevant payments, documentation and reports are made to relevant parties 
Reports are provided to members and received within specified timeframes 
Relevant documentation is completed and signed by members within agreed timeframes 
Communication and documentation pertaining to the notification of structural changes are provided to members in accordance with organisational and legislative requirements 
Assets are collected from relevant parties before structural changes occur 
Communication channels are maintained between investment managers and custodians 
The distribution of fund assets is compliant with legislative requirements 
Fund assets are transferred to new funds or distributed to relevant parties 
Reporting requirements are completed according to statutory reporting requirements 
Funds are acquitted according to accounting principles 
Necessary documentation and records are provided to relevant parties 

Forms

Assessment Cover Sheet

FNSSMS502A - Manage changes to fund structure
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSSMS502A - Manage changes to fund structure

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: