Assessor Resource

FNSSUP306
Terminate superannuation plans

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to terminate a superannuation plan.

It applies to individuals who, within their level of authority, apply specialised organisational and industry knowledge and follow defined procedures to process financial information.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

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


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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Confirm trustee instructions

1.1 Accurately and clearly document all trustee instructions according to organisational procedures

1.2 Clarify instructions with trustees where appropriate to ensure compliance requirements are met

1.3 Obtain and record plan termination conditions

1.4 Confirm termination to member promptly and according to operating procedures

1.5 Obtain member authority for transfer of member assets

2. Process all outstanding transactions to termination date

2.1 Accurately process all benefit payments due before termination date according to operating procedures

2.2 Process all final contributions and outstanding charges and credits to the fund to ensure all financial obligations are met

3. Forward information or payments to appropriate parties

3.1 Obtain actuarial calculations where required to determine member benefits

3.2 Forward member information to new fund administrator as appropriate within negotiated timeframes and according to operating procedures

3.3 Forward termination payments to the trustee or member when due, and according to arrangement with member and termination provisions

3.4 Obtain valid discharge of all future liability according to operating procedures

4. Complete and action fund documentation

4.1 Correctly document all transactions in member records

4.2 Prepare statements and issue to member according to organisational procedures

4.3 Balance fund accounts according to financial requirements

Evidence of the ability to:

confirm trustee instructions

process all outstanding transactions to termination date

forward information to appropriate payment parties

complete and action fund documentation.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

describe key features of the following and how they apply to the termination of superannuation funds:

trust requirements

fund policy and procedures

industry and legislative requirements

outline taxation requirements and procedures, and relevant document formats

describe key features of company policy and procedures as they relate to the termination of superannuation plans

explain how to source information about product terms and conditions.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the superannuation field of work and include access to:

common office equipment, technology, software and consumables

financial services product information

organisational policy and procedures

Assessors must satisfy NVR/AQTF assessor requirements.

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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Confirm trustee instructions

1.1 Accurately and clearly document all trustee instructions according to organisational procedures

1.2 Clarify instructions with trustees where appropriate to ensure compliance requirements are met

1.3 Obtain and record plan termination conditions

1.4 Confirm termination to member promptly and according to operating procedures

1.5 Obtain member authority for transfer of member assets

2. Process all outstanding transactions to termination date

2.1 Accurately process all benefit payments due before termination date according to operating procedures

2.2 Process all final contributions and outstanding charges and credits to the fund to ensure all financial obligations are met

3. Forward information or payments to appropriate parties

3.1 Obtain actuarial calculations where required to determine member benefits

3.2 Forward member information to new fund administrator as appropriate within negotiated timeframes and according to operating procedures

3.3 Forward termination payments to the trustee or member when due, and according to arrangement with member and termination provisions

3.4 Obtain valid discharge of all future liability according to operating procedures

4. Complete and action fund documentation

4.1 Correctly document all transactions in member records

4.2 Prepare statements and issue to member according to organisational procedures

4.3 Balance fund accounts according to financial requirements

Evidence of the ability to:

confirm trustee instructions

process all outstanding transactions to termination date

forward information to appropriate payment parties

complete and action fund documentation.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

describe key features of the following and how they apply to the termination of superannuation funds:

trust requirements

fund policy and procedures

industry and legislative requirements

outline taxation requirements and procedures, and relevant document formats

describe key features of company policy and procedures as they relate to the termination of superannuation plans

explain how to source information about product terms and conditions.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the superannuation field of work and include access to:

common office equipment, technology, software and consumables

financial services product information

organisational policy and procedures

Assessors must satisfy NVR/AQTF assessor requirements.
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
Accurately and clearly document all trustee instructions according to organisational procedures 
Clarify instructions with trustees where appropriate to ensure compliance requirements are met 
Obtain and record plan termination conditions 
Confirm termination to member promptly and according to operating procedures 
Obtain member authority for transfer of member assets 
Accurately process all benefit payments due before termination date according to operating procedures 
Process all final contributions and outstanding charges and credits to the fund to ensure all financial obligations are met 
Obtain actuarial calculations where required to determine member benefits 
Forward member information to new fund administrator as appropriate within negotiated timeframes and according to operating procedures 
Forward termination payments to the trustee or member when due, and according to arrangement with member and termination provisions 
Obtain valid discharge of all future liability according to operating procedures 
Correctly document all transactions in member records 
Prepare statements and issue to member according to organisational procedures 
Balance fund accounts according to financial requirements 

Forms

Assessment Cover Sheet

FNSSUP306 - Terminate superannuation plans
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

FNSSUP306 - Terminate superannuation plans

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: