Assessor Resource

FNSSUP316
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 involves confirming trustee instructions, processing superannuation termination transactions, and documenting those transactions.

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

No licensing, legislative or certification requirements apply to this unit at the time of publication.

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.

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

terminate superannuation plans in response to the instructions of at least three different trustees.

In the course of the above, the candidate must:

forward required information to payment parties involved

complete fund documentation.

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

industry and legislative requirements relating to terminating superannuation plans, including:

trust requirements

fund policy and procedures

organisational policies and procedures relating to terminating superannuation plans, including:

procedures for sourcing information about product terms and conditions

methods for balancing fund accounts

basic understanding of actuarial calculations

processes and requirements to determine member benefits

taxation requirements and procedures relating to terminating superannuation plans, and required document formats.

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

organisational equipment, technology, software and consumables

financial services product information

organisational policies and procedures.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

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.

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

terminate superannuation plans in response to the instructions of at least three different trustees.

In the course of the above, the candidate must:

forward required information to payment parties involved

complete fund documentation.

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

industry and legislative requirements relating to terminating superannuation plans, including:

trust requirements

fund policy and procedures

organisational policies and procedures relating to terminating superannuation plans, including:

procedures for sourcing information about product terms and conditions

methods for balancing fund accounts

basic understanding of actuarial calculations

processes and requirements to determine member benefits

taxation requirements and procedures relating to terminating superannuation plans, and required document formats.

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

organisational equipment, technology, software and consumables

financial services product information

organisational policies and procedures.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
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
Document trustee instructions according to organisational procedures 
Clarify instructions with trustees where required and confirm compliance requirements are met 
Obtain and record termination conditions according to organisational procedures 
Confirm termination with member according to organisational policies and procedures 
Obtain member authority to transfer member assets 
Process benefit payments due before termination date according to organisational procedures 
Process final contributions and outstanding charges and credits to the fund and confirm that all financial obligations are met 
Obtain actuarial calculations where required and determine member benefits 
Communicate member information to new fund administrator within negotiated timeframes and according to organisational procedures 
Provide termination payments to trustee or member when due, and according to arrangement with member and termination provisions 
Obtain valid discharge of all future liability according to organisational procedures 
Document all transactions in member records according to organisational policies and procedures 
Prepare statements and issue to member according to organisational procedures 
Balance fund accounts according to financial requirements 

Forms

Assessment Cover Sheet

FNSSUP316 - 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

FNSSUP316 - 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: