Assessor Resource

FNSSUP419
Provide retirement income stream information to superannuation clients

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to respond to enquiries about retirement income products offered by the organisation or other funds providing the income streams.

The unit applies to those who use specialised knowledge and effective customer service skills to respond to enquiries and assist clients with complex income stream needs and requirements.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant state and territory regulatory authorities to confirm those 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.

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:

provide specialist retirement income stream information to at least three different clients.

In the course of the above, the candidate must:

confirm client’s understanding when providing above information

provide general advice that complies with legislative requirements, organisational policies and procedures, and industry regulations.

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:

legislative and regulatory requirements relating to retirement income stream, including:

those relating to the provision of factual superannuation information or general advice

product-specific requirements

privacy and confidentiality requirements

organisational policies and procedures relating to the provision of general advice on retirement income streams and the communication of that advice

retirement income stream products available in the organisation and more generally in the industry

process and documentation requirements for issuance of income stream products

marketing and product disclosure documents in providing advice to clients

types of information typically sought from client groups

calculating process of pension payments, including:

impact of social security

Centrelink

Department of Veterans’ Affairs (DVA) benefits

basic investment concepts, including:

risk and return

time horizons

asset classes

difference between general advice and personal advice, and significance of this difference in relation to providing advice to clients about post-retirement income stream products

differences between reversionary pensions payable from account based and non-account based income streams

key components of defined benefit non-account based income stream with and without a reversionary pension

key components of an income stream with a guarantee period.

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, including for handling confidential client information.

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:

provide specialist retirement income stream information to at least three different clients.

In the course of the above, the candidate must:

confirm client’s understanding when providing above information

provide general advice that complies with legislative requirements, organisational policies and procedures, and industry regulations.

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:

legislative and regulatory requirements relating to retirement income stream, including:

those relating to the provision of factual superannuation information or general advice

product-specific requirements

privacy and confidentiality requirements

organisational policies and procedures relating to the provision of general advice on retirement income streams and the communication of that advice

retirement income stream products available in the organisation and more generally in the industry

process and documentation requirements for issuance of income stream products

marketing and product disclosure documents in providing advice to clients

types of information typically sought from client groups

calculating process of pension payments, including:

impact of social security

Centrelink

Department of Veterans’ Affairs (DVA) benefits

basic investment concepts, including:

risk and return

time horizons

asset classes

difference between general advice and personal advice, and significance of this difference in relation to providing advice to clients about post-retirement income stream products

differences between reversionary pensions payable from account based and non-account based income streams

key components of defined benefit non-account based income stream with and without a reversionary pension

key components of an income stream with a guarantee period.

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, including for handling confidential client information.

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
Establish nature of client enquiry using suitable communication methods 
Access client records or record new client details in organisational system 
Explain to client role of organisation, and role and limits of authority of the representative 
Identify clients with special needs and take necessary action or refer to appropriate advice channel where required 
Explain income stream products to client and the main differences and availability of account-based and non-account based income streams 
Outline the general processes behind setting up an income stream product to client 
Communicate process to move from accumulation phase to pension drawdown phase to client 
Explain basic investment concepts to client 
Identify the impact of a client’s investment choices on their account-based income stream 
Provide client with options and refer to applicable specialist if they request personal advice 
Provide information, organisational materials and guidance relating to retirement income products offered by the organisation 
Inform the client of ancillary benefits, facilities and options available when taking out an income stream product 
Explain fees and charges associated with the organisation’s income stream products to client 
Identify risk and benefits of income stream products available from the organisation and explain to client 
Discuss procedures for complaint handling and resolution with client 
Provide assistance with enquiries relating to retirement income stream products according to legislative and regulatory requirements 
Provide assistance with enquiries relating to requests for membership changes if purchasing an income stream from the client’s existing superannuation fund 
Access applicable sources of information to respond accurately to client enquiries 
Explain calculation process of pension payments with consideration given to social security, Centrelink and Department of Veterans’ Affairs (DVA) benefits 
Provide information to clients who receive reversionary pensions and explain how nominations are made by the client 
Check client understanding of information provided according to organisational policies and procedures and in compliance with legislative requirements 
Provide follow-up services relating to client enquiries, as required and according to organisational policies and procedures 

Forms

Assessment Cover Sheet

FNSSUP419 - Provide retirement income stream information to superannuation clients
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

FNSSUP419 - Provide retirement income stream information to superannuation clients

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: