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 information on retirement planning issues when dealing with at least three different superannuation clients; at least two of whom require information on estate planning.
In the course of the above, the candidate must:
demonstrate currency of key information applicable to retirement planning
provide information and general advice to clients on issues relating to aged care and retirement options
explain the general impacts of social security on income in retirement to a client.
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 the provision of financial advice within the context of retirement planning and superannuation clients
regulatory requirements relating to aged care facilities that impact on retirement planning
taxation issues relevant to:
estate planning
retirement benefits and associated estate planning options
organisational policies, procedures and requirements relating to providing information to clients
common methods to interpret and apply financial data
demographic trends relating to seniors and retirement, including:
average life expectancy
improvements in mortality
longevity risks to income sources in retirement
issues relating to consumer behaviour impacting on retirement, including:
skills and work
expectations and personal preferences and biases
cultural issues
job prospects for mature age workers
budgeting for retirement
financial risks for retirees, including:
longevity and how long money will last
market changes, adverse market events, and their timing
inflation
interest rate changes
political risk
implications of adverse financial circumstances that can impact an individual approaching retirement
post-retirement product types and their relationship to managing financial risk, including the difference between account-based income streams which depend on investment returns and non-account based income streams which depend on consumer price index (CPI) changes
aged care residential options, including:
retirement villages
high and low care nursing homes
in-home government support programs
types of costs, services and eligibility requirements associated with different types of aged care facilities
eligibility requirements for accessing aged pensions and social security benefits, including:
means testing
concept of deemed, gross and net actual income
non-financial issues to be considered when planning for retirement, including:
family matters
health matters
where to live
insurance
estate planning and inheritance, including taxation issues relating to estate planning
retirement income stream products, including:
lump sum payments
reversionary pensions to beneficiaries
purpose and key features of wills, powers of attorney and trusts
roles and responsibilities of a power of attorney and a trustee.
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 requirements 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.