Assessor Resource

FNSSUP432
Determine impact of social security entitlements on retirement income

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to determine the implications of possible social security entitlements in calculating an individual’s retirement income stream. It does not include the provision of personal financial advice to an individual.

The unit applies to those who use specialised industry knowledge and systematic approaches to analyse numerical information, process financial information and maintain quality standards.

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:

determine impact of social security entitlements on the retirement income of at least three different people.

In the course of the above, the candidate must:

research current information on social security rules and eligibility requirements and apply to determine impact on retirement income streams

apply mathematical techniques to:

calculate retirement income taking into consideration the impact of possible social security entitlements

correct rules and rates to calculate deemed income on retirement entitlements.

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 requirements relating to client privacy and data confidentiality

organisational policies and procedures relating to determining impact of social security entitlements

organisational quality assurance

social security entitlements available for those retired or nearing retirement

key components of the Australian social security system and government retirement income policy

government social security entitlements and allowances, including payments for:

veterans

carers

people with disabilities

current means testing frameworks relevant to determining the impact of social security entitlements on retirement income

methods for calculating an individual’s age pension entitlement, including how the Australian social security system takes superannuation assets into account

treatment of income streams in means testing, including:

pensions

annuities

methods used to check for computational errors in financial calculations.

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

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:

determine impact of social security entitlements on the retirement income of at least three different people.

In the course of the above, the candidate must:

research current information on social security rules and eligibility requirements and apply to determine impact on retirement income streams

apply mathematical techniques to:

calculate retirement income taking into consideration the impact of possible social security entitlements

correct rules and rates to calculate deemed income on retirement entitlements.

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 requirements relating to client privacy and data confidentiality

organisational policies and procedures relating to determining impact of social security entitlements

organisational quality assurance

social security entitlements available for those retired or nearing retirement

key components of the Australian social security system and government retirement income policy

government social security entitlements and allowances, including payments for:

veterans

carers

people with disabilities

current means testing frameworks relevant to determining the impact of social security entitlements on retirement income

methods for calculating an individual’s age pension entitlement, including how the Australian social security system takes superannuation assets into account

treatment of income streams in means testing, including:

pensions

annuities

methods used to check for computational errors in financial calculations.

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

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
Identify and analyse sources of current information on social security entitlements and their impact on income in retirement 
Analyse requirements of individual’s government aged pension entitlement 
Determine impacts of social security entitlements on the income of an individual in or nearing retirement 
Determine eligibility requirements for relevant social security entitlements and allowances that apply to individuals 
Obtain confirmation of eligibility with Centrelink from individual according to organisational policies and procedures 
Identify the treatment of income streams according to the means testing process prescribed by the government and the different treatments of account based and non-account based income streams 
Apply means testing arrangements to work activities 
Identify aged pension threshold rates at which government pensions reduce for the individual 
Use income and assets test information to calculate annual income stream amount to be assessed for social security purposes 
Identify calculation for deemed income 
Provide details on financial investments included and excluded in deemed income and the asset test calculation 
Identify deeming rates for individual 
Seek advice and clarification from required personnel 

Forms

Assessment Cover Sheet

FNSSUP432 - Determine impact of social security entitlements on retirement income
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

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Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSSUP432 - Determine impact of social security entitlements on retirement income

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: