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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Confirm trustee instructions
   • 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
2. Process all outstanding transactions to termination date
   • 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
3. Forward information or payments to appropriate parties
   • 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
4. Complete and action fund documentation
   • Correctly document all transactions in member records
   • Prepare statements and issue to member according to organisational procedures
   • Balance fund accounts according to financial requirements

Performance Evidence

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.

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Knowledge Evidence

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.

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