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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
   • 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
2. Process outstanding transactions
   • 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
3. Forward information and payments to required parties
   • 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
4. Complete and action fund documentation
   • 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

Performance Evidence

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.

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Knowledge Evidence

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.

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