Required skills

communication skills to

liaise with others share information confirm work requirements using questioning and active listening as required

use language and concepts appropriate to cultural differences

numeracy and IT skills to

perform calculations related to income streams

access and update account records electronically

use internet information

literacy skills to read and interpret documentation from a variety of sources and record and consolidate related information

data analysis and interpretation skills

interpersonal skills to relate effectively within a team environment

organisation skills including the ability to plan and sequence work

Required knowledge

organisation policies procedures objectives and guidelines

compliance requirements for routine tasks

effect of privacy legislation on work role

fraud deterrence practices

relevant acts and regulations and legislative and code of practice requirements

historical development of Australias retirement income system

features advantages and disadvantages of retirement income stream options

taxation implications of retirement income stream options

the impact of legislation on retirement income stream options

the role of employers and members in retirement income stream options

formulas used to calculate defined benefits

how commutation of pensions works

issues concerning contributions surcharge and benefit payouts

effect of death and disability on retirement income stream options

process and implications of transfer between superannuation funds

process and implications of changing fund structures

Privacy Act obligations

fraud deterrence practices

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria required skills and knowledge range statement and the Assessment Guidelines for the Training Package

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to

apply knowledge of retirement income stream features and processes and process ETP rollover payments according to organisation requirements

access member contract guidelines and prepare income benefit documentation

process commutations and explain to clients how pensions and annuities are taxed

accurately process incoming payments and outgoing benefits

identify consequences of incorrect processing of contributions and benefits

Context of and specific resources for assessment

Assessment must ensure

competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment technology software and consumables

access to organisation financial records

access to organisation policies and procedures

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge The following examples in combination are appropriate for this unit

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

observing processes and procedures in workplaces

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

accessing and validating third party reports

setting and reviewing workplace business simulations or scenarios

Guidance information for assessment

Main types of income streams include:

Regulation and legislation determining compliance may include:

Organisation procedures may include:

Member enquiries may include: