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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. Establish client relationship and record client details
   • Establish nature of client enquiry using suitable communication methods
   • Access client records or record new client details in organisational system
   • Explain to client role of organisation, and role and limits of authority of the representative
   • Identify clients with special needs and take necessary action or refer to appropriate advice channel where required
2. Provide client with general information about income stream options
   • Explain income stream products to client and the main differences and availability of account-based and non-account based income streams
   • Outline the general processes behind setting up an income stream product to client
   • Communicate process to move from accumulation phase to pension drawdown phase to client
   • Explain basic investment concepts to client
   • Identify the impact of a client’s investment choices on their account-based income stream
   • Provide client with options and refer to applicable specialist if they request personal advice
3. Explain retirement income stream products and options to client
   • Provide information, organisational materials and guidance relating to retirement income products offered by the organisation
   • Inform the client of ancillary benefits, facilities and options available when taking out an income stream product
   • Explain fees and charges associated with the organisation’s income stream products to client
   • Identify risk and benefits of income stream products available from the organisation and explain to client
   • Discuss procedures for complaint handling and resolution with client
4. Assist with client product enquiries
   • Provide assistance with enquiries relating to retirement income stream products according to legislative and regulatory requirements
   • Provide assistance with enquiries relating to requests for membership changes if purchasing an income stream from the client’s existing superannuation fund
   • Access applicable sources of information to respond accurately to client enquiries
   • Explain calculation process of pension payments with consideration given to social security, Centrelink and Department of Veterans’ Affairs (DVA) benefits
   • Provide information to clients who receive reversionary pensions and explain how nominations are made by the client
   • Check client understanding of information provided according to organisational policies and procedures and in compliance with legislative requirements
   • Provide follow-up services relating to client enquiries, as required and according to organisational policies and procedures

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:

provide specialist retirement income stream information to at least three different clients.

In the course of the above, the candidate must:

confirm client’s understanding when providing above information

provide general advice that complies with legislative requirements, organisational policies and procedures, and industry regulations.

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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:

legislative and regulatory requirements relating to retirement income stream, including:

those relating to the provision of factual superannuation information or general advice

product-specific requirements

privacy and confidentiality requirements

organisational policies and procedures relating to the provision of general advice on retirement income streams and the communication of that advice

retirement income stream products available in the organisation and more generally in the industry

process and documentation requirements for issuance of income stream products

marketing and product disclosure documents in providing advice to clients

types of information typically sought from client groups

calculating process of pension payments, including:

impact of social security

Centrelink

Department of Veterans’ Affairs (DVA) benefits

basic investment concepts, including:

risk and return

time horizons

asset classes

difference between general advice and personal advice, and significance of this difference in relation to providing advice to clients about post-retirement income stream products

differences between reversionary pensions payable from account based and non-account based income streams

key components of defined benefit non-account based income stream with and without a reversionary pension

key components of an income stream with a guarantee period.

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