Elements and Performance Criteria
- Process outstanding transactions
- Determine identity and authority of person making enquiry in respect of client’s income stream
- Respond to enquiry relating to terminating retirement income stream by detailing proposed actions according to organisational policies and procedures
- Identify the type of income stream
- Determine whether the client is requesting a full or partial withdrawal or commutation from the income stream
- Determine whether income stream can be commuted, terminated or whether it permits partial withdrawals and whether a reversionary pension or payment to the client’s estate is available in the case of client’s death
- Assess whether client is exercising their rights under the cooling-off period
- Complete and action fund documentation
- Record and communicate options to client or beneficiary and process required action according to their instructions and organisational procedures
- Process reversionary pension and other payments to the client’s estate in the event of client’s death, confirm relevant documentation has been received, and initiate claim staking processes where required
- Contact relevant person to obtain complying benefit payment request where payments are requested to be made to a third party
- Action client request to roll over a lump sum to another superannuation fund according to organisational procedures
- Establish a new reversionary income stream resulting from the termination of client’s income stream according to organisational policies and procedures
- Follow organisational procedures where a partial withdrawal by client from an account-based pension results in a breach of minimum and maximum range for income stream
- Determine taxable component of terminated income stream
- Determine payment of a lump sum from an income stream, complying with legislative and regulatory requirements
- Establish client’s age to determine whether tax is payable where the lump sum is a full or part withdrawal or commutation is paid to the client
- Use Australian Tax Office (ATO) guidelines to confirm dependency status and age of beneficiaries or estate recipients where a lump sum is payable
- Follow organisational procedures regarding payment of a tax anti-detriment adjustment where a lump sum is payable to beneficiaries or the estate
- Calculate and record relevant tax component in system according to legislative requirements and operational procedures
- Prepare documentation relevant to taxation calculations and forward to required personnel for review according to organisational policies and procedures
- Determine entitlements within authority levels and obtain sign-off
- Communicate outcome and nominated rollover fund details to client, beneficiary or client’s legal representative and send required information to client, their nominated rollover fund, beneficiary or legal representative, according to legislative and organisational requirements
- File copies of documents correctly and in a timely manner
- Respond to further client enquiries and refer complex enquiries to required personnel
- Implement system and process checks according to organisational policies and procedures, and correct irregularities
- Communicate irregularities to required personnel according to organisational policies and procedures