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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. Research eligibility requirements for accessing social security entitlements
   • Identify and analyse sources of current information on social security entitlements and their impact on income in retirement
   • Analyse requirements of individual’s government aged pension entitlement
   • Determine impacts of social security entitlements on the income of an individual in or nearing retirement
   • Determine eligibility requirements for relevant social security entitlements and allowances that apply to individuals
   • Obtain confirmation of eligibility with Centrelink from individual according to organisational policies and procedures
2. Apply means testing rules
   • Identify the treatment of income streams according to the means testing process prescribed by the government and the different treatments of account based and non-account based income streams
   • Apply means testing arrangements to work activities
   • Identify aged pension threshold rates at which government pensions reduce for the individual
   • Use income and assets test information to calculate annual income stream amount to be assessed for social security purposes
3. Determine deemed income on retirement entitlements
   • Identify calculation for deemed income
   • Provide details on financial investments included and excluded in deemed income and the asset test calculation
   • Identify deeming rates for individual
   • Seek advice and clarification from required personnel

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:

determine impact of social security entitlements on the retirement income of at least three different people.

In the course of the above, the candidate must:

research current information on social security rules and eligibility requirements and apply to determine impact on retirement income streams

apply mathematical techniques to:

calculate retirement income taking into consideration the impact of possible social security entitlements

correct rules and rates to calculate deemed income on retirement entitlements.

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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 requirements relating to client privacy and data confidentiality

organisational policies and procedures relating to determining impact of social security entitlements

organisational quality assurance

social security entitlements available for those retired or nearing retirement

key components of the Australian social security system and government retirement income policy

government social security entitlements and allowances, including payments for:

veterans

carers

people with disabilities

current means testing frameworks relevant to determining the impact of social security entitlements on retirement income

methods for calculating an individual’s age pension entitlement, including how the Australian social security system takes superannuation assets into account

treatment of income streams in means testing, including:

pensions

annuities

methods used to check for computational errors in financial calculations.

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