Required skills

highlydeveloped 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

prepare fund documentation and reports

welldeveloped numeracy and IT skills to

perform basic calculations related to fund payments

calculate Notional Surchargeable Contribution Factor NSCF

access and update account records electronically

monitor for and advise on irregularities within a fund

access and use appropriate software such as word processors spreadsheets and databases

use internet information

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

data analysis and interpretation skills to interpret trust deeds and analyse interpret and report results from actuarial investigations

interpersonal skills to relate effectively within a team environment

organisation skills including the ability to plan and sequence work

learning skills to maintain knowledge of changes to products and relevant legislation

judgement skills for forming recommendations in operational situations

management skills for working effectively in a constantly changing environment

Required knowledge

advantages and disadvantages of different methods of contributing to defined benefit funds

effect and use of actuarial tools compound interest and probability

effect of parttime and casual employees and leave on defined benefits

effect of resignation dismissal and redundancy on defined benefits

application of privacy legislation

different types of retirement benefits and eligibility

effect of death and disability on defined benefits

factors affecting retirement benefit design

features advantages and disadvantages of accumulation and defined benefit funds

formulas used to calculate defined benefits

fraud deterrence practices

historical development of Australias retirement income system

how commutation of pensions work

implications and procedure for actuarial investigations

influences affecting the choice of design of funds and benefits

issues associated with pensions and lump sums

issues concerning contributions surcharge and benefit payouts

legal requirements for actuarial investigations of defined benefit funds

process and implications of

changing fund structures

transfer between superannuation funds

calculating the value of future liabilities the valuation of assets and the establishment of the contribution rate

relevant legislation

role of actuaries in determining payment of benefits

special provisions relating to public sector defined benefit funds

taxation implications of defined benefit funds

calculation of Notional Surchargeable Contribution Factor NSCFon Defined Benefit Funds

the role of employers and members in contributions made to defined benefit funds

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

explain the design of defined benefit funds to members

process contributions and payment of benefits in a defined benefit fund including additional fees charges and taxes

source interpret and test integrity of information required to process benefits

interpret trust deed conditions and establish special circumstances and make informed recommendations about benefit payments

identify source and interpret required information to process benefits for lump sum payments death claims and disablement claims

assess and determine benefit entitlements for eligible termination payments ETP death and disablement claims using computer programs

accurately process contributions and benefits and insurance claims according to organisation guidelines and relevant legislation

correctly 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

Influences on fund and benefit design may include:

Funding options may include:

Legislation and regulations determining compliance may include, as amended:

Beneficiaries may include:

Organisation procedures may include: