Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSSMS503A Mapping and Delivery Guide
Manage administration activities of a superannuation fund

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSSMS503A - Manage administration activities of a superannuation fund
Description This unit requires the application of skills and knowledge required to manage the administration activities of a superannuation fund. It encompasses identifying and managing reporting compliance requirements, managing contributions and rollovers into the fund, managing other payments, managing internal and external complaints, managing member records, managing trustee instructions and ensuring annual returns are lodged.This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).
Employability Skills This unit contains employability skills.
Learning Outcomes and Application This unit applies to job roles involving managing and undertaking administration activities for a superannuation fund.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Identify and manage reporting compliance requirements with legislative and operational requirements
  • Sources of information on legislative, regulatory requirements and compliance requirements are identified
  • Regulations and relevant legislative requirements that impact administrative processes and procedures are identified
  • Specialist advice is sought on areas outside of knowledge area and authority limits
  • Accuracy, thoroughness and timing of reporting procedures are reviewed against legislative requirements
       
Element: Manage contributions and rollovers into the fund
  • The accuracy and timelines of allocations and/or processing of contributions and rollovers, into the fund are reviewed in accordance with legislative and operational guidelines
  • Contributions are reviewed to ensure that they have been allocated in accordance with employer or trustee instructions
  • Contribution anomalies identified are reviewed to ensure correct processing
       
Element: Manage other payments
  • Payments into the fund are reviewed in accordance with legislative and operational guidelines
  • The accuracy and timelines of benefit payments out of the fund are reviewed in accordance with legislative and operational guidelines
  • Payment practices and processes are reviewed in accordance with legislative and operational guidelines
       
Element: Manage internal and external complaints
  • Internal and external complaints procedures are reviewed to ensure that they are carried out accurately and in a timely manner and in accordance with legislative and operational procedures
       
Element: Manage member/employee records
  • Documents are reviewed to ensure that document checking and validity processes are implemented, and supporting documentation is supplied
  • Documentation is reviewed to ensure that advice and acknowledgement have been issued
  • Employee records are reviewed to ensure currency of information
  • Documentation storing processes are reviewed to ensure compliance with organisational policies and procedures
       
Element: Manage trustee instructions
  • Trust deed instructions are reviewed to ensure they have been actioned correctly
  • External service providers are liaised with to validate that trustee instructions have been implemented
  • Monies received from investments are reviewed against trustee and trust deed instructions
  • Payments made are reviewed against trustee and trust deed instructions
       
Element: Ensure annual returns are lodged
  • Annual review process is completed accurately, thoroughly and in time, in accordance with legislative and operational requirements
  • Trustee reporting, member reporting and insurance reporting is completed accurately, thoroughly and in time, in accordance with legislative and operational requirements
  • Australian Prudential Regulation Authority (APRA)/ Australian Taxation Office (ATO)/annual return/ATO tax return, are completed accurately, thoroughly and in time, in accordance with legislative and operational requirements
       


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

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:

comply with ATO and APRA annual reporting requirements

apply organisation operational guidelines for making and receiving payments

seek specialist advice as required

process payments according to organisational guidelines

review member/employee records and manage trustee instructions.

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 organisational 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

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

Required skills

communication skills to:

liaise with others, share information using questioning and active listening as required

use language and concepts appropriate to cultural differences

numeracy and IT skills to:

perform basic calculations related to fund administration

access and update account records electronically

use appropriate software such as spreadsheets and databases

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

organisational skills, including the ability to plan and sequence work

Required knowledge

basic accounting practices

APRA annual reporting requirements

ATO annual reporting requirements

external complaint handling procedures

legislative and regulatory compliance requirements

organisation compliant handling procedures

organisation record keeping processes

trust deed requirements

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Payments into the fund may include:

insurance payments

payments from investment managers.

Payments out of the fund may include:

consultants' fees

insurance premiums

levies

payments to investment managers

tax payments.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Sources of information on legislative, regulatory requirements and compliance requirements are identified 
Regulations and relevant legislative requirements that impact administrative processes and procedures are identified 
Specialist advice is sought on areas outside of knowledge area and authority limits 
Accuracy, thoroughness and timing of reporting procedures are reviewed against legislative requirements 
The accuracy and timelines of allocations and/or processing of contributions and rollovers, into the fund are reviewed in accordance with legislative and operational guidelines 
Contributions are reviewed to ensure that they have been allocated in accordance with employer or trustee instructions 
Contribution anomalies identified are reviewed to ensure correct processing 
Payments into the fund are reviewed in accordance with legislative and operational guidelines 
The accuracy and timelines of benefit payments out of the fund are reviewed in accordance with legislative and operational guidelines 
Payment practices and processes are reviewed in accordance with legislative and operational guidelines 
Internal and external complaints procedures are reviewed to ensure that they are carried out accurately and in a timely manner and in accordance with legislative and operational procedures 
Documents are reviewed to ensure that document checking and validity processes are implemented, and supporting documentation is supplied 
Documentation is reviewed to ensure that advice and acknowledgement have been issued 
Employee records are reviewed to ensure currency of information 
Documentation storing processes are reviewed to ensure compliance with organisational policies and procedures 
Trust deed instructions are reviewed to ensure they have been actioned correctly 
External service providers are liaised with to validate that trustee instructions have been implemented 
Monies received from investments are reviewed against trustee and trust deed instructions 
Payments made are reviewed against trustee and trust deed instructions 
Annual review process is completed accurately, thoroughly and in time, in accordance with legislative and operational requirements 
Trustee reporting, member reporting and insurance reporting is completed accurately, thoroughly and in time, in accordance with legislative and operational requirements 
Australian Prudential Regulation Authority (APRA)/ Australian Taxation Office (ATO)/annual return/ATO tax return, are completed accurately, thoroughly and in time, in accordance with legislative and operational requirements 

Forms

Assessment Cover Sheet

FNSSMS503A - Manage administration activities of a superannuation fund
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSSMS503A - Manage administration activities of a superannuation fund

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: