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

FNSSUP304A Mapping and Delivery Guide
Process superannuation rollover benefits

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSSUP304A - Process superannuation rollover benefits
Description This unit describes the performance outcomes, skills and knowledge required to receive applications for superannuation benefit payments and ensure correct funds are allocated to members. This involves the identification of the types of benefits, receipts of benefits, identification and management of errors pertaining to applications, processing of payments and the compliance with quality assurance procedures.
Employability Skills This unit contains employability skills.
Learning Outcomes and Application This unit has application across all types of superannuation funds where receiving and processing benefit applications is a routine function within the job role.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites Not applicable.
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: Receive applications for benefit payment
  • Applications for superannuation benefit payment are received and accompanying documents are checked to ensure information is complete and correct
  • Receipt is documented according to organisational procedures
       
Element: Identify and manage application errors
  • Errors and incompletions in applications are identified
  • Incomplete or incorrect applications are actioned according to organisational requirements
  • Applications are prepared for processing when required information is obtained
       
Element: Process applications for benefit payments
  • Applications are checked against conditions identified in trust deed
  • Additional information is sourced as required (e.g. from member, employers etc.)
  • Benefit is calculated to include additional fees, charges and/or other factors, using computer system
  • Results of calculation are checked
  • Application is processed in accordance with the conditions identified in the trust deed and organisational procedures
  • Benefit payment documentation and monies are issued to members, Australian Taxation Office (ATO), rollover funds, as required
       
Element: Follow quality assurance procedures
  • Organisational procedures are followed
  • Member documentation is maintained in accordance with organisational requirements
  • System and process checks are implemented and any irregularities identified
  • Any irregularities are corrected or communicated to appropriate personnel
       


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:

receive and process benefit applications for payment

source and interpret information required to process benefits including documentation, taxation requirements and trust deeds

review benefit applications:

for omissions

to identify errors in benefit applications

to test and assess the integrity of information

complete benefit calculations including fees and charges.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services 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 financial services product information

access to information about workplace 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 units of competency

observing processes and procedure 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:

use questioning and active listening to gather and check information

liaise and share information with others

communicate appropriately with people from diverse backgrounds

numeracy skills to:

interpret numeric data and relevant statistics and from this perform calculations related to achieving required outcomes

IT skills to:

use computer applications (word processing, spreadsheet, database, specific purpose computer systems)

access and update records electronically

access web-based information services

reading skills to:

read and understand relevant procedures

read and interpret applications and supporting documentation

writing skills to:

accurately record information

prepare professional letters and emails

organisational skills to efficiently plan and sequence work

problem solving skills to address inaccuracies and omissions in applications

analytical skills to effectively analyse information and data

Required knowledge

company policies, objectives and guidelines

Government Member Benefit Protection Rules

Preservation Rules (after July 1999)

taxation requirements and tax rates for benefit payments under the Income Tax Assessment Act

components of a superannuation RBS and PAYG Payment Summary

documentation requirements of benefit payments

procedures for calculating and processing benefits

application of privacy legislation

fraud deterrence practices.

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.

Errors and/or incompletions in documentation may include:

member information is illegible or missing

signature is missing

documentation is inconsistent

member information does not correlate with fund records

insufficient detail given

Conditions identified in trust deed may include:

fund guidelines

details of policy taken by member

relevant legislation

Organisational procedures may include:

system/computer procedures

best practice standards

regulatory requirements

internal communications

internal service level agreements

codes of practice

documentation and filing procedures

verifying status of rollover conditions

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
Applications for superannuation benefit payment are received and accompanying documents are checked to ensure information is complete and correct 
Receipt is documented according to organisational procedures 
Errors and incompletions in applications are identified 
Incomplete or incorrect applications are actioned according to organisational requirements 
Applications are prepared for processing when required information is obtained 
Applications are checked against conditions identified in trust deed 
Additional information is sourced as required (e.g. from member, employers etc.) 
Benefit is calculated to include additional fees, charges and/or other factors, using computer system 
Results of calculation are checked 
Application is processed in accordance with the conditions identified in the trust deed and organisational procedures 
Benefit payment documentation and monies are issued to members, Australian Taxation Office (ATO), rollover funds, as required 
Organisational procedures are followed 
Member documentation is maintained in accordance with organisational requirements 
System and process checks are implemented and any irregularities identified 
Any irregularities are corrected or communicated to appropriate personnel 

Forms

Assessment Cover Sheet

FNSSUP304A - Process superannuation rollover benefits
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

FNSSUP304A - Process superannuation rollover benefits

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: