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

FNSSUP403A Mapping and Delivery Guide
Administer retirement income streams

Version 1.0
Issue Date: April 2024


Qualification -
Unit of Competency FNSSUP403A - Administer retirement income streams
Description This unit describes the performance outcomes, skills and knowledge required to administer retirement income streams. It encompasses the explanation and identification of retirement income stream features, processes for the purchase of retirement income streams, processing of income benefits, ability to maintain documentation and records, processing of commutations, responding to member enquiries regarding retirement income and the ability to follow quality assurance procedures.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 administering retirement income streams in organisations managing superannuation fund or life assurance or in other financial institutions.
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: Explain the features and processes of retirement income streams
  • The main types of income streams are identified
  • The features, advantages and disadvantages of the main retirement income streams are identified
  • The taxation, payment and social security requirements and considerations of income streams are identified
  • Regulations and legislation determining compliance of retirement income streams are identified and complied with
       
Element: Process Eligible Termination Payment (ETP) rollover payments for the purchase of retirement income streams
  • New accounts are established and checked for eligibility
  • Payments are received via post, person, phone or electronic transfer
  • Payments and organisation documents are checked to ensure information is complete and correct
  • Further information is obtained as required
  • Data is entered and policy activated according to organisation procedures
  • Payments are prepared and banked according to organisation procedures
  • Policy documents and confirmation are sent to member
  • Documentation is filed according to organisation procedures
       
Element: Process retirement income benefits
  • Payment is prepared and processed according to conditions of member contract and organisation guidelines
  • Benefit is calculated to include additional fees, taxation, surcharge debt and/or other factors
  • Documentation is prepared and checked according to organisation guidelines
  • Payment is checked for delivery to member
       
Element: Process and maintain documentation and records
  • All transactions are correctly documented in member records
  • Statements and receipts are prepared and issued to members according to organisation guidelines
  • Member records are maintained to ensure currency and accuracy
  • Pension payments are maintained and regularly reviewed
  • The annual review processes are identified and implemented
  • Certificates, benefit information and taxation information are generated and provided according to legislative requirements
       
Element: Process commutations
  • Requests for withdrawals are received and documented according to organisation procedures
  • Information provided is checked for accuracy and completion
  • Withdrawal requests are processed according to organisation procedures
  • Records are updated
       
Element: Respond to member enquiries regarding retirement income as required
  • Member enquiries are treated professionally and in accordance with organisation customer service standards
  • Required information is provided to meet general member enquiries
  • Complex enquiries are referred to appropriate personnel
  • Information is provided according to organisation and legislative requirements
       
Element: Follow quality assurance procedures
  • Organisation procedures are followed
  • Member details are established and maintained in accordance with organisation 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:

apply knowledge of retirement income stream features and processes and process ETP rollover payments according to organisation requirements

access member contract guidelines and prepare income benefit documentation

process commutations and explain to clients how pensions and annuities are taxed

accurately process incoming payments and outgoing benefits

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

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, confirm work requirements, using questioning and active listening as required

use language and concepts appropriate to cultural differences

numeracy and IT skills to:

perform calculations related to income streams

access and update account records electronically

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

organisation skills, including the ability to plan and sequence work

Required knowledge

organisation policies, procedures, objectives and guidelines

compliance requirements for routine tasks

effect of privacy legislation on work role

fraud deterrence practices

relevant acts and regulations and legislative and code of practice requirements

historical development of Australia's retirement income system

features, advantages and disadvantages of retirement income stream options

taxation implications of retirement income stream options

the impact of legislation on retirement income stream options

the role of employers and members in retirement income stream options

formulas used to calculate defined benefits

how commutation of pensions works

issues concerning contributions surcharge and benefit payouts

effect of death and disability on retirement income stream options

process and implications of transfer between superannuation funds

process and implications of changing fund structures

Privacy Act obligations

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.

Main types of income streams include:

complying and non-complying pensions and annuities:

lifetime pensions/annuities

fixed term pensions/annuities

allocated pensions/annuities.

Regulation and legislation determining compliance may include:

Superannuation Industry (Supervision) (SIS) Act

Superannuation Industry (Supervision) Regulations

Financial Services Reform Act (FSRA)

Corporations Act

Income Tax Assessment Act

Superannuation Contributions Tax (Assessment and Collection) Act (surcharge)

Superannuation (Resolution of Complaints) Act

Superannuation (Unclaimed Moneys and Lost Members) Act Family Law Legislation Amendment Superannuation Act

Insurance Act

Privacy Act

anti-discrimination legislation

Trustee Acts or Trust Acts in each State and Territory

industrial legislation

stamp duty legislation

trade practices legislation.

Organisation procedures may include:

best practice standards

codes of practice

documentation and filing procedures

internal and external communications

regulatory requirements

system/computer procedures.

Member enquiries may include:

balance of account

change of personal details

date of payment

product rules and options

schedules.

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
The main types of income streams are identified 
The features, advantages and disadvantages of the main retirement income streams are identified 
The taxation, payment and social security requirements and considerations of income streams are identified 
Regulations and legislation determining compliance of retirement income streams are identified and complied with 
New accounts are established and checked for eligibility 
Payments are received via post, person, phone or electronic transfer 
Payments and organisation documents are checked to ensure information is complete and correct 
Further information is obtained as required 
Data is entered and policy activated according to organisation procedures 
Payments are prepared and banked according to organisation procedures 
Policy documents and confirmation are sent to member 
Documentation is filed according to organisation procedures 
Payment is prepared and processed according to conditions of member contract and organisation guidelines 
Benefit is calculated to include additional fees, taxation, surcharge debt and/or other factors 
Documentation is prepared and checked according to organisation guidelines 
Payment is checked for delivery to member 
All transactions are correctly documented in member records 
Statements and receipts are prepared and issued to members according to organisation guidelines 
Member records are maintained to ensure currency and accuracy 
Pension payments are maintained and regularly reviewed 
The annual review processes are identified and implemented 
Certificates, benefit information and taxation information are generated and provided according to legislative requirements 
Requests for withdrawals are received and documented according to organisation procedures 
Information provided is checked for accuracy and completion 
Withdrawal requests are processed according to organisation procedures 
Records are updated 
Member enquiries are treated professionally and in accordance with organisation customer service standards 
Required information is provided to meet general member enquiries 
Complex enquiries are referred to appropriate personnel 
Information is provided according to organisation and legislative requirements 
Organisation procedures are followed 
Member details are established and maintained in accordance with organisation requirements 
System and process checks are implemented and any irregularities identified 
Any irregularities are corrected or communicated to appropriate personnel 

Forms

Assessment Cover Sheet

FNSSUP403A - Administer retirement income streams
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

FNSSUP403A - Administer retirement income streams

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: