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

FNSSUP412 Mapping and Delivery Guide
Determine impact of social security entitlements on retirement income

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSSUP412 - Determine impact of social security entitlements on retirement income
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to determine the implications of possible social security benefits in calculating an individual’s retirement income stream. It does not include the provision of personal financial advice to an individual.It applies to individuals who use specialised industry knowledge and systematic approaches to analyse numerical information accurately to complete tasks that meet organisational procedures. Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the superannuation field of work and include access to:

office equipment, technology, software and consumables

organisational policies and procedures.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
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: Research eligibility requirements for accessing social security benefits
  • Access and interpret reliable sources of current information on social security entitlements and their impact on income in retirement
  • Analyse the requirements of an individual’s government aged pension entitlement
  • 1.3 Determine how social security benefits impact on an individual's income in retirement or nearing retirement
  • Determine current eligibility requirements for relevant social security benefits and allowances that may apply to individuals and inform individuals that they will need to confirm eligibility with Centrelink
       
Element: Apply means testing rules
  • Identify the treatment of income streams in the government’s means testing process and the different treatments, if any, of account based and non-account based income streams
  • Apply means testing arrangements to various work activities
  • Identify the aged pension threshold rates at which government pensions reduce for the member
  • Use income and assets test information to calculate annual income stream amount to be assessed for social security purposes
       
Element: Determine deemed income on retirement benefits
  • Identify the appropriate calculation for deemed income
  • Provide details on financial investments included and excluded in deemed income and the asset test calculation
  • Identify the appropriate deeming rates for an individual
  • Seek advice and clarification from appropriate personnel when required
       


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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Research eligibility requirements for accessing social security benefits

1.1 Access and interpret reliable sources of current information on social security entitlements and their impact on income in retirement

1.2 Analyse the requirements of an individual’s government aged pension entitlement

1.3 Determine how social security benefits impact on an individual's income in retirement or nearing retirement

1.4 Determine current eligibility requirements for relevant social security benefits and allowances that may apply to individuals and inform individuals that they will need to confirm eligibility with Centrelink

2. Apply means testing rules

2.1 Identify the treatment of income streams in the government’s means testing process and the different treatments, if any, of account based and non-account based income streams

2.2 Apply means testing arrangements to various work activities

2.3 Identify the aged pension threshold rates at which government pensions reduce for the member

2.4 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 benefits

3.1 Identify the appropriate calculation for deemed income

3.2 Provide details on financial investments included and excluded in deemed income and the asset test calculation

3.3 Identify the appropriate deeming rates for an individual

3.4 Seek advice and clarification from appropriate personnel when required

Evidence of the ability to:

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

apply mathematical techniques and correct rules and rates to calculate deemed income on retirement benefits

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

explain what is meant by the term social security and its relationship to retirement

describe the key features of the Australian social security system and government retirement incomes policy

describe the range of social security entitlements and benefits available for those retired or nearing retirement

describe other types of government social security benefits and allowances including:

Department of Veterans’ Affairs (DVA) benefits

payments for carers

payments for people with disabilities

explain how means testing arrangements work

describe the steps and process for calculating an individual’s age pension entitlement

outline the treatment of income streams, including pensions and annuities, in means testing

explain how the social security system takes superannuation assets into account

describe methods used to check for computational errors in financial calculations.

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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Research eligibility requirements for accessing social security benefits

1.1 Access and interpret reliable sources of current information on social security entitlements and their impact on income in retirement

1.2 Analyse the requirements of an individual’s government aged pension entitlement

1.3 Determine how social security benefits impact on an individual's income in retirement or nearing retirement

1.4 Determine current eligibility requirements for relevant social security benefits and allowances that may apply to individuals and inform individuals that they will need to confirm eligibility with Centrelink

2. Apply means testing rules

2.1 Identify the treatment of income streams in the government’s means testing process and the different treatments, if any, of account based and non-account based income streams

2.2 Apply means testing arrangements to various work activities

2.3 Identify the aged pension threshold rates at which government pensions reduce for the member

2.4 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 benefits

3.1 Identify the appropriate calculation for deemed income

3.2 Provide details on financial investments included and excluded in deemed income and the asset test calculation

3.3 Identify the appropriate deeming rates for an individual

3.4 Seek advice and clarification from appropriate personnel when required

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
Access and interpret reliable sources of current information on social security entitlements and their impact on income in retirement 
Analyse the requirements of an individual’s government aged pension entitlement 
1.3 Determine how social security benefits impact on an individual's income in retirement or nearing retirement 
Determine current eligibility requirements for relevant social security benefits and allowances that may apply to individuals and inform individuals that they will need to confirm eligibility with Centrelink 
Identify the treatment of income streams in the government’s means testing process and the different treatments, if any, of account based and non-account based income streams 
Apply means testing arrangements to various work activities 
Identify the aged pension threshold rates at which government pensions reduce for the member 
Use income and assets test information to calculate annual income stream amount to be assessed for social security purposes 
Identify the appropriate calculation for deemed income 
Provide details on financial investments included and excluded in deemed income and the asset test calculation 
Identify the appropriate deeming rates for an individual 
Seek advice and clarification from appropriate personnel when required 

Forms

Assessment Cover Sheet

FNSSUP412 - Determine impact of social security entitlements on retirement income
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

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Assessor name:

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Assessment Record Sheet

FNSSUP412 - Determine impact of social security entitlements on retirement income

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:

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