This unit can apply to job roles involving management of all fund types, including self-managed superannuation funds.

ELEMENT

PERFORMANCE CRITERIA

1. Confirm trustee instructions

1.1. Trustee instructions are checked to ensure that they are in accordance with trust deeds and legislative requirements

1.2. Reports are provided to trustee on appropriate steps to be taken to change the structure of the fund

1.3. Agreed timeframes for structural changes to occur are established

1.4. Transitional specialist advice to support structural change is obtained if required

1.5. Business sales agreement between employers is reviewed where relevant

1.6. Trustee instructions being in accordance with trust deed requirements is confirmed

2. Verify outstanding transactions

2.1. Outstanding transactions according to trust deed requirements are identified

2.2. Processing of all outstanding transactions in accordance with agreed timeframes is confirmed

2.3. External parties are communicated with to ensure transactions are processed and actioned within agreed timeframes

3. Manage distribution of information to appropriate parties

3.1. Open communication is maintained with relevant parties

3.2. Request for relevant payments, documentation and reports are made to relevant parties

3.3. Reports are provided to members and received within specified timeframes

3.4. Relevant documentation is completed and signed by members within agreed timeframes

3.5. Communication and documentation pertaining to the notification of structural changes are provided to members in accordance with organisational and legislative requirements

4. Manage distribution of fund assets

4.1. Assets are collected from relevant parties before structural changes occur

4.2. Communication channels are maintained between investment managers and custodians

4.3. The distribution of fund assets is compliant with legislative requirements

4.4. Fund assets are transferred to new funds or distributed to relevant parties

5. Manage documentation

5.1. Reporting requirements are completed according to statutory reporting requirements

5.2. Funds are acquitted according to accounting principles

5.3. Necessary documentation and records are provided to relevant parties

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 superannuation funds

access and update account records electronically

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

use internet information

data analysis and interpretation skills

literacy skills to:

write business reports

read and interpret documentation from a variety of sources and record and consolidate related information

interpersonal skills to relate effectively within a team environment

organisational skills, including the ability to plan and sequence work

Required knowledge

basic accounting principles

Australian Prudential Regulation Authority (APRA) reporting requirements

Australian Securities and Investments Commission (ASIC) reporting requirements

Australian Taxation Office (ATO) reporting requirements

trust deed requirements

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:

confirm trustee instructions using knowledge of trust deed requirements

identify outstanding transactions

manage the distribution of fund assets

meet all reporting and statutory reporting requirements.

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

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.

Specialist advice may include:

accountancy

actuarial

investment

legal

valuation.

Transactions may include:

benefits and other payments out are paid

contributions in (i.e. insurance payments/refunds)

government levies

tax payments.

Trust deeds may include:

allocation of surplus

custodians

investment managers

trust deed requirements for member benefits, guarantor.

Assets transferred may include:

custodians

investment managers.

Statutory reporting requirements may include:

APRA

ASIC

ATO.

Relevant parties may include:

actuarial advisers

APRA

ATO

custodians

employers

investment managers

members

trustees.

Unit sector

Self-managed superannuation

This unit contains employability skills.