This unit applies to job roles involving managing and undertaking administration activities for a superannuation fund.

ELEMENT

PERFORMANCE CRITERIA

1. Identify and manage reporting compliance requirements with legislative and operational requirements

1.1. Sources of information on legislative, regulatory requirements and compliance requirements are identified

1.2. Regulations and relevant legislative requirements that impact administrative processes and procedures are identified

1.3. Specialist advice is sought on areas outside of knowledge area and authority limits

1.4. Accuracy, thoroughness and timing of reporting procedures are reviewed against legislative requirements

2. Manage contributions and rollovers into the fund

2.1. 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

2.2. Contributions are reviewed to ensure that they have been allocated in accordance with employer or trustee instructions

2.3. Contribution anomalies identified are reviewed to ensure correct processing

3. Manage other payments

3.1. Payments into the fund are reviewed in accordance with legislative and operational guidelines

3.2. The accuracy and timelines of benefit payments out of the fund are reviewed in accordance with legislative and operational guidelines

3.3. Payment practices and processes are reviewed in accordance with legislative and operational guidelines

4. Manage internal and external complaints

4.1. 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

5. Manage member/employee records

5.1. Documents are reviewed to ensure that document checking and validity processes are implemented, and supporting documentation is supplied

5.2. Documentation is reviewed to ensure that advice and acknowledgement have been issued

5.3. Employee records are reviewed to ensure currency of information

5.4. Documentation storing processes are reviewed to ensure compliance with organisational policies and procedures

6. Manage trustee instructions

6.1. Trust deed instructions are reviewed to ensure they have been actioned correctly

6.2. External service providers are liaised with to validate that trustee instructions have been implemented

6.3. Monies received from investments are reviewed against trustee and trust deed instructions

6.4. Payments made are reviewed against trustee and trust deed instructions

7. Ensure annual returns are lodged

7.1. Annual review process is completed accurately, thoroughly and in time, in accordance with legislative and operational requirements

7.2. Trustee reporting, member reporting and insurance reporting is completed accurately, thoroughly and in time, in accordance with legislative and operational requirements

7.3. 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

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 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

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.

Unit sector

Self-managed superannuation

This unit contains employability skills.