This unit has application around a variety of funds and can be utilised by the trustee or an administrator of a fund.
Work contexts where this unit may apply include:
Where processing of documentation for new members and/or employers is the major function of the work role.
When maintenance of and changes to records is part of work role.
When interaction with members and employers is involved and requires documentation.
Not applicable.
1. Set up new member records for individuals | 1.1 Information required to set up new member file is collected 1.2 Information is checked to ensure it is complete and correct 1.3 Data is entered into organisational information system 1.4 New member record is activated 1.5 Confirmation is sent according to organisational guidelines 1.6 New and additional information is accurately updated within organisational guidelines |
2. Set up new employer records as required | 2.1 Information required to set up new employer record is collected 2.2 Information is checked to ensure it is complete and correct 2.3 Data is entered into organisational information system 2.4 New employer record is activated 2.5 Confirmation is sent according to organisational guidelines |
3. Maintain integrity of records | 3.1 All transactions are correctly reflected in records 3.2 Inconsistencies are identified and acted upon 3.3 Records are up-dated as new information is received 3.4 Enquiries and communications are added to records 3.5 Confirmation is sent according to organisational guidelines |
4. Identify administrative and accounting processes documented in member records | 4.1 Process of determining interest is identified 4.2 Factors influencing interest are identified 4.3 Administrative charges and insurance premiums are identified on records 4.4 Processes of allocating interest, charges and insurance premiums to member accounts are described to the customer 4.5 Members are provided with information regarding their records as required and according to organisational guidelines |
5. Describe elements of annual statements and calculation processes | 5.1 Elements of annual statements are identified and understood 5.2 Statements are reproduced as required and according to organisational guidelines |
6. Follow quality assurance procedures | 6.1 Organisational procedures are followed 6.2 Member/employer details are established and maintained in accordance with organisational requirements 6.3 Consequences of incorrect information are identified and corrected |
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 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
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, procedures, objectives and guidelines
superannuation fund structures
available products and services
fund rules
guiding principles of the Privacy Act
fraud deterrence practices
information technology system procedures for documentation
organisational information, documentation and communication systems.
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: set up new member records without errors or omissions set up new employer records enter data onto organisation information system maintain integrity of organisational records demonstrate knowledge of administrative and accounting practices utilised in members records demonstrate knowledge and understanding of the annual statement and calculation processes. |
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 office equipment, technology, software and consumables access to financial services product information access to information about a 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 |
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.
Inconsistencies may include: | personal details do not correspond employer details do not correspond contribution details do not correspond contribution changes employment changes applicant is not eligible to apply current forms are not used |
Superannuation records may include the following details: | personal details employment details member categories (eg spouse account) employer/member contribution balances preservation categories historical information Rollover Benefit Statement (RBS) categories funds allocation requirements other special circumstances transaction details (eg changes in member investment choices or insurance choices) insurance categories investment choice categories beneficiaries |
Factors influencing interest allocation may include: | government regulation investment performance fund rules |
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 |
Superannuation
This unit contains employability skills.
Not applicable.