FNSSUP303A
Process superannuation contributions

This unit describes the performance outcomes, skills and knowledge required to receive superannuation contributions and ensure correct funds are allocated to accounts. The unit encompasses the identification of contribution types and their processes, processes utilised to receive contributions, processes utilised to receive Rollover Benefit Statements (RBS), processes utilised to identify and manage RBS errors and incompletions, processes to allocate contributions according to contribution type and the ability to issues receipts and confirmations according to organisational guidelines.

Application

This unit has application across a range of superannuation funds; it applies to trustee roles, not advisory roles.

Work contexts where this unit may apply include:

Receiving and processing incoming payments as the primary function of the work role or as one element of a varied work role.

Receiving and processing incoming payments according to the administrative requirements and procedures as defined by the fund or superannuation organisation and any legislative or regulatory requirements.

Prerequisites

Not applicable.

Elements and Performance Criteria

1. Identify types of contributions and their processes

1.1 Contribution sources and types are identified and recorded

1.2 Potential errors in processing contribution types are identified

2. Receive superannuation contributions

2.1 New accounts are established and checked for eligibility

2.2 Superannuation contributions and accompanying documents are received and checked to ensure information is complete and correct

2.3 Receipt of contribution is documented according to organisational procedures

2.4 Documentation is filed according to organisational procedures

2.5 Contributions are processed for banking according to organisational procedures

3. Receive Rollover Benefit Statements (RBS)

3.1 RBSs received are checked for eligibility

3.2 Documentation is checked for completion and processed accordingly

4. Identify and manage contribution and RBS errors or incompletions

4.1 Errors in contributions and/or documentation are identified

4.2 Documentation is returned or required information sought

4.3 Employers are sent contribution reminders as required

4.4 Incomplete or incorrect contributions are actioned according to organisational requirements

4.5 Incomplete or incorrect contributions are reconciled and processed when required information is obtained

5. Allocate contributions according to contribution type

5.1 Contributions are allocated in accordance with member and employer requirements

5.2 Processing is completed according to organisational requirements and procedures

6. Follow quality assurance procedures

6.1 Organisational procedures are followed

6.2 Member details are established and maintained in accordance with organisational requirements

6.3 System and process checks are implemented and any irregularities identified

6.4 Any irregularities are corrected or communicated to appropriate personnel

Required Skills

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 relevant statistics 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

access web-based information services

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, objectives and guidelines

eligibility rules for contribution types under the Superannuation Industry (Supervision) Act

components of a superannuation RBS

documentation requirements of RBSs

processes for paying superannuation benefits

Contribution Caps and tax implications under the Superannuation Industry (Supervision) Act

application of Privacy legislation

fraud deterrence practices.

Evidence Required

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:

establish new accounts with a variety of different contribution types and sources

receive and process contributions

receive and process Rollover Benefit Statements

identify and correct errors, inconsistencies, omissions and incompletions

reconcile client accounts.

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

Range Statement

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.

Contribution sources may include:

members

nominated contributors such as spouses, family members etc.

employers

Australian Taxation Office (ATO)

transfers and rollovers.

Errors in contributions and/or documentation may include:

member information is illegible or missing

signature is missing

payment does not correspond with documentation

member information does not correlate with fund records.

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.

Sectors

Superannuation

Employability Skills

This unit contains employability skills.

Licensing Information

Not applicable.