Application
This unit describes the skills and knowledge required to receive applications for superannuation benefit payments and ensure correct funds are allocated to members. This involves identification of the types of benefits, receipts of benefits and identification and management of errors pertaining to applications, processing of payments and compliance with quality assurance procedures.
It applies to individuals who, within their level of authority, apply specialised organisational knowledge and follow defined procedures to process financial information and maintain quality standards.
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.
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Receive applications for benefit payment | 1.1 Receive applications for superannuation benefit payment and check accompanying documents to ensure information is complete and correct 1.2 Document and issue receipt according to organisational procedures |
2. Identify and manage application errors | 2.1 Identify errors and incomplete applications 2.2 Take appropriate action on incomplete or incorrect applications according to organisational requirements 2.3 Prepare applications for processing when required information is obtained |
3. Process applications for benefit payments | 3.1 Check applications against organisational procedures 3.2 Source additional information from member or employer as required 3.3 Calculate benefit to include additional fees, charges and/or other factors, using computer system 3.4 Check results of calculation to ensure accuracy of data or forward to appropriate staff for checking 3.5 Process application in accordance with conditions identified in organisational procedures 3.6 Issue benefit payment documentation and monies to members, Australian Taxation Office (ATO) and rollover funds, as required |
4. Follow quality assurance procedures | 4.1 Follow organisational procedures to ensure all work is completed accurately 4.2 Maintain member documentation in accordance with organisational requirements 4.3 Implement system and process checks, and identify any irregularities 4.4 Correct any irregularities or communicate to appropriate personnel |
Evidence of Performance
Evidence of the ability to:
receive and process benefit applications for payment
source and interpret information required to process benefits including documentation, taxation requirements and trust deeds
review benefit applications:
for omissions
to identify errors in benefit applications
to check and assess the integrity of information
complete benefit calculations, including fees and charges.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
Evidence of Knowledge
To complete the unit requirements safely and effectively, the individual must:
describe key features of company policy, objectives and guidelines relating to processing superannuation rollover benefits
identify and describe components of a superannuation rollover benefits statement (RBS) and pay-as-you-go (PAYG) payment summary
describe the documentation requirements of benefit payments
outline procedures for calculating and processing benefits
describe how privacy legislation applies to processing superannuation rollover benefits
describe the organisation’s quality assurance practices.
Assessment Conditions
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:
common office equipment, technology, software and consumables
financial services product information
organisational policy and procedures.
Assessors must satisfy NVR/AQTF assessor requirements.
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 1.1, 2.1, 3.1, 3.4, 4.3 | Interprets, consolidates and checks information and data against established criteria and requirements, and for accuracy and completeness |
Writing | 1.2, 2.3, 3.2, 3.5, 3.6, 4.2, 4.4 | Accurately records and completes organisational documents and correspondence using clear language, and correct spelling, grammar and terminology |
Oral Communication | 3.2, 4.4 | Participates effectively in verbal exchanges, using active listening and questioning to convey and clarify information with a range of personnel |
Numeracy | 1.1, 1.2, 2.1, 3.3, 3.4, 3.6 | Performs mathematical calculations to verify financial data and process payments |
Navigate the world of work | 1.2, 2.2, 3.5, 3.6, 4.1, 4.2 | Complies with explicit policies and procedures, and explores and implements where identified the implicit expectations of policies and procedures Understands rights and responsibilities, and complies with legal and regulatory requirements |
Interact with others | 3.2, 4.4 | Uses a limited range of accepted practices for communicating in a work environment Recognises common cultural and other differences of people in the work context and makes adjustments in addressing the differences |
Get the work done | 2.1, 2.2, 3.1, 3.5, 3.6, 4.2, 4.3, 4.4 | Plans and implements routine tasks and workload, making limited decisions on sequencing, timing and collaboration, and seeks assistance in setting priorities Makes low-impact decisions within familiar situations, based on a range of predefined or routine solutions, and evaluates the effectiveness of the outcome Responds to predictable routine problems by implementing standard or logical solutions Uses a range of digitally based technologies to enter, access or update information to achieve required outcomes |
Sectors
Superannuation