Application
This unit describes the skills and knowledge required to terminate a superannuation plan.
It applies to individuals who, within their level of authority, apply specialised organisational and industry knowledge and follow defined procedures to process financial information.
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. Confirm trustee instructions | 1.1 Accurately and clearly document all trustee instructions according to organisational procedures 1.2 Clarify instructions with trustees where appropriate to ensure compliance requirements are met 1.3 Obtain and record plan termination conditions 1.4 Confirm termination to member promptly and according to operating procedures 1.5 Obtain member authority for transfer of member assets |
2. Process all outstanding transactions to termination date | 2.1 Accurately process all benefit payments due before termination date according to operating procedures 2.2 Process all final contributions and outstanding charges and credits to the fund to ensure all financial obligations are met |
3. Forward information or payments to appropriate parties | 3.1 Obtain actuarial calculations where required to determine member benefits 3.2 Forward member information to new fund administrator as appropriate within negotiated timeframes and according to operating procedures 3.3 Forward termination payments to the trustee or member when due, and according to arrangement with member and termination provisions 3.4 Obtain valid discharge of all future liability according to operating procedures |
4. Complete and action fund documentation | 4.1 Correctly document all transactions in member records 4.2 Prepare statements and issue to member according to organisational procedures 4.3 Balance fund accounts according to financial requirements |
Evidence of Performance
Evidence of the ability to:
confirm trustee instructions
process all outstanding transactions to termination date
forward information to appropriate payment parties
complete and action fund documentation.
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 the following and how they apply to the termination of superannuation funds:
trust requirements
fund policy and procedures
industry and legislative requirements
outline taxation requirements and procedures, and relevant document formats
describe key features of company policy and procedures as they relate to the termination of superannuation plans
explain how to source information about product terms and conditions.
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, 1.2, 1.5, 3.1, 3.4 | Analyses and consolidates a range of information and data against defined criteria and requirements |
Writing | 1.1-1.5, 2.1, 2.2, 3.2-3.4, 4.1, 4.2 | Accurately records and completes organisational documents and correspondence using clear language, and correct concepts and terminology |
Oral Communication | 1.2, 1.4 | Participates effectively in verbal exchanges, using active listening and questioning to convey, clarify and share information with a range of personnel |
Numeracy | 1.1, 1.2, 2.1, 2.2, 3.1, 3.3, 4.3 | Performs mathematical calculations to verify numerical and financial data, and reconcile accounts |
Navigate the world of work | 1.4, 2.1, 3.2, 3.3, 3.4, 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 |
Get the work done | 1.1, 1.3, 2.1, 2.2, 3.2, 3.3, 3.4, 4.1, 4.2, 4.3 | Plans and implements routine tasks and workload, making limited decisions on sequencing, timing and collaboration, and seeks assistance in setting priorities Responds to predictable routine problems and implements standard or logical solutions Makes low-impact decisions within familiar situations, based on a range of predefined or routine solutions Uses a range of digitally based technologies to enter, access or update information to achieve required outcomes |
Sectors
Superannuation