Application
This unit describes the skills and knowledge required to process superannuation fund payments in accordance with organisational policies and procedures.
The unit applies to those who, within their level of responsibility, apply specialised organisational knowledge and follow defined procedures to administer and process financial information.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Elements and Performance Criteria
1. Review documentation relating to superannuation fund payment request | 1.1 Identify payment request and trustee instructions 1.2 Obtain and review evidence from required stakeholders relating to request according to organisational procedures |
2. Assess validity of superannuation fund payment request and evaluate provided evidence | 2.1 Determine validity of request for payment according to evidence provided from relevant parties 2.2 Review request and determine its eligibility against fund conditions of entitlement, terms of the trust, payment criteria, and legislative and organisational requirements 2.3 Obtain additional opinion on validity of request from required stakeholders where required 2.4 Refer unusual requests or those not complying with relevant guidelines or authorities according to organisational procedures 2.5 Complete required documentation and distribute according to legislative and organisational requirements, and trustee instructions |
3. Process superannuation fund payments | 3.1 Determine level of entitlement based on accurate and up-to-date information and own authority levels, and according to organisational policies and procedures 3.2 Advise relevant parties of entitlement decision according to trustee instructions, legislative requirements and organisational policies and procedures |
4. Finalise superannuation fund payment transaction | 4.1 Identify and distribute required documentation to member, beneficiary or employer, as applicable and according to organisational policies and procedures 4.2 Check payment details for compliance with legislative and organisational guidelines according to level of own delegated authority 4.3 Make payment and complete supporting documentation according to legislative requirements and organisational policies and procedures 4.4 Update systems and file support documentation according to organisational policies and procedures |
Evidence of Performance
The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
process superannuation fund payments for at least three different clients.
In the course of the above, the candidate must:
follow delegation of authority and assess validity of requests and sufficiency and suitability of evidence provided in support of payment
comply with legislative requirements, organisational policies and procedures, trustee instructions, and fund conditions of entitlement in processing and recording payments and advising of entitlement decisions.
Evidence of Knowledge
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
legislative requirements relating to the processing of superannuation fund payments
organisational policies and procedures relating to processing superannuation fund payments, including:
obtaining and reviewing evidence
determining eligibility of superannuation payment requests
referring unusual or non-compliant payment requests to authorities
identifying levels of entitlement to apply to requests
communicating with trustees and members
communicating with external stakeholders
making superannuation fund payments
completing and filing documentation
updating organisational systems
key components of trustee instructions and terms of the associated trusts
key features and functions of computerised superannuation systems and procedures
terms and conditions relating to key products involved in processing superannuation fund payments
fund conditions of entitlement, including conditions under which investment and insurance payments can be made.
Assessment Conditions
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes access to:
documentation and information required to process superannuation fund payments, including organisational policies and procedures
organisational equipment, technology, software and consumables.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
Foundation Skills
Numeracy | Performs basic mathematical calculations to analyse financial data and make payments |
Oral communication | Participates in verbal exchanges, using active listening and questioning techniques to convey and clarify information with a range of people Uses a range of strategies and reads verbal and non-verbal signals to establish a sense of connection and build rapport with internal and external stakeholders |
Reading | Interprets, consolidates and matches information against established criteria and requirements |
Writing | Records and completes organisational documentation using clear language and correct concepts and terminology |
Problem solving | Accepts responsibility for addressing predictable problems and initiates standard procedures in response, applying problem-solving processes in determining a solution |
Self-management | Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficient and effective outcomes Makes routine decisions and implements standard procedures for routine tasks, using formal decision-making processes for more complex and non-routine situations |
Teamwork | Cooperates with others and contributes to work practices where joint outcomes are expected and deadlines are to be met |
Technology | Uses digitally based technologies to access and update information to achieve required outcomes |
Sectors
Superannuation