Application
This unit describes the skills and knowledge required to receive and process superannuation rollover benefits. This involves identification of the types of rollover benefits and the identification and management of errors relating to applications and processing of payments, and compliance with quality assurance procedures.
The unit applies to those 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. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.
Elements and Performance Criteria
1. Prepare to process applications for superannuation rollover benefit payments | 1.1 Receive application for benefit payment according to legislative and regulatory requirements and organisational policies and procedures 1.2 Check that application and accompanying documents are complete and correct 1.3 Take action on incomplete or incorrect applications according to organisational policies and procedures and within limits of own responsibility 1.4 Source additional information from members and employers as required |
2. Process applications for superannuation rollover benefit payments | 2.1 Prepare application for processing when required information is obtained 2.2 Calculate benefit to include additional fees, charges and other factors according to organisational policies and procedures 2.3 Check results of calculation and accuracy of data 2.4 Forward processed application to required personnel for checking 2.5 Correct identified irregularities and communicate to required personnel |
3. Finalise process for superannuation rollover benefit payments | 3.1 Action remaining application processes according to conditions identified in organisational policies and procedures and quality assurance requirements 3.2 Prepare benefit payment documentation and funds for submission to members, Australian Taxation Office (ATO) and rollover funds, as required 3.3 Store documentation relating to processed benefit and maintain member 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 at least three different applications for superannuation rollover benefits according to organisational policies and procedures.
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 and regulatory requirements relating to processing superannuation rollover benefits, including privacy legislation
organisational policies, objectives and guidelines relating to processing superannuation rollover benefits, including for:
receiving and documenting applications
identifying and addressing incomplete or incorrect applications
assessing the integrity of information
calculating and processing benefits, including fees and charges
quality assurance procedures and practices
storing documentation relating to processed benefit
issuing benefit payments to fund members, Australian Taxation Office (ATO), and rollover funds
components of a superannuation rollover benefits statement (RBS)
documentation required to process rollover benefit payments and their key components, including:
taxation documentation, including pay as you go (PAYG) payment summaries
trust deeds
content to be included in superannuation rollover benefit statements.
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:
organisational equipment, technology, software and consumables
organisational policies and procedures.
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 mathematical calculations to verify financial data |
Reading | Interprets, consolidates and checks information and data against established criteria and requirements |
Writing | Records and completes organisational documentation and correspondence using clear language, and correct spelling, grammar and terminology |
Planning and organising | Plans and implements routine tasks and workload, making limited decisions on sequencing, timing and collaboration, and seeks assistance in setting priorities |
Problem solving | Makes low-impact decisions in familiar situations based on a range of predefined or routine solutions, and evaluates effectiveness of the outcome Responds to predictable routine problems by implementing standard logical solutions |
Self-management | Understands rights and responsibilities, and complies with legal and regulatory requirements |
Technology | Uses digitally based technologies to enter, access or update information to achieve required outcomes |
Sectors
Superannuation