Application
This unit describes the skills and knowledge required to terminate a superannuation plan. It involves confirming trustee instructions, processing superannuation termination transactions, and documenting those transactions.
The unit applies to those who, within their level of authority, apply specialised organisational and industry knowledge and follow defined procedures to process financial information.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Elements and Performance Criteria
1. Confirm trustee instructions | 1.1 Document trustee instructions according to organisational procedures 1.2 Clarify instructions with trustees where required and confirm compliance requirements are met 1.3 Obtain and record termination conditions according to organisational procedures 1.4 Confirm termination with member according to organisational policies and procedures 1.5 Obtain member authority to transfer member assets |
2. Process outstanding transactions | 2.1 Process benefit payments due before termination date according to organisational procedures 2.2 Process final contributions and outstanding charges and credits to the fund and confirm that all financial obligations are met |
3. Forward information and payments to required parties | 3.1 Obtain actuarial calculations where required and determine member benefits 3.2 Communicate member information to new fund administrator within negotiated timeframes and according to organisational procedures 3.3 Provide termination payments to 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 organisational procedures |
4. Complete and action fund documentation | 4.1 Document all transactions in member records according to organisational policies and procedures 4.2 Prepare statements and issue to member according to organisational procedures 4.3 Balance fund accounts according to financial requirements |
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:
terminate superannuation plans in response to the instructions of at least three different trustees.
In the course of the above, the candidate must:
forward required information to payment parties involved
complete fund documentation.
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:
industry and legislative requirements relating to terminating superannuation plans, including:
trust requirements
fund policy and procedures
organisational policies and procedures relating to terminating superannuation plans, including:
procedures for sourcing information about product terms and conditions
methods for balancing fund accounts
basic understanding of actuarial calculations
processes and requirements to determine member benefits
taxation requirements and procedures relating to terminating superannuation plans, and required document formats.
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
financial services product information
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 numerical and financial data, and reconcile accounts |
Oral communication | Participates in verbal exchanges, using active listening and questioning techniques to convey, clarify and share information with a range of people |
Reading | Analyses and consolidates a range of information and data against defined criteria and requirements |
Writing | Records and completes organisational documentation and correspondence using clear language and correct concepts 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 | Responds to predictable routine problems and implements standard logical solutions Makes low-impact decisions in familiar situations based on a range of predefined or routine solutions |
Self-management | Complies with explicit policies and procedures and implements expectations of policies and procedures 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