Application
This unit describes the skills and knowledge required to establish and maintain a superannuation fund or plan. It encompasses interpreting fund or plan details, seeking specialist advice when necessary, establishing systems and administrative procedures to meet requirements, creating client records and updating plan designs.
It applies to individuals who use specialised industry knowledge and systematic approaches to thoroughly and accurately complete a range of tasks that meet organisational requirements.
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. Interpret fund or plan details | 1.1 Establish fund or plan according to instructions provided, and trust deed and relevant regulations 1.2 Clarify information on new fund or plan as required to ensure details are consistent with client requirements 1.3 Obtain specialist advice promptly to ensure comprehensive technical information is available as required |
2. Create client records | 2.1 Establish new client data in required format, according to organisational procedures and within required timeframes 2.2 Validate system data against original regularly to ensure accuracy |
3. Update plan design | 3.1 Amend fund documents and/or trust deeds in line with updated design specifications in compliance with relevant legislation and client requirements 3.2 Update and regularly validate systems processes to reflect changes in benefits, preserved amounts or other government changes 3.3 Update procedures, policies or operating guidelines in an accurate and timely manner 3.4 Promptly communicate changes to members |
Evidence of Performance
Evidence of the ability to:
interpret fund or plan details relevant to fund establishment, and seek specialist advice where identified
create client records within fund systems
update and maintain plan design, demonstrating overall understanding of applicability of fund procedures.
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:
outline the key features of plan design
describe the key features of trust deed fund or plan
identify the information required to set up a new plan
outline issues to consider in setting up a plan
outline steps to follow if insufficient information is provided or specialist advice is needed
outline the key features of organisational products and procedures.
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
organisational financial records
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, 2.2, 3.1, 3.2 | Analyses and consolidates information from a range of sources to complete requirements |
Writing | 2.1, 3.1-3.4 | Prepares and actively updates and maintains documentation using format, terminology and conventions specific to the requirements, audience and purpose |
Oral Communication | 1.2, 1.3, 3.4 | Clearly conveys and clarifies information using clear language and active listening, and questioning skills appropriate for the audience |
Numeracy | 2.1, 2.2, 3.2 | Performs mathematical calculations to ensure accuracy of system data Analyses and manipulates information and data relating to timelines and targets |
Navigate the world of work | 1.1, 2.1, 3.1, 3.2 | Accepts responsibility and ownership for the task and makes decisions on completion parameters and the need for coordination with others Follows policies, procedures and legislative requirements, and identifies organisational implications of new legislation or regulations Modifies or develops organisational policy and procedures |
Interact with others | 1.2, 1.3, 2.1, 3.4, | Uses a range of strategies and reads verbal and non-verbal signals to establish a sense of connection and build rapport with clients and workmates Cooperates with others and contributes to work practices where joint outcomes are expected and deadlines are to be met |
Get the work done | 1.1, 2.1, 2.2, 3.1-3.4 | Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Applies systematic and analytical decision-making processes for complex and non-routine situations Accepts responsibility for addressing problems and initiates standard procedures in response, applying problem-solving processes in determining a solution Uses a range of digitally based technologies to enter, access or update information to achieve required outcomes |
Sectors
Superannuation