This unit applies to job roles establishing and maintaining a fund or plan consistent with small Australian Prudential Regulation Authority (APRA) funds and has application to employers, Trustees and advisory roles. It may include relevant insurance or other enhancements, which may be separately tendered.

ELEMENT

PERFORMANCE CRITERIA

1. Interpret fund or plan details

1.1. Fund or plan is established according to the instructions provided and the trust deed and relevant regulations

1.2. Information on new fund or plan is clarified as required to ensure details are consistent with client requirements

2. Obtain specialist advice as appropriate

2.1. Advice is obtained promptly to ensure comprehensive technical information is available as required

3. Establish systems and administrative procedures to meet requirements

3.1. System and administrative procedures are designed, tested and implemented to achieve specified performance targets effectively, reliability and within capacity

3.2. Appropriate systems, procedures, policies or operating guidelines are comprehensively documented

3.3. Responsibility for ongoing administration is assigned to appropriate personnel

4. Create client records

4.1. New client data is established in required format, according to organisation procedures and within required timeframes

4.2. System data is validated against original regularly to ensure accuracy

5. Update plan design

5.1. Fund documents and/or trust deeds are amended in line with updated design specifications in compliance with relevant legislation and client requirements

5.2. Systems processes are updated and regularly validated to reflect changes in benefits, preserved amounts or other government changes

5.3. Procedures, policies or operating guidelines are updated in an accurate and timely manner

5.4. Changes are promptly communicated to members

Required skills

communication skills to:

liaise with others, share information, confirm work requirements, using questioning and active listening as required

use language and concepts appropriate to cultural differences

numeracy and IT skills to:

perform calculations related to establishing and maintaining a fund

access and update account records electronically

use internet information

literacy skills to read and interpret documentation from a variety of sources and record and consolidate related information

data analysis and interpretation skills

interpersonal skills to relate effectively within a team environment

organisation skills, including the ability to plan and sequence work

research and analysis skills for:

establishing a fund

research and report writing

Required knowledge

plan design

Superannuation Industry (Supervision) (SIS) Act

superannuation systems and procedures

relevant tax legislation

organisation products and procedures

fund management computer systems

current industry products and services

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

interpret fund or plan details and related this to fund establishment and seek specialist advice where identified

establish systems and administrative procedures to meet requirements and create client records within fund systems

update and maintain plan design demonstrating overall understanding of applicability of fund procedures.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to organisation financial records

access to organisation policies and procedures.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency

observing processes and procedures in workplaces

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

accessing and validating third party reports

setting and reviewing workplace business simulations or scenarios.

Guidance information for assessment

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Details may be found on:

fund/plan tender documentation

industrial or enterprise agreements

key features statements

policies

trust deed.

Clients may include:

employer

employer organisation

fund trustees

individuals

industrial unions.

Advice may be received from:

accountants

actuaries

financial advisers

fund designer

individuals

legal advisers

superannuation consultants

Trustees.

Relevant legislation may include:

anti-discrimination legislation

Corporations Act

Financial Services Reform Act (FSRA)

Income Tax Assessment Act

industrial legislation

Insurance Act

Privacy Act

Retirement Savings Account Act

stamp duty legislation

Superannuation (Resolution of Complaints) Act

Superannuation (Unclaimed Moneys and Lost Members) Act Family Law Legislation Amendment Superannuation Act

Superannuation Contributions Tax (Assessment and Collection) Act (surcharge)

Superannuation Guarantee (Administration) Act (SGAA)

Superannuation Industry (Supervision) Act (SIS)

Superannuation Industry (Supervision) Regulations

trade practices legislation

Trustee Acts or Trust Acts in each State and Territory.

Unit sector

Superannuation

This unit contains employability skills.