Application
This unit describes the skills and knowledge required to assess superannuation benefits and insurance claims made before a client reaches preservation age. Conditions would include claims for death, total and permanent disability (TPD), income protection, terminal illness payment, situations of severe financial hardship, or situations warranting early release on compassionate grounds.
The unit applies to those who use specialised industry knowledge and analytical skills to evaluate and process complex information and data following defined procedures.
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. Review request for payment | 1.1 Identify request for payment 1.2 Review validity of request against fund entitlements within legislative and operating guidelines, and operational authorities 1.3 Use suitable checklist and instruments to ensure accuracy of request content |
2. Review documentation and evidence | 2.1 Establish payment criteria to enable compliance to be determined within terms and conditions of trust, relevant legislation and operating guidelines 2.2 Obtain additional evidence where required from appropriate parties to confirm that request complies with fund’s conditions of entitlement 2.3 Review documentation and confirm accuracy and completeness |
3. Determine entitlement and communicate decision | 3.1 Determine level of entitlement based on reviewed information and within own authority levels 3.2 Obtain sign-off from required personnel according to organisational policies and procedures 3.3 Make decision on payment according to trustee instructions, legislative requirements, and operating guidelines 3.4 Communicate decision to relevant parties 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:
assess superannuation benefit claim or insurance claim under special conditions of release on at least two occasions.
In the course of the above, for each assessment the candidate must:
review validity of request for payment and evidence provided
determine entitlements according to fund entitlements and organisational authority levels and guidelines
follow payment criteria according to the terms of the trust deed, legislative requirements and 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 requirements relating to assessing superannuation benefits and insurance claims under special conditions of release
organisational policies, procedures and authority levels for reviewing requests for payment
key aspects of fund entitlements and operating guidelines relating to assessment of superannuation benefits and insurance claims
processes for identifying payment criteria according to relevant trust deeds, legislation and organisational procedures
fund policies and procedures relating to assessment of superannuation benefit and insurance claims, including relevant underwriting frameworks and policies
changes to products and services relating to superannuation benefits and insurance claims, and implications for assessments.
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
trust deed documentation and documentation containing details of fund terms of entitlement
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 calculations and uses a range of mathematical problem-solving techniques to analyse complex financial data and requirements |
Oral communication | Participates in verbal exchanges, using active listening and questioning techniques to share, convey and clarify information with a range of people |
Reading | Identifies and consolidates complex information and data from a range of sources Thoroughly analyses information and data against defined criteria, conditions and requirements |
Writing | Records information and prepares organisational documentation and correspondence using language, concepts and terminology appropriate to audience and purpose |
Planning and organising | Applies systematic and analytical decision-making processes for complex and non-routine situations |
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 |
Teamwork | Selects and uses appropriate conventions and protocols when communicating with clients and others in a range of contexts |
Technology | Uses digitally based technologies to enter, access or update information to achieve required outcomes |
Sectors
Superannuation