This unit applies to management job roles within the superannuation sector.

ELEMENT

PERFORMANCE CRITERIA

1. Obtain specialist investment advice

1.1. Specialist investment expertise required by the organisation is sourced and retained

1.2. Performance benchmarks are received from trustee

1.3. Specialists are provided with information required to determine strategic options for investment

1.4. Investment procedure is established

1.5. Development of investment strategy is facilitated

2. Manage investment compliance requirements

2.1. Legislation, regulations and compliance issues relating to investment are identified

2.2. Investment strategy is assessed for compliance

2.3. Compliance issues and procedures are incorporated into the investment strategy

2.4. Performance outcomes are established

2.5. Monitoring of compliance is undertaken on an ongoing basis

3. Implement investment strategy

3.1. Liaison is provided with custodian/trustees to determine procedure to implement investment strategy

3.2. Transfer of funds to investment manager is managed

3.3. Liaison is provided with banks and financial services to facilitate strategy

3.4. Direct fund investments are implemented

4. Monitor and report on investment strategy

4.1. Regular investment reports are prepared for trustee and investment managers, as required

4.2. Documentation of investment transactions is managed

4.3. Investment performance is monitored and reported on as required

4.4. Compliance of investment strategy is monitored

5. Evaluate investment strategy

5.1. Investment performance is reviewed and assessed

5.2. Performance is evaluated against trustee set benchmarks

5.3. Performance is compared with industry indices and market conditions

5.4. Performance evaluation is provided to trustee

Required skills

highly developed communication skills to:

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

prepare high level business documentation and reports

use language and concepts appropriate to cultural differences

numeracy and IT skills for:

making financial calculations

accessing and using appropriate software such as word processors, spreadsheets and databases

using internet information

project management skills

high level administrative skills

business planning skills

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

interpersonal skills to relate effectively within a team environment

organisation skills, including the ability to plan and sequence work

problem solving skills to address compliance and other issues

learning skills to maintain knowledge of changes to products and relevant legislation

judgement skills for forming recommendations in operational situations

management skills for working effectively in a constantly changing environment

Required knowledge

superannuation investment processes according to the needs indicated in trustee set benchmarks

options and strategies for superannuation strategies

relevant Acts, regulations and codes of practice

administrative processes and systems and documentation requirements for investment strategy development

a range of specialist investment services and investment vehicles, including:

custodians

asset consultants

investment managers

pooled superannuation trusts

Superannuation Industry (Supervision) (SIS) Act requirements for trustees and investment managers

contractual arrangements for specialist services

risk management strategies

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:

demonstrate knowledge of specialist investment services and source specialist investment advice

manage investment compliance requirements and implement investment strategies

liaise with custodian/trustees to determine procedure to implement investment strategy and monitor, evaluate and report on the investment strategy.

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.

Information required to determine strategic options may include:

asset classes

investment strategies

organisation benchmarks

return

risk

stock selection

types of managed investments

types of superannuation funds.

Relevant legislation and regulations may include, as amended:

anti-discrimination legislation

Corporations Act

Family Law Legislation Amendment Superannuation 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

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.