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Evidence Guide: FNSFLT505 - Facilitate customer or employee knowledge of superannuation as an investment tool

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSFLT505 - Facilitate customer or employee knowledge of superannuation as an investment tool

What evidence can you provide to prove your understanding of each of the following citeria?

Explore the contemporary superannuation environment in Australia

  1. Identify and analyse purposes and benefits of superannuation as part of a long-term investment strategy to support people in retirement
  2. Investigate and assess characteristics of superannuation in Australia, following introduction of superannuation guarantee contributions by employers, for their impact on individual and community savings patterns
  3. Identify and explore role of regulators and trustees in regulation and management of superannuation funds in the Australian superannuation industry
  4. Explain and clarify key terminology used in the superannuation industry
  5. Identify sources for ongoing information about superannuation in Australia and explore their uses
Identify and analyse purposes and benefits of superannuation as part of a long-term investment strategy to support people in retirement

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Investigate and assess characteristics of superannuation in Australia, following introduction of superannuation guarantee contributions by employers, for their impact on individual and community savings patterns

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and explore role of regulators and trustees in regulation and management of superannuation funds in the Australian superannuation industry

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain and clarify key terminology used in the superannuation industry

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify sources for ongoing information about superannuation in Australia and explore their uses

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse range of investment vehicles used in superannuation funds

  1. Identify nature and role of superannuation schemes and range and types of superannuation fund managers
  2. Explain and analyse a range of investment objectives and their related strategies
  3. Identify role of death benefits in superannuation schemes
  4. Explain and analyse costs of administering and managing superannuation funds
  5. Analyse and compare cross-section of superannuation funds’ performance over time and explain variables that contributed to performance
Identify nature and role of superannuation schemes and range and types of superannuation fund managers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain and analyse a range of investment objectives and their related strategies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify role of death benefits in superannuation schemes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain and analyse costs of administering and managing superannuation funds

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse and compare cross-section of superannuation funds’ performance over time and explain variables that contributed to performance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Foster active management of superannuation funds

  1. Explain and demonstrate importance and means of checking superannuation statements for accuracy to customers
  2. Demonstrate and explain techniques for analysing performance, rate of return, government taxes and other costs
  3. Describe and analyse strategies for building superannuation savings, including personal contributions and salary sacrificing
  4. Explain importance of retaining superannuation statements for future analysis to customers
  5. Explain and explore mechanisms to gain information and clarification, or to lodge complaints if concerns or discrepancies arise about an individual’s superannuation fund
Explain and demonstrate importance and means of checking superannuation statements for accuracy to customers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Demonstrate and explain techniques for analysing performance, rate of return, government taxes and other costs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Describe and analyse strategies for building superannuation savings, including personal contributions and salary sacrificing

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain importance of retaining superannuation statements for future analysis to customers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain and explore mechanisms to gain information and clarification, or to lodge complaints if concerns or discrepancies arise about an individual’s superannuation fund

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Foster understanding of structures and strategies to deploy superannuation savings

  1. Explain and explore processes and requirements for management and deployment of funds when employment status or employer are changed
  2. Explain and explore role and nature of preserved and non-preserved components of superannuation funds
  3. Define and explain government regulated minimum age when superannuation benefits can be accessed, and the regulation’s impact, to customers
  4. Define and explain nature of accumulation or defined benefit funds to customers
  5. Explain and explore range of structures and techniques for use of superannuation funds on retirement
Explain and explore processes and requirements for management and deployment of funds when employment status or employer are changed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain and explore role and nature of preserved and non-preserved components of superannuation funds

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Define and explain government regulated minimum age when superannuation benefits can be accessed, and the regulation’s impact, to customers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Define and explain nature of accumulation or defined benefit funds to customers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain and explore range of structures and techniques for use of superannuation funds on retirement

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Explore the contemporary superannuation environment in Australia

1.1 Identify and analyse purposes and benefits of superannuation as part of a long-term investment strategy to support people in retirement

1.2 Investigate and assess characteristics of superannuation in Australia, following introduction of superannuation guarantee contributions by employers, for their impact on individual and community savings patterns

1.3 Identify and explore role of regulators and trustees in regulation and management of superannuation funds in the Australian superannuation industry

1.4 Explain and clarify key terminology used in the superannuation industry

1.5 Identify sources for ongoing information about superannuation in Australia and explore their uses

2. Analyse range of investment vehicles used in superannuation funds

2.1 Identify nature and role of superannuation schemes and range and types of superannuation fund managers

2.2 Explain and analyse a range of investment objectives and their related strategies

2.3 Identify role of death benefits in superannuation schemes

2.4 Explain and analyse costs of administering and managing superannuation funds

2.5 Analyse and compare cross-section of superannuation funds’ performance over time and explain variables that contributed to performance

3. Foster active management of superannuation funds

3.1 Explain and demonstrate importance and means of checking superannuation statements for accuracy to customers

3.2 Demonstrate and explain techniques for analysing performance, rate of return, government taxes and other costs

3.3 Describe and analyse strategies for building superannuation savings, including personal contributions and salary sacrificing

3.4 Explain importance of retaining superannuation statements for future analysis to customers

3.5 Explain and explore mechanisms to gain information and clarification, or to lodge complaints if concerns or discrepancies arise about an individual’s superannuation fund

4. Foster understanding of structures and strategies to deploy superannuation savings

4.1 Explain and explore processes and requirements for management and deployment of funds when employment status or employer are changed

4.2 Explain and explore role and nature of preserved and non-preserved components of superannuation funds

4.3 Define and explain government regulated minimum age when superannuation benefits can be accessed, and the regulation’s impact, to customers

4.4 Define and explain nature of accumulation or defined benefit funds to customers

4.5 Explain and explore range of structures and techniques for use of superannuation funds on retirement

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Explore the contemporary superannuation environment in Australia

1.1 Identify and analyse purposes and benefits of superannuation as part of a long-term investment strategy to support people in retirement

1.2 Investigate and assess characteristics of superannuation in Australia, following introduction of superannuation guarantee contributions by employers, for their impact on individual and community savings patterns

1.3 Identify and explore role of regulators and trustees in regulation and management of superannuation funds in the Australian superannuation industry

1.4 Explain and clarify key terminology used in the superannuation industry

1.5 Identify sources for ongoing information about superannuation in Australia and explore their uses

2. Analyse range of investment vehicles used in superannuation funds

2.1 Identify nature and role of superannuation schemes and range and types of superannuation fund managers

2.2 Explain and analyse a range of investment objectives and their related strategies

2.3 Identify role of death benefits in superannuation schemes

2.4 Explain and analyse costs of administering and managing superannuation funds

2.5 Analyse and compare cross-section of superannuation funds’ performance over time and explain variables that contributed to performance

3. Foster active management of superannuation funds

3.1 Explain and demonstrate importance and means of checking superannuation statements for accuracy to customers

3.2 Demonstrate and explain techniques for analysing performance, rate of return, government taxes and other costs

3.3 Describe and analyse strategies for building superannuation savings, including personal contributions and salary sacrificing

3.4 Explain importance of retaining superannuation statements for future analysis to customers

3.5 Explain and explore mechanisms to gain information and clarification, or to lodge complaints if concerns or discrepancies arise about an individual’s superannuation fund

4. Foster understanding of structures and strategies to deploy superannuation savings

4.1 Explain and explore processes and requirements for management and deployment of funds when employment status or employer are changed

4.2 Explain and explore role and nature of preserved and non-preserved components of superannuation funds

4.3 Define and explain government regulated minimum age when superannuation benefits can be accessed, and the regulation’s impact, to customers

4.4 Define and explain nature of accumulation or defined benefit funds to customers

4.5 Explain and explore range of structures and techniques for use of superannuation funds on retirement

Evidence of the ability to:

provide clear and relevant information to customers and/or those in or about to enter the workforce that will build knowledge and confidence in the effective management of personal superannuation

identify and present to customers or employees methods of managing their superannuation contributions and funds.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

explain key characteristics, types of superannuation schemes and terminology used in the superannuation industry

describe types of superannuation fund managers and the different strategies that can be used in a fund

explain costs associated with administering and managing funds, and how to check statements

describe the potential impact of changing employment or employer on superannuation

outline the key requirements of relevant government legislation relating to superannuation

identify and explain the key consumer issues relating to superannuation information

identify and describe the key features of relevant industry codes of practice relating to privacy and consumer credit and protection

identify and explain roles and relationships between participants in the Australian financial services industry, including:

key regulators

banks and other financial intermediaries.