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Evidence Guide: FNSSUP306 - Terminate superannuation plans

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

 

FNSSUP306 - Terminate superannuation plans

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

Confirm trustee instructions

  1. Accurately and clearly document all trustee instructions according to organisational procedures
  2. Clarify instructions with trustees where appropriate to ensure compliance requirements are met
  3. Obtain and record plan termination conditions
  4. Confirm termination to member promptly and according to operating procedures
  5. Obtain member authority for transfer of member assets
Accurately and clearly document all trustee instructions according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clarify instructions with trustees where appropriate to ensure compliance requirements are met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain and record plan termination conditions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm termination to member promptly and according to operating procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain member authority for transfer of member assets

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Process all outstanding transactions to termination date

  1. Accurately process all benefit payments due before termination date according to operating procedures
  2. Process all final contributions and outstanding charges and credits to the fund to ensure all financial obligations are met
Accurately process all benefit payments due before termination date according to operating procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Process all final contributions and outstanding charges and credits to the fund to ensure all financial obligations are met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Forward information or payments to appropriate parties

  1. Obtain actuarial calculations where required to determine member benefits
  2. Forward member information to new fund administrator as appropriate within negotiated timeframes and according to operating procedures
  3. Forward termination payments to the trustee or member when due, and according to arrangement with member and termination provisions
  4. Obtain valid discharge of all future liability according to operating procedures
Obtain actuarial calculations where required to determine member benefits

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Forward member information to new fund administrator as appropriate within negotiated timeframes and according to operating procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Forward termination payments to the trustee or member when due, and according to arrangement with member and termination provisions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain valid discharge of all future liability according to operating procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete and action fund documentation

  1. Correctly document all transactions in member records
  2. Prepare statements and issue to member according to organisational procedures
  3. Balance fund accounts according to financial requirements
Correctly document all transactions in member records

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare statements and issue to member according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Balance fund accounts according to financial requirements

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. Confirm trustee instructions

1.1 Accurately and clearly document all trustee instructions according to organisational procedures

1.2 Clarify instructions with trustees where appropriate to ensure compliance requirements are met

1.3 Obtain and record plan termination conditions

1.4 Confirm termination to member promptly and according to operating procedures

1.5 Obtain member authority for transfer of member assets

2. Process all outstanding transactions to termination date

2.1 Accurately process all benefit payments due before termination date according to operating procedures

2.2 Process all final contributions and outstanding charges and credits to the fund to ensure all financial obligations are met

3. Forward information or payments to appropriate parties

3.1 Obtain actuarial calculations where required to determine member benefits

3.2 Forward member information to new fund administrator as appropriate within negotiated timeframes and according to operating procedures

3.3 Forward termination payments to the trustee or member when due, and according to arrangement with member and termination provisions

3.4 Obtain valid discharge of all future liability according to operating procedures

4. Complete and action fund documentation

4.1 Correctly document all transactions in member records

4.2 Prepare statements and issue to member according to organisational procedures

4.3 Balance fund accounts according to financial requirements

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. Confirm trustee instructions

1.1 Accurately and clearly document all trustee instructions according to organisational procedures

1.2 Clarify instructions with trustees where appropriate to ensure compliance requirements are met

1.3 Obtain and record plan termination conditions

1.4 Confirm termination to member promptly and according to operating procedures

1.5 Obtain member authority for transfer of member assets

2. Process all outstanding transactions to termination date

2.1 Accurately process all benefit payments due before termination date according to operating procedures

2.2 Process all final contributions and outstanding charges and credits to the fund to ensure all financial obligations are met

3. Forward information or payments to appropriate parties

3.1 Obtain actuarial calculations where required to determine member benefits

3.2 Forward member information to new fund administrator as appropriate within negotiated timeframes and according to operating procedures

3.3 Forward termination payments to the trustee or member when due, and according to arrangement with member and termination provisions

3.4 Obtain valid discharge of all future liability according to operating procedures

4. Complete and action fund documentation

4.1 Correctly document all transactions in member records

4.2 Prepare statements and issue to member according to organisational procedures

4.3 Balance fund accounts according to financial requirements

Evidence of the ability to:

confirm trustee instructions

process all outstanding transactions to termination date

forward information to appropriate payment parties

complete and action fund documentation.

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:

describe key features of the following and how they apply to the termination of superannuation funds:

trust requirements

fund policy and procedures

industry and legislative requirements

outline taxation requirements and procedures, and relevant document formats

describe key features of company policy and procedures as they relate to the termination of superannuation plans

explain how to source information about product terms and conditions.