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Evidence Guide: FNSSUP306A - 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

 

FNSSUP306A - Terminate superannuation plans

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

Confirm trustee instructions

  1. All trustee instructions are accurately and clearly documented
  2. Instructions are clarified with trustees where appropriate to ensure compliance requirements are met
  3. Plan termination conditions are obtained and recorded
  4. Termination is confirmed to the client promptly and according to operating procedures
  5. Member authority for transfer of member assets is obtained
All trustee instructions are accurately and clearly documented

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Instructions are clarified with trustees where appropriate to ensure compliance requirements are met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Plan termination conditions are obtained and recorded

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Termination is confirmed to the client promptly and according to operating procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Member authority for transfer of member assets is obtained

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Process all outstanding transactions to termination date

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Forward information/ payments to appropriate parties

  1. Actuarial calculations are obtained where required to determine members’ benefits
  2. Member information is forwarded to new fund administrator as appropriate within negotiated timeframes and according to operating procedures
  3. Termination payments are forwarded to the relevant parties when due, and according to arrangement with client and termination provisions
  4. Valid discharge of all future liability is obtained according to operating procedures
Actuarial calculations are obtained where required to determine members’ benefits

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Member information is forwarded to new fund administrator as appropriate within negotiated timeframes and according to operating procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Termination payments are forwarded to the relevant parties when due, and according to arrangement with client and termination provisions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Valid discharge of all future liability is obtained according to operating procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete and action fund documentation

  1. Documents are finalised and filed according to operating procedures, legislative and compliance requirements
  2. Statutory documentation is completed and lodged with authorities according to company operating procedures, authority requirements and within timeframes
  3. Fund accounts are balanced according to financial requirements
Documents are finalised and filed according to operating procedures, legislative and compliance requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Statutory documentation is completed and lodged with authorities according to company operating procedures, authority requirements and within timeframes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Fund accounts are balanced according to financial requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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:

confirm trustee instructions

process all outstanding transactions to termination date

forward information to appropriate payment parties

complete and action fund documentation

demonstrate understanding of the application of trust requirements, fund policies and procedures and industry and legislative requirements

give sound advice and negotiate on options.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services 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 financial services product information

access to information about workplace 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 units of competency

observing processes and procedure 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

Required Skills and Knowledge

Required skills

communication skills to:

use questioning and active listening to gather and check information

liaise and share information with others

communicate appropriately with people from diverse backgrounds

numeracy skills to:

interpret numeric data and from this perform calculations related to achieving required outcomes

IT skills to:

use computer applications (word processing, spreadsheet, database, specific purpose computer systems)

access and update records electronically

reading skills to:

read and understand relevant procedures

read and interpret applications and supporting documentation

writing skills to:

accurately record information

prepare professional letters and emails

organisational skills to efficiently plan and sequence work

problem solving skills to address inaccuracies and omissions in applications

analytical skills to effectively analyse information and data.

Required knowledge

relevant legislation

taxation requirements and procedures/document formats

company policy and procedures

product terms and conditions

computerised superannuation systems and procedures.

Range Statement

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.

Charges and credits may include:

contributions

administration charges

group life bonuses

insurance premiums

taxation liability

investment earnings.

Relevant parties may include:

trustees

members.