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Evidence Guide: FNSSUP316 - 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

 

FNSSUP316 - Terminate superannuation plans

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

Confirm trustee instructions

  1. Document trustee instructions according to organisational procedures
  2. Clarify instructions with trustees where required and confirm compliance requirements are met
  3. Obtain and record termination conditions according to organisational procedures
  4. Confirm termination with member according to organisational policies and procedures
  5. Obtain member authority to transfer member assets
Document trustee instructions according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clarify instructions with trustees where required and confirm compliance requirements are met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain and record termination conditions according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm termination with member according to organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain member authority to transfer member assets

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Process outstanding transactions

  1. Process benefit payments due before termination date according to organisational procedures
  2. Process final contributions and outstanding charges and credits to the fund and confirm that all financial obligations are met
Process benefit payments due before termination date according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Forward information and payments to required parties

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate member information to new fund administrator within negotiated timeframes and according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide termination payments to 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 organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete and action fund documentation

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

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

Required Skills and Knowledge

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:

terminate superannuation plans in response to the instructions of at least three different trustees.

In the course of the above, the candidate must:

forward required information to payment parties involved

complete fund documentation.

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:

industry and legislative requirements relating to terminating superannuation plans, including:

trust requirements

fund policy and procedures

organisational policies and procedures relating to terminating superannuation plans, including:

procedures for sourcing information about product terms and conditions

methods for balancing fund accounts

basic understanding of actuarial calculations

processes and requirements to determine member benefits

taxation requirements and procedures relating to terminating superannuation plans, and required document formats.