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Evidence Guide: FNSSUP406 - Establish and maintain fund or plan

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

 

FNSSUP406 - Establish and maintain fund or plan

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

Interpret fund or plan details

  1. Establish fund or plan according to instructions provided, and trust deed and relevant regulations
  2. Clarify information on new fund or plan as required to ensure details are consistent with client requirements
  3. Obtain specialist advice promptly to ensure comprehensive technical information is available as required
Establish fund or plan according to instructions provided, and trust deed and relevant regulations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clarify information on new fund or plan as required to ensure details are consistent with client requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain specialist advice promptly to ensure comprehensive technical information is available as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Create client records

  1. Establish new client data in required format, according to organisational procedures and within required timeframes
  2. Validate system data against original regularly to ensure accuracy
Establish new client data in required format, according to organisational procedures and within required timeframes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Validate system data against original regularly to ensure accuracy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Update plan design

  1. Amend fund documents and/or trust deeds in line with updated design specifications in compliance with relevant legislation and client requirements
  2. Update and regularly validate systems processes to reflect changes in benefits, preserved amounts or other government changes
  3. Update procedures, policies or operating guidelines in an accurate and timely manner
  4. Promptly communicate changes to members
Amend fund documents and/or trust deeds in line with updated design specifications in compliance with relevant legislation and client requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Update and regularly validate systems processes to reflect changes in benefits, preserved amounts or other government changes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Update procedures, policies or operating guidelines in an accurate and timely manner

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Promptly communicate changes to members

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. Interpret fund or plan details

1.1 Establish fund or plan according to instructions provided, and trust deed and relevant regulations

1.2 Clarify information on new fund or plan as required to ensure details are consistent with client requirements

1.3 Obtain specialist advice promptly to ensure comprehensive technical information is available as required

2. Create client records

2.1 Establish new client data in required format, according to organisational procedures and within required timeframes

2.2 Validate system data against original regularly to ensure accuracy

3. Update plan design

3.1 Amend fund documents and/or trust deeds in line with updated design specifications in compliance with relevant legislation and client requirements

3.2 Update and regularly validate systems processes to reflect changes in benefits, preserved amounts or other government changes

3.3 Update procedures, policies or operating guidelines in an accurate and timely manner

3.4 Promptly communicate changes to members

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. Interpret fund or plan details

1.1 Establish fund or plan according to instructions provided, and trust deed and relevant regulations

1.2 Clarify information on new fund or plan as required to ensure details are consistent with client requirements

1.3 Obtain specialist advice promptly to ensure comprehensive technical information is available as required

2. Create client records

2.1 Establish new client data in required format, according to organisational procedures and within required timeframes

2.2 Validate system data against original regularly to ensure accuracy

3. Update plan design

3.1 Amend fund documents and/or trust deeds in line with updated design specifications in compliance with relevant legislation and client requirements

3.2 Update and regularly validate systems processes to reflect changes in benefits, preserved amounts or other government changes

3.3 Update procedures, policies or operating guidelines in an accurate and timely manner

3.4 Promptly communicate changes to members

Evidence of the ability to:

interpret fund or plan details relevant to fund establishment, and seek specialist advice where identified

create client records within fund systems

update and maintain plan design, demonstrating overall understanding of applicability of fund procedures.

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:

outline the key features of plan design

describe the key features of trust deed fund or plan

identify the information required to set up a new plan

outline issues to consider in setting up a plan

outline steps to follow if insufficient information is provided or specialist advice is needed

outline the key features of organisational products and procedures.