NTISthis.com

Evidence Guide: FNSSUP412 - Determine impact of social security entitlements on retirement income

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

 

FNSSUP412 - Determine impact of social security entitlements on retirement income

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

Research eligibility requirements for accessing social security benefits

  1. Access and interpret reliable sources of current information on social security entitlements and their impact on income in retirement
  2. Analyse the requirements of an individual’s government aged pension entitlement
  3. 1.3 Determine how social security benefits impact on an individual's income in retirement or nearing retirement
  4. Determine current eligibility requirements for relevant social security benefits and allowances that may apply to individuals and inform individuals that they will need to confirm eligibility with Centrelink
Access and interpret reliable sources of current information on social security entitlements and their impact on income in retirement

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse the requirements of an individual’s government aged pension entitlement

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

1.3 Determine how social security benefits impact on an individual's income in retirement or nearing retirement

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine current eligibility requirements for relevant social security benefits and allowances that may apply to individuals and inform individuals that they will need to confirm eligibility with Centrelink

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Apply means testing rules

  1. Identify the treatment of income streams in the government’s means testing process and the different treatments, if any, of account based and non-account based income streams
  2. Apply means testing arrangements to various work activities
  3. Identify the aged pension threshold rates at which government pensions reduce for the member
  4. Use income and assets test information to calculate annual income stream amount to be assessed for social security purposes
Identify the treatment of income streams in the government’s means testing process and the different treatments, if any, of account based and non-account based income streams

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Apply means testing arrangements to various work activities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify the aged pension threshold rates at which government pensions reduce for the member

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Use income and assets test information to calculate annual income stream amount to be assessed for social security purposes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine deemed income on retirement benefits

  1. Identify the appropriate calculation for deemed income
  2. Provide details on financial investments included and excluded in deemed income and the asset test calculation
  3. Identify the appropriate deeming rates for an individual
  4. Seek advice and clarification from appropriate personnel when required
Identify the appropriate calculation for deemed income

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide details on financial investments included and excluded in deemed income and the asset test calculation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify the appropriate deeming rates for an individual

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Seek advice and clarification from appropriate personnel when required

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. Research eligibility requirements for accessing social security benefits

1.1 Access and interpret reliable sources of current information on social security entitlements and their impact on income in retirement

1.2 Analyse the requirements of an individual’s government aged pension entitlement

1.3 Determine how social security benefits impact on an individual's income in retirement or nearing retirement

1.4 Determine current eligibility requirements for relevant social security benefits and allowances that may apply to individuals and inform individuals that they will need to confirm eligibility with Centrelink

2. Apply means testing rules

2.1 Identify the treatment of income streams in the government’s means testing process and the different treatments, if any, of account based and non-account based income streams

2.2 Apply means testing arrangements to various work activities

2.3 Identify the aged pension threshold rates at which government pensions reduce for the member

2.4 Use income and assets test information to calculate annual income stream amount to be assessed for social security purposes

3. Determine deemed income on retirement benefits

3.1 Identify the appropriate calculation for deemed income

3.2 Provide details on financial investments included and excluded in deemed income and the asset test calculation

3.3 Identify the appropriate deeming rates for an individual

3.4 Seek advice and clarification from appropriate personnel when required

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. Research eligibility requirements for accessing social security benefits

1.1 Access and interpret reliable sources of current information on social security entitlements and their impact on income in retirement

1.2 Analyse the requirements of an individual’s government aged pension entitlement

1.3 Determine how social security benefits impact on an individual's income in retirement or nearing retirement

1.4 Determine current eligibility requirements for relevant social security benefits and allowances that may apply to individuals and inform individuals that they will need to confirm eligibility with Centrelink

2. Apply means testing rules

2.1 Identify the treatment of income streams in the government’s means testing process and the different treatments, if any, of account based and non-account based income streams

2.2 Apply means testing arrangements to various work activities

2.3 Identify the aged pension threshold rates at which government pensions reduce for the member

2.4 Use income and assets test information to calculate annual income stream amount to be assessed for social security purposes

3. Determine deemed income on retirement benefits

3.1 Identify the appropriate calculation for deemed income

3.2 Provide details on financial investments included and excluded in deemed income and the asset test calculation

3.3 Identify the appropriate deeming rates for an individual

3.4 Seek advice and clarification from appropriate personnel when required

Evidence of the ability to:

research current information on social security rules and eligibility requirements and apply to determine impact on retirement income streams

apply mathematical techniques to calculate retirement income taking into consideration the impact of possible social security entitlements

apply mathematical techniques and correct rules and rates to calculate deemed income on retirement benefits

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 what is meant by the term social security and its relationship to retirement

describe the key features of the Australian social security system and government retirement incomes policy

describe the range of social security entitlements and benefits available for those retired or nearing retirement

describe other types of government social security benefits and allowances including:

Department of Veterans’ Affairs (DVA) benefits

payments for carers

payments for people with disabilities

explain how means testing arrangements work

describe the steps and process for calculating an individual’s age pension entitlement

outline the treatment of income streams, including pensions and annuities, in means testing

explain how the social security system takes superannuation assets into account

describe methods used to check for computational errors in financial calculations.