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Evidence Guide: FNSSUP432 - 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

 

FNSSUP432 - 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 entitlements

  1. Identify and analyse sources of current information on social security entitlements and their impact on income in retirement
  2. Analyse requirements of individual’s government aged pension entitlement
  3. Determine impacts of social security entitlements on the income of an individual in or nearing retirement
  4. Determine eligibility requirements for relevant social security entitlements and allowances that apply to individuals
  5. Obtain confirmation of eligibility with Centrelink from individual according to organisational policies and procedures
Identify and analyse sources of current information on social security entitlements and their impact on income in retirement

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse requirements of individual’s government aged pension entitlement

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine impacts of social security entitlements on the income of an individual in or nearing retirement

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine eligibility requirements for relevant social security entitlements and allowances that apply to individuals

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain confirmation of eligibility with Centrelink from individual according to organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Apply means testing rules

  1. Identify the treatment of income streams according to the means testing process prescribed by the government and the different treatments of account based and non-account based income streams
  2. Apply means testing arrangements to work activities
  3. Identify aged pension threshold rates at which government pensions reduce for the individual
  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 according to the means testing process prescribed by the government and the different treatments of account based and non-account based income streams

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Apply means testing arrangements to work activities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

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 entitlements

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Seek advice and clarification from required personnel

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:

determine impact of social security entitlements on the retirement income of at least three different people.

In the course of the above, the candidate must:

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

correct rules and rates to calculate deemed income on retirement entitlements.

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:

legislative requirements relating to client privacy and data confidentiality

organisational policies and procedures relating to determining impact of social security entitlements

organisational quality assurance

social security entitlements available for those retired or nearing retirement

key components of the Australian social security system and government retirement income policy

government social security entitlements and allowances, including payments for:

veterans

carers

people with disabilities

current means testing frameworks relevant to determining the impact of social security entitlements on retirement income

methods for calculating an individual’s age pension entitlement, including how the Australian social security system takes superannuation assets into account

treatment of income streams in means testing, including:

pensions

annuities

methods used to check for computational errors in financial calculations.