Work within a defined benefit fund Evidence Guide

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Evidence Guide: FNSSUP509A - Work within a defined benefit fund

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

FNSSUP509A - Work within a defined benefit fund

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

Explain the design of defined benefit funds

The features, advantages and disadvantages of defined benefit funds are identified
Eligibility conditions affecting defined benefit funds are identified
Issues associated with pensions and lump sums are identified where relevant
Influences on fund and benefit design are identified
Funding options for defined benefit funds are identified
Requirements of legislation and regulations specific to defined benefit funds are identified and incorporated into activities

The features, advantages and disadvantages of defined benefit funds are identified

Completed
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Teacher:

Evidence:

Eligibility conditions affecting defined benefit funds are identified

Completed
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Teacher:

Evidence:

Issues associated with pensions and lump sums are identified where relevant

Completed
Date:

Teacher:

Evidence:

Influences on fund and benefit design are identified

Completed
Date:

Teacher:

Evidence:

Funding options for defined benefit funds are identified

Completed
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Teacher:

Evidence:

Requirements of legislation and regulations specific to defined benefit funds are identified and incorporated into activities

Completed
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Evidence:

Process contributions to defined benefit funds

Rules guiding compulsory payments into defined benefit funds are identified and followed
Contributions are received and processed according to fund requirements

Rules guiding compulsory payments into defined benefit funds are identified and followed

Completed
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Evidence:

Contributions are received and processed according to fund requirements

Completed
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Evidence:

Process payment of benefits in a defined benefit fund

Options for benefit payment in defined benefit funds are investigated
Benefit is calculated to include additional fees, charges, taxes and other factors
Benefits and pensions are processed according to fund requirements
Beneficiaries are communicated with according to organisation guidelines

Options for benefit payment in defined benefit funds are investigated

Completed
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Evidence:

Benefit is calculated to include additional fees, charges, taxes and other factors

Completed
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Benefits and pensions are processed according to fund requirements

Completed
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Evidence:

Beneficiaries are communicated with according to organisation guidelines

Completed
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Evidence:

Process and maintain documentation and records according to defined benefit fund requirements

All transactions are correctly documented in member records
Statements and receipts are prepared and issued to members according to organisation guidelines
Member records are maintained to ensure currency and accuracy
Certificates, benefit information and taxation information are generated and provided according to legislative requirements
Fund information is generated and provided to the actuary for the preparation of necessary certificates

All transactions are correctly documented in member records

Completed
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Evidence:

Statements and receipts are prepared and issued to members according to organisation guidelines

Completed
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Evidence:

Member records are maintained to ensure currency and accuracy

Completed
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Evidence:

Certificates, benefit information and taxation information are generated and provided according to legislative requirements

Completed
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Evidence:

Fund information is generated and provided to the actuary for the preparation of necessary certificates

Completed
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Evidence:

Implement quality assurance procedures

Organisation procedures are followed
Member details are established and maintained in accordance with organisation requirements
System and process checks are implemented and any irregularities identified
Any irregularities are corrected or communicated to appropriate personnel

Organisation procedures are followed

Completed
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Evidence:

Member details are established and maintained in accordance with organisation requirements

Completed
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Evidence:

System and process checks are implemented and any irregularities identified

Completed
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Evidence:

Any irregularities are corrected or communicated to appropriate personnel

Completed
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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: explain the design of defined benefit funds to members process contributions and payment of benefits in a defined benefit fund, including additional fees, charges and taxes source, interpret and test integrity of information required to process benefits interpret trust deed conditions and establish special circumstances and make informed recommendations about benefit payments identify, source and interpret required information to process benefits for lump sum payments, death claims and disablement claims assess and determine benefit entitlements for eligible termination payments (ETP), death and disablement claims using computer programs accurately process contributions and benefits and insurance claims according to organisation guidelines and relevant legislation correctly identify consequences of incorrect processing of contributions and benefits.
Context of and specific resources for assessment	Assessment must ensure: competency is demonstrated in the context of the 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 organisation financial records access to organisation 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 related units of competency observing processes and procedures 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

highly-developed communication skills to:

liaise with others, share information, confirm work requirements, using questioning and active listening as required

use language and concepts appropriate to cultural differences

prepare fund documentation and reports

well-developed numeracy and IT skills to:

perform basic calculations related to fund payments

calculate Notional Surchargeable Contribution Factor (NSCF)

access and update account records electronically

monitor for and advise on irregularities within a fund

access and use appropriate software such as word processors, spreadsheets and databases

use internet information

well-developed literacy skills to read and interpret documentation from a variety of sources and record and consolidate related information

data analysis and interpretation skills to interpret trust deeds and analyse, interpret and report results from actuarial investigations

interpersonal skills to relate effectively within a team environment

organisation skills, including the ability to plan and sequence work

learning skills to maintain knowledge of changes to products and relevant legislation

judgement skills for forming recommendations in operational situations

management skills for working effectively in a constantly changing environment

Required knowledge

advantages and disadvantages of different methods of contributing to defined benefit funds

effect and use of actuarial tools (compound interest and probability)

effect of part-time and casual employees and leave on defined benefits

effect of resignation, dismissal and redundancy on defined benefits

application of privacy legislation

different types of retirement benefits and eligibility

effect of death and disability on defined benefits

factors affecting retirement benefit design

features, advantages and disadvantages of accumulation and defined benefit funds

formulas used to calculate defined benefits

fraud deterrence practices

historical development of Australia's retirement income system

how commutation of pensions work

implications and procedure for actuarial investigations

influences affecting the choice of design of funds and benefits

issues associated with pensions and lump sums

issues concerning contributions surcharge and benefit payouts

legal requirements for actuarial investigations of defined benefit funds

process and implications of:

changing fund structures

transfer between superannuation funds

calculating the value of future liabilities, the valuation of assets and the establishment of the contribution rate

relevant legislation

role of actuaries in determining payment of benefits

special provisions relating to public sector defined benefit funds

taxation implications of defined benefit funds

calculation of Notional Surchargeable Contribution Factor (NSCF)on Defined Benefit Funds

the role of employers and members in contributions made to defined benefit funds

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.
Influences on fund and benefit design may include:	contributory verses non-contributory employee relations employer cost job mobility market competition member investment choice retirement patterns salary definitions use of salary for calculation of benefits variable contributions.
Funding options may include:	contributions based on liability equal contributions per employee Pay As You Go (PAYG) single lump sum.
Legislation and regulations determining compliance may include, as amended:	anti-discrimination legislation Corporations Act Family Law Legislation Amendment Superannuation Act Financial Services Reform Act (FSRA) Income Tax Assessment Act industrial legislation Insurance Act Privacy Act Retirement Savings Account Act stamp duty legislation Superannuation (Resolution of Complaints) Act Superannuation (Unclaimed Moneys and Lost Members) Act Superannuation Contributions Tax (Assessment and Collection) Act (surcharge) Superannuation Guarantee (Administration) Act (SGAA) Superannuation Industry (Supervision) (SIS) Act Superannuation Industry (Supervision) Regulations Trade Practices legislation Trustee Acts or Trust Acts in each State and Territory.
Beneficiaries may include:	beneficiaries as identified by State and Territory legislation children who are minors current or ex-spouse custodial children financial dependants legal personal representative non-custodial children.
Organisation procedures may include:	best practice standards codes of practice documentation and filing procedures internal communications regulatory requirements system/computer procedures.

NTISthis.com

Evidence Guide: FNSSUP509A - Work within a defined benefit fund

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

FNSSUP509A - Work within a defined benefit fund

Explain the design of defined benefit funds

Process contributions to defined benefit funds

Process payment of benefits in a defined benefit fund

Process and maintain documentation and records according to defined benefit fund requirements

Implement quality assurance procedures

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

Instructions to Assessors

Teacher: ___________________________ Date: _