Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Confirm trustee instructions

1.1 Check trustee instructions to ensure they are in accordance with trust deeds and legislative requirements

1.2 Provide reports to trustee on appropriate steps to be taken to change structure of fund

1.3 Establish agreed timeframes for structural changes to occur

1.4 Obtain specialist advice to support structural change, if required

1.5 Review business sales agreement, where relevant

2. Verify outstanding transactions

2.1 Identify outstanding transactions according to trust deed requirements

2.2 Confirm processing of all outstanding transactions in accordance with agreed timeframes

2.3 Communicate with external parties to ensure transactions are processed and actioned within agreed timeframes

3. Manage distribution of information to appropriate parties

3.1 Make requests to trustees and service providers for payments, documentation and reports that relevant parties require

3.2 Provide reports to members and ensure receipt within specified timeframes

3.3 Complete relevant documentation and ensure it is signed by members within agreed timeframes

3.4 Communicate with and provide documentation to members pertaining to notification of structural changes in accordance with organisational and legislative requirements

4. Manage distribution of fund assets

4.1 Collect assets from investment service providers before structural changes occur

4.2 Distribute fund assets in compliance with legislative requirements

4.3 Ensure that fund assets are transferred by custodians and investment managers to new funds or distributed to relevant parties

5. Manage documentation

5.1 Complete reporting requirements according to legislative requirements

5.2 Wind up funds according to accounting principles

5.3 Provide necessary documentation and records to relevant parties

Skill 

Performance Criteria 

Description 

Reading

1.1, 1.4, 1.5, 2.1, 2.2, 2.3, 4.3, 5.1, 5.3

• Selects, synthesises and critically evaluates information from a variety of sources with complex embedded data requiring analysis and interpretation skills

Writing

1.2, 1.3, 1.4, 2.3, 3.1-3.4, 4.2, 5.1, 5.3

• Records and consolidates related information and constructs precise, concise reports for clients and colleagues

Oral Communication

1.1, 1.3, 1.4, 2.3, 3.1, 3.2, 3.4

• Provides advice to client s using language and register appropriate to the audience
• Seeks information using active listening and questioning to clarify understanding

Numeracy

1.2, 1.4, 1.5, 2.1-2.3, 3.2, 4.2, 4.3, 5.2, 5.3

• Interprets and analyses mathematical information from complex reports and documents, including spreadsheets and databases, and performs basic calculations related to self-managed superannuation funds to update accounts

Navigate the world of work

1.1, 1.4, 3.5, 4.3, 5.1

• Takes full responsibility for following policies, procedures and legislative requirements, ensuring that compliance obligations are fulfilled
• Seeks expert advice where necessary to ensure own knowledge is accurate

Interact with others

1.1-1.4, 2.3, 3.1

• Selects and uses appropriate conventions and protocols when liaising with or sharing information with trustees
• Confers with others where agreed outcomes are required and deadlines are to be met

Get the work done

1.2-1.5, 2.1-2.3, 3.1-3.4, 4.1-4.3, 5.1-5.3

• Takes responsibility for planning, sequencing and prioritising tasks and own workload for timely and effective outcomes
• Uses the main features and functions of digital tools to complete work tasks and to access information

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSSMS502 Manage changes to fund structure

FNSSMS502A Manage changes to fund structure

Updated to meet Standards for Training Packages.

Rewritten, reordered and clarified performance criteria.

Equivalent unit

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.