Unit of competency details

Unit descriptor 

This unit covers the skills and knowledge required to manage changes to a fund structure including transfers, merging, termination, closing and splitting of a fund. It encompasses confirmation of trustee instructions, the verification of outstanding transactions, managing the distribution of information to appropriate parties, managing the distribution of fund assets and managing documentation to support this process.

This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).

Application of the unit 

This unit can apply to job roles involving management of all fund types, including self-managed superannuation funds.

Prerequisite units 

Employability skills 

This unit contains employability skills.

Elements describe the essential outcomes of a unit of competency.

Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide.

ELEMENT 

PERFORMANCE CRITERIA 

1. Confirm trustee instructions

1.1. Trustee instructions are checked to ensure that they are in accordance with trust deeds and legislative requirements

1.2. Reports are provided to trustee on appropriate steps to be taken to change the structure of the fund

1.3. Agreed timeframes for structural changes to occur are established

1.4. Transitional specialist advice  to support structural change is obtained if required

1.5. Business sales agreement between employers is reviewed where relevant

1.6. Trustee instructions being in accordance with trust deed requirements is confirmed

2. Verify outstanding transactions

2.1. Outstanding transactions  according to trust deed  requirements are identified

2.2. Processing of all outstanding transactions in accordance with agreed timeframes is confirmed

2.3. External parties are communicated with to ensure transactions are processed and actioned within agreed timeframes

3. Manage distribution of information to appropriate parties

3.1. Open communication is maintained with relevant parties

3.2. Request for relevant payments, documentation and reports are made to relevant parties

3.3. Reports are provided to members and received within specified timeframes

3.4. Relevant documentation is completed and signed by members within agreed timeframes

3.5. Communication and documentation pertaining to the notification of structural changes are provided to members in accordance with organisational and legislative requirements

4. Manage distribution of fund assets

4.1. Assets are collected from relevant parties before structural changes occur

4.2. Communication channels are maintained between investment managers and custodians

4.3. The distribution of fund assets is compliant with legislative requirements

4.4. Fund assets are transferred  to new funds or distributed to relevant parties

5. Manage documentation

5.1. Reporting requirements are completed according to statutory reporting requirements 

5.2. Funds are acquitted according to accounting principles

5.3. Necessary documentation and records are provided to relevant parties 

REQUIRED SKILLS AND KNOWLEDGE 

This section describes the skills and knowledge required for this unit.

Required skills 

• communication skills to:

• liaise with others, share information, using questioning and active listening as required
• use language and concepts appropriate to cultural differences

• numeracy and IT skills to:

• perform basic calculations related to superannuation funds
• access and update account records electronically
• access and use appropriate software such as word processors, spreadsheets and databases
• use internet information

• data analysis and interpretation skills
• literacy skills to:

• write business reports
• read and interpret documentation from a variety of sources and record and consolidate related information

• interpersonal skills to relate effectively within a team environment
• organisational skills, including the ability to plan and sequence work

Required knowledge 

• basic accounting principles
• Australian Prudential Regulation Authority (APRA) reporting requirements
• Australian Securities and Investments Commission (ASIC) reporting requirements
• Australian Taxation Office (ATO) reporting requirements
• trust deed requirements

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:

• confirm trustee instructions using knowledge of trust deed requirements
• identify outstanding transactions
• manage the distribution of fund assets
• meet all reporting and statutory reporting requirements.

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 

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.

Specialist advice  may include:

• accountancy
• actuarial
• investment
• legal
• valuation.

Transactions  may include:

• benefits and other payments out are paid
• contributions in (i.e. insurance payments/refunds)
• government levies
• tax payments.

Trust deeds  may include:

• allocation of surplus
• custodians
• investment managers
• trust deed requirements for member benefits, guarantor.

Assets transferred  may include:

• custodians
• investment managers.

Statutory reporting requirements  may include:

• APRA
• ASIC
• ATO.

Relevant parties  may include:

• actuarial advisers
• APRA
• ATO
• custodians
• employers
• investment managers
• members
• trustees.

Unit sector 

Self-managed superannuation

Competency field 

Co-requisite units