Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with FNS Financial Services Training Package Version 1.0. |
Application
This unit describes the skills and knowledge required to receive applications for superannuation benefit payments and ensure correct funds are allocated to members. This involves identification of the types of benefits, receipts of benefits and identification and management of errors pertaining to applications, processing of payments and compliance with quality assurance procedures.
It applies to individuals who, within their level of authority, apply specialised organisational knowledge and follow defined procedures to process financial information and maintain quality standards.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Unit Sector
Superannuation
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Receive applications for benefit payment |
1.1 Receive applications for superannuation benefit payment and check accompanying documents to ensure information is complete and correct 1.2 Document and issue receipt according to organisational procedures |
2. Identify and manage application errors |
2.1 Identify errors and incomplete applications 2.2 Take appropriate action on incomplete or incorrect applications according to organisational requirements 2.3 Prepare applications for processing when required information is obtained |
3. Process applications for benefit payments |
3.1 Check applications against organisational procedures 3.2 Source additional information from member or employer as required 3.3 Calculate benefit to include additional fees, charges and/or other factors, using computer system 3.4 Check results of calculation to ensure accuracy of data or forward to appropriate staff for checking 3.5 Process application in accordance with conditions identified in organisational procedures 3.6 Issue benefit payment documentation and monies to members, Australian Taxation Office (ATO) and rollover funds, as required |
4. Follow quality assurance procedures |
4.1 Follow organisational procedures to ensure all work is completed accurately 4.2 Maintain member documentation in accordance with organisational requirements 4.3 Implement system and process checks, and identify any irregularities 4.4 Correct any irregularities or communicate to appropriate personnel |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
1.1, 2.1, 3.1, 3.4, 4.3 |
|
Writing |
1.2, 2.3, 3.2, 3.5, 3.6, 4.2, 4.4 |
|
Oral Communication |
3.2, 4.4 |
|
Numeracy |
1.1, 1.2, 2.1, 3.3, 3.4, 3.6 |
|
Navigate the world of work |
1.2, 2.2, 3.5, 3.6, 4.1, 4.2 |
|
Interact with others |
3.2, 4.4 |
|
Get the work done |
2.1, 2.2, 3.1, 3.5, 3.6, 4.2, 4.3, 4.4 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSSUP304 Process superannuation rollover benefits |
FNSSUP304A Process superannuation rollover benefits |
Updated to meet Standards for Training Packages |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe