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 Accurately and clearly document all trustee instructions according to organisational procedures

1.2 Clarify instructions with trustees where appropriate to ensure compliance requirements are met

1.3 Obtain and record plan termination conditions

1.4 Confirm termination to member promptly and according to operating procedures

1.5 Obtain member authority for transfer of member assets

2. Process all outstanding transactions to termination date

2.1 Accurately process all benefit payments due before termination date according to operating procedures

2.2 Process all final contributions and outstanding charges and credits to the fund to ensure all financial obligations are met

3. Forward information or payments to appropriate parties

3.1 Obtain actuarial calculations where required to determine member benefits

3.2 Forward member information to new fund administrator as appropriate within negotiated timeframes and according to operating procedures

3.3 Forward termination payments to the trustee or member when due, and according to arrangement with member and termination provisions

3.4 Obtain valid discharge of all future liability according to operating procedures

4. Complete and action fund documentation

4.1 Correctly document all transactions in member records

4.2 Prepare statements and issue to member according to organisational procedures

4.3 Balance fund accounts according to financial requirements

Skill 

Performance Criteria 

Description 

Reading

1.1, 1.2, 1.5, 3.1, 3.4

• Analyses and consolidates a range of information and data against defined criteria and requirements

Writing

1.1-1.5, 2.1, 2.2, 3.2-3.4, 4.1, 4.2

• Accurately records and completes organisational documents and correspondence using clear language, and correct concepts and terminology

Oral Communication

1.2, 1.4

• Participates effectively in verbal exchanges, using active listening and questioning to convey, clarify and share information with a range of personnel

Numeracy

1.1, 1.2, 2.1, 2.2, 3.1, 3.3, 4.3

• Performs mathematical calculations to verify numerical and financial data, and reconcile accounts

Navigate the world of work

1.4, 2.1, 3.2, 3.3, 3.4, 4.1, 4.2

• Complies with explicit policies and procedures and explores and implements, where identified, the implicit expectations of policies and procedures
• Understands rights and responsibilities, and complies with legal and regulatory requirements

Get the work done

1.1, 1.3, 2.1, 2.2, 3.2, 3.3, 3.4, 4.1, 4.2, 4.3

• Plans and implements routine tasks and workload, making limited decisions on sequencing, timing and collaboration, and seeks assistance in setting priorities
• Responds to predictable routine problems and implements standard or logical solutions
• Makes low-impact decisions within familiar situations, based on a range of predefined or routine solutions
• Uses a range of digitally based technologies to enter, access or update information to achieve required outcomes

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSSUP306 Terminate superannuation plans

FNSSUP306A Terminate superannuation plans

Updated to meet Standards for Training Packages

Equivalent unit

Release 

Comments 

Release 1

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