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 terminate a superannuation plan.
It applies to individuals who, within their level of authority, apply specialised organisational and industry knowledge and follow defined procedures to process financial information.
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. 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 |
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, 1.2, 1.5, 3.1, 3.4 |
|
Writing |
1.1-1.5, 2.1, 2.2, 3.2-3.4, 4.1, 4.2 |
|
Oral Communication |
1.2, 1.4 |
|
Numeracy |
1.1, 1.2, 2.1, 2.2, 3.1, 3.3, 4.3 |
|
Navigate the world of work |
1.4, 2.1, 3.2, 3.3, 3.4, 4.1, 4.2 |
|
Get the work done |
1.1, 1.3, 2.1, 2.2, 3.2, 3.3, 3.4, 4.1, 4.2, 4.3 |
|
Unit Mapping Information
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 |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe