FNSFLT214 Develop knowledge of superannuation

Release: 1

FNSFLT214 Develop knowledge of superannuation

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to understand the role of superannuation and other longer-term investment vehicles, and to make effective and informed decisions about related products. It has wide application and may be used in workplaces, schools, adult and community learning organisations or registered training organisations to build the financial literacy of learners. The unit may also be used as part of pre-vocational or new apprenticeship programs, or as part of services provided by counselling or advisory organisations.

The unit applies to those who explore new ideas and techniques to build personal financial literacy knowledge.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial literacy

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. Identify role of investments	1.1 Identify role of savings and investments at different points of an individual’s life cycle 1.2 Identify role of long term and short-term investments 1.3 Identify and compare savings and investment patterns of Australia with other countries 1.4 Identify purpose and characteristics of savings and investment vehicles used for short-term and long-term savings and investment
2. Develop knowledge of the superannuation environment in Australia	2.1 Identify purposes and benefits of superannuation 2.2 Identify basic terminology used for customers of the superannuation industry 2.3 Identify the role of regulators and trustees in management of the Australian superannuation industry 2.4 Identify and access sources of information about superannuation in Australia 2.5 Document the locations and uses of the identified sources
3. Identify characteristics and structures of superannuation funds	3.1 Identify and compare types of superannuation schemes and fund managers 3.2 Identify common investment objectives and role of death benefits in superannuation schemes, and their related strategies 3.3 Identify role and nature of preserved and non-preserved components of superannuation funds 3.4 Identify common costs of administering and managing superannuation funds 3.5 Compare examples of cross-section of superannuation funds’ performance over time and identify variables that contributed to performance
4. Foster active management of superannuation funds	4.1 Identify importance and method of checking accuracy of superannuation statements 4.2 Identify and apply techniques for analysing superannuation funds 4.3 Identify minimum age that superannuation benefits can be accessed and the impact on fund management 44 Identify structures and techniques for use of superannuation funds upon retirement 4.5 Identify mechanisms to carry out an action in relation to an individual’s superannuation fund 4.6 Develop questions on superannuation issues that may be put to employers and fund providers

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs a range of mathematical calculations to interpret patterns and trends, and to compare financial information
Oral communication	Uses active listening and questioning to clarify and elicit information related to the topic or enquiry Participates in verbal exchanges to share information
Reading	Identifies, reviews and compares written and numerical information from a range of sources to identify key details relevant to the activity
Writing	Prepares written information and structures questions logically using correct terminology Describes concepts accurately and in a format appropriate for the audience and purpose
Self-management	Identifies, confirms and understands regulatory requirements Maintains up-to-date knowledge of superannuation issues required for own situation
Technology	Uses digital systems and tools to conduct research and complete tasks

Unit Mapping Information

Supersedes and is equivalent to FNSFLT204 Develop knowledge of superannuation.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe