This unit describes the skills and knowledge required to administer retirement income streams. It encompasses the explanation and identification of retirement income stream features, processes for the purchase of retirement income streams, processing of income benefits, ability to maintain documentation and records, processing of commutations, and responding to member enquiries regarding retirement income.
It applies to individuals who use specialised industry knowledge and systematic approaches to thoroughly and accurately complete a range of tasks that meet organisational quality assurance procedures.
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.
You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)
Evidence Required
List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
ELEMENT
PERFORMANCE CRITERIA
Elements describe the essential outcomes.
Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Explain the features and processes of retirement income streams
1.1 Identify main types of income streams
1.2 Identify features, advantages and disadvantages of the main types of income streams
1.3 Identify taxation, payment and social security requirements and considerations of income streams
1.4 Identify and comply with regulations and legislation determining compliance of retirement income streams
2. Process rollover payments for the purchase of retirement income streams
2.1 Establish new accounts and check for eligibility
2.2 Receive payments via post, person, phone or electronic transfer
2.3 Check payments and organisational documents to ensure information is complete and correct
2.4 Obtain further information as required
2.5 Enter data and activate policy according to organisational procedures
2.6 Prepare payments and bank according to organisational procedures
2.7 Send policy documents and confirmation to member
2.8 File documentation according to organisational procedures
3. Process retirement income benefits
3.1 Prepare payment and process according to conditions of member contract and organisational procedures
3.2 Calculate benefit to include additional fees, taxation, surcharge debt and/or other factors
3.3 Prepare documentation and check according to organisational procedures
3.4 Check payment for delivery to member
4. Process and maintain documentation and records
4.1 Correctly document all transactions in member records
4.2 Prepare statements and receipts, and issue to members according to organisational procedures
4.3 Maintain member records to ensure currency and accuracy
4.4 Maintain pension payments and review regularly
4.5 Identify and implement annual review processes
4.6 Generate and provide certificates, benefit information and taxation information according to legislative requirements
5. Process commutations
5.1 Receive requests for withdrawals and document according to organisational procedures
5.2 Check information provided for accuracy and completion
5.3 Process withdrawal requests and update records according to organisational procedures
6. Respond to member enquiries regarding retirement income as required
6.1 Treat member enquiries professionally and in accordance with organisational client service standards
6.2 Provide required information to meet general member enquiries
6.3 Refer complex enquiries to appropriate personnel
6.4 Provide information according to organisational and legislative requirements
7. Follow quality assurance procedures
7.1 Follow organisational procedures to ensure all work is completed accurately
7.2 Comply with regulations and legislation determining compliance of retirement income streams
7.3 Establish member details and maintain in accordance with organisational requirements
7.4 Implement system and process checks, and identify any irregularities
7.5 Correct any irregularities or communicate to appropriate personnel
Submission Requirements
List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here
Assessment task 1: [title] Due date:
(add new lines for each of the assessment tasks)
Assessment Tasks
Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.
ELEMENT
PERFORMANCE CRITERIA
Elements describe the essential outcomes.
Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Explain the features and processes of retirement income streams
1.1 Identify main types of income streams
1.2 Identify features, advantages and disadvantages of the main types of income streams
1.3 Identify taxation, payment and social security requirements and considerations of income streams
1.4 Identify and comply with regulations and legislation determining compliance of retirement income streams
2. Process rollover payments for the purchase of retirement income streams
2.1 Establish new accounts and check for eligibility
2.2 Receive payments via post, person, phone or electronic transfer
2.3 Check payments and organisational documents to ensure information is complete and correct
2.4 Obtain further information as required
2.5 Enter data and activate policy according to organisational procedures
2.6 Prepare payments and bank according to organisational procedures
2.7 Send policy documents and confirmation to member
2.8 File documentation according to organisational procedures
3. Process retirement income benefits
3.1 Prepare payment and process according to conditions of member contract and organisational procedures
3.2 Calculate benefit to include additional fees, taxation, surcharge debt and/or other factors
3.3 Prepare documentation and check according to organisational procedures
3.4 Check payment for delivery to member
4. Process and maintain documentation and records
4.1 Correctly document all transactions in member records
4.2 Prepare statements and receipts, and issue to members according to organisational procedures
4.3 Maintain member records to ensure currency and accuracy
4.4 Maintain pension payments and review regularly
4.5 Identify and implement annual review processes
4.6 Generate and provide certificates, benefit information and taxation information according to legislative requirements
5. Process commutations
5.1 Receive requests for withdrawals and document according to organisational procedures
5.2 Check information provided for accuracy and completion
5.3 Process withdrawal requests and update records according to organisational procedures
6. Respond to member enquiries regarding retirement income as required
6.1 Treat member enquiries professionally and in accordance with organisational client service standards
6.2 Provide required information to meet general member enquiries
6.3 Refer complex enquiries to appropriate personnel
6.4 Provide information according to organisational and legislative requirements
7. Follow quality assurance procedures
7.1 Follow organisational procedures to ensure all work is completed accurately
7.2 Comply with regulations and legislation determining compliance of retirement income streams
7.3 Establish member details and maintain in accordance with organisational requirements
7.4 Implement system and process checks, and identify any irregularities
7.5 Correct any irregularities or communicate to appropriate personnel
Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.
Observation Checklist
Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice
Yes
No
Comments/feedback
Identify main types of income streams
Identify features, advantages and disadvantages of the main types of income streams
Identify taxation, payment and social security requirements and considerations of income streams
Identify and comply with regulations and legislation determining compliance of retirement income streams
Establish new accounts and check for eligibility
Receive payments via post, person, phone or electronic transfer
Check payments and organisational documents to ensure information is complete and correct
Obtain further information as required
Enter data and activate policy according to organisational procedures
Prepare payments and bank according to organisational procedures
Send policy documents and confirmation to member
File documentation according to organisational procedures
Prepare payment and process according to conditions of member contract and organisational procedures
Calculate benefit to include additional fees, taxation, surcharge debt and/or other factors
Prepare documentation and check according to organisational procedures
Check payment for delivery to member
Correctly document all transactions in member records
Prepare statements and receipts, and issue to members according to organisational procedures
Maintain member records to ensure currency and accuracy
Maintain pension payments and review regularly
Identify and implement annual review processes
Generate and provide certificates, benefit information and taxation information according to legislative requirements
Receive requests for withdrawals and document according to organisational procedures
Check information provided for accuracy and completion
Process withdrawal requests and update records according to organisational procedures
Treat member enquiries professionally and in accordance with organisational client service standards
Provide required information to meet general member enquiries
Refer complex enquiries to appropriate personnel
Provide information according to organisational and legislative requirements
Follow organisational procedures to ensure all work is completed accurately
Comply with regulations and legislation determining compliance of retirement income streams
Establish member details and maintain in accordance with organisational requirements
Implement system and process checks, and identify any irregularities
Correct any irregularities or communicate to appropriate personnel
Forms
Assessment Cover Sheet
FNSSUP403 - Administer retirement income streams
Assessment task 1: [title]
Student name:
Student ID:
I declare that the assessment tasks submitted for this unit are my own work.
Student signature:
Result: Competent Not yet competent
Feedback to student
Assessor name:
Signature:
Date:
Assessment Record Sheet
FNSSUP403 - Administer retirement income streams
Student name:
Student ID:
Assessment task 1: [title] Result: Competent Not yet competent
(add lines for each task)
Feedback to student:
Overall assessment result: Competent Not yet competent