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Elements and Performance Criteria

1. Explain the features and processes of retirement income streams
   • 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
2. Process rollover payments for the purchase 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
3. Process retirement income benefits
   • 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
4. Process and maintain documentation and records
   • 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
5. Process commutations
   • 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
6. Respond to member enquiries regarding retirement income as required
   • 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
7. Follow quality assurance procedures
   • 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