Elements and Performance Criteria
- Process transactions
- Receive and respond to client enquiries for access to a lump sum from an income stream, including notification of the client’s death, and document according to organisational procedures
- Assess the circumstance and type of income stream to determine if it can be commuted, terminated or permits partial withdrawals or, in the case of the death of the client, if a reversionary pension or payment to the client’s estate is available
- Assess whether a client is exercising their rights under the cooling off period
- Determine whether the client is requesting a full or partial withdrawal or commutation from the income stream
- Complete and action fund documentation
- Record information and send additional information to the client or approved representative to process required action in accordance with organisational procedures
- Process reversionary pension and/or other payments to the client’s estate, in the event of the client’s death, on receipt of appropriate documentation and apply claim staking processes where required
- Contact the relevant person to obtain complying benefit payment request where payments are requested to be made to a third party
- Action client request to roll over a lump sum to another superannuation fund in accordance with organisational procedures
- Establish a new reversionary income stream resulting from the termination of a client’s income stream in accordance with organisational procedures
- Follow organisational procedures where a partial withdrawal from an account based pension by the client results in a breach of the minimum and maximum range for the income stream
- Determine taxable component of terminated income stream
- Establish the client’s age to determine whether tax is payable where the lump sum is a full or part withdrawal or commutation paid to the client
- Use Australian Tax Office (ATO) guidelines to confirm dependency status and age of beneficiaries or estate recipients where a lump sum is payable
- Follow organisational procedures regarding payment of a tax anti-detriment adjustment where a lump sum is payable to beneficiaries or the estate
- Calculate appropriate tax component according to legislative requirements and record in appropriate system in line with organisational procedures
- Prepare documents and forward to appropriate personnel for checking in line with organisational procedures
- Forward information and payments to appropriate parties
- Determine entitlements within authority levels and obtain sign off
- Send information, depending on payment type, to the client, their nominated rollover fund, beneficiary or client’s legal representative according to organisational and legislative requirements
- Communicate with clients, beneficiaries and client’s legal representative according to organisational procedures
- File copies of documents correctly and in a timely manner
- Respond to enquiries from clients and other persons entitled to make an enquiry
- Follow quality assurance procedures
- Follow organisational procedures to ensure all work is completed accurately
- Comply with regulations and legislation determining payment of a lump sum from an income stream
- Implement system and process checks and identify any irregularities
- Correct any irregularities or communicate to appropriate personnel