Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSFLT204 Mapping and Delivery Guide
Develop knowledge of superannuation

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSFLT204 - Develop knowledge of superannuation
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to understand the role of superannuation and other longer-term investment devices, 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.It applies to individuals 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.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial literacy field and include access to:

office equipment, technology, software and consumables

information about the current structures of Australia’s superannuation system and a wide range of superannuation schemes and products.

Assessors must satisfy NVR/AQTF assessor requirements.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Identify and discuss role of long-term versus short-term investments
  • Identify and explain role of savings and investments at different points of people’s life cycle
  • Identify and compare savings and investment patterns of Australia, population growth and ageing with other countries
  • Describe purpose and characteristics of a range of savings and investment vehicles used for short-term and long-term savings and investment
       
Element: Describe the contemporary superannuation environment in Australia
  • Identify and explain purposes and benefits of superannuation as part of a long-term investment strategy to support people in retirement
  • Identify and discuss basic terminology used for customers of superannuation industry and characteristics of superannuation in Australia
  • Examine role of regulators and trustees in management of Australian superannuation industry
  • Identify and access sources for ongoing information about superannuation in Australia and discuss their uses
       
Element: Explore characteristics and structures of superannuation funds
  • Identify and compare types of superannuation schemes and fund managers
  • Identify and describe common investment objectives and role of death benefits in superannuation schemes, and their related strategies
  • Describe role and nature of preserved and non-preserved components of superannuation funds
  • Identify common costs of administering and managing superannuation funds
  • Compare examples of cross-section of superannuation funds’ performance over time and discuss variables that contributed to performance
       
Element: Foster active management of superannuation funds
  • Explain importance and means of checking superannuation statements for accuracy
  • Identify and apply techniques for analysing performance, rate of return, government taxes and other costs
  • Identify government regulated minimum age when superannuation benefits can be accessed and discuss regulation’s impact
  • Identify and discuss range of structures and techniques for use of superannuation funds on retirement
  • Identify and discuss mechanisms to gain information about a superannuation fund, track lost superannuation contributions or lodge complaints if concerns or discrepancies arise about individual’s superannuation fund
  • Develop questions on superannuation issues that may be put to employers and fund providers
       


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. Identify and discuss role of long-term versus short-term investments

1.1 Identify and explain role of savings and investments at different points of people’s life cycle

1.2 Identify and compare savings and investment patterns of Australia, population growth and ageing with other countries

1.3 Describe purpose and characteristics of a range of savings and investment vehicles used for short-term and long-term savings and investment

2. Describe the contemporary superannuation environment in Australia

2.1 Identify and explain purposes and benefits of superannuation as part of a long-term investment strategy to support people in retirement

2.2 Identify and discuss basic terminology used for customers of superannuation industry and characteristics of superannuation in Australia

2.3 Examine role of regulators and trustees in management of Australian superannuation industry

2.4 Identify and access sources for ongoing information about superannuation in Australia and discuss their uses

3. Explore characteristics and structures of superannuation funds

3.1 Identify and compare types of superannuation schemes and fund managers

3.2 Identify and describe common investment objectives and role of death benefits in superannuation schemes, and their related strategies

3.3 Describe 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 discuss variables that contributed to performance

4. Foster active management of superannuation funds

4.1 Explain importance and means of checking superannuation statements for accuracy

4.2 Identify and apply techniques for analysing performance, rate of return, government taxes and other costs

4.3 Identify government regulated minimum age when superannuation benefits can be accessed and discuss regulation’s impact

4.4 Identify and discuss range of structures and techniques for use of superannuation funds on retirement

4.5 Identify and discuss mechanisms to gain information about a superannuation fund, track lost superannuation contributions or lodge complaints if concerns or discrepancies arise about individual’s superannuation fund

4.6 Develop questions on superannuation issues that may be put to employers and fund providers

Evidence of the ability to:

clearly explain the role of superannuation and other longer-term investment vehicles used in the community at different points of the life cycle

review and discuss varying types of investment vehicles

develop questions to put to fund managers that demonstrate knowledge necessary to actively manage a superannuation investment.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

identify and explain key consumer issues relating to superannuation information

identify savings and investment patterns at different life cycle stages

identify key characteristics of superannuation in Australia

describe different types of superannuation fund managers and types of investment strategies

list examples of short-term and long-term savings and investment vehicles

define common terms used in superannuation statements

list ways of using superannuation funds on retirement

list the key regulatory bodies and identify basic features of legislation relating to superannuation

briefly outline the roles and relationships between participants in the Australian financial services industry, including banks and other financial intermediaries.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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. Identify and discuss role of long-term versus short-term investments

1.1 Identify and explain role of savings and investments at different points of people’s life cycle

1.2 Identify and compare savings and investment patterns of Australia, population growth and ageing with other countries

1.3 Describe purpose and characteristics of a range of savings and investment vehicles used for short-term and long-term savings and investment

2. Describe the contemporary superannuation environment in Australia

2.1 Identify and explain purposes and benefits of superannuation as part of a long-term investment strategy to support people in retirement

2.2 Identify and discuss basic terminology used for customers of superannuation industry and characteristics of superannuation in Australia

2.3 Examine role of regulators and trustees in management of Australian superannuation industry

2.4 Identify and access sources for ongoing information about superannuation in Australia and discuss their uses

3. Explore characteristics and structures of superannuation funds

3.1 Identify and compare types of superannuation schemes and fund managers

3.2 Identify and describe common investment objectives and role of death benefits in superannuation schemes, and their related strategies

3.3 Describe 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 discuss variables that contributed to performance

4. Foster active management of superannuation funds

4.1 Explain importance and means of checking superannuation statements for accuracy

4.2 Identify and apply techniques for analysing performance, rate of return, government taxes and other costs

4.3 Identify government regulated minimum age when superannuation benefits can be accessed and discuss regulation’s impact

4.4 Identify and discuss range of structures and techniques for use of superannuation funds on retirement

4.5 Identify and discuss mechanisms to gain information about a superannuation fund, track lost superannuation contributions or lodge complaints if concerns or discrepancies arise about individual’s superannuation fund

4.6 Develop questions on superannuation issues that may be put to employers and fund providers

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 and explain role of savings and investments at different points of people’s life cycle 
Identify and compare savings and investment patterns of Australia, population growth and ageing with other countries 
Describe purpose and characteristics of a range of savings and investment vehicles used for short-term and long-term savings and investment 
Identify and explain purposes and benefits of superannuation as part of a long-term investment strategy to support people in retirement 
Identify and discuss basic terminology used for customers of superannuation industry and characteristics of superannuation in Australia 
Examine role of regulators and trustees in management of Australian superannuation industry 
Identify and access sources for ongoing information about superannuation in Australia and discuss their uses 
Identify and compare types of superannuation schemes and fund managers 
Identify and describe common investment objectives and role of death benefits in superannuation schemes, and their related strategies 
Describe role and nature of preserved and non-preserved components of superannuation funds 
Identify common costs of administering and managing superannuation funds 
Compare examples of cross-section of superannuation funds’ performance over time and discuss variables that contributed to performance 
Explain importance and means of checking superannuation statements for accuracy 
Identify and apply techniques for analysing performance, rate of return, government taxes and other costs 
Identify government regulated minimum age when superannuation benefits can be accessed and discuss regulation’s impact 
Identify and discuss range of structures and techniques for use of superannuation funds on retirement 
Identify and discuss mechanisms to gain information about a superannuation fund, track lost superannuation contributions or lodge complaints if concerns or discrepancies arise about individual’s superannuation fund 
Develop questions on superannuation issues that may be put to employers and fund providers 

Forms

Assessment Cover Sheet

FNSFLT204 - Develop knowledge of superannuation
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

FNSFLT204 - Develop knowledge of superannuation

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

Assessor name:

Signature:

Date:

Student signature:

Date: