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

FNSSMS502 Mapping and Delivery Guide
Manage changes to fund structure

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSSMS502 - Manage changes to fund structure
Description
Employability Skills
Learning Outcomes and Application This unit covers the skills and knowledge required to communicate effectively with trustees to manage changes to the self-managed superannuation fund structure including adding a trustee or member, in-specie transfers, merging segregated accounts and winding up the self-managed superannuation fund.It applies to individuals who use specialised knowledge, systematic approaches and effective communication skills to manage information and ensure integrity of data.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.
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 self-managed superannuation field of work and include access to:

organisational financial records

organisational policy and procedures

common office equipment, technology, software and consumables.

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: Confirm trustee instructions
  • Check trustee instructions to ensure they are in accordance with trust deeds and legislative requirements
  • Provide reports to trustee on appropriate steps to be taken to change structure of fund
  • Establish agreed timeframes for structural changes to occur
  • Obtain specialist advice to support structural change, if required
  • Review business sales agreement, where relevant
       
Element: Verify outstanding transactions
  • Identify outstanding transactions according to trust deed requirements
  • Confirm processing of all outstanding transactions in accordance with agreed timeframes
  • Communicate with external parties to ensure transactions are processed and actioned within agreed timeframes
       
Element: Manage distribution of information to appropriate parties
  • Make requests to trustees and service providers for payments, documentation and reports that relevant parties require
  • Provide reports to members and ensure receipt within specified timeframes
  • Complete relevant documentation and ensure it is signed by members within agreed timeframes
  • Communicate with and provide documentation to members pertaining to notification of structural changes in accordance with organisational and legislative requirements
       
Element: Manage distribution of fund assets
  • Collect assets from investment service providers before structural changes occur
  • Distribute fund assets in compliance with legislative requirements
  • Ensure that fund assets are transferred by custodians and investment managers to new funds or distributed to relevant parties
       
Element: Manage documentation
  • Complete reporting requirements according to legislative requirements
  • Wind up funds according to accounting principles
  • Provide necessary documentation and records to relevant parties
       


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. Confirm trustee instructions

1.1 Check trustee instructions to ensure they are in accordance with trust deeds and legislative requirements

1.2 Provide reports to trustee on appropriate steps to be taken to change structure of fund

1.3 Establish agreed timeframes for structural changes to occur

1.4 Obtain specialist advice to support structural change, if required

1.5 Review business sales agreement, where relevant

2. Verify outstanding transactions

2.1 Identify outstanding transactions according to trust deed requirements

2.2 Confirm processing of all outstanding transactions in accordance with agreed timeframes

2.3 Communicate with external parties to ensure transactions are processed and actioned within agreed timeframes

3. Manage distribution of information to appropriate parties

3.1 Make requests to trustees and service providers for payments, documentation and reports that relevant parties require

3.2 Provide reports to members and ensure receipt within specified timeframes

3.3 Complete relevant documentation and ensure it is signed by members within agreed timeframes

3.4 Communicate with and provide documentation to members pertaining to notification of structural changes in accordance with organisational and legislative requirements

4. Manage distribution of fund assets

4.1 Collect assets from investment service providers before structural changes occur

4.2 Distribute fund assets in compliance with legislative requirements

4.3 Ensure that fund assets are transferred by custodians and investment managers to new funds or distributed to relevant parties

5. Manage documentation

5.1 Complete reporting requirements according to legislative requirements

5.2 Wind up funds according to accounting principles

5.3 Provide necessary documentation and records to relevant parties

Evidence of the ability to:

confirm trustee instructions using knowledge of trust deed requirements

demonstrate effective communication skills while interacting with others

identify and process outstanding transactions

apply basic accounting principles in managing funds

manage the distribution of fund assets

compile all legislative and organisational reporting requirements.

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:

describe types of specialist advice

explain the legislative and organisational reporting requirements for managing changes to a self-managed superannuation fund structure

describe business sales agreements

interpret trust deed requirements correctly.

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. Confirm trustee instructions

1.1 Check trustee instructions to ensure they are in accordance with trust deeds and legislative requirements

1.2 Provide reports to trustee on appropriate steps to be taken to change structure of fund

1.3 Establish agreed timeframes for structural changes to occur

1.4 Obtain specialist advice to support structural change, if required

1.5 Review business sales agreement, where relevant

2. Verify outstanding transactions

2.1 Identify outstanding transactions according to trust deed requirements

2.2 Confirm processing of all outstanding transactions in accordance with agreed timeframes

2.3 Communicate with external parties to ensure transactions are processed and actioned within agreed timeframes

3. Manage distribution of information to appropriate parties

3.1 Make requests to trustees and service providers for payments, documentation and reports that relevant parties require

3.2 Provide reports to members and ensure receipt within specified timeframes

3.3 Complete relevant documentation and ensure it is signed by members within agreed timeframes

3.4 Communicate with and provide documentation to members pertaining to notification of structural changes in accordance with organisational and legislative requirements

4. Manage distribution of fund assets

4.1 Collect assets from investment service providers before structural changes occur

4.2 Distribute fund assets in compliance with legislative requirements

4.3 Ensure that fund assets are transferred by custodians and investment managers to new funds or distributed to relevant parties

5. Manage documentation

5.1 Complete reporting requirements according to legislative requirements

5.2 Wind up funds according to accounting principles

5.3 Provide necessary documentation and records to relevant parties

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
Check trustee instructions to ensure they are in accordance with trust deeds and legislative requirements 
Provide reports to trustee on appropriate steps to be taken to change structure of fund 
Establish agreed timeframes for structural changes to occur 
Obtain specialist advice to support structural change, if required 
Review business sales agreement, where relevant 
Identify outstanding transactions according to trust deed requirements 
Confirm processing of all outstanding transactions in accordance with agreed timeframes 
Communicate with external parties to ensure transactions are processed and actioned within agreed timeframes 
Make requests to trustees and service providers for payments, documentation and reports that relevant parties require 
Provide reports to members and ensure receipt within specified timeframes 
Complete relevant documentation and ensure it is signed by members within agreed timeframes 
Communicate with and provide documentation to members pertaining to notification of structural changes in accordance with organisational and legislative requirements 
Collect assets from investment service providers before structural changes occur 
Distribute fund assets in compliance with legislative requirements 
Ensure that fund assets are transferred by custodians and investment managers to new funds or distributed to relevant parties 
Complete reporting requirements according to legislative requirements 
Wind up funds according to accounting principles 
Provide necessary documentation and records to relevant parties 

Forms

Assessment Cover Sheet

FNSSMS502 - Manage changes to fund structure
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

FNSSMS502 - Manage changes to fund structure

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: