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

FNSSUP306A Mapping and Delivery Guide
Terminate superannuation plans

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSSUP306A - Terminate superannuation plans
Description This unit describes the performance outcomes, skills and knowledge required to terminate a superannuation plan. The unit encompasses confirming trustee instructions, processing all outstanding transactions to termination date, forward information to appropriate payment parties and complete and action fund documentation.
Employability Skills This unit contains employability skills.
Learning Outcomes and Application This unit has application across a range of superannuation funds; it applies to trustee roles, not advisory roles.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites Not applicable.
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
  • All trustee instructions are accurately and clearly documented
  • Instructions are clarified with trustees where appropriate to ensure compliance requirements are met
  • Plan termination conditions are obtained and recorded
  • Termination is confirmed to the client promptly and according to operating procedures
  • Member authority for transfer of member assets is obtained
       
Element: Process all outstanding transactions to termination date
  • All benefit payments due before termination date are processed accurately and according to operating procedures
  • All final contributions and outstanding charges and credits to the fund are processed to ensure all financial obligations are met
       
Element: Forward information/ payments to appropriate parties
  • Actuarial calculations are obtained where required to determine members’ benefits
  • Member information is forwarded to new fund administrator as appropriate within negotiated timeframes and according to operating procedures
  • Termination payments are forwarded to the relevant parties when due, and according to arrangement with client and termination provisions
  • Valid discharge of all future liability is obtained according to operating procedures
       
Element: Complete and action fund documentation
  • Documents are finalised and filed according to operating procedures, legislative and compliance requirements
  • Statutory documentation is completed and lodged with authorities according to company operating procedures, authority requirements and within timeframes
  • Fund accounts are balanced according to financial requirements
       


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.

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

confirm trustee instructions

process all outstanding transactions to termination date

forward information to appropriate payment parties

complete and action fund documentation

demonstrate understanding of the application of trust requirements, fund policies and procedures and industry and legislative requirements

give sound advice and negotiate on options.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to financial services product information

access to information about workplace policies and procedures.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of units of competency

observing processes and procedure in workplaces

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

accessing and validating third party reports

setting and reviewing workplace business simulations or scenarios.

Guidance information for assessment

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.

Required skills

communication skills to:

use questioning and active listening to gather and check information

liaise and share information with others

communicate appropriately with people from diverse backgrounds

numeracy skills to:

interpret numeric data and from this perform calculations related to achieving required outcomes

IT skills to:

use computer applications (word processing, spreadsheet, database, specific purpose computer systems)

access and update records electronically

reading skills to:

read and understand relevant procedures

read and interpret applications and supporting documentation

writing skills to:

accurately record information

prepare professional letters and emails

organisational skills to efficiently plan and sequence work

problem solving skills to address inaccuracies and omissions in applications

analytical skills to effectively analyse information and data.

Required knowledge

relevant legislation

taxation requirements and procedures/document formats

company policy and procedures

product terms and conditions

computerised superannuation systems and procedures.

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Charges and credits may include:

contributions

administration charges

group life bonuses

insurance premiums

taxation liability

investment earnings.

Relevant parties may include:

trustees

members.

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
All trustee instructions are accurately and clearly documented 
Instructions are clarified with trustees where appropriate to ensure compliance requirements are met 
Plan termination conditions are obtained and recorded 
Termination is confirmed to the client promptly and according to operating procedures 
Member authority for transfer of member assets is obtained 
All benefit payments due before termination date are processed accurately and according to operating procedures 
All final contributions and outstanding charges and credits to the fund are processed to ensure all financial obligations are met 
Actuarial calculations are obtained where required to determine members’ benefits 
Member information is forwarded to new fund administrator as appropriate within negotiated timeframes and according to operating procedures 
Termination payments are forwarded to the relevant parties when due, and according to arrangement with client and termination provisions 
Valid discharge of all future liability is obtained according to operating procedures 
Documents are finalised and filed according to operating procedures, legislative and compliance requirements 
Statutory documentation is completed and lodged with authorities according to company operating procedures, authority requirements and within timeframes 
Fund accounts are balanced according to financial requirements 

Forms

Assessment Cover Sheet

FNSSUP306A - Terminate superannuation plans
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

FNSSUP306A - Terminate superannuation plans

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: