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

FNSSUP413 Mapping and Delivery Guide
Apply knowledge of retirement planning issues when dealing with clients

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSSUP413 - Apply knowledge of retirement planning issues when dealing with clients
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to provide general advice to clients relating to a range of retirement planning issues. It applies to individuals who need to keep up-to-date with current issues and requirements relating to retirement including general financial issues and risk, knowledge of income streams and annuities, the social security system, aged care facilities and estate planning While this unit entails providing information to clients it does not cover the provision of personal advice and is intended as a general overview of post-retirement planning issues.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 superannuation field of work and include access to:

office equipment, technology, software and consumables

organisational policies and procedures including requirements for handling confidential client information.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

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 trends and issues relating to retirement and retirees
  • Research current information on demographic trends relevant to the aging population
  • Identify current issues relating to consumer behaviour of retirees
  • Review the financial implications of longevity in retirement
       
Element: Research key financial issues and risks in retirement
  • Identify the key financial risks for people in retirement
  • Analyse the implications of adverse financial circumstances that can impact on an individual approaching retirement
  • Review a range of post-retirement product types and their relationship to managing financial risk
  • Analyse regulatory requirements relating to the provision of financial advice
  • Identify sources of general information and guidance relating to financial issues and risks in retirement to provide to clients
       
Element: Outline the role and key features of the social security system impacting on retirees
  • Research current information on aged benefits, payments and services and advise clients to contact Centrelink to gauge their eligibility’
  • Describe how account based and non-account based income streams and annuities operate within superannuation and other private income streams
  • Describe the relationships and links between government aged pension and superannuation and other private income streams
  • Describe the impacts government benefits can have on an individual’s income in retirement
       
Element: Provide general information on aged care options and issues to clients
  • Research aged care options and facilities available in the community
  • Explain the key features of regulatory requirements relevant to aged care to clients
  • Describe general information relating to aged care options to clients and explain how sources of further information can be accessed
       
Element: Provide information and outline the significance of estate planning to clients
  • Explain the nature and purpose of an estate plan to clients
  • Outline general information on tax issues and consequences for dependants of retirement income stream products including lump sum payments and reversionary pensions to beneficiaries
  • Outline the legal requirements and issues relating to wills, powers of attorney, trusts and other estate planning matters to clients
  • Explain general estate planning and death benefit options using language and terminology that the client can understand
       


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 trends and issues relating to retirement and retirees

1.1 Research current information on demographic trends relevant to the aging population

1.2 Identify current issues relating to consumer behaviour of retirees

1.3 Review the financial implications of longevity in retirement

2. Research key financial issues and risks in retirement

2.1 Identify the key financial risks for people in retirement

2.2 Analyse the implications of adverse financial circumstances that can impact on an individual approaching retirement

2.3 Review a range of post-retirement product types and their relationship to managing financial risk

2.4 Analyse regulatory requirements relating to the provision of financial advice

2.5 Identify sources of general information and guidance relating to financial issues and risks in retirement to provide to clients

3. Outline the role and key features of the social security system impacting on retirees

3.1 Research current information on aged benefits, payments and services and advise clients to contact Centrelink to gauge their eligibility’

3.2 Describe how account based and non-account based income streams and annuities operate within superannuation and other private income streams

3.3 Describe the relationships and links between government aged pension and superannuation and other private income streams

3.4 Describe the impacts government benefits can have on an individual’s income in retirement

4. Provide general information on aged care options and issues to clients

4.1 Research aged care options and facilities available in the community

4.2 Explain the key features of regulatory requirements relevant to aged care to clients

4.3 Describe general information relating to aged care options to clients and explain how sources of further information can be accessed

5. Provide information and outline the significance of estate planning to clients

5.1 Explain the nature and purpose of an estate plan to clients

5.2 Outline general information on tax issues and consequences for dependants of retirement income stream products including lump sum payments and reversionary pensions to beneficiaries

5.3 Outline the legal requirements and issues relating to wills, powers of attorney, trusts and other estate planning matters to clients

5.4 Explain general estate planning and death benefit options using language and terminology that the client can understand

Evidence of the ability to:

research and actively maintain currency of key information relevant to retirement planning

provide general information to clients on issues relating to aged care and retirement options.

explain the general impacts of social security on an individual's income in retirement to a client

explain the importance of estate planning to clients.

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 organisational policies, procedures and requirements relevant to providing information to clients and relevant stakeholders

summarise the key demographic trends relating to seniors and retirement including:

average life expectancy

improvements in mortality

longevity risks to income sources in retirement

describe issues relating to consumer behaviour impacting on retirement including:

biases

skills and work

expectations

cultural issues

job prospects for mature age workers

budgeting for retirement

explain key regulatory requirements relating to the provision of financial advice

outline the key financial risks for retirees including:

longevity

market changes and adverse market events

inflation

interest rate changes

political risk

how long money will last

discuss the importance of preparing for and timing retirement including consideration of timing of adverse market events

describe a range of post-retirement product types and their relationship to managing financial risk such as the difference between account based income streams which depend on investment returns and non-account based income streams which depend on consumer price index (CPI) changes

outline types of aged care residential options including:

retirement villages

high and low care nursing homes

in home government support programs

provide an overview of costs, services and eligibility requirements associated with different types of aged care facilities

outline key aspects of regulatory requirements relating to aged care facilities

outline eligibility requirements for accessing aged pensions and social security benefits including:

means testing

concept of deemed, gross and net actual income

identify non-financial issues to be considered when planning for retirement including:

family matters

health matters

where to live

insurance

identify and distinguish between personal and retirement goals

explain issues related to estate planning and inheritance

describe the purpose and key features of wills, powers of attorney and trusts

explain the roles and responsibilities of a power of attorney and a trustee

outline taxation issues relevant to estate planning

outline tax issues related to retirement benefits and associated estate planning options.

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 trends and issues relating to retirement and retirees

1.1 Research current information on demographic trends relevant to the aging population

1.2 Identify current issues relating to consumer behaviour of retirees

1.3 Review the financial implications of longevity in retirement

2. Research key financial issues and risks in retirement

2.1 Identify the key financial risks for people in retirement

2.2 Analyse the implications of adverse financial circumstances that can impact on an individual approaching retirement

2.3 Review a range of post-retirement product types and their relationship to managing financial risk

2.4 Analyse regulatory requirements relating to the provision of financial advice

2.5 Identify sources of general information and guidance relating to financial issues and risks in retirement to provide to clients

3. Outline the role and key features of the social security system impacting on retirees

3.1 Research current information on aged benefits, payments and services and advise clients to contact Centrelink to gauge their eligibility’

3.2 Describe how account based and non-account based income streams and annuities operate within superannuation and other private income streams

3.3 Describe the relationships and links between government aged pension and superannuation and other private income streams

3.4 Describe the impacts government benefits can have on an individual’s income in retirement

4. Provide general information on aged care options and issues to clients

4.1 Research aged care options and facilities available in the community

4.2 Explain the key features of regulatory requirements relevant to aged care to clients

4.3 Describe general information relating to aged care options to clients and explain how sources of further information can be accessed

5. Provide information and outline the significance of estate planning to clients

5.1 Explain the nature and purpose of an estate plan to clients

5.2 Outline general information on tax issues and consequences for dependants of retirement income stream products including lump sum payments and reversionary pensions to beneficiaries

5.3 Outline the legal requirements and issues relating to wills, powers of attorney, trusts and other estate planning matters to clients

5.4 Explain general estate planning and death benefit options using language and terminology that the client can understand

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
Research current information on demographic trends relevant to the aging population 
Identify current issues relating to consumer behaviour of retirees 
Review the financial implications of longevity in retirement 
Identify the key financial risks for people in retirement 
Analyse the implications of adverse financial circumstances that can impact on an individual approaching retirement 
Review a range of post-retirement product types and their relationship to managing financial risk 
Analyse regulatory requirements relating to the provision of financial advice 
Identify sources of general information and guidance relating to financial issues and risks in retirement to provide to clients 
Research current information on aged benefits, payments and services and advise clients to contact Centrelink to gauge their eligibility’ 
Describe how account based and non-account based income streams and annuities operate within superannuation and other private income streams 
Describe the relationships and links between government aged pension and superannuation and other private income streams 
Describe the impacts government benefits can have on an individual’s income in retirement 
Research aged care options and facilities available in the community 
Explain the key features of regulatory requirements relevant to aged care to clients 
Describe general information relating to aged care options to clients and explain how sources of further information can be accessed 
Explain the nature and purpose of an estate plan to clients 
Outline general information on tax issues and consequences for dependants of retirement income stream products including lump sum payments and reversionary pensions to beneficiaries 
Outline the legal requirements and issues relating to wills, powers of attorney, trusts and other estate planning matters to clients 
Explain general estate planning and death benefit options using language and terminology that the client can understand 

Forms

Assessment Cover Sheet

FNSSUP413 - Apply knowledge of retirement planning issues when dealing with clients
Assessment task 1: [title]

Student name:

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I declare that the assessment tasks submitted for this unit are my own work.

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Result: Competent Not yet competent

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Assessment Record Sheet

FNSSUP413 - Apply knowledge of retirement planning issues when dealing with clients

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Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

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Overall assessment result: Competent Not yet competent

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