FNSSUP304A - Process superannuation rollover benefits

FNSSUP304A
Process superannuation rollover benefits

This unit describes the performance outcomes, skills and knowledge required to receive applications for superannuation benefit payments and ensure correct funds are allocated to members. This involves the identification of the types of benefits, receipts of benefits, identification and management of errors pertaining to applications, processing of payments and the compliance with quality assurance procedures.

Application

This unit has application across all types of superannuation funds where receiving and processing benefit applications is a routine function within the job role.

Prerequisites

Not applicable.

Elements and Performance Criteria

1. Receive applications for benefit payment	1.1 Applications for superannuation benefit payment are received and accompanying documents are checked to ensure information is complete and correct 1.2 Receipt is documented according to organisational procedures
2. Identify and manage application errors	2.1 Errors and incompletions in applications are identified 2.2 Incomplete or incorrect applications are actioned according to organisational requirements 2.3 Applications are prepared for processing when required information is obtained
3. Process applications for benefit payments	3.1 Applications are checked against conditions identified in trust deed 3.2 Additional information is sourced as required (e.g. from member, employers etc.) 3.3 Benefit is calculated to include additional fees, charges and/or other factors, using computer system 3.4 Results of calculation are checked 3.5 Application is processed in accordance with the conditions identified in the trust deed and organisational procedures 3.6 Benefit payment documentation and monies are issued to members, Australian Taxation Office (ATO), rollover funds, as required
4. Follow quality assurance procedures	4.1 Organisational procedures are followed 4.2 Member documentation is maintained in accordance with organisational requirements 4.3 System and process checks are implemented and any irregularities identified 4.4 Any irregularities are corrected or communicated to appropriate personnel

Required Skills

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 relevant statistics 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

access web-based information services

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

company policies, objectives and guidelines

Government Member Benefit Protection Rules

Preservation Rules (after July 1999)

taxation requirements and tax rates for benefit payments under the Income Tax Assessment Act

components of a superannuation RBS and PAYG Payment Summary

documentation requirements of benefit payments

procedures for calculating and processing benefits

application of privacy legislation

fraud deterrence practices.

Evidence Required

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: receive and process benefit applications for payment source and interpret information required to process benefits including documentation, taxation requirements and trust deeds review benefit applications: for omissions to identify errors in benefit applications to test and assess the integrity of information complete benefit calculations including fees and charges.
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

Range Statement

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.

Errors and/or incompletions in documentation may include:

member information is illegible or missing

signature is missing

documentation is inconsistent

member information does not correlate with fund records

insufficient detail given

Conditions identified in trust deed may include:

fund guidelines

details of policy taken by member

relevant legislation

Organisational procedures may include:

system/computer procedures

best practice standards

regulatory requirements

internal communications

internal service level agreements

codes of practice

documentation and filing procedures

verifying status of rollover conditions

Sectors

Superannuation

Employability Skills

This unit contains employability skills.

Licensing Information

Not applicable.