ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Explain the features and processes of retirement income streams

1.1 Identify main types of income streams

1.2 Identify features, advantages and disadvantages of the main types of income streams

1.3 Identify taxation, payment and social security requirements and considerations of income streams

1.4 Identify and comply with regulations and legislation determining compliance of retirement income streams

2. Process rollover payments for the purchase of retirement income streams

2.1 Establish new accounts and check for eligibility

2.2 Receive payments via post, person, phone or electronic transfer

2.3 Check payments and organisational documents to ensure information is complete and correct

2.4 Obtain further information as required

2.5 Enter data and activate policy according to organisational procedures

2.6 Prepare payments and bank according to organisational procedures

2.7 Send policy documents and confirmation to member

2.8 File documentation according to organisational procedures

3. Process retirement income benefits

3.1 Prepare payment and process according to conditions of member contract and organisational procedures

3.2 Calculate benefit to include additional fees, taxation, surcharge debt and/or other factors

3.3 Prepare documentation and check according to organisational procedures

3.4 Check payment for delivery to member

4. Process and maintain documentation and records

4.1 Correctly document all transactions in member records

4.2 Prepare statements and receipts, and issue to members according to organisational procedures

4.3 Maintain member records to ensure currency and accuracy

4.4 Maintain pension payments and review regularly

4.5 Identify and implement annual review processes

4.6 Generate and provide certificates, benefit information and taxation information according to legislative requirements

5. Process commutations

5.1 Receive requests for withdrawals and document according to organisational procedures

5.2 Check information provided for accuracy and completion

5.3 Process withdrawal requests and update records according to organisational procedures

6. Respond to member enquiries regarding retirement income as required

6.1 Treat member enquiries professionally and in accordance with organisational client service standards

6.2 Provide required information to meet general member enquiries

6.3 Refer complex enquiries to appropriate personnel

6.4 Provide information according to organisational and legislative requirements

7. Follow quality assurance procedures

7.1 Follow organisational procedures to ensure all work is completed accurately

7.2 Comply with regulations and legislation determining compliance of retirement income streams

7.3 Establish member details and maintain in accordance with organisational requirements

7.4 Implement system and process checks, and identify any irregularities

7.5 Correct any irregularities or communicate to appropriate personnel

Skill

Performance Criteria

Description

Reading

1.1-1.4, 2.1, 2.3, 3.3, 5.1, 5.2

Analyses and consolidates information and data from a range of sources against defined criteria and requirements, and checks for accuracy and completeness

Writing

2.4-2.7, 3.3, 4.1-4.6, 5.1, 6.2-6.4, 7.3

Accurately records and completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology

Oral Communication

2.4, 6.2-6.4, 7.5

Interacts effectively in verbal exchanges, using active listening and questioning to convey and clarify information

Uses concepts and terminology appropriate for the audience and purpose

Numeracy

2.3, 2.5, 2.6, 3.1-3.3, 4.1, 4.2, 5.1-5.3

Performs mathematical calculations to analyse financial data and statistics, and accurately process payments

Navigate the world of work

1.1-1.4, 2.2, 2.5, 2.8, 3.1, 4.6, 5.3, 6.4, 7.1, 7.2

Accepts responsibility and ownership for the task, and makes decisions on completion parameters and the need for coordination with others

Takes personal responsibility for following explicit and implicit policies, procedures and legislative requirements

Identifies and acts on issues that contravene relevant policies, procedures and legal requirements

Interact with others

2.4, 3.4, 7.1, 6.2, 6.3, 7.5

Liaises and shares information with customers and others, taking into consideration language and approaches for dealing with diverse groups

Uses a range of strategies to establish a sense of connection and build rapport with clients and workmates

Identifies and explores differences in a diverse range of people in the work context and makes adjustments to communication in recognition of these differences

Get the work done

2.1-2.8, 3.1-3.4, 4.3-4.6, 5.1-5.3, 7.1-7.5

Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes

Occasionally negotiates changes to workload

Makes decisions and implements procedures for routine tasks, using formal decision-making processes for more complex and non-routine situations

Accepts responsibility for addressing less predictable problems and initiates procedures in response, applying problem-solving processes in determining a solution

Uses a range of digitally based technologies to enter, access or update information to achieve required outcomes