NTISthis.com

Evidence Guide: FNSFLT204 - Develop knowledge of superannuation

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSFLT204 - Develop knowledge of superannuation

What evidence can you provide to prove your understanding of each of the following citeria?

Identify and discuss role of long-term versus short-term investments

  1. Identify and explain role of savings and investments at different points of people’s life cycle
  2. Identify and compare savings and investment patterns of Australia, population growth and ageing with other countries
  3. Describe purpose and characteristics of a range of savings and investment vehicles used for short-term and long-term savings and investment
Identify and explain role of savings and investments at different points of people’s life cycle

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and compare savings and investment patterns of Australia, population growth and ageing with other countries

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Describe purpose and characteristics of a range of savings and investment vehicles used for short-term and long-term savings and investment

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Describe the contemporary superannuation environment in Australia

  1. Identify and explain purposes and benefits of superannuation as part of a long-term investment strategy to support people in retirement
  2. Identify and discuss basic terminology used for customers of superannuation industry and characteristics of superannuation in Australia
  3. Examine role of regulators and trustees in management of Australian superannuation industry
  4. Identify and access sources for ongoing information about superannuation in Australia and discuss their uses
Identify and explain purposes and benefits of superannuation as part of a long-term investment strategy to support people in retirement

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and discuss basic terminology used for customers of superannuation industry and characteristics of superannuation in Australia

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Examine role of regulators and trustees in management of Australian superannuation industry

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and access sources for ongoing information about superannuation in Australia and discuss their uses

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explore characteristics and structures of superannuation funds

  1. Identify and compare types of superannuation schemes and fund managers
  2. Identify and describe common investment objectives and role of death benefits in superannuation schemes, and their related strategies
  3. Describe role and nature of preserved and non-preserved components of superannuation funds
  4. Identify common costs of administering and managing superannuation funds
  5. Compare examples of cross-section of superannuation funds’ performance over time and discuss variables that contributed to performance
Identify and compare types of superannuation schemes and fund managers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and describe common investment objectives and role of death benefits in superannuation schemes, and their related strategies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Describe role and nature of preserved and non-preserved components of superannuation funds

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify common costs of administering and managing superannuation funds

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Compare examples of cross-section of superannuation funds’ performance over time and discuss variables that contributed to performance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Foster active management of superannuation funds

  1. Explain importance and means of checking superannuation statements for accuracy
  2. Identify and apply techniques for analysing performance, rate of return, government taxes and other costs
  3. Identify government regulated minimum age when superannuation benefits can be accessed and discuss regulation’s impact
  4. Identify and discuss range of structures and techniques for use of superannuation funds on retirement
  5. Identify and discuss mechanisms to gain information about a superannuation fund, track lost superannuation contributions or lodge complaints if concerns or discrepancies arise about individual’s superannuation fund
  6. Develop questions on superannuation issues that may be put to employers and fund providers
Explain importance and means of checking superannuation statements for accuracy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and apply techniques for analysing performance, rate of return, government taxes and other costs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify government regulated minimum age when superannuation benefits can be accessed and discuss regulation’s impact

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and discuss range of structures and techniques for use of superannuation funds on retirement

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and discuss mechanisms to gain information about a superannuation fund, track lost superannuation contributions or lodge complaints if concerns or discrepancies arise about individual’s superannuation fund

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop questions on superannuation issues that may be put to employers and fund providers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Identify and discuss role of long-term versus short-term investments

1.1 Identify and explain role of savings and investments at different points of people’s life cycle

1.2 Identify and compare savings and investment patterns of Australia, population growth and ageing with other countries

1.3 Describe purpose and characteristics of a range of savings and investment vehicles used for short-term and long-term savings and investment

2. Describe the contemporary superannuation environment in Australia

2.1 Identify and explain purposes and benefits of superannuation as part of a long-term investment strategy to support people in retirement

2.2 Identify and discuss basic terminology used for customers of superannuation industry and characteristics of superannuation in Australia

2.3 Examine role of regulators and trustees in management of Australian superannuation industry

2.4 Identify and access sources for ongoing information about superannuation in Australia and discuss their uses

3. Explore characteristics and structures of superannuation funds

3.1 Identify and compare types of superannuation schemes and fund managers

3.2 Identify and describe common investment objectives and role of death benefits in superannuation schemes, and their related strategies

3.3 Describe role and nature of preserved and non-preserved components of superannuation funds

3.4 Identify common costs of administering and managing superannuation funds

3.5 Compare examples of cross-section of superannuation funds’ performance over time and discuss variables that contributed to performance

4. Foster active management of superannuation funds

4.1 Explain importance and means of checking superannuation statements for accuracy

4.2 Identify and apply techniques for analysing performance, rate of return, government taxes and other costs

4.3 Identify government regulated minimum age when superannuation benefits can be accessed and discuss regulation’s impact

4.4 Identify and discuss range of structures and techniques for use of superannuation funds on retirement

4.5 Identify and discuss mechanisms to gain information about a superannuation fund, track lost superannuation contributions or lodge complaints if concerns or discrepancies arise about individual’s superannuation fund

4.6 Develop questions on superannuation issues that may be put to employers and fund providers

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Identify and discuss role of long-term versus short-term investments

1.1 Identify and explain role of savings and investments at different points of people’s life cycle

1.2 Identify and compare savings and investment patterns of Australia, population growth and ageing with other countries

1.3 Describe purpose and characteristics of a range of savings and investment vehicles used for short-term and long-term savings and investment

2. Describe the contemporary superannuation environment in Australia

2.1 Identify and explain purposes and benefits of superannuation as part of a long-term investment strategy to support people in retirement

2.2 Identify and discuss basic terminology used for customers of superannuation industry and characteristics of superannuation in Australia

2.3 Examine role of regulators and trustees in management of Australian superannuation industry

2.4 Identify and access sources for ongoing information about superannuation in Australia and discuss their uses

3. Explore characteristics and structures of superannuation funds

3.1 Identify and compare types of superannuation schemes and fund managers

3.2 Identify and describe common investment objectives and role of death benefits in superannuation schemes, and their related strategies

3.3 Describe role and nature of preserved and non-preserved components of superannuation funds

3.4 Identify common costs of administering and managing superannuation funds

3.5 Compare examples of cross-section of superannuation funds’ performance over time and discuss variables that contributed to performance

4. Foster active management of superannuation funds

4.1 Explain importance and means of checking superannuation statements for accuracy

4.2 Identify and apply techniques for analysing performance, rate of return, government taxes and other costs

4.3 Identify government regulated minimum age when superannuation benefits can be accessed and discuss regulation’s impact

4.4 Identify and discuss range of structures and techniques for use of superannuation funds on retirement

4.5 Identify and discuss mechanisms to gain information about a superannuation fund, track lost superannuation contributions or lodge complaints if concerns or discrepancies arise about individual’s superannuation fund

4.6 Develop questions on superannuation issues that may be put to employers and fund providers

Evidence of the ability to:

clearly explain the role of superannuation and other longer-term investment vehicles used in the community at different points of the life cycle

review and discuss varying types of investment vehicles

develop questions to put to fund managers that demonstrate knowledge necessary to actively manage a superannuation investment.

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:

identify and explain key consumer issues relating to superannuation information

identify savings and investment patterns at different life cycle stages

identify key characteristics of superannuation in Australia

describe different types of superannuation fund managers and types of investment strategies

list examples of short-term and long-term savings and investment vehicles

define common terms used in superannuation statements

list ways of using superannuation funds on retirement

list the key regulatory bodies and identify basic features of legislation relating to superannuation

briefly outline the roles and relationships between participants in the Australian financial services industry, including banks and other financial intermediaries.