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Evidence Guide: FNSSUP403 - Administer retirement income streams

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

 

FNSSUP403 - Administer retirement income streams

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

Explain the features and processes of retirement income streams

  1. Identify main types of income streams
  2. Identify features, advantages and disadvantages of the main types of income streams
  3. Identify taxation, payment and social security requirements and considerations of income streams
  4. Identify and comply with regulations and legislation determining compliance of retirement income streams
Identify main types of income streams

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Process rollover payments for the purchase of retirement income streams

  1. Establish new accounts and check for eligibility
  2. Receive payments via post, person, phone or electronic transfer
  3. Check payments and organisational documents to ensure information is complete and correct
  4. Obtain further information as required
  5. Enter data and activate policy according to organisational procedures
  6. Prepare payments and bank according to organisational procedures
  7. Send policy documents and confirmation to member
  8. File documentation according to organisational procedures
Establish new accounts and check for eligibility

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Receive payments via post, person, phone or electronic transfer

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain further information as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Enter data and activate policy according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare payments and bank according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Send policy documents and confirmation to member

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

File documentation according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Process retirement income benefits

  1. Prepare payment and process according to conditions of member contract and organisational procedures
  2. Calculate benefit to include additional fees, taxation, surcharge debt and/or other factors
  3. Prepare documentation and check according to organisational procedures
  4. Check payment for delivery to member
Prepare payment and process according to conditions of member contract and organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare documentation and check according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check payment for delivery to member

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Process and maintain documentation and records

  1. Correctly document all transactions in member records
  2. Prepare statements and receipts, and issue to members according to organisational procedures
  3. Maintain member records to ensure currency and accuracy
  4. Maintain pension payments and review regularly
  5. Identify and implement annual review processes
  6. Generate and provide certificates, benefit information and taxation information according to legislative requirements
Correctly document all transactions in member records

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain member records to ensure currency and accuracy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain pension payments and review regularly

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and implement annual review processes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Process commutations

  1. Receive requests for withdrawals and document according to organisational procedures
  2. Check information provided for accuracy and completion
  3. Process withdrawal requests and update records according to organisational procedures
Receive requests for withdrawals and document according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check information provided for accuracy and completion

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Process withdrawal requests and update records according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Respond to member enquiries regarding retirement income as required

  1. Treat member enquiries professionally and in accordance with organisational client service standards
  2. Provide required information to meet general member enquiries
  3. Refer complex enquiries to appropriate personnel
  4. Provide information according to organisational and legislative requirements
Treat member enquiries professionally and in accordance with organisational client service standards

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide required information to meet general member enquiries

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Refer complex enquiries to appropriate personnel

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide information according to organisational and legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Follow quality assurance procedures

  1. Follow organisational procedures to ensure all work is completed accurately
  2. Comply with regulations and legislation determining compliance of retirement income streams
  3. Establish member details and maintain in accordance with organisational requirements
  4. Implement system and process checks, and identify any irregularities
  5. Correct any irregularities or communicate to appropriate personnel
Follow organisational procedures to ensure all work is completed accurately

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Comply with regulations and legislation determining compliance of retirement income streams

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish member details and maintain in accordance with organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement system and process checks, and identify any irregularities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Correct any irregularities or communicate to appropriate personnel

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. 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

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. 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