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Evidence Guide: FNSSUP410 - Establish and 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

 

FNSSUP410 - Establish and administer retirement income streams

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

Receive application and verify data

  1. Receive new income stream application, including payment where it is not an internal transfer within the organisation, and compile necessary documentation
  2. Check the documentation is correct and complete including certified copies of appropriate identification
  3. Identify and address issues or irregularities and seek advice from team members or authorised personnel if required
  4. Gather further information from appropriate sources to proceed with application if required
  5. Update new and additional information accurately according to organisational procedures
Receive new income stream application, including payment where it is not an internal transfer within the organisation, and compile necessary documentation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check the documentation is correct and complete including certified copies of appropriate identification

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and address issues or irregularities and seek advice from team members or authorised personnel if required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Gather further information from appropriate sources to proceed with application if required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Update new and additional information accurately according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Calculate amount of retirement income stream

  1. Calculate the amount of a non-account based income stream taking into account minimum and maximum annual limits
  2. Check the payment selected by the member in an account based income stream is within the age related limits
  3. Calculate a transition to retirement account based income stream, including from a hybrid fund, taking into account minimum and maximum annual limits
Calculate the amount of a non-account based income stream taking into account minimum and maximum annual limits

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check the payment selected by the member in an account based income stream is within the age related limits

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Calculate a transition to retirement account based income stream, including from a hybrid fund, taking into account minimum and maximum annual limits

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Set up new member records

  1. Extract information needed to set up income stream from application form and information collected, including setting up Pay As You Go (PAYG) instalments
  2. Enter data into organisational system and follow checking and authorisation procedures for setting up new income streams including reversionary pensions
  3. 3.3 Process client's nominated investment choice for an account based income stream according to organisational procedures
  4. Send confirmation, policy documents or investor certificate and details of cooling off period to client according to organisational procedures
  5. File documentation according to organisational procedures
Extract information needed to set up income stream from application form and information collected, including setting up Pay As You Go (PAYG) instalments

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Enter data into organisational system and follow checking and authorisation procedures for setting up new income streams including reversionary pensions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

3.3 Process client's nominated investment choice for an account based income stream according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Send confirmation, policy documents or investor certificate and details of cooling off period to client according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

File documentation according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Meet compliance requirements

  1. Send out periodic statement and PAYG summary, if required, with income stream details
  2. Provide clients and government departments with information regarding their income stream product as requested
  3. Implement system checks and follow organisational procedures to check for any irregularities of payments
  4. Identify consequences of incorrect payments and correct accordingly
  5. Comply with regulations and legislation determining compliance of retirement income streams
Send out periodic statement and PAYG summary, if required, with income stream details

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide clients and government departments with information regarding their income stream product as requested

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement system checks and follow organisational procedures to check for any irregularities of payments

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify consequences of incorrect payments and correct accordingly

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Comply with regulations and legislation determining compliance of retirement income streams

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain member records

  1. Process requests for changes to client’s nominated investment choice within organisational guidelines
  2. Apply earning rates and consumer price index (CPI) adjustments to retirement income stream
  3. Determine, on an annual basis, that nominated account based income stream payments are within the relevant age range set out by legislation, and make adjustments
  4. Maintain changes of client’s personal details including allowable changes to nominated beneficiaries
Process requests for changes to client’s nominated investment choice within organisational guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Apply earning rates and consumer price index (CPI) adjustments to retirement income stream

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine, on an annual basis, that nominated account based income stream payments are within the relevant age range set out by legislation, and make adjustments

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain changes of client’s personal details including allowable changes to nominated beneficiaries

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. Receive application and verify data

1.1 Receive new income stream application, including payment where it is not an internal transfer within the organisation, and compile necessary documentation

1.2 Check the documentation is correct and complete including certified copies of appropriate identification

1.3 Identify and address issues or irregularities and seek advice from team members or authorised personnel if required

1.4 Gather further information from appropriate sources to proceed with application if required

1.5 Update new and additional information accurately according to organisational procedures

2. Calculate amount of retirement income stream

2.1 Calculate the amount of a non-account based income stream taking into account minimum and maximum annual limits

2.2 Check the payment selected by the member in an account based income stream is within the age related limits

2.3 Calculate a transition to retirement account based income stream, including from a hybrid fund, taking into account minimum and maximum annual limits

3. Set up new member records

3.1 Extract information needed to set up income stream from application form and information collected, including setting up Pay As You Go (PAYG) instalments

3.2 Enter data into organisational system and follow checking and authorisation procedures for setting up new income streams including reversionary pensions

3.3 Process client's nominated investment choice for an account based income stream according to organisational procedures

3.4 Send confirmation, policy documents or investor certificate and details of cooling off period to client according to organisational procedures

3.5 File documentation according to organisational procedures

4. Meet compliance requirements

4.1 Send out periodic statement and PAYG summary, if required, with income stream details

4.2 Provide clients and government departments with information regarding their income stream product as requested

4.3 Implement system checks and follow organisational procedures to check for any irregularities of payments

4.4 Identify consequences of incorrect payments and correct accordingly

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

5. Maintain member records

5.1 Process requests for changes to client’s nominated investment choice within organisational guidelines

5.2 Apply earning rates and consumer price index (CPI) adjustments to retirement income stream

5.3 Determine, on an annual basis, that nominated account based income stream payments are within the relevant age range set out by legislation, and make adjustments

5.4 Maintain changes of client’s personal details including allowable changes to nominated beneficiaries

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. Receive application and verify data

1.1 Receive new income stream application, including payment where it is not an internal transfer within the organisation, and compile necessary documentation

1.2 Check the documentation is correct and complete including certified copies of appropriate identification

1.3 Identify and address issues or irregularities and seek advice from team members or authorised personnel if required

1.4 Gather further information from appropriate sources to proceed with application if required

1.5 Update new and additional information accurately according to organisational procedures

2. Calculate amount of retirement income stream

2.1 Calculate the amount of a non-account based income stream taking into account minimum and maximum annual limits

2.2 Check the payment selected by the member in an account based income stream is within the age related limits

2.3 Calculate a transition to retirement account based income stream, including from a hybrid fund, taking into account minimum and maximum annual limits

3. Set up new member records

3.1 Extract information needed to set up income stream from application form and information collected, including setting up Pay As You Go (PAYG) instalments

3.2 Enter data into organisational system and follow checking and authorisation procedures for setting up new income streams including reversionary pensions

3.3 Process client's nominated investment choice for an account based income stream according to organisational procedures

3.4 Send confirmation, policy documents or investor certificate and details of cooling off period to client according to organisational procedures

3.5 File documentation according to organisational procedures

4. Meet compliance requirements

4.1 Send out periodic statement and PAYG summary, if required, with income stream details

4.2 Provide clients and government departments with information regarding their income stream product as requested

4.3 Implement system checks and follow organisational procedures to check for any irregularities of payments

4.4 Identify consequences of incorrect payments and correct accordingly

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

5. Maintain member records

5.1 Process requests for changes to client’s nominated investment choice within organisational guidelines

5.2 Apply earning rates and consumer price index (CPI) adjustments to retirement income stream

5.3 Determine, on an annual basis, that nominated account based income stream payments are within the relevant age range set out by legislation, and make adjustments

5.4 Maintain changes of client’s personal details including allowable changes to nominated beneficiaries

Evidence of the ability to:

follow organisational procedures to process applications and establish retirement income streams for clients including processing all documentation accurately

process rollover payments according to organisational requirements

access member contract guidelines and prepare income benefit documentation

process commutations and explain to clients how pensions and annuities are taxed

calculate the tax payable on an income stream paid to a client taking into account the client's age

accurately process incoming payments and outgoing benefits.

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 the key features and benefits of retirement income stream products

outline key features of organisational policies and guidelines in relation to the establishment of income stream products including the steps in:

setting up an income stream and the documents required including the verification process

maintaining an income stream and the documents required including proof of life for non-account based income streams

explain key features of regulatory requirements relevant to the establishment of retirement income streams

identify key features of the Australian Privacy Principles

discuss ethical considerations in handling confidential and private client information

explain the ways and processes by which a person can purchase a retirement pension or annuity

explain the position and implications for beneficiaries in establishing a retirement income stream including relevance to reversionary pensions, account based income streams, death benefit nominations and estate planning

explain requirements for accessing an income stream

identify the consequences of incorrect processing of income stream payments, incorrect maintenance of the income stream and other breaches.