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Evidence Guide: FNSSUP413 - Apply knowledge of retirement planning issues when dealing with clients

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

 

FNSSUP413 - Apply knowledge of retirement planning issues when dealing with clients

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

Identify trends and issues relating to retirement and retirees

  1. Research current information on demographic trends relevant to the aging population
  2. Identify current issues relating to consumer behaviour of retirees
  3. Review the financial implications of longevity in retirement
Research current information on demographic trends relevant to the aging population

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify current issues relating to consumer behaviour of retirees

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review the financial implications of longevity in retirement

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Research key financial issues and risks in retirement

  1. Identify the key financial risks for people in retirement
  2. Analyse the implications of adverse financial circumstances that can impact on an individual approaching retirement
  3. Review a range of post-retirement product types and their relationship to managing financial risk
  4. Analyse regulatory requirements relating to the provision of financial advice
  5. Identify sources of general information and guidance relating to financial issues and risks in retirement to provide to clients
Identify the key financial risks for people in retirement

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse the implications of adverse financial circumstances that can impact on an individual approaching retirement

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review a range of post-retirement product types and their relationship to managing financial risk

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse regulatory requirements relating to the provision of financial advice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify sources of general information and guidance relating to financial issues and risks in retirement to provide to clients

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Outline the role and key features of the social security system impacting on retirees

  1. Research current information on aged benefits, payments and services and advise clients to contact Centrelink to gauge their eligibility’
  2. Describe how account based and non-account based income streams and annuities operate within superannuation and other private income streams
  3. Describe the relationships and links between government aged pension and superannuation and other private income streams
  4. Describe the impacts government benefits can have on an individual’s income in retirement
Research current information on aged benefits, payments and services and advise clients to contact Centrelink to gauge their eligibility’

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Describe how account based and non-account based income streams and annuities operate within superannuation and other private income streams

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Describe the relationships and links between government aged pension and superannuation and other private income streams

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Describe the impacts government benefits can have on an individual’s income in retirement

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide general information on aged care options and issues to clients

  1. Research aged care options and facilities available in the community
  2. Explain the key features of regulatory requirements relevant to aged care to clients
  3. Describe general information relating to aged care options to clients and explain how sources of further information can be accessed
Research aged care options and facilities available in the community

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain the key features of regulatory requirements relevant to aged care to clients

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Describe general information relating to aged care options to clients and explain how sources of further information can be accessed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide information and outline the significance of estate planning to clients

  1. Explain the nature and purpose of an estate plan to clients
  2. Outline general information on tax issues and consequences for dependants of retirement income stream products including lump sum payments and reversionary pensions to beneficiaries
  3. Outline the legal requirements and issues relating to wills, powers of attorney, trusts and other estate planning matters to clients
  4. Explain general estate planning and death benefit options using language and terminology that the client can understand
Explain the nature and purpose of an estate plan to clients

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Outline general information on tax issues and consequences for dependants of retirement income stream products including lump sum payments and reversionary pensions to beneficiaries

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Outline the legal requirements and issues relating to wills, powers of attorney, trusts and other estate planning matters to clients

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain general estate planning and death benefit options using language and terminology that the client can understand

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 trends and issues relating to retirement and retirees

1.1 Research current information on demographic trends relevant to the aging population

1.2 Identify current issues relating to consumer behaviour of retirees

1.3 Review the financial implications of longevity in retirement

2. Research key financial issues and risks in retirement

2.1 Identify the key financial risks for people in retirement

2.2 Analyse the implications of adverse financial circumstances that can impact on an individual approaching retirement

2.3 Review a range of post-retirement product types and their relationship to managing financial risk

2.4 Analyse regulatory requirements relating to the provision of financial advice

2.5 Identify sources of general information and guidance relating to financial issues and risks in retirement to provide to clients

3. Outline the role and key features of the social security system impacting on retirees

3.1 Research current information on aged benefits, payments and services and advise clients to contact Centrelink to gauge their eligibility’

3.2 Describe how account based and non-account based income streams and annuities operate within superannuation and other private income streams

3.3 Describe the relationships and links between government aged pension and superannuation and other private income streams

3.4 Describe the impacts government benefits can have on an individual’s income in retirement

4. Provide general information on aged care options and issues to clients

4.1 Research aged care options and facilities available in the community

4.2 Explain the key features of regulatory requirements relevant to aged care to clients

4.3 Describe general information relating to aged care options to clients and explain how sources of further information can be accessed

5. Provide information and outline the significance of estate planning to clients

5.1 Explain the nature and purpose of an estate plan to clients

5.2 Outline general information on tax issues and consequences for dependants of retirement income stream products including lump sum payments and reversionary pensions to beneficiaries

5.3 Outline the legal requirements and issues relating to wills, powers of attorney, trusts and other estate planning matters to clients

5.4 Explain general estate planning and death benefit options using language and terminology that the client can understand

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 trends and issues relating to retirement and retirees

1.1 Research current information on demographic trends relevant to the aging population

1.2 Identify current issues relating to consumer behaviour of retirees

1.3 Review the financial implications of longevity in retirement

2. Research key financial issues and risks in retirement

2.1 Identify the key financial risks for people in retirement

2.2 Analyse the implications of adverse financial circumstances that can impact on an individual approaching retirement

2.3 Review a range of post-retirement product types and their relationship to managing financial risk

2.4 Analyse regulatory requirements relating to the provision of financial advice

2.5 Identify sources of general information and guidance relating to financial issues and risks in retirement to provide to clients

3. Outline the role and key features of the social security system impacting on retirees

3.1 Research current information on aged benefits, payments and services and advise clients to contact Centrelink to gauge their eligibility’

3.2 Describe how account based and non-account based income streams and annuities operate within superannuation and other private income streams

3.3 Describe the relationships and links between government aged pension and superannuation and other private income streams

3.4 Describe the impacts government benefits can have on an individual’s income in retirement

4. Provide general information on aged care options and issues to clients

4.1 Research aged care options and facilities available in the community

4.2 Explain the key features of regulatory requirements relevant to aged care to clients

4.3 Describe general information relating to aged care options to clients and explain how sources of further information can be accessed

5. Provide information and outline the significance of estate planning to clients

5.1 Explain the nature and purpose of an estate plan to clients

5.2 Outline general information on tax issues and consequences for dependants of retirement income stream products including lump sum payments and reversionary pensions to beneficiaries

5.3 Outline the legal requirements and issues relating to wills, powers of attorney, trusts and other estate planning matters to clients

5.4 Explain general estate planning and death benefit options using language and terminology that the client can understand

Evidence of the ability to:

research and actively maintain currency of key information relevant to retirement planning

provide general information to clients on issues relating to aged care and retirement options.

explain the general impacts of social security on an individual's income in retirement to a client

explain the importance of estate planning to clients.

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 organisational policies, procedures and requirements relevant to providing information to clients and relevant stakeholders

summarise the key demographic trends relating to seniors and retirement including:

average life expectancy

improvements in mortality

longevity risks to income sources in retirement

describe issues relating to consumer behaviour impacting on retirement including:

biases

skills and work

expectations

cultural issues

job prospects for mature age workers

budgeting for retirement

explain key regulatory requirements relating to the provision of financial advice

outline the key financial risks for retirees including:

longevity

market changes and adverse market events

inflation

interest rate changes

political risk

how long money will last

discuss the importance of preparing for and timing retirement including consideration of timing of adverse market events

describe a range of post-retirement product types and their relationship to managing financial risk such as the difference between account based income streams which depend on investment returns and non-account based income streams which depend on consumer price index (CPI) changes

outline types of aged care residential options including:

retirement villages

high and low care nursing homes

in home government support programs

provide an overview of costs, services and eligibility requirements associated with different types of aged care facilities

outline key aspects of regulatory requirements relating to aged care facilities

outline eligibility requirements for accessing aged pensions and social security benefits including:

means testing

concept of deemed, gross and net actual income

identify non-financial issues to be considered when planning for retirement including:

family matters

health matters

where to live

insurance

identify and distinguish between personal and retirement goals

explain issues related to estate planning and inheritance

describe the purpose and key features of wills, powers of attorney and trusts

explain the roles and responsibilities of a power of attorney and a trustee

outline taxation issues relevant to estate planning

outline tax issues related to retirement benefits and associated estate planning options.