Unit of competency Outline
Date retreived
22/07/2026 9:31 AM AWST
22/07/2026 9:31 AM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Administer retirement income streams
Administer retirement income streams
Unit of competency
National Code
FNSSUP403A
FNSSUP403A
State Code
D4338
D4338
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
20/06/2011
Field of Education
081105 - Investment And Securities
Original Release Date
20/06/2011
Nominal Hours
50
Description
This unit describes the performance outcomes, skills and knowledge required to administer retirement income streams. It encompasses the explanation and identification of retirement income stream features, processes for the purchase of retirement income streams, processing of income benefits, ability to maintain documentation and records, processing of commutations, responding to member enquiries regarding retirement income and the ability to follow quality assurance procedures.This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).
Notes
Elements and Performance Criteria
1. Explain the features and processes of retirement income streams
- 1.1. The main types of income streams are identified
- 1.2. The features, advantages and disadvantages of the main retirement income streams are identified
- 1.3. The taxation, payment and social security requirements and considerations of income streams are identified
- 1.4. Regulations and legislation determining compliance of retirement income streams are identified and complied with
2. Process Eligible Termination Payment (ETP) rollover payments for the purchase of retirement income streams
- 2.1. New accounts are established and checked for eligibility
- 2.2. Payments are received via post, person, phone or electronic transfer
- 2.3. Payments and organisation documents are checked to ensure information is complete and correct
- 2.4. Further information is obtained as required
- 2.5. Data is entered and policy activated according to organisation procedures
- 2.6. Payments are prepared and banked according to organisation procedures
- 2.7. Policy documents and confirmation are sent to member
- 2.8. Documentation is filed according to organisation procedures
3. Process retirement income benefits
- 3.1. Payment is prepared and processed according to conditions of member contract and organisation guidelines
- 3.2. Benefit is calculated to include additional fees, taxation, surcharge debt and/or other factors
- 3.3. Documentation is prepared and checked according to organisation guidelines
- 3.4. Payment is checked for delivery to member
4. Process and maintain documentation and records
- 4.1. All transactions are correctly documented in member records
- 4.2. Statements and receipts are prepared and issued to members according to organisation guidelines
- 4.3. Member records are maintained to ensure currency and accuracy
- 4.4. Pension payments are maintained and regularly reviewed
- 4.5. The annual review processes are identified and implemented
- 4.6. Certificates, benefit information and taxation information are generated and provided according to legislative requirements
5. Process commutations
- 5.1. Requests for withdrawals are received and documented according to organisation procedures
- 5.2. Information provided is checked for accuracy and completion
- 5.3. Withdrawal requests are processed according to organisation procedures
- 5.4. Records are updated
6. Respond to member enquiries regarding retirement income as required
- 6.1. Member enquiries are treated professionally and in accordance with organisation customer service standards
- 6.2. Required information is provided to meet general member enquiries
- 6.3. Complex enquiries are referred to appropriate personnel
- 6.4. Information is provided according to organisation and legislative requirements
7. Follow quality assurance procedures
- 7.1. Organisation procedures are followed
- 7.2. Member details are established and maintained in accordance with organisation requirements
- 7.3. System and process checks are implemented and any irregularities identified
- 7.4. Any irregularities are corrected or communicated to appropriate personnel
RANGE STATEMENT
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Main types of income streams include:
complying and non-complying pensions and annuities:
lifetime pensions/annuities
fixed term pensions/annuities
allocated pensions/annuities.
Regulation and legislation determining compliance may include:
Superannuation Industry (Supervision) (SIS) Act
Superannuation Industry (Supervision) Regulations
Financial Services Reform Act (FSRA)
Corporations Act
Income Tax Assessment Act
Superannuation Contributions Tax (Assessment and Collection) Act (surcharge)
Superannuation (Resolution of Complaints) Act
Superannuation (Unclaimed Moneys and Lost Members) Act Family Law Legislation Amendment Superannuation Act
Insurance Act
Privacy Act
anti-discrimination legislation
Trustee Acts or Trust Acts in each State and Territory
industrial legislation
stamp duty legislation
trade practices legislation.
Organisation procedures may include:
best practice standards
codes of practice
documentation and filing procedures
internal and external communications
regulatory requirements
system/computer procedures.
Member enquiries may include:
balance of account
change of personal details
date of payment
product rules and options
schedules.
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Main types of income streams include:
complying and non-complying pensions and annuities:
lifetime pensions/annuities
fixed term pensions/annuities
allocated pensions/annuities.
Regulation and legislation determining compliance may include:
Superannuation Industry (Supervision) (SIS) Act
Superannuation Industry (Supervision) Regulations
Financial Services Reform Act (FSRA)
Corporations Act
Income Tax Assessment Act
Superannuation Contributions Tax (Assessment and Collection) Act (surcharge)
Superannuation (Resolution of Complaints) Act
Superannuation (Unclaimed Moneys and Lost Members) Act Family Law Legislation Amendment Superannuation Act
Insurance Act
Privacy Act
anti-discrimination legislation
Trustee Acts or Trust Acts in each State and Territory
industrial legislation
stamp duty legislation
trade practices legislation.
Organisation procedures may include:
best practice standards
codes of practice
documentation and filing procedures
internal and external communications
regulatory requirements
system/computer procedures.
Member enquiries may include:
balance of account
change of personal details
date of payment
product rules and options
schedules.
EVIDENCE GUIDE
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
apply knowledge of retirement income stream features and processes and process ETP rollover payments according to organisation requirements
access member contract guidelines and prepare income benefit documentation
process commutations and explain to clients how pensions and annuities are taxed
accurately process incoming payments and outgoing benefits
identify consequences of incorrect processing of contributions and benefits.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to organisation financial records
access to organisation policies and procedures.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency
observing processes and procedures in workplaces
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports
setting and reviewing workplace business simulations or scenarios.
Guidance information for assessment
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
apply knowledge of retirement income stream features and processes and process ETP rollover payments according to organisation requirements
access member contract guidelines and prepare income benefit documentation
process commutations and explain to clients how pensions and annuities are taxed
accurately process incoming payments and outgoing benefits
identify consequences of incorrect processing of contributions and benefits.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to organisation financial records
access to organisation policies and procedures.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency
observing processes and procedures in workplaces
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports
setting and reviewing workplace business simulations or scenarios.
Guidance information for assessment
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUT28 | FNSSUP403 | Administer retirement income streams | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D709 | FNS40911 | Certificate IV in Superannuation | Qualification |
| S708 | FNS40910 | Certificate IV in Superannuation | Qualification |