Unit of competency Outline

Date retreived
22/07/2026 2:38 PM AWST

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Establish and administer retirement income streams

Establish and administer retirement income streams

Unit of competency
National Code
FNSSUP420
State Code
OCI31
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
04/11/2020
View on TGA
State Implementation and Classification
Approved Date
11/03/2021
Field of Education
081105 - Investment And Securities
Original Release Date
11/03/2021
Nominal Hours
65
Description
This unit describes the skills and knowledge required to set up and manage retirement income streams in compliance with current legislation and regulations.The unit applies to those who use specialised industry knowledge and work systematically to review and process information and data according to defined procedures.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.
Notes
Elements and Performance Criteria
1. Receive application and verify data
  • 1.1 Receive new income stream application and payment where required, and compile required documentation
  • 1.2 Check that documentation is correct and complete
  • 1.3 Identify and address issues or irregularities and seek advice from team members or authorised personnel as required
  • 1.4 Gather further information from appropriate sources to proceed with application if required
  • 1.5 Update new and additional information according to organisational policies and procedures
2. Calculate amount of retirement income stream
  • 2.1 Calculate amount of a non-account based income stream according to minimum and maximum annual limits
  • 2.2 Confirm payment selected by the member in an account-based income stream is within age-related limits
  • 2.3 Calculate payment for transition to retirement account-based income stream, according to minimum and maximum annual limits
  • 2.4 Administer incoming payments and outgoing benefits using required portals and systems
3. Set up new member records
  • 3.1 Extract information required 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 policies and procedures
  • 3.4 Send confirmation, policy documents or investor certificate and details of cooling off period to client according to organisational policies and procedures
  • 3.5 File documentation according to organisational policies and procedures
4. Meet compliance requirements
  • 4.1 Send to client periodic statement and PAYG summary with income stream details
  • 4.2 Provide to clients and relevant government departments information relating to income stream products, within legislative and regulatory limits
  • 4.3 Conduct system checks according to organisational policies and procedures and check for any irregularities of payments
  • 4.4 Identify and rectify consequences of incorrect payments
  • 4.5 Determine compliance of retirement income streams according to legislative and regulatory requirements
5. Maintain member records
  • 5.1 Process requests for changes to client’s nominated investment choice according to 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 where required
  • 5.4 Update client’s personal details and allowable changes to nominated beneficiaries as required
No information
No information
Replaces
State Code National Code Title Type
AWF08 FNSSUP410 Establish and administer retirement income streams Unit of competency