Unit of competency Outline

Date retreived
23/07/2026 12:45 AM AWST

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Process superannuation fund payments

Process superannuation fund payments

Unit of competency
National Code
FNSSUP301
State Code
AUT16
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
081105 - Investment And Securities
Original Release Date
16/09/2015
Nominal Hours
30
Description
This unit describes the skills and knowledge required to process superannuation fund payments and entitlements.It applies to individuals who, within their level of authority, apply specialised organisational knowledge and follow defined procedures to administer and process financial information.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Assess validity of request
  • 1.1 Assess validity of request against fund entitlements according to organisational procedures and operational authorities
  • 1.2 Undertake assessment in methodical manner using suitable checklists or similar instruments to ensure accuracy
2. Compile necessary documentation
  • 2.1 Classify payment requests from member or beneficiary or employer according to established criteria
  • 2.2 Obtain required evidence from appropriate parties to confirm that request complies with fund's conditions of entitlement
  • 2.3 Match request to payment criteria so validity can be determined
  • 2.4 Complete required forms and documents and distribute in accordance with legislation, operating policy and procedures, and trustee instructions
3. Review and evaluate evidence available in support of payment
  • 3.1 Review available information on payment request against payment criteria to ensure compliance with terms and conditions of trust, relevant legislation and operating procedures
  • 3.2 Obtain additional opinion on validity of request from relevant parties where necessary
  • 3.3 Determine eligibility of request for payment according to evaluated evidence
  • 3.4 Refer unusual requests or those outside relevant guidelines or authorities according to operating procedures
4. Communicate entitlement
  • 4.1 Identify level of entitlement based on accurate and up-to-date information, within authority levels and according to operating procedures
  • 4.2 Promptly advise decision on payment to relevant parties in accordance with trustee instruction, operating procedures and relevant legislation
5. Finalise payment transaction
  • 5.1 Check payment details for compliance with legislative and operating guidelines within delegated authority
  • 5.2 Make payment and complete supporting documentation according to organisational procedures, relevant legislation and timelines
  • 5.3 Update systems and file documents to ensure all records are maintained
No information
No information
Replaces
State Code National Code Title Type
D4335 FNSSUP301A Process superannuation fund payments Unit of competency
Replaced By
State Code National Code Title Type
OCI43 FNSSUP311 Process superannuation fund payments Unit of competency