Unit of competency Outline
Date retreived
23/07/2026 3:19 AM AWST
23/07/2026 3:19 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.
Terminate superannuation plans
Terminate superannuation plans
Unit of competency
National Code
FNSSUP316
FNSSUP316
State Code
OCI36
OCI36
TGA Status
Current
Current
DTWD Status
Approved
Approved
State Implementation and Classification
Approved Date
11/03/2021
Field of Education
081105 - Investment And Securities
Original Release Date
11/03/2021
Nominal Hours
30
Description
This unit describes the skills and knowledge required to terminate a superannuation plan. It involves confirming trustee instructions, processing superannuation termination transactions, and documenting those transactions.The unit applies to those who, within their level of authority, apply specialised organisational and industry knowledge and follow defined procedures to process financial information.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Confirm trustee instructions
- 1.1 Document trustee instructions according to organisational procedures
- 1.2 Clarify instructions with trustees where required and confirm compliance requirements are met
- 1.3 Obtain and record termination conditions according to organisational procedures
- 1.4 Confirm termination with member according to organisational policies and procedures
- 1.5 Obtain member authority to transfer member assets
2. Process outstanding transactions
- 2.1 Process benefit payments due before termination date according to organisational procedures
- 2.2 Process final contributions and outstanding charges and credits to the fund and confirm that all financial obligations are met
3. Forward information and payments to required parties
- 3.1 Obtain actuarial calculations where required and determine member benefits
- 3.2 Communicate member information to new fund administrator within negotiated timeframes and according to organisational procedures
- 3.3 Provide termination payments to trustee or member when due, and according to arrangement with member and termination provisions
- 3.4 Obtain valid discharge of all future liability according to organisational procedures
4. Complete and action fund documentation
- 4.1 Document all transactions in member records according to organisational policies and procedures
- 4.2 Prepare statements and issue to member according to organisational procedures
- 4.3 Balance fund accounts according to financial requirements
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUT22 | FNSSUP306 | Terminate superannuation plans | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| BFE7 | FNS30120 | Certificate III in Financial Services | Qualification |
| BHT6 | FNS30122 | Certificate III in Financial Services | Qualification |