Unit of competency Outline

Date retreived
23/07/2026 5:27 AM AWST

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Establish and administer retirement income streams

Establish and administer retirement income streams

Unit of competency
National Code
FNSSUP410
State Code
AWF08
TGA Status
Replaced
DTWD Status
Transition (Replaced)
Current Release Number
1.00
Current Release Date
14/01/2016
View on TGA
State Implementation and Classification
Approved Date
12/05/2016
Field of Education
081105 - Investment And Securities
Original Release Date
12/05/2016
Nominal Hours
65
Description
This unit describes the skills and knowledge required to establish and administer retirement income streams that comply with legislative requirements. It applies to individuals who use specialised industry knowledge and work systematically to review and process information and data following defined procedures.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. Receive application and verify data
  • 1.1 Receive new income stream application, including payment where it is not an internal transfer within the organisation, and compile necessary documentation
  • 1.2 Check the documentation is correct and complete including certified copies of appropriate identification
  • 1.3 Identify and address issues or irregularities and seek advice from team members or authorised personnel if required
  • 1.4 Gather further information from appropriate sources to proceed with application if required
  • 1.5 Update new and additional information accurately according to organisational procedures
2. Calculate amount of retirement income stream
  • 2.1 Calculate the amount of a non-account based income stream taking into account minimum and maximum annual limits
  • 2.2 Check the payment selected by the member in an account based income stream is within the age related limits
  • 2.3 Calculate a transition to retirement account based income stream, including from a hybrid fund, taking into account minimum and maximum annual limits
3. Set up new member records
  • 3.1 Extract information needed 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 procedures
  • 3.4 Send confirmation, policy documents or investor certificate and details of cooling off period to client according to organisational procedures
  • 3.5 File documentation according to organisational procedures
4. Meet compliance requirements
  • 4.1 Send out periodic statement and PAYG summary, if required, with income stream details
  • 4.2 Provide clients and government departments with information regarding their income stream product as requested
  • 4.3 Implement system checks and follow organisational procedures to check for any irregularities of payments
  • 4.4 Identify consequences of incorrect payments and correct accordingly
  • 4.5 Comply with regulations and legislation determining compliance of retirement income streams
5. Maintain member records
  • 5.1 Process requests for changes to client’s nominated investment choice within 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
  • 5.4 Maintain changes of client’s personal details including allowable changes to nominated beneficiaries
No information
No information
Replaces
State Code National Code Title Type
AUT28 FNSSUP403 Administer retirement income streams Unit of competency
Replaced By
State Code National Code Title Type
OCI31 FNSSUP420 Establish and administer retirement income streams Unit of competency