Unit of competency Outline

Date retreived
24/07/2026 3:09 AM AWST

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Develop knowledge of superannuation

Develop knowledge of superannuation

Unit of competency
National Code
FNSFLT214
State Code
OCZ77
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
02/02/2021
View on TGA
State Implementation and Classification
Approved Date
22/04/2021
Field of Education
081105 - Investment And Securities
Original Release Date
22/04/2021
Nominal Hours
40
Description
This unit describes the skills and knowledge required to understand the role of superannuation and other longer-term investment vehicles, and to make effective and informed decisions about related products. It has wide application and may be used in workplaces, schools, adult and community learning organisations or registered training organisations to build the financial literacy of learners. The unit may also be used as part of pre-vocational or new apprenticeship programs, or as part of services provided by counselling or advisory organisations.The unit applies to those who explore new ideas and techniques to build personal financial literacy knowledge. No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Identify role of investments
  • 1.1 Identify role of savings and investments at different points of an individual’s life cycle
  • 1.2 Identify role of long term and short-term investments
  • 1.3 Identify and compare savings and investment patterns of Australia with other countries
  • 1.4 Identify purpose and characteristics of savings and investment vehicles used for short-term and long-term savings and investment
2. Develop knowledge of the superannuation environment in Australia
  • 2.1 Identify purposes and benefits of superannuation
  • 2.2 Identify basic terminology used for customers of the superannuation industry
  • 2.3 Identify the role of regulators and trustees in management of the Australian superannuation industry
  • 2.4 Identify and access sources of information about superannuation in Australia
  • 2.5 Document the locations and uses of the identified sources
3. Identify characteristics and structures of superannuation funds
  • 3.1 Identify and compare types of superannuation schemes and fund managers
  • 3.2 Identify common investment objectives and role of death benefits in superannuation schemes, and their related strategies
  • 3.3 Identify role and nature of preserved and non-preserved components of superannuation funds
  • 3.4 Identify common costs of administering and managing superannuation funds
  • 3.5 Compare examples of cross-section of superannuation funds’ performance over time and identify variables that contributed to performance
4. Foster active management of superannuation funds
  • 4.1 Identify importance and method of checking accuracy of superannuation statements
  • 4.2 Identify and apply techniques for analysing superannuation funds
  • 4.3 Identify minimum age that superannuation benefits can be accessed and the impact on fund management
44 Identify structures and techniques for use of superannuation funds upon retirement
  • 4.5 Identify mechanisms to carry out an action in relation to an individual’s superannuation fund
  • 4.6 Develop questions on superannuation issues that may be put to employers and fund providers
No information
No information
Replaces
State Code National Code Title Type
AUQ91 FNSFLT204 Develop knowledge of superannuation Unit of competency
State Code National Code Title Type
BGN7 FNS10120 Certificate I in Basic Financial Literacy Qualification
BGX7 FNS20120 Certificate II in Financial Services Qualification