Process superannuation rollover benefits

Unit of competency Outline

Date retreived
22/07/2026 10:16 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.

Unit of competency

National Code
FNSSUP304A

State Code
D9452

TGA Status
Replaced

DTWD Status
Replaced

Current Release Number
1.00

Current Release Date
16/01/2012

View on TGA

State Implementation and Classification

Approved Date

27/02/2012

Field of Education

081105 - Investment And Securities

Original Release Date

27/02/2012

Nominal Hours

Description

This unit describes the performance outcomes, skills and knowledge required to receive applications for superannuation benefit payments and ensure correct funds are allocated to members. This involves the identification of the types of benefits, receipts of benefits, identification and management of errors pertaining to applications, processing of payments and the compliance with quality assurance procedures.

Notes

Elements and Performance Criteria

1. Receive applications for benefit payment

1.1 Applications for superannuation benefit payment are received and accompanying documents are checked to ensure information is complete and correct
1.2 Receipt is documented according to organisational procedures

2. Identify and manage application errors

2.1 Errors and incompletions in applications are identified
2.2 Incomplete or incorrect applications are actioned according to organisational requirements
2.3 Applications are prepared for processing when required information is obtained

3. Process applications for benefit payments

3.1 Applications are checked against conditions identified in trust deed
3.2 Additional information is sourced as required (e.g. from member, employers etc.)
3.3 Benefit is calculated to include additional fees, charges and/or other factors, using computer system
3.4 Results of calculation are checked
3.5 Application is processed in accordance with the conditions identified in the trust deed and organisational procedures
3.6 Benefit payment documentation and monies are issued to members, Australian Taxation Office (ATO), rollover funds, as required

4. Follow quality assurance procedures

4.1 Organisational procedures are followed
4.2 Member documentation is maintained in accordance with organisational requirements
4.3 System and process checks are implemented and any irregularities identified
4.4 Any irregularities are corrected or communicated to appropriate personnel

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Errors and/or incompletions in documentation may include:
member information is illegible or missing
signature is missing
documentation is inconsistent
member information does not correlate with fund records
insufficient detail given
Conditions identified in trust deed may include:
fund guidelines
details of policy taken by member
relevant legislation
Organisational procedures may include:
system/computer procedures
best practice standards
regulatory requirements
internal communications
internal service level agreements
codes of practice
documentation and filing procedures
verifying status of rollover conditions

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
receive and process benefit applications for payment
source and interpret information required to process benefits including documentation, taxation requirements and trust deeds
review benefit applications:
for omissions
to identify errors in benefit applications
to test and assess the integrity of information
complete benefit calculations including fees and charges.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to financial services product information
access to information about workplace policies and procedures.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of units of competency
observing processes and procedure in workplaces
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports
setting and reviewing workplace business simulations or scenarios.
Guidance information for assessment

Replaced By

State Code	National Code	Title	Type
AUT14	FNSSUP304	Process superannuation rollover benefits	Unit of competency

State Code	National Code	Title	Type
D702	FNS30111	Certificate III in Financial Services	Qualification