Unit of competency Outline
Date retreived
22/07/2026 1:47 PM AWST
22/07/2026 1:47 PM 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.
Manage changes to fund structure
Manage changes to fund structure
Unit of competency
National Code
FNSSMS502A
FNSSMS502A
State Code
D4328
D4328
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
29/07/2014
Field of Education
081105 - Investment And Securities
Original Release Date
29/07/2014
Nominal Hours
50
Description
This unit covers the skills and knowledge required to manage changes to a fund structure including transfers, merging, termination, closing and splitting of a fund. It encompasses confirmation of trustee instructions, the verification of outstanding transactions, managing the distribution of information to appropriate parties, managing the distribution of fund assets and managing documentation to support this process.This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).
Notes
Elements and Performance Criteria
1. Confirm trustee instructions
- 1.1. Trustee instructions are checked to ensure that they are in accordance with trust deeds and legislative requirements
- 1.2. Reports are provided to trustee on appropriate steps to be taken to change the structure of the fund
- 1.3. Agreed timeframes for structural changes to occur are established
- 1.4. Transitional specialist advice to support structural change is obtained if required
- 1.5. Business sales agreement between employers is reviewed where relevant
- 1.6. Trustee instructions being in accordance with trust deed requirements is confirmed
2. Verify outstanding transactions
- 2.1. Outstanding transactions according to trust deed requirements are identified
- 2.2. Processing of all outstanding transactions in accordance with agreed timeframes is confirmed
- 2.3. External parties are communicated with to ensure transactions are processed and actioned within agreed timeframes
3. Manage distribution of information to appropriate parties
- 3.1. Open communication is maintained with relevant parties
- 3.2. Request for relevant payments, documentation and reports are made to relevant parties
- 3.3. Reports are provided to members and received within specified timeframes
- 3.4. Relevant documentation is completed and signed by members within agreed timeframes
- 3.5. Communication and documentation pertaining to the notification of structural changes are provided to members in accordance with organisational and legislative requirements
4. Manage distribution of fund assets
- 4.1. Assets are collected from relevant parties before structural changes occur
- 4.2. Communication channels are maintained between investment managers and custodians
- 4.3. The distribution of fund assets is compliant with legislative requirements
- 4.4. Fund assets are transferred to new funds or distributed to relevant parties
5. Manage documentation
- 5.1. Reporting requirements are completed according to statutory reporting requirements
- 5.2. Funds are acquitted according to accounting principles
- 5.3. Necessary documentation and records are provided to relevant parties
RANGE STATEMENT
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.
Specialist advice may include:
accountancy
actuarial
investment
legal
valuation.
Transactions may include:
benefits and other payments out are paid
contributions in (i.e. insurance payments/refunds)
government levies
tax payments.
Trust deeds may include:
allocation of surplus
custodians
investment managers
trust deed requirements for member benefits, guarantor.
Assets transferred may include:
custodians
investment managers.
Statutory reporting requirements may include:
APRA
ASIC
ATO.
Relevant parties may include:
actuarial advisers
APRA
ATO
custodians
employers
investment managers
members
trustees.
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.
Specialist advice may include:
accountancy
actuarial
investment
legal
valuation.
Transactions may include:
benefits and other payments out are paid
contributions in (i.e. insurance payments/refunds)
government levies
tax payments.
Trust deeds may include:
allocation of surplus
custodians
investment managers
trust deed requirements for member benefits, guarantor.
Assets transferred may include:
custodians
investment managers.
Statutory reporting requirements may include:
APRA
ASIC
ATO.
Relevant parties may include:
actuarial advisers
APRA
ATO
custodians
employers
investment managers
members
trustees.
EVIDENCE GUIDE
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:
confirm trustee instructions using knowledge of trust deed requirements
identify outstanding transactions
manage the distribution of fund assets
meet all reporting and statutory reporting requirements.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the 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 organisation financial records
access to organisation 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 related units of competency
observing processes and procedures 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
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:
confirm trustee instructions using knowledge of trust deed requirements
identify outstanding transactions
manage the distribution of fund assets
meet all reporting and statutory reporting requirements.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the 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 organisation financial records
access to organisation 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 related units of competency
observing processes and procedures 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 |
|---|---|---|---|
| AUT18 | FNSSMS502 | Manage changes to fund structure | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D720 | FNS50711 | Diploma of Superannuation | Qualification |