Unit of competency Outline

Date retreived
22/07/2026 11:36 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.

Provide specialist retirement income stream information to clients

Provide specialist retirement income stream information to clients

Unit of competency
National Code
FNSSUP409
State Code
AWF09
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
45
Description
This unit describes the skills and knowledge required to liaise with clients and respond to specific enquiries about retirement income products offered by the organisation or other funds providing the income streams.It applies to individuals who use specialised knowledge and excellent customer service skills to respond to enquiries and assist clients with complex income stream needs and requirements.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. Establish relationship with client
  • 1.1 Establish the nature of client enquiry using the most appropriate methods of communication
  • 1.2 Access client records or record new client details in organisational system
  • 1.3 Inform client of the role of the organisation if they are a new client
  • 1.4 Explain the role and limits of authority of the representative to the client
  • 1.5 Identify clients with special needs and take appropriate action or refer to appropriate advice channel
2. Provide client with general information about income stream options
  • 2.1 Explain income stream products to clients and the main differences and availability of account based and non-account based income streams
  • 2.2 Outline the general processes behind setting up an income stream product
  • 2.3 Inform the client on the general process to move from accumulation phase to the pension drawdown phase
  • 2.4 Provide information on basic investment concepts including risk and return, time horizons and asset classes
  • 2.5 Identify the general impact of a client's investment choices on their account based income stream
  • 2.6 Advise client of their options and refer to appropriate specialist if they request personalised advice
3. Explain retirement income stream products and options to client
  • 3.1 Provide clear and unambiguous information, organisational materials and guidance about the retirement income products offered by the organisation
  • 3.2 Inform the client of any ancillary benefits, facilities and options available when taking out an income stream product
  • 3.3 Explain fees and charges associated with the organisation's income stream products to the client
  • 3.4 Identify the risk and benefits of income stream products available from the organisation and explain to the client
  • 3.5 Discuss procedures for complaint handling and resolution to the client
4. Assist with enquiries related to retirement income stream products
  • 4.1 Provide assistance with enquiries relating to requests for membership changes if purchasing an income stream from the client’s existing superannuation fund
  • 4.2 Provide explanations regarding calculation of pension payments including consideration of social security, Centrelink and Department of Veterans’ Affairs (DVA) benefits
  • 4.3 Provide information to clients who receive reversionary pensions and explain how nominations are made by the client
  • 4.4 Access appropriate sources of information to respond accurately to client enquiries
  • 4.5 Check client understanding of information provided is in accordance with legislation and organisational policies and procedures
  • 4.6 Provide follow up services related to the client enquiries as required
No information
No information
Replaced By
State Code National Code Title Type
OCI32 FNSSUP419 Provide retirement income stream information to superannuation clients Unit of competency