Unit of competency Outline
Date retreived
22/07/2026 8:13 AM AWST
22/07/2026 8:13 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.
Work within a defined benefit fund
Work within a defined benefit fund
Unit of competency
National Code
FNSSUP509
FNSSUP509
State Code
AUT35
AUT35
TGA Status
Current
Current
DTWD Status
Approved
Approved
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
081105 - Investment And Securities
Original Release Date
16/09/2015
Nominal Hours
50
Description
This unit describes the skills and knowledge required to explain design features, identify legislation and regulation, process contributions, and maintain documentation and records according to defined benefit fund requirements.It applies to individuals who use specialised industry knowledge and systematic approaches to thoroughly and accurately complete a range of tasks that meet organisational quality assurance 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. Process contributions to defined benefit funds
- 1.1 Identify and follow rules guiding compulsory payments into defined benefit funds
- 1.2 Receive and process contributions according to fund requirements
2. Process payment of benefits in defined benefit fund
- 2.1 Investigate options for benefit payment in defined benefit funds
- 2.2 Calculate benefit to include additional fees, charges, taxes and other factors
- 2.3 Process benefits and pensions according to fund requirements
- 2.4 Communicate with beneficiaries according to organisational procedures
3. Process and maintain documentation and records according to defined benefit fund requirements
- 3.1 Correctly document all transactions in member records
- 3.2 Prepare statements and receipts, and issue to members according to organisational procedures
- 3.3 Maintain member records to ensure currency and accuracy
- 3.4 Generate certificates, benefit information and taxation information, and provide according to legislative requirements
- 3.5 Generate fund information and provide to actuary for preparation of necessary certificates
4. Implement quality assurance procedures
- 4.1 Identify requirements of legislation and regulations specific to defined benefit funds and incorporate into activities
- 4.2 Follow organisational procedures to ensure work is completed accurately
- 4.3 Establish member details and maintain in accordance with organisational requirements
- 4.4 Implement system and process checks, and identify any irregularities
- 4.5 Correct any irregularities or communicate to appropriate personnel
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| D4351 | FNSSUP509A | Work within a defined benefit fund | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| AWD2 | FNS50715 | Diploma of Superannuation | Qualification |
| BFX5 | FNS50720 | Diploma of Superannuation | Qualification |
| BHW8 | FNS50722 | Diploma of Superannuation | Qualification |