Unit of competency Outline

Date retreived
22/07/2026 11:29 AM AWST

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Determine impact of social security entitlements on retirement income

Determine impact of social security entitlements on retirement income

Unit of competency
National Code
FNSSUP432
State Code
OCI25
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
04/11/2020
View on TGA
State Implementation and Classification
Approved Date
11/03/2021
Field of Education
081105 - Investment And Securities
Original Release Date
11/03/2021
Nominal Hours
65
Description
This unit describes the skills and knowledge required to determine the implications of possible social security entitlements in calculating an individual’s retirement income stream. It does not include the provision of personal financial advice to an individual.The unit applies to those who use specialised industry knowledge and systematic approaches to analyse numerical information, process financial information and maintain quality standards.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Research eligibility requirements for accessing social security entitlements
  • 1.1 Identify and analyse sources of current information on social security entitlements and their impact on income in retirement
  • 1.2 Analyse requirements of individual’s government aged pension entitlement
  • 1.3 Determine impacts of social security entitlements on the income of an individual in or nearing retirement
  • 1.4 Determine eligibility requirements for relevant social security entitlements and allowances that apply to individuals
  • 1.5 Obtain confirmation of eligibility with Centrelink from individual according to organisational policies and procedures
2. Apply means testing rules
  • 2.1 Identify the treatment of income streams according to the means testing process prescribed by the government and the different treatments of account based and non-account based income streams
  • 2.2 Apply means testing arrangements to work activities
  • 2.3 Identify aged pension threshold rates at which government pensions reduce for the individual
  • 2.4 Use income and assets test information to calculate annual income stream amount to be assessed for social security purposes
3. Determine deemed income on retirement entitlements
  • 3.1 Identify calculation for deemed income
  • 3.2 Provide details on financial investments included and excluded in deemed income and the asset test calculation
  • 3.3 Identify deeming rates for individual
  • 3.4 Seek advice and clarification from required personnel
No information
No information
Replaces
State Code National Code Title Type
AWF06 FNSSUP412 Determine impact of social security entitlements on retirement income Unit of competency