Unit of competency Outline

Date retreived
23/07/2026 5:04 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.

Apply knowledge of retirement planning issues when dealing with clients

Apply knowledge of retirement planning issues when dealing with clients

Unit of competency
National Code
FNSSUP413
State Code
AWF04
TGA Status
Replaced
DTWD Status
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 provide general advice to clients relating to a range of retirement planning issues. It applies to individuals who need to keep up-to-date with current issues and requirements relating to retirement including general financial issues and risk, knowledge of income streams and annuities, the social security system, aged care facilities and estate planning While this unit entails providing information to clients it does not cover the provision of personal advice and is intended as a general overview of post-retirement planning issues.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. Identify trends and issues relating to retirement and retirees
  • 1.1 Research current information on demographic trends relevant to the aging population
  • 1.2 Identify current issues relating to consumer behaviour of retirees
  • 1.3 Review the financial implications of longevity in retirement
2. Research key financial issues and risks in retirement
  • 2.1 Identify the key financial risks for people in retirement
  • 2.2 Analyse the implications of adverse financial circumstances that can impact on an individual approaching retirement
  • 2.3 Review a range of post-retirement product types and their relationship to managing financial risk
  • 2.4 Analyse regulatory requirements relating to the provision of financial advice
  • 2.5 Identify sources of general information and guidance relating to financial issues and risks in retirement to provide to clients
3. Outline the role and key features of the social security system impacting on retirees
  • 3.1 Research current information on aged benefits, payments and services and advise clients to contact Centrelink to gauge their eligibility’
  • 3.2 Describe how account based and non-account based income streams and annuities operate within superannuation and other private income streams
  • 3.3 Describe the relationships and links between government aged pension and superannuation and other private income streams
  • 3.4 Describe the impacts government benefits can have on an individual’s income in retirement
4. Provide general information on aged care options and issues to clients
  • 4.1 Research aged care options and facilities available in the community
  • 4.2 Explain the key features of regulatory requirements relevant to aged care to clients
  • 4.3 Describe general information relating to aged care options to clients and explain how sources of further information can be accessed
5. Provide information and outline the significance of estate planning to clients
  • 5.1 Explain the nature and purpose of an estate plan to clients
  • 5.2 Outline general information on tax issues and consequences for dependants of retirement income stream products including lump sum payments and reversionary pensions to beneficiaries
  • 5.3 Outline the legal requirements and issues relating to wills, powers of attorney, trusts and other estate planning matters to clients
  • 5.4 Explain general estate planning and death benefit options using language and terminology that the client can understand
No information
No information
Replaced By
State Code National Code Title Type
OCI28 FNSSUP423 Provide knowledge of retirement planning issues when dealing with superannuation clients Unit of competency