Elements and Performance Criteria

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.


regulated contributions as a percentage of earnings (currently 9%) paid by employers as the superannuation guarantee

tax arrangements for superannuation schemes

available tax concessions for self-employed people that take out superannuation

ages at which people may access their superannuation savings


Australian Securities and Investments Commission (ASIC)

Australian Prudential Regulation Authority (APRA)

Australian Taxation Office (ATO)


accumulation funds

defined benefit funds


employer or corporate funds

industry funds

retail funds

self managed funds


growth

balanced

capital stable

capital guaranteed


fund management fees (usually a percentage of funds under management)

trustee levy

adviser service fees

deposit fees

early termination fees

switching fees

commissions

entry costs

exist costs

additional contributions costs

insurance premiums


general details including:

fund name

member name and date of birth

date the member joined the fund

confirmation tax file number received

summary of account details including:

opening balance

list of contributions

deductions including fees and withdrawals by the member

investment earnings

rebates

closing balance

benefit details


changing jobs

redundancy

retrenchment

retirement

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

To achieve competency in this unit, a person must be able to demonstrate ability to:

explain terminology used within the superannuation industry to a range of clients
apply high level communication skills in providing relevant information to customers and/or those in or about to enter the workforce that will build understanding and confidence in the effective management of personal superannuation
identify and present to clients, methods of managing their superannuation contributions and funds

Evidence required for demonstration of consistent performance:
Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.

Delivery/assessment relationship to other units:
This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge.
Evidence is most relevant when provided through an integrated activity which combines the elements of competency for the unit, or a cluster of units of competency.

Method of assessment:
For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.
Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.

Context of assessment:
This unit may be assessed in the workplace or in a simulated environment.

Resources required for assessment:
Assessment of this unit of competence requires access to the organisations software and other resources relevant to the performance of the role.