Unit of competency Outline

Date retreived
22/07/2026 8:15 AM AWST

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Terminate superannuation plans

Terminate superannuation plans

Unit of competency
National Code
FNSSUP306
State Code
AUT22
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
081105 - Investment And Securities
Original Release Date
16/09/2015
Nominal Hours
30
Description
This unit describes the skills and knowledge required to terminate a superannuation plan.It applies to individuals who, within their level of authority, apply specialised organisational and industry knowledge and follow defined procedures to process financial information.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. Confirm trustee instructions
  • 1.1 Accurately and clearly document all trustee instructions according to organisational procedures
  • 1.2 Clarify instructions with trustees where appropriate to ensure compliance requirements are met
  • 1.3 Obtain and record plan termination conditions
  • 1.4 Confirm termination to member promptly and according to operating procedures
  • 1.5 Obtain member authority for transfer of member assets
2. Process all outstanding transactions to termination date
  • 2.1 Accurately process all benefit payments due before termination date according to operating procedures
  • 2.2 Process all final contributions and outstanding charges and credits to the fund to ensure all financial obligations are met
3. Forward information or payments to appropriate parties
  • 3.1 Obtain actuarial calculations where required to determine member benefits
  • 3.2 Forward member information to new fund administrator as appropriate within negotiated timeframes and according to operating procedures
  • 3.3 Forward termination payments to the trustee or member when due, and according to arrangement with member and termination provisions
  • 3.4 Obtain valid discharge of all future liability according to operating procedures
4. Complete and action fund documentation
  • 4.1 Correctly document all transactions in member records
  • 4.2 Prepare statements and issue to member according to organisational procedures
  • 4.3 Balance fund accounts according to financial requirements
No information
No information
Replaces
State Code National Code Title Type
D9454 FNSSUP306A Terminate superannuation plans Unit of competency
Replaced By
State Code National Code Title Type
OCI36 FNSSUP316 Terminate superannuation plans Unit of competency
State Code National Code Title Type
BFE7 FNS30120 Certificate III in Financial Services Qualification
AWA5 FNS30115 Certificate III in Financial Services Qualification