Unit of competency Outline

Date retreived
23/07/2026 1:29 AM AWST

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Provide knowledge of retirement planning issues when dealing with superannuation clients

Provide knowledge of retirement planning issues when dealing with superannuation clients

Unit of competency
National Code
FNSSUP423
State Code
OCI28
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
45
Description
This unit describes the skills and knowledge required to provide general advice to clients relating to a range of retirement planning issues.The unit applies to those who need to keep up-to-date with current issues and requirements relating to retirement, including general financial issues and risk, 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. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Identify and analyse key financial issues relating to retirement
  • 1.1 Research current demographic and financial trends impacting the ageing population
  • 1.2 Analyse implications of adverse financial circumstances that can impact an individual approaching retirement
  • 1.3 Review a range of post-retirement product types and their relationship to managing financial risk
  • 1.4 Identify and analyse regulatory requirements relating to the provision of financial product advice
  • 1.5 Identify sources of general information and guidance relating to financial issues and risks in retirement to provide to client
2. Outline the role and key features of the social security system impacting retirees
  • 2.1 Gather information on aged benefits, payments and services and advise client to contact Centrelink to determine eligibility
  • 2.2 Explain to client how account-based and non-account based income streams and annuities operate within superannuation and other private income streams
  • 2.3 Describe to client the relationships and links between government aged pension and superannuation and other private income streams
  • 2.4 Communicate to client the impacts government benefits can have on an individual’s income in retirement
3. Provide general information on aged care options and significance of estate planning to clients, within regulatory limits
  • 3.1 Obtain and provide aged care options to client and explain how sources of further information can be accessed according to regulatory requirements
  • 3.2 Explain the nature and purpose of an estate plan to client
  • 3.3 Outline general information on taxation issues and consequences for dependants of retirement income stream products
  • 3.4 Outline legal requirements and issues relating to wills, powers of attorney, trusts and other estate planning matters to client
  • 3.5 Explain general estate planning and death benefit options
No information
No information
Replaces
State Code National Code Title Type
AWF04 FNSSUP413 Apply knowledge of retirement planning issues when dealing with clients Unit of competency