Unit of competency Outline
Date retreived
22/07/2026 3:08 PM AWST
22/07/2026 3:08 PM 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.
Manage administration activities of a superannuation fund
Manage administration activities of a superannuation fund
Unit of competency
National Code
FNSSMS503A
FNSSMS503A
State Code
D4329
D4329
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
29/07/2014
Field of Education
081105 - Investment And Securities
Original Release Date
29/07/2014
Nominal Hours
70
Description
This unit requires the application of skills and knowledge required to manage the administration activities of a superannuation fund. It encompasses identifying and managing reporting compliance requirements, managing contributions and rollovers into the fund, managing other payments, managing internal and external complaints, managing member records, managing trustee instructions and ensuring annual returns are lodged.This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).
Notes
Elements and Performance Criteria
1. Identify and manage reporting compliance requirements with legislative and operational requirements
- 1.1. Sources of information on legislative, regulatory requirements and compliance requirements are identified
- 1.2. Regulations and relevant legislative requirements that impact administrative processes and procedures are identified
- 1.3. Specialist advice is sought on areas outside of knowledge area and authority limits
- 1.4. Accuracy, thoroughness and timing of reporting procedures are reviewed against legislative requirements
2. Manage contributions and rollovers into the fund
- 2.1. The accuracy and timelines of allocations and/or processing of contributions and rollovers, into the fund are reviewed in accordance with legislative and operational guidelines
- 2.2. Contributions are reviewed to ensure that they have been allocated in accordance with employer or trustee instructions
- 2.3. Contribution anomalies identified are reviewed to ensure correct processing
3. Manage other payments
- 3.1. Payments into the fund are reviewed in accordance with legislative and operational guidelines
- 3.2. The accuracy and timelines of benefit payments out of the fund are reviewed in accordance with legislative and operational guidelines
- 3.3. Payment practices and processes are reviewed in accordance with legislative and operational guidelines
4. Manage internal and external complaints
- 4.1. Internal and external complaints procedures are reviewed to ensure that they are carried out accurately and in a timely manner and in accordance with legislative and operational procedures
5. Manage member/employee records
- 5.1. Documents are reviewed to ensure that document checking and validity processes are implemented, and supporting documentation is supplied
- 5.2. Documentation is reviewed to ensure that advice and acknowledgement have been issued
- 5.3. Employee records are reviewed to ensure currency of information
- 5.4. Documentation storing processes are reviewed to ensure compliance with organisational policies and procedures
6. Manage trustee instructions
- 6.1. Trust deed instructions are reviewed to ensure they have been actioned correctly
- 6.2. External service providers are liaised with to validate that trustee instructions have been implemented
- 6.3. Monies received from investments are reviewed against trustee and trust deed instructions
- 6.4. Payments made are reviewed against trustee and trust deed instructions
7. Ensure annual returns are lodged
- 7.1. Annual review process is completed accurately, thoroughly and in time, in accordance with legislative and operational requirements
- 7.2. Trustee reporting, member reporting and insurance reporting is completed accurately, thoroughly and in time, in accordance with legislative and operational requirements
- 7.3. Australian Prudential Regulation Authority (APRA)/ Australian Taxation Office (ATO)/annual return/ATO tax return, are completed accurately, thoroughly and in time, in accordance with legislative and operational requirements
RANGE STATEMENT
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.
Payments into the fund may include:
insurance payments
payments from investment managers.
Payments out of the fund may include:
consultants' fees
insurance premiums
levies
payments to investment managers
tax payments.
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.
Payments into the fund may include:
insurance payments
payments from investment managers.
Payments out of the fund may include:
consultants' fees
insurance premiums
levies
payments to investment managers
tax payments.
EVIDENCE GUIDE
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
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
comply with ATO and APRA annual reporting requirements
apply organisation operational guidelines for making and receiving payments
seek specialist advice as required
process payments according to organisational guidelines
review member/employee records and manage trustee instructions.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to organisation financial records
access to organisational policies and procedures.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency
observing processes and procedures in workplaces
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports
setting and reviewing workplace business simulations or scenarios.
Guidance information for assessment
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
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
comply with ATO and APRA annual reporting requirements
apply organisation operational guidelines for making and receiving payments
seek specialist advice as required
process payments according to organisational guidelines
review member/employee records and manage trustee instructions.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to organisation financial records
access to organisational policies and procedures.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency
observing processes and procedures in workplaces
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports
setting and reviewing workplace business simulations or scenarios.
Guidance information for assessment
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUT17 | FNSSMS503 | Manage administration activities of a superannuation fund | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D720 | FNS50711 | Diploma of Superannuation | Qualification |