Elements and Performance Criteria

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.
Range of characteristics of superannuation in Australia include:
ages at which people may access their superannuation savings
available tax concessions for self-employed people who take out superannuation
regulated contributions as a percentage of earnings paid by employers as the Superannuation Guarantee
tax arrangements for superannuation schemes.
The regulators within the superannuation industry are:
Australian Prudential Regulation Authority (APRA)
Australian Securities and Investments Commission (ASIC)
Australian Taxation Office (ATO).
Superannuation schemes include:
accumulation funds
defined benefit funds.
The types of superannuation fund managers include:
employer or corporate funds
industry funds
retail funds
self-managed funds.
Strategies include:
balanced
capital guaranteed
capital stable
growth.
The costs of administering and managing superannuation funds include:
additional contributions costs
adviser service fees
commissions
deposit fees
early termination fees
entry costs
exist costs
fund management fees (usually a percentage of funds under management)
insurance premiums
switching fees
trustee levy.
Common items that will be found when checking superannuation Statements may include:
general details including:
confirmation tax file number received
date the member joined the fund
fund name
member name and date of birth
summary of account details including:
closing balance
deductions including fees and withdrawals by the member
investment earnings
list of contributions
opening balance
rebates
benefit details.
Changes to employment status or employer may result from:
changing jobs
redundancy
retirement
retrenchment.

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:
explain terminology used within the superannuation industry to a range of customers or employees
provide clear and 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 customers or employees, methods of managing their superannuation contributions and funds.

Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services 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 financial services superannuation product information.

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 or role plays
verbal or written questioning on underpinning knowledge and skills
setting and reviewing workplace projects and business simulations or scenarios.

Guidance information for assessment