Unit of competency Outline

Date retreived
21/07/2026 11:53 PM AWST

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Administer retirement income streams

Administer retirement income streams

Unit of competency
National Code
FNSSUP403
State Code
AUT28
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
50
Description
This unit describes the skills and knowledge required to administer retirement income streams. It encompasses the explanation and identification of retirement income stream features, processes for the purchase of retirement income streams, processing of income benefits, ability to maintain documentation and records, processing of commutations, and responding to member enquiries regarding retirement income.It applies to individuals who use specialised industry knowledge and systematic approaches to thoroughly and accurately complete a range of tasks that meet organisational quality assurance procedures.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. Explain the features and processes of retirement income streams
  • 1.1 Identify main types of income streams
  • 1.2 Identify features, advantages and disadvantages of the main types of income streams
  • 1.3 Identify taxation, payment and social security requirements and considerations of income streams
  • 1.4 Identify and comply with regulations and legislation determining compliance of retirement income streams
2. Process rollover payments for the purchase of retirement income streams
  • 2.1 Establish new accounts and check for eligibility
  • 2.2 Receive payments via post, person, phone or electronic transfer
  • 2.3 Check payments and organisational documents to ensure information is complete and correct
  • 2.4 Obtain further information as required
  • 2.5 Enter data and activate policy according to organisational procedures
  • 2.6 Prepare payments and bank according to organisational procedures
  • 2.7 Send policy documents and confirmation to member
  • 2.8 File documentation according to organisational procedures
3. Process retirement income benefits
  • 3.1 Prepare payment and process according to conditions of member contract and organisational procedures
  • 3.2 Calculate benefit to include additional fees, taxation, surcharge debt and/or other factors
  • 3.3 Prepare documentation and check according to organisational procedures
  • 3.4 Check payment for delivery to member
4. Process and maintain documentation and records
  • 4.1 Correctly document all transactions in member records
  • 4.2 Prepare statements and receipts, and issue to members according to organisational procedures
  • 4.3 Maintain member records to ensure currency and accuracy
  • 4.4 Maintain pension payments and review regularly
  • 4.5 Identify and implement annual review processes
  • 4.6 Generate and provide certificates, benefit information and taxation information according to legislative requirements
5. Process commutations
  • 5.1 Receive requests for withdrawals and document according to organisational procedures
  • 5.2 Check information provided for accuracy and completion
  • 5.3 Process withdrawal requests and update records according to organisational procedures
6. Respond to member enquiries regarding retirement income as required
  • 6.1 Treat member enquiries professionally and in accordance with organisational client service standards
  • 6.2 Provide required information to meet general member enquiries
  • 6.3 Refer complex enquiries to appropriate personnel
  • 6.4 Provide information according to organisational and legislative requirements
7. Follow quality assurance procedures
  • 7.1 Follow organisational procedures to ensure all work is completed accurately
  • 7.2 Comply with regulations and legislation determining compliance of retirement income streams
  • 7.3 Establish member details and maintain in accordance with organisational requirements
  • 7.4 Implement system and process checks, and identify any irregularities
  • 7.5 Correct any irregularities or communicate to appropriate personnel
No information
No information
Replaces
State Code National Code Title Type
D4338 FNSSUP403A Administer retirement income streams Unit of competency
Replaced By
State Code National Code Title Type
AWF08 FNSSUP410 Establish and administer retirement income streams Unit of competency
State Code National Code Title Type
AVZ0 FNS40915 Certificate IV in Superannuation Qualification