Unit of competency Outline

Date retreived
23/07/2026 6:50 AM 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.

Provide retirement income stream information to superannuation clients

Provide retirement income stream information to superannuation clients

Unit of competency
National Code
FNSSUP419
State Code
OCI32
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 respond to enquiries about retirement income products offered by the organisation or other funds providing the income streams.The unit applies to those who use specialised knowledge and effective customer service skills to respond to enquiries and assist clients with complex income stream needs and requirements.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.
Notes
Elements and Performance Criteria
1. Establish client relationship and record client details
  • 1.1 Establish nature of client enquiry using suitable communication methods
  • 1.2 Access client records or record new client details in organisational system
  • 1.3 Explain to client role of organisation, and role and limits of authority of the representative
  • 1.4 Identify clients with special needs and take necessary action or refer to appropriate advice channel where required
2. Provide client with general information about income stream options
  • 2.1 Explain income stream products to client and the main differences and availability of account-based and non-account based income streams
  • 2.2 Outline the general processes behind setting up an income stream product to client
  • 2.3 Communicate process to move from accumulation phase to pension drawdown phase to client
  • 2.4 Explain basic investment concepts to client
  • 2.5 Identify the impact of a client’s investment choices on their account-based income stream
  • 2.6 Provide client with options and refer to applicable specialist if they request personal advice
3. Explain retirement income stream products and options to client
  • 3.1 Provide information, organisational materials and guidance relating to retirement income products offered by the organisation
  • 3.2 Inform the client of ancillary benefits, facilities and options available when taking out an income stream product
  • 3.3 Explain fees and charges associated with the organisation’s income stream products to client
  • 3.4 Identify risk and benefits of income stream products available from the organisation and explain to client
  • 3.5 Discuss procedures for complaint handling and resolution with client
4. Assist with client product enquiries
  • 4.1 Provide assistance with enquiries relating to retirement income stream products according to legislative and regulatory requirements
  • 4.2 Provide assistance with enquiries relating to requests for membership changes if purchasing an income stream from the client’s existing superannuation fund
  • 4.3 Access applicable sources of information to respond accurately to client enquiries
  • 4.4 Explain calculation process of pension payments with consideration given to social security, Centrelink and Department of Veterans’ Affairs (DVA) benefits
  • 4.5 Provide information to clients who receive reversionary pensions and explain how nominations are made by the client
  • 4.6 Check client understanding of information provided according to organisational policies and procedures and in compliance with legislative requirements
  • 4.7 Provide follow-up services relating to client enquiries, as required and according to organisational policies and procedures
No information
No information
Replaces
State Code National Code Title Type
AWF09 FNSSUP409 Provide specialist retirement income stream information to clients Unit of competency