Unit of competency Outline

Date retreived
23/07/2026 10:38 PM AWST

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Establish and maintain fund or plan

Establish and maintain fund or plan

Unit of competency
National Code
FNSSUP406
State Code
AUT24
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
2.00
Current Release Date
22/04/2015
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
65
Description
This unit describes the skills and knowledge required to establish and maintain a superannuation fund or plan. It encompasses interpreting fund or plan details, seeking specialist advice when necessary, establishing systems and administrative procedures to meet requirements, creating client records and updating plan designs.It applies to individuals who use specialised industry knowledge and systematic approaches to thoroughly and accurately complete a range of tasks that meet organisational requirements.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. Interpret fund or plan details
  • 1.1 Establish fund or plan according to instructions provided, and trust deed and relevant regulations
  • 1.2 Clarify information on new fund or plan as required to ensure details are consistent with client requirements
  • 1.3 Obtain specialist advice promptly to ensure comprehensive technical information is available as required
2. Create client records
  • 2.1 Establish new client data in required format, according to organisational procedures and within required timeframes
  • 2.2 Validate system data against original regularly to ensure accuracy
3. Update plan design
  • 3.1 Amend fund documents and/or trust deeds in line with updated design specifications in compliance with relevant legislation and client requirements
  • 3.2 Update and regularly validate systems processes to reflect changes in benefits, preserved amounts or other government changes
  • 3.3 Update procedures, policies or operating guidelines in an accurate and timely manner
  • 3.4 Promptly communicate changes to members
No information
No information
Replaces
State Code National Code Title Type
D4341 FNSSUP406A Establish and maintain fund or plan Unit of competency
Replaced By
State Code National Code Title Type
OCI37 FNSSUP416 Establish and maintain superannuation accumulation funds Unit of competency
State Code National Code Title Type
AVZ0 FNS40915 Certificate IV in Superannuation Qualification