Unit of competency Outline
Date retreived
22/07/2026 3:22 PM AWST
22/07/2026 3:22 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.
Terminate superannuation plans
Terminate superannuation plans
Unit of competency
National Code
FNSSUP306A
FNSSUP306A
State Code
D9454
D9454
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
27/02/2012
Field of Education
081105 - Investment And Securities
Original Release Date
27/02/2012
Nominal Hours
30
Description
This unit describes the performance outcomes, skills and knowledge required to terminate a superannuation plan. The unit encompasses confirming trustee instructions, processing all outstanding transactions to termination date, forward information to appropriate payment parties and complete and action fund documentation.
Notes
Elements and Performance Criteria
1. Confirm trustee instructions
- 1.1 All trustee instructions are accurately and clearly documented
- 1.2 Instructions are clarified with trustees where appropriate to ensure compliance requirements are met
- 1.3 Plan termination conditions are obtained and recorded
- 1.4 Termination is confirmed to the client promptly and according to operating procedures
- 1.5 Member authority for transfer of member assets is obtained
2. Process all outstanding transactions to termination date
- 2.1 All benefit payments due before termination date are processed accurately and according to operating procedures
- 2.2 All final contributions and outstanding charges and credits to the fund are processed to ensure all financial obligations are met
3. Forward information/ payments to appropriate parties
- 3.1 Actuarial calculations are obtained where required to determine members’ benefits
- 3.2 Member information is forwarded to new fund administrator as appropriate within negotiated timeframes and according to operating procedures
- 3.3 Termination payments are forwarded to the relevant parties when due, and according to arrangement with client and termination provisions
- 3.4 Valid discharge of all future liability is obtained according to operating procedures
4. Complete and action fund documentation
- 4.1 Documents are finalised and filed according to operating procedures, legislative and compliance requirements
- 4.2 Statutory documentation is completed and lodged with authorities according to company operating procedures, authority requirements and within timeframes
- 4.3 Fund accounts are balanced according to financial requirements
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.
Charges and credits may include:
contributions
administration charges
group life bonuses
insurance premiums
taxation liability
investment earnings.
Relevant parties may include:
trustees
members.
Charges and credits may include:
contributions
administration charges
group life bonuses
insurance premiums
taxation liability
investment earnings.
Relevant parties may include:
trustees
members.
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:
confirm trustee instructions
process all outstanding transactions to termination date
forward information to appropriate payment parties
complete and action fund documentation
demonstrate understanding of the application of trust requirements, fund policies and procedures and industry and legislative requirements
give sound advice and negotiate on options.
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 product information
access to information about workplace 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 units of competency
observing processes and procedure 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
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
confirm trustee instructions
process all outstanding transactions to termination date
forward information to appropriate payment parties
complete and action fund documentation
demonstrate understanding of the application of trust requirements, fund policies and procedures and industry and legislative requirements
give sound advice and negotiate on options.
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 product information
access to information about workplace 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 units of competency
observing processes and procedure 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 |
|---|---|---|---|
| AUT22 | FNSSUP306 | Terminate superannuation plans | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D702 | FNS30111 | Certificate III in Financial Services | Qualification |