FPC003 Superannuation and Retirement Advice

The subject addresses the different aspects of superannuation, including contributions, benefits and income streams, as well as how superannuation is treated in death, divorce and bankruptcy. Retirement savings accounts, retail funds, industry funds, self-managed superannuation funds, aged care and equity release schemes are also covered.

The subject covers the formulation of a Statement of Advice (SOA), concentrating on how to structure the various required elements and providing recommendations.

Students will examine a fictitious client’s personal and financial details, so they can apply their understanding, when analysing and considering appropriate strategies to consider when preparing a statement of advice.

Financial advisers seeking accreditation in specific knowledge areas should confirm education and training requirements for authorisation with their licensee. From 1 January 2019, the Financial Adviser Standards and Ethics Authority (FASEA) has established education standards for financial advisers. This subject has been taught and assessed at Australian Qualification Framework Level 8 and is a core subject within a FASEA approved qualification.

Upon successful completion of this subject, existing advisers will meet the minimum education requirements of ASIC Regulatory Guide 146 (RG146) for providing personal advice in superannuation to retail clients. Existing advisers must also have completed Tier 1 Generic Knowledge.

Students are able to attend a one-hour online interactive workshop, where key topic concepts and examples are discussed with a facilitator. Additionally, students are able to attend weekly drop-in sessions, where students can ask questions to gain further clarification on key concepts and the assessments.

Students are encouraged to attend the interactive workshop and weekly drop-in session throughout the study period.

For more information, please refer to the subject outline.

  • Learning outcomes
    • On successful completion of this subject, individuals should be able to:

      1. Analyse superannuation structures and strategies for various client situations.
      2. Explain the taxation implications of superannuation strategies for contribution, withdrawal and insurance at the fund level.
      3. Analyse superannuation retirement income stream strategies according to their benefits, tax implications and social security treatment as they relate to different client situations.
      4. Formulate strategies to maximise superannuation benefits and clients’ entitlements to social security benefits and aged care.
      5. Discuss the advantages and disadvantages of equity release schemes as a source of retirement income.
      6. Design superannuation strategies in respect of divorce, bankruptcy and death benefits.
      7. Develop a compliant statement of advice (SOA).
  • Subject content
    • Topic Title
      Topic 1 Introduction to retirement planning and superannuation
      Topic 2 Contributions
      Topic 3 Tax
      Topic 4 Superannuation benefits
      Topic 5 Income streams
      Topic 6 Social security and aged care
      Topic 7 Self-managed superannuation funds
      Topic 8 Statement of advice — structure and recommendations
      Topic 9 Death benefits
      Topic 10 Divorce and bankruptcy
      Topic 11 Superannuation strategies and equity release schemes
      Topic 12 Ongoing service

  • CPD
    • Kaplan Professional has assessed this subject. Click here for the following CPD hours applicable from 1 January 2019 on successful completion of this course. For subjects or courses completed prior to this date, please contact Kaplan Professional’s CPD Support team on 1300 527 526 or pdmail@kaplan.edu.au.

  • Duration
    • Duration The duration of this subject is one study period (12 weeks).

  • Assessment
  • Prerequisites
    • There are no prerequisites for this subject.

      However, individuals should review the ‘Assumed Knowledge’ tab to understand the prior knowledge Kaplan advises they should hold before enrolling in this subject.

  • Assumed knowledge
    • Whilst there are no prerequisites for this subject, Kaplan assumes that individuals have completed FPC001B Economic and Legal Context for Financial Planning and FPC002B Ethics and Professionalism in Financial Advice, or understand the content covered in those subjects, prior to undertaking FPC003 Superannuation and Retirement Advice.

  • Course transition subject equivalence
    • Individuals may not be required to complete this subject if they have transitioned from a SIA/Finsia/Kaplan course and have completed the following subjects:

      • there are no equivalences for this subject.
  • Reading list
    • There is no prescribed text for this subject.

      Individuals are provided with key readings and access to Kaplan’s online databases. Individuals are encouraged to research and read widely on the topic.