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FINC19016 - Retirement and Superannuation

General Information

Unit Synopsis

This unit focuses on issues that financial advisors have to consider in advising clients on retirement planning. The issues covered include the regulatory framework within which retirement decisions are made, issues surrounding superannuation contributions and withdrawals, taxation, social security, self-managed superannuation funds, retirement income streams, and family and life events.

Details

Level Undergraduate
Unit Level 2
Credit Points 6
Student Contribution Band SCA Band 4
Fraction of Full-Time Student Load 0.125
Pre-requisites or Co-requisites

Pre-requisitite: FINC11001 plus Co-requisite: LAWS19033

Important note: Students enrolled in a subsequent unit who failed their pre-requisite unit, should drop the subsequent unit before the census date or within 10 working days of Fail grade notification. Students who do not drop the unit in this timeframe cannot later drop the unit without academic and financial liability. See details in the Assessment Policy and Procedure (Higher Education Coursework).

Class Timetable View Unit Timetable
Residential School No Residential School

Unit Availabilities from Term 3 - 2017

Term 1 - 2019 Profile
Online
Term 1 - 2020 Profile
Online
Term 1 - 2021 Profile
Online
Term 1 - 2022 Profile
Online
Term 1 - 2023 Profile
Online
Term 1 - 2024 Profile
Online

Attendance Requirements

All on-campus students are expected to attend scheduled classes – in some units, these classes are identified as a mandatory (pass/fail) component and attendance is compulsory. International students, on a student visa, must maintain a full time study load and meet both attendance and academic progress requirements in each study period (satisfactory attendance for International students is defined as maintaining at least an 80% attendance record).

Assessment Overview

Recommended Student Time Commitment

Each 6-credit Undergraduate unit at CQUniversity requires an overall time commitment of an average of 12.5 hours of study per week, making a total of 150 hours for the unit.

Assessment Tasks

Assessment Task Weighting
1. Written Assessment 40%
2. Examination 60%

This is a graded unit: your overall grade will be calculated from the marks or grades for each assessment task, based on the relative weightings shown in the table above. You must obtain an overall mark for the unit of at least 50%, or an overall grade of ‘pass’ in order to pass the unit. If any ‘pass/fail’ tasks are shown in the table above they must also be completed successfully (‘pass’ grade). You must also meet any minimum mark requirements specified for a particular assessment task, as detailed in the ‘assessment task’ section (note that in some instances, the minimum mark for a task may be greater than 50%).

Consult the University’s Grades and Results Policy for more details of interim results and final grades

Past Exams

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Previous Feedback

Term 1 - 2023 : The overall satisfaction for students in the last offering of this course was 76.92% (`Agree` and `Strongly Agree` responses), based on a 33.33% response rate.

Feedback, Recommendations and Responses

Every unit is reviewed for enhancement each year. At the most recent review, the following staff and student feedback items were identified and recommendations were made.

Source: Student evaluation
Feedback
Assessment turnaround took 4 weeks when graded by a Sessional who also manages a financial planning practice
Recommendation
Encourage busy Sessional staff to complete the grading within 14 days
Action Taken
The unit coordinator graded the assessments and this improved the turnaround to under 14 days.
Source: Student evaluation
Feedback
Assessment requirements were clear and when there is uncertainty the unit coordinator is available for a one on one Zoom session to address any issues that cannot be done in the Moodle Q&A forums
Recommendation
Continue to encourage students to engage using Moodle Q&A forums and offer personalised service for those who need more study support
Action Taken
Moodle Q&A Forum continue to work well.
Source: Student evaluation
Feedback
Lecture slides need updating with new content and improved organisation
Recommendation
Unit coordinator will be updating and refreshing all unit content for term 1 2023
Action Taken
Content was updated and outdated prescribed textbook of 1,500 pages was replaced with unit coordinator developed content
Source: Student evaluation
Feedback
Students want exemplars of assessments of previous HD students
Recommendation
Unit coordinator have explained to students that exemplars of previous student assessments are not possible due to contract cheating sites using previous students assessments for nefarious reasons.
Action Taken
Portions of exemplars of each section of the Practical Statement of Advice Assessment was included in each weekly tile on Moodle so that students could see what was required.
Source: Student Evaluation
Feedback
The learning materials are an amazing resource, all the other links make it an overwhelming experience each week. I know that we need to be able to find this information as it changes constantly, it would have been good to go through some of the more important ones during workshops.
Recommendation
Encourage the lecturer to work through the various resources during the Workshop as students are not asking for this assistance during the term.
Action Taken
Nil.
Source: Student Evaluation
Feedback
For someone who works full time, there is too much content and expectations that they have a free 12 hours per week to complete the weekly content as well as an assignment
Recommendation
Try and set the students' expectations around the 12 hour time commitment each week required of students to get through the content.
Action Taken
Nil.
Source: Student
Feedback
"I found I got lost in the information, too much for the 12 hour allocation. If I had to do this again I would chose to do this subject by itself if I could do it again. " "Wasn't a huge fan of having to do another SoA using the same template as the one I did a couple years ago but thats just how it goes I guess" "There was so much information that we must understand the unit's content. There were some minor errors with links to documents, articles, etc. however, these were resolved within a day once identified. The Q&A and communication between students and unit co-ordinator really helped - especially with Midwinter. For this, I am thankful. Midwinter - what can I say? This was one challenging program to use. An in-depth instruction manual is required to be developed by the Midwinter team, including a troubleshooting guide. The limited information available in the help centre was mildly adequate. I struggled using Midwinter and preferred XPlan when I used it in a previous unit. I know the cost of it made it not feasible for the unit, but so many improvements are necessary. "It seems that if the lectures/videos etc are not watched until the very end (i.e a couple minutes), it may not show that they've been watched at all? "From a student who gets up very early to study before her children wake and keep up with the study requirements, the assumption that a stressed student is not putting in the effort/time required was a little unfair" "The learning materials are an amazing resource, all the other links make it an overwhelming experience each week. I know that we need to be able to find this information as it changes constantly, it would have been good to go through some of the more important ones during workshops."
Recommendation
Based on the student evaluation feedback, the content, assessment and having to learn a module or two of Midwinter is too overwhelming. The unit coordinator will simplify the content further, so it meets the Keep it Simple Stupid (KISS) principle.
Action Taken
Nil.
Unit learning Outcomes

On successful completion of this unit, you will be able to:

  1. Understand the environment in which retirement decisions are made
  2. Understand issues surrounding contributions to and withdrawal from superannuation funds
  3. Explain how taxation affects retirement decisions
  4. Identify issues relating to self-managed superannuation funds
  5. Assess the effects of various life events on retirement decisions
  6. Critically evaluate types of retirement income and suitability for particular investors.
  7. Detail the taxation treatment of superannuation funds

Alignment of Assessment Tasks to Learning Outcomes
Assessment Tasks Learning Outcomes
1 2 3 4 5 6 7
1 - Written Assessment
2 - Examination
Alignment of Graduate Attributes to Learning Outcomes
Introductory Level
Intermediate Level
Graduate Level
Graduate Attributes Learning Outcomes
1 2 3 4 5 6 7
1 - Communication
2 - Problem Solving
3 - Critical Thinking
4 - Information Literacy
5 - Team Work
6 - Information Technology Competence
Alignment of Assessment Tasks to Graduate Attributes
Introductory Level
Intermediate Level
Graduate Level
Assessment Tasks Graduate Attributes
1 2 3 4 5 6 7 8 9 10
1 - Written Assessment
2 - Examination