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State Super Retirement Fund (ABN 86 664 654 341)

Allocated Pension Fund Personal Retirement Plan Product Disclosure Statement Date of Issue 21 JUNE 2011

State Super Financial Services Australia Limited ABN 86 003 742 756 Australian Financial Services Licence No. 238430


STATE SUPER ALLOCATED PENSION FUND & STATE SUPER PERSONAL RETIREMENT PLAN UPDATED INFORMATION TO PRODUCT DISCLOSURE STATEMENT DATED 21 JUNE 2011 Issued by State Super Financial Services Australia Limited ABN 86 003 742 756 AFS Licence Number 238430

This Update should be read in conjunction with the Product Disclosure Statement dated 21 June 2011 (‘PDS’) relating to the issue of superannuation products offered in the complying superannuation fund known as the State Super Retirement Fund (ABN 86 664 654 341).

The purpose of this Update is to advise you of: 1.

A change to the hedging process for international equities.

1. Change to the hedging process for international equities The Trustee has approved a change in the way currency exposure in the international equities asset class is hedged back to the Australian dollar. As a result: (a)

the paragraph under the heading ‘International Equities’ on page 5 of the PDS is deleted and replaced with: This asset class includes companies listed on a recognised overseas securities exchange. Investments include ordinary shares, preference shares and other equity securities or derivatives of companies or trusts listed on these exchanges. International equity investments are generally hedged to the Australian Dollar. However, the actual level of hedging at any time may vary and can be different across different currencies.

(b)

the footnote for the International Equities asset class in the Strategic Asset Allocation (before strategic tilting) of the Moderate Fund, Balanced Fund, Growth Fund, Growth Plus Fund and International Equities Fund on pages 5 to 8 of the PDS is replaced with the following: ** Hedged to the AUD between 0 to 100%

Dated: 21 December 2011

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Before you start This Product Disclosure Statement (PDS) is designed to

Information in this PDS may change from time to time. If

help you understand the main features of:

the change is not materially adverse to investors, we may

◗◗ the State Super Allocated Pension Fund (Allocated

a separate document which may not be handed out with

update this PDS by including the updated information in

Pension Fund) which is offered in the Pension Division

the PDS. A paper copy of any updated information will

of the complying superannuation fund known as the

be given to you without charge on request. This updated

State Super Retirement Fund (Retirement Fund) which

information can be obtained by:

was established on 23 November 1993; and ◗◗ the State Super Personal Retirement Plan (Personal Retirement Plan), which is offered in the Accumulation Division of the Retirement Fund.

◗◗ contacting your financial planner ◗◗ contacting one of our offices (see inside back cover) ◗◗ going to our website located at www.ssfs.com.au

It is important to bear in mind that this PDS contains

Furthermore, except as outlined in this PDS, we can

general information only about the Retirement Fund. It

change matters which are the subject of representations

does not contain financial product advice nor does it take

set out in this PDS at any time without notice.

into account your specific objectives, financial situation or needs. We recommend that you read this PDS carefully and consult your financial planner before investing in the Retirement Fund. State Super Financial Services Australia Limited ABN 86 003 742 756, AFSL Number 238430 (referred to in this PDS as SSFS, the trustee, we, us) is the trustee of the Retirement Fund and issues the interests in the Retirement Fund. This PDS is issued solely by SSFS. No other person (whether or not related to SSFS) is responsible for the information contained in this PDS. In this PDS, we refer to SSFS in two roles. Firstly as the provider of financial planning services, and secondly, as the trustee of the Retirement Fund. Your investment in the Retirement Fund is subject to investment risk. This is because the value of the Retirement Fund (and accordingly, the value of your investment in the Retirement Fund) may rise and fall, and at times the returns in the Retirement Fund (and, accordingly, the returns on your investment in the Retirement Fund) may be negative. None of the New South Wales Government, the Australian Government, SSFS, the SAS Trustee Corporation, the Australian Reward Investment Alliance (ARIA), the investment managers we appoint or our service providers, or their respective officers, employees or agents guarantee that your investment in the Retirement Fund will increase or retain its value, guarantee the repayment of the money you invest in the Retirement Fund or guarantee the performance of the Retirement Fund.

For an explanation of important words and phrases, see the Glossary on pages 43 and 44.


Contents State Super Financial Services Australia Limited...............................................................................2 The Retirement Fund.......................................................................................................................3 Investment process.........................................................................................................................4 Investment options ........................................................................................................................6 What are the risks of investing?....................................................................................................10 How to invest...............................................................................................................................12 Allocated Pension payments..........................................................................................................18 How to withdraw or switch...........................................................................................................20 Transaction processing..................................................................................................................25 Reporting......................................................................................................................................26 Death benefits and nominations……………………………............................................................27 Fees and other costs.....................................................................................................................30 Taxation........................................................................................................................................37 Additional information..................................................................................................................40 Glossary........................................................................................................................................43

Application forms Personal Retirement Plan Application Personal Retirement Plan Regular Contributions Form Allocated Pension Fund Application Beneficiaries Nomination

Directory ......................................................................................................... Inside back cover Registered Office Level 7, 83 Clarence Street, SYDNEY GPO Box 5336 Sydney NSW 2001 Telephone: 02 9333 9555 Fax: 02 9262 5472 Internet: www.ssfs.com.au

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State Super Financial Services Australia Limited Who is State Super Financial Services Australia Limited?

What can our financial planning service offer you

We provide financial planning and funds

This service is designed to help you achieve your

management services to current and former New

personal investment and financial goals.

South Wales and Commonwealth public sector employees and their family members. The financial planning service provides you with financial advice and assistance to enable you to

service include: ◗◗ access to a qualified financial planner who is

develop your financial strategy and investment

trained and supported in the technical issues and

portfolio in consultation with one of our financial

changes that are important to financial planning;

planners. In this way, we are able to assist you with many of the complex issues often associated with making investment decisions. Our funds management service involves us acting as the trustee or responsible entity of a number of investment products, including as trustee of the Retirement Fund. We combine specialist investment managers to seek investment returns consistent with the objective and level of risk for each investment option in the Retirement Fund. The investment managers are rigorously and continuously monitored to ensure compliance with their investment mandates. Because the investment managers manage significant pools of assets, we are able to negotiate competitive investment management fees on your behalf. Our combined financial planning and funds management services benefit you by having your financial strategy and investment managed by the one organisation, yet spreading your money across a number of investment managers and markets through the use of SSFS investment products only.

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The benefits you receive from our financial planning

◗◗ the development of a financial and investment strategy tailored to your individual needs; ◗◗ the preparation of a personal financial plan; ◗◗ the opportunity to review your financial needs with your financial planner; and ◗◗ reporting on a half yearly basis.


The Retirement Fund The Retirement Fund is a complying superannuation

The objective of the Allocated Pension Fund is to:

fund. This means it receives concessional tax

◗◗ generate an income stream tax efficiently; and

treatment.

◗◗ allow you to retain control over your financial

The Retirement Fund comprises an Accumulation

strategy and your invested capital.

Division (which offers the Personal Retirement Plan) and a Pension Division (which offers the Allocated

The State Super Allocated Pension Fund offers both

Pension Fund).

an ordinary Allocated Pension and a Pre-Retirement

The Personal Retirement Plan is designed for investors

Allocated Pension. A Pre-Retirement Allocated

who wish to:

Pension essentially has the same features as an ordinary Allocated Pension except that the ability to

◗◗ rollover from another superannuation product on

withdraw a lump sum and the maximum amount of

retiring, being retrenched or changing jobs.

the pension payments are restricted. Both types of Allocated Pensions invest superannuation savings to

◗◗ rollover an Employment Termination Payment.

pay you an income stream each year until the total

However, the law only permits the rollover of

balance is exhausted. The Government sets limits on

an Employment Termination Payment into a

the minimum amounts you can receive as income

superannuation product if the payment was

payments each year from both types of pensions,

specified in an employment contract existing as at

and also sets limits on the maximum amounts you

9 May 2006 and the payment is made before 1 July

can receive as income payments each year from a Pre-

2012;

Retirement Allocated Pension. If you have a Pre-Retirement Allocated Pension,

◗◗ make regular or ad-hoc contributions to a

then once you reach age 65, or otherwise satisfy a

superannuation fund;

condition of release prescribed by superannuation ◗◗ have superannuation contributions made on their

law (refer to page 23), your Pre-Retirement Allocated

behalf by their spouse;

Pension becomes an ordinary Allocated Pension.

◗◗ maintain a superannuation investment in a concessionally taxed environment, with no entry or exit fees and, currently no switching fees; ◗◗ access the investment skills of experienced investment managers. Tax concessions (refer to page 37) apply to contributions made to superannuation funds which, like the Retirement Fund, comply with the rules set out in superannuation law. You should be aware there are legislative restrictions on who can contribute to a superannuation fund.

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Investment process Investment options to choose from For both the Allocated Pension Fund and the Personal Retirement Plan you can choose to invest in one, or a combination of up to nine investment options (called Funds), each having a separate investment strategy. These are: ◗◗ the Cash Fund ◗◗ the Fixed Interest Fund1 ◗◗ the Capital Stable Fund ◗◗ the Moderate Fund1

or realising an investment).

The tables on pages 6 to 10 setting out the strategic

◗◗ the Growth Fund 1

◗◗ the Australian Equities Fund1 ◗◗ the International Equities Fund1 Available from 18 July 2011

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Details of these Funds and their investment strategies are set out on pages 6 to 10.

How do we manage your money? We operate a multi-manager, multiple sector investment approach in which the assets of the Funds are managed by external specialist investment managers, through a series of discrete investment trusts, of which we are the trustee. We regularly monitor the investment performance of each Fund and the investment mandates of the investment managers. We may change investment managers from time to time without notice to you. The assets you will have exposure to will depend on the Fund(s) you choose to invest in. Each Fund has a medium to longer term target allocation of assets between the asset classes for each Fund (called the strategic asset allocation for the Fund, which is set out on pages 6 to 10), based on the investment objective (goal) of that Fund. We may review and vary a Fund’s strategic asset allocation from time to time, consistent with the investment objective of each Fund. We regularly review the assets associated with each Fund and, where necessary, take steps to buy and sell assets to maintain each Fund around its strategic asset allocation, as adjusted by any strategic tilt (see below).

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We do not currently have regard to labour standards or environmental, social or ethical considerations when appointing investment managers. Nor do we instruct our investment managers to take into account these considerations in their investment decisions (that is, decisions about selecting, retaining

Strategic Tilting

◗◗ the Balanced Fund

◗◗ the Growth Plus Fund

Derivatives may be used to manage risk or gain exposure to other types of investments, where appropriate. Derivatives are not used for speculation.

asset allocations for each Fund represent the medium to longer term target asset allocations of the Funds. However, the short to medium term target asset allocations of the Funds in place at any particular time may vary from that set out in the tables on pages 6 to 10. This is because the trustee has adopted a Strategic Tilting approach to target asset allocations. When opportunities arise due to market movements, the trustee may make modest changes to the target asset allocation of one or more Funds with the intention of enhancing investment performance. Strategic tilts are only in place for the short to medium term, and must be consistent with the investment objective and investment strategy for a Fund. Strategic Tilting can be applied across, or within, asset classes and may also apply to the proportion of international equity exposure that is hedged back to Australian dollars. The medium to longer term target strategic asset allocations remain unchanged when a strategic tilt is in place. When a strategic tilt ends, the target allocation of assets of a Fund returns to the strategic asset allocation. Strategic tilts may be implemented from time to time and without prior notice. The actual target asset allocation of the Funds in force at any particular time is available on the State Super Financial Services website (www.ssfs.com.au).

What are the asset classes? The following paragraphs describe the various asset classes in which we currently invest. We may vary the asset classes from time to time.


wholly or largely involved with infrastructure activities such as toll roads, airports and utilities. Global listed infrastructure investments are hedged 100% to the Australian dollar. In simple terms, this means that the portfolio is protected against the full impact of increases and decreases in currency rate movements.

Cash This asset class includes short term debt securities and term deposits issued with a term to maturity of less than one year. The short term debt securities are issued or guaranteed by the Australian Government (or the Government of a State or Territory of Australia), Australian banks and other issuers of high credit quality. The term deposits are issued by Australian and international banks in Australian dollars and are not guaranteed by any Government entity.

Global Listed Property Securities This asset class includes units or securities of property trusts and property related companies which are listed on the Australian and recognised overseas securities exchanges.

Enhanced Cash

Global listed property is hedged 100% to the Australia dollar. In simple terms, this means that the portfolio is protected against the full impact of increases and decreases in currency rate movements.

This asset class includes cash and investment grade higher yielding debt securities such as floating rate notes, mortgage backed securities, asset backed securities and corporate bonds. Investment grade securities are those rated at least BBB- by Standard & Poors or Baa3 or higher by Moodys.

Australian Equities This asset class includes ordinary shares, preference shares and other equity securities of companies or trusts listed on the Australian Securities Exchange.

The enhanced cash portfolio maintains a duration similar to that of traditional cash type investments

International Equities

Australian Fixed Interest

This asset class includes companies listed on a recognised overseas securities exchange. Investments include ordinary shares, preference shares and other equity securities or derivatives of companies or trusts listed on these exchanges. International equity investments are hedged 50% to the Australian Dollar (subject to any Strategic Tilt). As this is a target, the actual level of hedging may change from time to time.

This asset class includes debt securities issued by the Australian Government or the Government of a State or Territory of Australia. It also includes investments in investment grade, higher yielding debt securities such as floating rate notes, corporate bonds and shortterm securities. International Fixed Interest This asset class includes debt securities issued by the government of a country outside Australia and non-government investment grade, higher yielding debt securities such as floating rate notes, corporate bonds, asset and mortgage backed securities and short-term securities. International fixed interest investments are hedged 100% to the Australian Dollar. In simple terms, this means that the portfolio is protected against the full impact of increases and decreases in currency rate movements.

How are the assets of the Retirement Fund held? We have appointed JPMorgan Chase Bank N.A. as Custodian, whose role is to: ◗◗ hold the assets of the Retirement Fund and the discrete investment trusts in which the Cash, Fixed Interest, Capital Stable, Moderate, Balanced, Growth, Growth Plus, Australian Equities and International Equities Funds invest, on our behalf; and

Australian Listed Property Trusts This asset class includes units or ordinary shares of property trusts and property related companies, which are listed on the Australian Securities Exchange.

◗◗ perform certain administrative, accounting, monitoring and reporting functions for both the Retirement Fund and the discrete investment trusts

Global Listed Infrastructure

in which the Retirement Fund invests.

This asset class includes securities listed on recognised overseas and Australian securities exchanges. The underlying securities are for companies that are

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We may replace the Custodian at any time without notice to you.

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Investment options What are the differences between the Funds? Each Fund has a different investment objective (goal) and strategy (way of achieving its goal). Each invests in different kinds of assets, with the mix of assets depending on the objectives of each Fund. There is a risk that your investment in a Fund will fall in value from time to time – the level of this risk varies with the objective, strategy and asset mix of the Fund. These factors are based on the investment expectations of each investment sector, using long-term assumptions about the capital markets as obtained from sources including investment management companies and professional investment advisers. Expectations about the number of years of negative returns in every 20 years are shown for each investment option, based on these long-term assumptions. Actual performance may be different from these assumptions. A description of each of the Funds and their current strategic asset allocations is set out in the tables below and on pages 7 to 10.

Cash Fund

Fixed Interest Fund2

Objective

To achieve rates of return consistent with the yield on the UBS Australia Bank Bill Index.

To invest in fixed interest securities and related instruments, which aim to provide the potential for modest capital growth over the medium term. Capital gains can be expected to be achieved, but there is also the risk of capital loss.

Investment strategy

Primarily invests1 in short term debt securities and term deposits with a maturity of less than one year. The short term debt securities are issued, guaranteed or otherwise supported by the Australian or State Governments of Australia (or their statutory authorities) or by Australian banks and authorised dealers in the short term money market. The term deposits are issued by Australian and international banks in Australian dollars and are not guaranteed by any Government entity.

Primarily invests1 in a broad range of Australian and overseas fixed interest investments.

Risk profile

The risk of capital loss is expected to be low in the Cash Fund as it is primarily invested in short term debt securities with a maturity of less than one year.

The risk of capital loss in the Fixed Interest Fund is expected to be moderate in the longer term as the assets of the Fund are invested in a diversified range of fixed interest securities. Negative returns may occur.

Expected frequency of negative annual return

Zero years out of every 20 years.

1 year out of every 20 years.

Investor profile

Designed to suit investors with a time horizon of up to 2 years and who seek secure returns from cash.

Designed to suit investors who wish to take moderate levels of risk with a modest potential for capital appreciation.

Strategic asset allocation (before strategic tilting)

Defensive assets Cash

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1

Through discrete investment trusts.

2

Available from 18 July 2011

100% 100%

Defensive assets Australian fixed interest International fixed interest* *(100% hedged to the AUD)

100% 70% 30%


Further Information If you would like to obtain information about investment returns for the Allocated Pension Fund and the Personal Retirement Plan then go to our website located at www.ssfs.com.au or contact any of our offices. We recommend that you consult your financial planner prior to making your investment decision. Past performance is not a reliable predictor of future investment returns. Markets can be volatile and can move rapidly up or down.

Capital Stable Fund

Moderate Fund2

To maintain the value of investors’ capital while achieving a higher rate of return over the medium term than could be achieved through investments in cash or short term money market securities. Capital gains can be achieved, but there is also the risk of capital loss. Accordingly, the value of investments in the Fund may fall as well as rise in line with the changing value of the assets of the Fund.

To invest in a broad range of asset classes which have the potential to achieve moderate capital growth over the medium to longer term. Capital gains can be expected to be achieved, but there is also the risk of capital loss.

Objective

Primarily invests1 in a portfolio of Australian fixed interest securities and Australian cash with a combined exposure of no more than 20% in listed Australian shares and property securities.

Primarily invests1 in a diversified portfolio of defensive and growth assets. Defensive assets include fixed interest securities and cash. Growth assets, including Australian and overseas listed shares, listed property and listed infrastructure securities, will have a limited exposure of 40%.

Investment strategy

The risk of capital loss in the Capital Stable Fund is expected to be moderate in the longer term as the assets of the Fund are predominantly invested in Australian fixed interest securities and Australian cash. Negative returns may occur.

Due to the investment characteristics of the assets held in the Fund, the performance of the Moderate Fund may be volatile, including the potential to experience a capital loss.

Risk profile

1 year out of every 20 years.

3 years out of every 20 years.

Designed to suit investors who seek some capital growth over the medium term (3-4 years) while at the same time maintaining a relatively high level of capital security.

Designed to suit investors who seek capital growth over the medium term and are willing to accept a moderate level of risk. Target timeframe is 4-5 years or longer.

Expected frequency of negative annual return Investor profile

Strategic asset allocation (before strategic tilting)

Defensive assets Cash Australian fixed interest

80% 40% 40%

Growth assets Australian listed property trusts Australian equities

20% 5% 15%

1

Through discrete investment trusts.

2

Available from 18 July 2011

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Defensive assets Cash Enhanced cash Australian fixed interest International fixed interest*

60% 7.5% 7.5% 30% 15%

Growth assets Global listed infrastructure* Global listed property securities* Australian equities International equities** * (100% hedged to the AUD) ** (50% hedged to the AUD)

40% 3% 4% 18% 15%

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Balanced Fund

Growth Fund

Objective

To invest in a broad range of asset classes which have the potential to achieve capital growth over the longer term. Capital gains can be expected to be achieved, but there is also the risk of capital loss.

To invest substantially in assets which achieve capital growth over the long term (7 or more years). Capital gains can be expected to be achieved, but there is also the risk of capital loss.

Investment strategy

Primarily invests1 in a portfolio of Australian and overseas investments including (but not limited to) Australian cash, fixed interest securities, listed property trusts, unit trusts and listed shares. Investments may include currency, futures and options contracts.

Primarily invests1 in a broad range of Australian and overseas investments with a strong bias on capital growth. Such investments include (but are not limited to) listed shares and listed property securities, interest bearing securities and deposits and futures and options contracts.

Risk profile

Due to the investment characteristics of the assets held in the Fund, the performance of the Balanced Fund may be volatile, including the potential to experience a capital loss.

Due to the investment characteristics of the growth assets held in the Fund, the performance of the Growth Fund may be more volatile than the Balanced Fund including the potential to experience a capital loss.

Expected frequency of negative annual return

5 years out of every 20 years.

6 years out of every 20 years.

Investor profile

Designed to suit investors who wish to maximise their investment returns and are willing to accept a higher level of risk. Target timeframe is 5-6 years or longer.

Designed to suit investors who wish to maximise long term investment returns and are willing to accept a higher level of risk than the Balanced Fund. Target timeframe is 7 or more years.

Strategic asset allocation (before strategic tilting)

1

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Defensive assets Cash Enhanced cash Australian fixed interest International fixed interest*

40% 5% 5% 20% 10%

Defensive assets Cash Enhanced cash Australian fixed interest International fixed interest*

20% 2.5% 2.5% 10% 5%

Growth assets Global listed infrastructure* Global listed property securities* Australian equities International equities** * (100% hedged to the AUD) ** (50% hedged to the AUD)

60% 4% 6% 27% 23%

Growth assets Global listed infrastructure* Global listed property securities* Australian equities International equities** * (100% hedged to the AUD) ** (50% hedged to the AUD)

80% 5% 8% 36% 31%

Through discrete investment trusts.


Growth Plus Fund2

Australian Equities Fund2

To invest in assets which achieve capital growth over the long term (10 or more years). Capital gains can be expected to be achieved, but there is also the risk of capital loss.

To invest in Australian equities with the aim of achieving capital growth over the long term (10 or more years). Capital gains can be expected to be achieved, but there is also the risk of capital loss.

Objective

Primarily invests1 in a broad range of high growth assets. Such investments include (but are not limited to) listed Australian and overseas shares, listed property securities and listed infrastructure securities. Investments may include currency, futures and options contracts.

Primarily invests1 in Australian equities. Investments may include futures and options contracts.

Investment strategy

Due to the investment characteristics of the growth assets held in the Fund, the performance of the Growth Plus Fund may experience high volatility including the potential to experience capital loss.

Due to the investment characteristics of the growth assets held in the Fund, the performance of the Australian Equities Fund may experience high volatility including the potential to experience a capital loss.

Risk profile

7 years out of every 20 years.

7 years out of every 20 years.

Designed to suit investors who wish to maximise long term investment returns and are willing to accept a higher level of risk than the Growth Fund. Target timeframe is 10 or more years.

Designed to suit investors who wish to maximise long term investment returns and have a 100% exposure to Australian equities. Target timeframe is 10 or more years.

Expected frequency of negative annual return Investor profile

Strategic asset allocation (before strategic tilting)

Growth assets Global listed infrastructure* Global listed property securities* Australian equities International equities** * (100% hedged to the AUD) ** (50% hedged to the AUD)

100% 6% 10% 45% 39%

1

Through discrete investment trusts.

2

Available from 18 July 2011

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Growth assets Australian equities

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100% 100%

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Relative Risk and Return Profile International Equities Fund2 Objective

To invest in international equities with the aim of achieving capital growth over the long term (10 or more years). Capital gains can be expected to be achieved, but there is also the risk of capital loss.

Investment strategy

Primarily invests1 in international equities. Investments may include currency, futures and options contracts.

Risk profile

Due to the investment characteristics of the growth assets held in the Fund, the performance of the International Equities Fund may experience high volatility, including the potential to experience a capital loss.

Expected frequency of negative annual return

7 years out of every 20 years.

Investor profile

Designed to suit investors who wish to maximise long term investment returns and have a 100% exposure to international equities. Target timeframe is 10 or more years.

The relative risk profile of each fund can be illustrated by the chart shown below.

The above graph provides a broad overview of the relative overall risk associated with each Fund for comparison purposes only. Each Fund is subject to

Strategic asset allocation (before strategic tilting)

different types of risks, and can be impacted by those particular risks to varying degrees, depending on the nature of the Fund’s investments. For these reasons, the above graph should not be relied on as providing an accurate indication of the level of risk associated with any one Fund. For further information regarding the risk profile of each Fund, see the descriptions of each Fund set out on pages 6 to 10.

What are the risks of investing? Growth assets International equities** ** (50% hedged to the AUD)

100% 100%

All investments involve some level of risk. Risks can generally be managed but may not be able to be avoided completely. These risks can be broadly grouped into two categories: operational (process) risks and investment risks. The following are some risk factors you should consider before investing.

Operational (process) risks Fund risk – the Retirement Fund could be terminated, or we could be replaced as trustee. 1

Through discrete investment trusts.

Custodial risk – the Custodian holds the assets of the

2

Available from 18 July 2011

Retirement Fund and the discrete investment trusts

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in which the Retirement Fund invests. There are

this risk by careful research using our own expertise

custodial risks associated with this duty not being

and that of specialist asset consultants.

properly performed. We mitigate this risk by having

Interest rate risk – changes in interest rates can have

a rigorous and detailed assessment of the Custodian’s

a negative effect on investment value or returns. For

capabilities prior to appointment, adhering to a policy

example, the cost of a company’s borrowings can

of having formal agreements with the Custodian

increase or the income return on a fixed interest

which detail the services and responsibilities it has

investment can be lower than expected. This risk is

been contracted to provide, and by undertaking

mitigated by hiring professional, specialist investment

periodic operational and performance reviews of the

managers.

Custodian.

Currency risk – where we invest overseas, and

Compliance risk – compliance is continuously

the currency of the countries in which we invest

monitored both externally (by our Custodian) and

changes in value relative to our dollar, the value of

internally (by our Investment and Compliance teams).

the investments will change. We mitigate this risk

Appointed investment managers are monitored for

by managing the currency exposure as described on

us by the Custodian for compliance against their

page 5 by employing specialist currency managers.

individual investment mandates and investment guidelines. There is a risk that a breach may not be

Manager selection risk – under a ‘manager-of-

detected in a timely or effective manner.

managers’ investment structure there is a risk that the combination of managers selected for each specialist

Legislative risk – changes may be made to taxation,

sector may underperform their peer group. We

social security, superannuation and other laws, which

mitigate this risk by careful research and monitoring

may affect the value of your investment and your

of investment managers using our own expertise and

ability to access your investment.

that of specialist asset consultants.

Counterparty risk – there is a risk of loss where

Strategic tilting may increase one or more of these

the counterparty to a contract cannot meet its

investment risks. However, as any strategic tilt will be

payment obligations. This risk is mitigated by

modest in size, the trustee expects that the additional

appointing investment managers with appropriate

risk will not be significant.

credit assessment skills and by imposing limits in the investment mandates.

In summary

Investment risks

There are risks in choosing to invest in superannuation as superannuation, social security, taxation and other laws may change and, generally, you cannot withdraw your money until retirement (see section ‘When can you withdraw your benefits?’ on page 20). There are also risks in choosing particular Funds as different asset classes perform differently at different times.

Some of the investment risks you may be exposed to include: Market risk – economic, technological, political or legal conditions can change which can adversely affect investment markets. In turn, this can adversely affect the value of your investments. We mitigate these risks by using a diversified mix of specialist

Since each Fund has a different investment mix, the risks associated with investing in each Fund are different. For example, the Cash Fund carries fewer risks than the Growth Fund due to the differing investments held and differing markets into which each invests.

investment managers who we believe are the most appropriate for each asset class. Strategic asset allocation risk – the risk that the longer term strategic asset allocation of the Fund may not achieve its investment objectives. We mitigate

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How to invest How much is needed to invest in the Personal Retirement Plan? Initial investment: The total minimum initial investment (total of contributions, rollovers and Employment Termination Payments) in the Personal Retirement Plan is $2,000, and the minimum initial investment in any one Fund is $2,000.

Additional investment: Each subsequent ad hoc contribution in a Fund must be at least $500, and each regular investment must be at least $100.

Who can invest in the Personal Retirement Plan? Subject to the limits on contributions set out below, we can accept the following into the Personal Retirement Plan:

Contribution type Employer contributions

Contribution description Contributions made by your employer into the Personal Retirement Plan for your benefit. Employers may make contributions to the Personal Retirement Plan to satisfy their Superannuation Guarantee obligations or, to comply with their obligations under an industrial instrument in which case they are called mandated contributions.

Personal contributions

Contributions you as a member pay. Personal contributions can either be personal ‘after-tax’ contributions, paid from your after-tax income or personal ‘before-tax’ contributions, paid from your before-tax income.

Salary sacrifice contributions

You may be able to arrange for your employer to make contributions to the Personal Retirement Plan instead of paying you an equivalent amount of pre-tax salary.

Spouse contributions

Contributions your spouse pays into the Personal Retirement Plan for your benefit.

Rollovers

You can rollover existing superannuation monies and, in certain circumstances, Employment Termination Payments (see page 3) into the Personal Retirement Plan.

Government co-contributions

You may be eligible to receive a co-contribution from the Government of up to $1,000 per year (see page 16 for more details).

12


Limits on contributions

Any amounts returned will be adjusted for fees, costs and positive or negative changes in unit prices.

We are able to accept mandated employer contributions made under an industrial instrument

Further, you will be liable for tax if your concessional

in respect of a member of any age. Superannuation

contributions in a year exceed the concessional

Guarantee contributions can be made up to age 70.

contributions cap for that year, or your nonconcessional contributions in a year exceed the non-

The following table summarises the rules in relation

concessional contributions cap for that year. See page

to other contributions: Contribution rules

37 for more information.

Personal contributions and salary sacrifice contributions

Spouse contributions

Under 65

Yes

Yes

At least 65 and under 70 and satisfying the annual work test

Yes1

At least 70 and under 75 and satisfying the annual work test

Yes1,2

75 and over

No2

1

How do you invest in the Personal Retirement Plan? Your initial investment in the Personal Retirement Plan can consist of a rollover from another superannuation

1

product and/or a contribution.

Yes1

Further, if you satisfy the transitional provisions, your initial investment may consist of the rollover of an Employment Termination Payment (ETP). No

You can then make ad hoc and/or regular superannuation contributions to or rollovers in to the Personal Retirement Plan. Superannuation contributions may be made by you, or made on

No2

your behalf by others such as your spouse or

1

Subject to the limits outlined below.

2

Contributions may be made up to 28 days after the

your employer. Any contributions to the Personal Retirement Plan from your employer must be made under an arrangement between you and your

end of the month in which you turn age 75.

employer.

There are also limits on the amounts that can be

Initial investments (contributions, rollovers and Employment Termination Payments)

paid as a single member contribution (being any contribution other than an employer contribution), being: ◗◗ if you were age 64 or less on 1 July in a financial

To make an initial investment to the Personal

year, three times the amount of the non-

Retirement Plan, complete the Personal Retirement

concessional contributions cap for the year;

Plan application form and forward it to us and: ◗◗ to the extent your initial investment consists of

◗◗ if you were age 65 but less than 75 on 1 July in a financial year, the non-concessional contributions

personal or spouse contributions, forward to us a

cap.

cheque from you or your spouse for the amount of the contribution;

Importantly, we will not accept any contributions made by you or for your benefit unless you have

◗◗ to the extent your initial investment consists of

provided your Tax File Number to the trustee.

an employer contribution, direct your employer to send the cheque for the amount of the

We will return any amount within 30 days of

contribution to us;

becoming aware that the contribution breached the above rules.

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◗◗ to the extent your initial investment consists of a rollover of an Employment Termination Payment (ETP), notify your employer that you will be rolling your ETP into the Personal Retirement Plan and direct them to send the cheque for the amount of the ETP and a completed Directed Termination Payment Statement to Attention: Registry Services,

◗◗ the Fund allocation; and ◗◗ any necessary rollover forms as outlined above. Please forward to Attention: Registry Services, State Super Financial Services Australia Limited, (see address inside the back cover).

State Super Financial Services Australia Limited (see

BPAY payments can be made via your bank or

address inside the back cover);

financial institution. Details of Biller Code(s), together with your Customer Reference Number(s) can be

◗◗ to the extent your initial investment consists of a rollover from another superannuation product, notify your current superannuation fund by completing a Request to Transfer form (available from www.ssfs.com.au or any of our offices) and sending it to them. Your current fund will send a Rollover Benefits Statement and your

located on SSFS’ client website (www.ssfs.com.au) or by contacting your local regional office. If you wish to change the Fund allocation for future/ additional contributions, you will need to complete a ‘Request to Change Fund Allocation – Future Contributions/Investments’ form (available from www.ssfs.com.au or any of our offices).

superannuation benefits directly to us to invest; or If you do not specify the Fund(s) for investment we ◗◗ to the extent that you are transferring from another

will invest the additional investment in accordance

SSFS product you must complete section 7 of the

with your existing Fund allocation at the time of

Personal Retirement Plan application form.

receipt of the additional investment.

If your application form does not specify the Fund(s)

You will then be issued a transaction confirmation

for investment, we will invest your initial investment

and may then be able to switch the investment into

wholly in the Cash Fund. However, you may be able

one or more other Funds at any time (see page 20 for

to switch your investment from the Cash Fund, as

more information on switching).

outlined on page 20. Please note that the trustee is not bound to accept

Additional investments (Regular Contributions Plan)

any application for the Personal Retirement Plan and may refuse an application without giving any reason.

You can arrange for regular contributions to be paid into the Personal Retirement Plan (see page 24).

Additional investments (ad hoc contributions and rollovers) After becoming a member of the Personal Retirement Plan, additional ad hoc contributions and rollovers can be made at any time either by cheque or money order or using BPAY. When sending a cheque or money order the following information must be

The Government limits the amount of concessionally taxed contributions that can be made to your superannuation. These limits are called ‘contribution caps’. Additional tax may be payable if you exceed the caps.

provided:

There are two contribution caps:

◗◗ your personal details;

- a ‘concessional contributions’ cap

◗◗ the amount of your contribution/ rollover;

- a ‘non-concessional contributions’ cap.

◗◗ if the investment is in the form of a contribution, what type of contribution it is;

14

Capping of contributions


The amount of concessional contributions that can be

◗◗ up to $500,000 of capital gains that have been

made to your superannuation without being subject

disregarded under the small business retirement

to additional tax (the concessional contributions cap)

exemption

is capped at $25,000 in the 2011/12 financial year. ◗◗ the capital proceeds from the disposal of assets

This limit is indexed in line with Average Weekly Ordinary Time Earnings (AWOTE), in increments of

that qualify for the small business 15-year

$5,000.

exemption

As a transitional measure, if an investor turns 50

◗◗ the capital proceeds from the disposal of assets

in a financial year to 30 June 2012, the investor’s

that would qualify for the small business 15-year

concessional contributions cap for the year in which

exemption, but do not because:

the investor turns 50, and each subsequent year to − the asset was a pre-CGT asset

30 June 2012, is $50,000 per year. This limit is not indexed.

− there was no capital gain, or

The Government has announced that the transitional

− t he 15-year holding period was not met because

concessional contributions cap of $50,000 will

of the permanent incapacity of the person (or a

continue to apply from 1 July 2012 for workers aged

controlling individual of a company or trust).

50 and over who have super balances of less than $500,000. However, legislation to implement this

If you are under age 65 in the relevant financial

change has not been introduced to Parliament.

year you can ‘bring forward’ up to 2 years’ worth of non-concessional contributions without exceeding

Concessional contributions in excess of the applicable

the cap. For example, an investor could contribute

concessional cap are subject to an additional

$450,000 in the 2011/12 financial year as a single

31.5% tax. They are called ‘excess concessional

lump sum, using up any allowable cap for that

contributions’. Excess concessional contributions also

year and the following 2 years, without incurring

count towards the non-concessional contributions

additional tax. The ‘bring forward’ is automatically

cap.

triggered as soon as non-concessional contributions

The amount of non-concessional contributions that

exceed the non-concessional contributions cap for

can be made to your superannuation without being

that year.

subject to additional tax (the non-concessional

Non-concessional contributions in excess of the non-

contributions cap) is equal to six times the

concessional cap for the relevant year are subject to

concessional contributions cap (ie. $150,000 in the

tax at 46.5%.

2011/12 financial year).

Where an excess concessional contribution is made,

However, amounts from the disposal of certain small

the additional tax is payable by the investor. In these

business assets paid as after-tax contributions are

circumstances the Australian Taxation Office (ATO)

excluded from the non-concessional contributions

will issue a release authority to the investor allowing

cap up to a lifetime limit, called the ‘CGT Cap’.

you to withdraw the additional tax from your super

The CGT Cap is indexed and is $1,205,000 for the

account, should you choose to do so.

2011/12 financial year.

Where an excess non-concessional contribution is

Only contributions arising from the following capital

made, the additional tax must be withdrawn from

gains can be counted towards the CGT Cap and,

the fund. In these circumstances the ATO will issue

accordingly, excluded from the non concessional

a release authority to the investor or, in some cases,

contributions cap:

directly to the Retirement Fund, allowing you to withdraw the additional tax from your super account.

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The Retirement Fund will pay the lesser of: ◗◗ the amount specified in the release authority; ◗◗ your account balance; or ◗◗ the amount requested by you, within 30 days of receiving a valid release authority. Note that the Retirement Fund may pay the withdrawal amount after the tax liability is due to be paid to the ATO.

You also need to satisfy a 10% eligible income test to be eligible for Government co-contributions. To satisfy the 10% eligible income test, 10% or more of your total income must be earned from employmentactivities or the carrying on of a business (or a combination of both). For the purposes of this test, business deductions are not taken into account in either the business income or total income amounts. If you earn more than $31,920 for the 2011/12 financial year the maximum co-contribution of $1,000 is scaled back at the rate of 3.333 cents in

If you provide us with a release authority but fail to

the dollar.

provide us with details of the Fund(s) from which you

To find out more about the Superannuation Co-

wish your units to be redeemed we will deem that

contribution Scheme, ask your financial planner or go

you have requested us to redeem sufficient units to

to www.ato.gov.au/super.

satisfy the release authority in the same order as per Defaults on withdrawals for pension payments on page 22.

Should the Australian Taxation Office pay a cocontribution into your account in the Personal Retirement Plan and we have received no instructions

We will also redeem units in this order where we

from you in relation to the contribution we will invest

receive a release authority from the ATO.

the co-contribution in accordance with your existing

Provided you do not withdraw more than the amount authorised in the release, you will not pay any tax

Fund allocation at the time of receipt of the cocontribution.

on the withdrawal amount. If you access a greater

You will then be issued a transaction confirmation

amount, you will pay income tax on this amount at

and may then be able to switch the investment into

your marginal tax rates.

one or more other Funds at any time (see page 20 for more information on switching).

Please consult your financial planner for further information.

Government Co-Contribution Scheme The Government has a Superannuation CoContribution Scheme, which involves the Government paying a superannuation co-contribution to the investor’s account where the investor makes personal ‘after-tax’ contributions. To be eligible for a co-contribution, you need to be under age 71 at the end of that income year and have total income (assessable income plus reportable fringe benefits plus reportable employer superannuation contribution less allowable business deductions) of no more than $61,920 for the 2011/12 financial year. You must be either employed or self-employed, even if only part-time or casual.

16

Please note: The co-contribution does not count towards the non-concessional contributions cap.

Superannuation Guarantee payments from the Australian Taxation Office Should the Australian Taxation Office pay a Superannuation Guarantee payment into the Personal Retirement Plan, and we have received no specific instructions from you we will invest the Superannuation Guarantee payment in accordance with your existing Fund allocation at the time of receipt of the payment. You will then be issued a transaction confirmation and may then be able to switch the investment into one or more other Funds at any time (see page 20 for more information on switching).


Please note: The Superannuation Guarantee payment will count towards the concessional contributions cap.

How much is needed to invest in the Allocated Pension Fund?

Contribution splitting arrangements

Pension is $20,000.

The splitting of contributions with your spouse may

Who can invest in the Allocated Pension Fund?

The minimum initial investment in an Allocated

be permitted in certain circumstances. The main benefits of contribution splitting are that you can take advantage of 2 concessional contributions caps

The Allocated Pension Fund is designed for retirees,

and it facilitates income splitting between partners

semi-retired people or those about to retire, who are

for lower overall tax.

looking to:

You may be able to split with your spouse any

◗◗ rollover their superannuation monies or an

concessional contributions that are made to your

Employment Termination Payment (ETP) (if you

account in the Personal Retirement Plan.

satisfy the transitional provisions outlined on page

The maximum amount that can be split is the lesser

3) into a superannuation fund;

of:

◗◗ defer tax on cashing in their superannuation monies and take advantage of the pension tax

◗◗ 85% of concessional contributions for a financial

concessions; or

year; and ◗◗ the concessional contributions cap for the financial

◗◗ receive a regular income stream from their

year.

superannuation monies or ETP.

For example, if you are aged under 50 for the

The Allocated Pension Fund only accepts in respect of

whole of the financial year and made concessional

an ordinary Allocated Pension:

contributions of $75,000 in the 2011/12 financial year the maximum you can split is $25,000, which is

◗◗ rollovers from other superannuation products

the lesser of 85% of your concessional contributions

(including the Personal Retirement Plan) that

(being $63,750) and the concessional contributions

consist solely of unrestricted non-preserved

cap for that financial year (being $25,000).

amounts and

Any contributions that are split will become taxable

◗◗ rollovers of ETPs.

components in your spouse’s account. Contributions can generally be split after the

If you are over your preservation age (see page 24)

conclusion of the financial year in which they are

you can start a Pre-Retirement Allocated Pension

made or in the financial year in which they are

with any combination of unrestricted non-preserved

made where the member’s entire benefit is to be

amounts and/or restricted non-preserved amounts

transferred. For example, contributions made from

and/or preserved amounts.

1 July 2010 to 30 June 2011 can be split from 1 July

If you have a Pre-Retirement Allocated Pension,

2011 to 30 June 2012. However, if you transferred

then once you reach age 65, or otherwise satisfy a

your entire benefit to another fund before 30 June

condition of release prescribed by superannuation

2011, you could split your contributions for that

law (refer to page 23), your Pre-Retirement Allocated

financial year before transferring the benefit.

Pension becomes an ordinary Allocated Pension.

For further information please contact your financial

This means, for example, that if you do not commute

planner.

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a pension from the State Super Allocated Pension Fund subject to the same minimum payment limits, but without any maximum payment limits and

The trustee is not bound to accept any application for the Allocated Pension Fund and may refuse an application without giving any reason.

commutations are allowed.

Additional investments

How do you invest in the Allocated Pension Fund?

You cannot make any additional contributions or rollovers to any Allocated Pension once the pension has commenced.

Initial investment All you need to do to invest in the Allocated Pension Fund is: ◗◗ complete the Allocated Pension Fund application form and send to Attention: Registry Services, State Super Financial Services Australia Limited (see address inside the back cover); ◗◗ complete a tax file number declaration form (if you are under age 60) and also send it to us; and ◗◗ if relevant: – notify your employer that you will be rolling your ETP over to the State Super Allocated Pension Fund and direct them to send the cheque for the amount of the ETP and your Directed Termination Payment Statement to Attention: Registry Services, State Super Financial Services Australia Limited (see address inside the back cover); and/ or – notify your current superannuation fund by completing a transfer authority form (available from www.ssfs.com.au or any of our offices) and sending it to them. Your current fund will send a Rollover Benefits Statement and your superannuation monies directly to us to invest. To the extent that you are transferring from the Personal Retirement Plan you must complete section 8 of the Allocated Pension Fund application form. If your application does not specify the Fund(s) for investment, we will invest your initial investment wholly in the Cash Fund. However, you may be able to switch your investment from the Cash Fund, as outlined on page 20.

Allocated Pension payments What pension payments will you receive? You can choose whether to receive pension payments monthly, quarterly, half yearly or annually. In order to make a pension payment, the trustee will redeem sufficient units from your account balance to satisfy the amount of the payment. For default order of withdrawal for pension payments please see page 22.

Order of withdrawal – Pre-Retirement Allocated Pensions Superannuation law requires that pension payments in respect of Pre-Retirement Allocated Pensions are paid in the following order: ◗◗ Firstly, from any unrestricted non-preserved amount; ◗◗ Secondly, from any restricted non-preserved amount; and ◗◗ Thirdly, from any preserved amount.

Amount of the pension payments You can choose the amount of your pension payments. Please note, however, the amount you choose from an Allocated Pension (including a PreRetirement Allocated Pension) must be at least equal to the minimum annual payment amount for that year, which is a percentage of your account balance (calculated, in the first financial year, at the start of your pension and, in subsequent financial years, at the start of each year), in accordance with the following table:

18


as at the date of each calculation.

Minimum Percentage of your Account Balance (%)

Age

2010/11

2011/12

2012/13

2

3

4

65 – 74

2.5

3.75

5

75 – 79

3

4.5

6

80 – 84

3.5

5.25

7

Under 65

85 – 89

4.5

6.75

9

90 – 94

5.5

8.25

11

7

10.5

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95 or more

Your account balance will vary depending on factors such as: ◗◗ the amount of pension payments paid to you during the year; ◗◗ the net earnings of the Fund(s) in which you are invested; and ◗◗ any lump sum withdrawals made by you.

There is no maximum limit on the amount of pension payments you can receive from an ordinary Allocated

Generally speaking, you must receive at least one

Pension in a year. However, the amount you choose

pension payment every financial year. However, if

for a Pre-Retirement Allocated Pension must be no

the pension commences on or after 1 June in any

greater than the maximum payment amount for

financial year, no payment is required to be made for

that year, which is 10% of your account balance

that financial year, although a payment may be made

(calculated, in the first financial year, at the start of

by 30 June of that year.

your pension and, in subsequent financial years, at

If your minimum pension amount for a financial

the start of each year).

year has not been reached by the date of the last

When deciding the amount of pension payments

payment due to be made to you in the financial year,

you wish to receive in a financial year, please bear in

an additional payment will be made to ensure the

mind that payments can only be made while there is

minimum amount is paid.

money in your pension account.

We will take into account pension payments and

When a pension commences on a day other than

any lump sum withdrawals (including lump sum

1 July, the minimum payment limits in the first year

withdrawals under a payment split, but not any

are applied proportionately to the number of days

amounts rolled over to another superannuation

remaining in the financial year that include and follow

arrangement) in a year when determining whether

the commencement date. However, the maximum

the minimum amount has been paid from your

payment limit for a Pre-Retirement Allocated Pension

pension in that year.

remains equal to 10% of the account balance at the

For Pre-Retirement Allocated Pensions, any lump

time the pension commenced.

sum withdrawals are not taken into account when

The maximum payment limit ceases to apply from the

determining whether the maximum amount has been

time you satisfy a condition of release. This means

paid from your pension in that year.

that, after satisfying a condition of release, you could

If the maximum pension amount for your Pre-

make a lump sum withdrawal up to the amount of

Retirement Allocated Pension is reached during the

your account balance.

financial year, the relevant payment will be reduced

The minimum and maximum pension amounts are

to ensure the maximum amount is not exceeded. No

calculated on initial deposit then re-calculated as at 1

further pension payments can be made to you

July every year thereafter and are based on:

for that financial year.

◗◗ your age; and

By way of example, consider the situation if you had

◗◗ your account balance in the Allocated Pension

2012 with a purchase price of $150,000, and you

an Allocated Pension which you started on 1 July were aged 65. In the first year the minimum payment

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How to switch and withdraw amount is $7,500. The maximum payment would be the amount of your account balance. The amount of the payment will be tax free as you are over age 60. Note: The example above is illustrative only and is based on the factors stated. It should not be taken to provide an estimate of the minimum amount you

Switching A switch is the process of redeeming units in a Fund and using the redemption proceeds to purchase units in another Fund(s). You can switch a minimum of: ◗◗ $5,000 in the Allocated Pension Fund; or

must be paid in respect of your Allocated Pension.

◗◗ $500 in the Personal Retirement Plan,

For further information on Taxation, please refer to

from one Fund to one or more of the Funds at any

page 37.

time.

How are pension payments made?

However, you cannot use switching to transfer amounts between the Allocated Pension Fund and

Pension payments are paid directly to the bank,

the Personal Retirement Plan.

credit union or building society account you have

You can arrange a switch by completing a switch

nominated. You must be at least one of the parties

notification form available from any of our offices or

to the account nominated. Pension payments are not

by providing the necessary details in writing to us.

made by cheque. We will generally process all pension payments on: ◗◗ the 20th day of each month (monthly option); or ◗◗ the 20th day of each September, December, March and June (quarterly option); or ◗◗ the 20th day of each December and June (halfyearly option); or

There is no restriction on the number of times you may switch part or all of your investment. It is recommended that you consult with your financial planner before switching so as to understand the consequences of switching.

When can you withdraw your benefits? When you make a withdrawal, the trustee will

If the 20th of the month is not a business day,

redeem sufficient units from your account balance to satisfy the amount of the withdrawal request, as well as any tax payable on the withdrawal, subject to the

payments will generally be processed on the

rules below.

preceding business day. You should allow at least

Personal Retirement Plan

◗◗ the 20th day of June of each year (annual option).

two business days for the pension payments to appear in your account.

Superannuation benefits are divided into three components, with different restrictions on when you can get access to each component: ◗◗ unrestricted non-preserved – you can access this amount at any time; ◗◗ restricted non-preserved – generally you can access this amount when you stop working for the employer who has contributed to your account; and ◗◗ preserved – you can access this amount when you satisfy a condition of release (see page 23) or die.

20


Allocated Pension Fund

All contributions and investment earnings since 1 July 1999 are preserved. Any non-preserved amounts you

You can withdraw as a lump sum amounts of $5,000

have accumulated before this date remain as non-

or more (or the total of your account balance, if

preserved.

it is less than $5,000) from the unrestricted on-

You may withdraw a minimum of $500 (or the

preserved amount of your ordinary Allocated Pension

total of your account balance, if it is less than $500)

or Pre-Retirement Allocated Pension at any time by

from the Personal Retirement Plan by completing a

completing a redemption notification form available

redemption notification form available from any of

from any of our offices.

our offices. However, superannuation law divides

Preserved amounts and/or restricted non-preserved

your account balance into different preservation

amounts can generally only be withdrawn from your

components and has rules as to when a trustee can

Pre-Retirement Allocated Pension as a lump sum:

pay each component in cash. Your ability to withdraw from the Personal Retirement Plan may be limited by

◗◗ when you have satisfied a condition of release (see

the superannuation law.

section on ‘What are the conditions of release?’ on page 23);

In any event you can make a withdrawal from the Personal Retirement Plan:

◗◗ to effect a payment split under family law;

◗◗ if you satisfy a condition of release (see section on

◗◗ to pay a superannuation surcharge liability (where

‘What are the conditions of release?’ on page 23);

liabilities arise prior to 1 July 2005);

or

◗◗ to pay an excess contributions tax liability; or

◗◗ or you die; or

◗◗ you die.

◗◗ to effect a payment split under family law; or

How much will I receive when I withdraw my benefit?

◗◗ to pay an excess contributions tax liability; or ◗◗ to pay a superannuation surcharge liability (where

The amount you receive as a benefit when you

liabilities arise prior to 1 July 2005); or

withdraw a lump sum from either the Allocated

◗◗ at any time by transferring your benefit to another

Pension Fund or the Personal Retirement Plan is

complying superannuation fund or to a retirement

dependent upon such factors as the amount of:

savings account; or

◗◗ contributions net of tax;

◗◗ in certain circumstances by transferring your

◗◗ tax payable in relation to the lump sum withdrawal;

benefit to the Pension Division of the State Super Retirement Fund.

◗◗ investment earnings or losses (net of any applicable tax);

The trustee will redeem sufficient units from your account balance to satisfy the amount of the

◗◗ fees and costs (net of any applicable tax),

withdrawal request. together with your age. Where applicable, an amount will be deducted from any withdrawal to meet tax and superannuation

A superannuation lump sum is made up of only two

surcharge requirements.

components, a tax-free component and a taxable component.

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By way of example for the Personal Retirement Plan, if in 2011/12:

you would be entitled to: Amount of benefit

◗◗ your account balance was $250,000;

Less: Tax on exit (see note)

◗◗ the account comprised $200,000 of taxable component and $50,000 tax-free component; ◗◗ you are permanently retired and aged 58 (preservation age is 55);

Net benefit paid in cash

$250,000 ($5,775) $244,225

Note: the amount of the tax-free component in the withdrawal is 20% of the full withdrawal amount. Therefore, 80% of $250,000, ie. $200,000 is

◗◗ no other superannuation lump sums or employment termination payments have been paid to you since reaching preservation age; and ◗◗ you withdrew a single lump sum of $225,000;

the taxable component. $35,000 of the taxable component (the excess amount withdrawn over a low rate cap, which is $165,000 in the 2011/12 financial year, but can be reduced by previous lump sum payments) is taxed at 15% plus Medicare Levy. ie. $5,775. Please note: Any amounts withdrawn on or

you would be entitled to: amount of benefit

after reaching age 60 would be completely tax-free. $225,000

Less: tax on exit (see note) Net benefit paid to bank

($2,250) $222,750

Note: The amount of the tax-free component in the withdrawal is 20% of the total withdrawal ie. $45,000. This tax-free percentage of 20% is calculated as $50,000 (the amount of the tax-free component in the account) divided by $250,000 (the total account balance). The remaining portion of $180,000 is taxable component. The excess $15,000 of taxable component withdrawn over the $165,000 low rate cap is taxed at 15% plus Medicare Levy, ie $2,250. Please note: Any amounts withdrawn after

Please note: the examples above are illustrative only and are based on the factors stated. Neither should be taken to contain or provide an estimate of any withdrawal benefits you will receive from the Retirement Fund.

Defaults on withdrawals and for pension payments If you fail to provide us with details of the Fund(s) from which you wish your units to be redeemed, or your instruction cannot be followed, we will deem that you have requested us to redeem sufficient units to satisfy your withdrawal request (including pension payments) in the following order:

reaching age 60 would be completely tax-free.

1. from the Cash Fund (until all funds are exhausted);

By way of example for the Allocated Pension Fund, if:

2. from the Fixed Interest Fund (until all funds are

◗◗ your account balance was $250,000; ◗◗ the tax-free component of your account was 20%; ◗◗ you are permanently retired and aged 58 (preservation age is 55); and ◗◗ no other superannuation benefits or employment termination payments have been paid to you

exhausted); 3. from the Capital Stable Fund (until all funds are exhausted); 4. from the Moderate Fund (until all funds are exhausted); 5. from the Balanced Fund (until all funds are exhausted);

previously, 6. from the Growth Fund (until all funds are exhausted);

22


7. from the Growth Plus Fund (until all funds are

that is likely to result in the death of the person

exhausted);

within a period (the certification period) that ends not more than 12 months after the date of

8. from the Australian Equities Fund (until all funds

certification;

are exhausted);

(b) at least one of the registered medical

9. and finally from the International Equities Fund.

practitioners is a specialist practicing in an area related to the illness or injury suffered by the

What are the conditions of release?

person;

Superannuation is a long-term investment for your

(c) for each of the certificates, the certification

retirement. The Australian Government has placed

period has not ended.

restrictions on when you can get access to most of your superannuation savings. Generally, your

Rules for temporary residents

preserved or restricted non-preserved superannuation

Must transfer superannuation to Australian

savings can be paid out in the following circumstances:

Taxation Office (ATO): If you are a temporary

◗◗ reaching age 65;

required to send your super to the ATO if you leave

resident (excluding New Zealand nationals), we are Australia, your visa has expired or been cancelled,

◗◗ reaching preservation age (see following section

and you don’t claim your superannuation benefit

called ‘What is your preservation age?’) and

within six months after your leave. However, you can

permanently retiring from work;

apply to the ATO to claim your super.

◗◗ reaching preservation age (see the following

Any amount transferred to the ATO will not be

section called ‘What is your preservation age?’)

adjusted for investment performance, so it is in your

and receiving your savings in the form of a Pre-

interests to quickly claim your benefit.

Retirement Allocated Pension;

If your super is sent to the ATO, the trustee will rely on ASIC relief and you will not receive an exit

◗◗ becoming permanently incapacitated;

statement. ◗◗ if you are a temporary resident, permanently Withholding rates:

departing Australia;

(a) 0% for the tax-free component; and

◗◗ being a lost investor who is found, and the value of your benefit in the fund, when released, is less than

(b) 35% for a taxed element of a taxable component.

$200;

Restrictions on conditions of release: preserved or

◗◗ if you have a valid release authority to pay

restricted non-preserved superannuation savings of

additional tax on excess concessional contributions

a temporary resident can only be paid out in limited

and excess non-concessional contributions (see

circumstances, including:

page 15);

(a) becoming permanently incapacitated;

◗◗ if you have a terminal medical condition. A person

(b) having a terminal medical condition;

has a terminal medical condition if the following

(c) upon request after permanently departing

circumstances exist:

Australia and cessation of the temporary visa; (a) two registered medical practitioners have (d) if you have a valid release authority to pay

certified, jointly or separately, that the person

additional tax on excess concessional contributions

suffers from an illness, or has incurred an injury,

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and excess non-concessional contributions (see

Should you wish to take advantage of the regular

page 15).

contributions facility, complete the Personal

One effect of the restrictions on the conditions of release for temporary residents is that a temporary resident is not normally able to apply for an Allocated Pension or a Pre Retirement Allocated Pension. You may be able to cash some of your benefit in other situations, such as if you suffer severe financial hardship or on compassionate grounds and you meet the criteria as stated in superannuation law.

What is your preservation age? When were you born?

Preservation age

regular contributions application form on page 47 and send both forms to us. If your application for the regular contributions facility does not specify the Fund(s) for investment, unless you tell us otherwise, each contribution received by us through the regular contributions facility will be invested in accordance with your existing fund allocation at the time of receipt of the contribution. You may be able to switch the investment into one or more other funds at any time (See page 20 for more information on switching).

before 1 July 1960

55

between 1 July 1960 and 30 June 1961

56

Progressive Investment Facility

between 1 July 1961 and 30 June 1962

57

You may benefit from regularly investing a specified

between 1 July 1962 and 30 June 1963

58

between 1 July 1963 and 30 June 1964

59

born after 30 June 1964

60

amount into one or more Funds over time, as this may reduce the risk linked to attempting to time the market with a lump sum investment. This is often called ‘dollar cost averaging’. By doing so, more units may be purchased when prices are low and fewer units purchased when prices are high. The aim

Special investment facilities

is to lower the total average cost per units of your

Regular Contributions Plan

units purchased over time.

You can arrange for regular contributions to be

The Progressive Investment Facility enables you to

paid into the Personal Retirement Plan. This facility

access the benefits of dollar cost averaging. This

involves:

Facility enables you to switch fixed amounts on a

◗◗ SSFS making automatic deductions from a bank, credit union or building society account on the

investment, giving you a lower overall cost for the

regular basis (monthly or quarterly) into nominated Fund(s) from amounts held in your Cash Fund.

16th day of each month. If this is not a business

This facility is available in both the Personal

day, the amount will be deducted on the first

Retirement Plan and the Allocated Pension Fund.

business day thereafter; or ◗◗ a cheque being sent on a regular basis to Attention: Registry Services, State Super Financial Services Australia Limited (see address inside the back cover). Please note: You should check whether your financial institution will charge you a fee for each withdrawal

24

Retirement Plan application form on page 45 and the

This Facility involves us making automatic switches on: ◗◗ if you have selected a monthly facility, the 25th day of each month; and ◗◗ if you have selected quarterly facility, the 25th day or March, June, September and December.

from your account before arranging for regular

If this is not a business day, the switch will occur on

contributions to be deducted.

the first business day thereafter.


Transaction processing Unit prices and valuations

The minimum amount that can be switched under the Progressive Investment Facility is $2,000 per

Your investment in each Fund is represented by units

switch.

in that Fund.

In the instance where there are insufficient funds

Normally, unit prices are based on the net value of

to perform a switch out we will only switch out the

the assets (assets minus liabilities) of the relevant

remaining balance of the Cash Fund.

Fund(s). However, the initial unit price for the Fixed

Should you wish to take advantage of the Progressive

Interest, Moderate, Growth Plus, Australian Equities

Investment Facility, complete the Progressive

and International Equities Funds will be $1.00.

Investment Facility application form available from

Any rise or fall in the value of a Fund’s investments

any of our offices.

is reflected in a corresponding rise or fall in the unit price.

The Progressive Investment Facility application form must be received in our office by the 20th of the

Each Fund is required to be valued at least weekly,

relevant month to take effect from the 25th of that

however we currently value each Fund as at the

month.

close of each business day. We may change this

Transfers (partial or full) to another superannuation product

practice without notice. The unit price based on that

You also have the right to transfer your existing account balance (partial or full) to another superannuation product at any time. This is known as ‘portability’.

Income earned on each Fund’s investments

We must generally transfer your benefits within 30 days of receiving a fully completed transfer form from you.

The assets referable to the Funds are valued at market

calculation is the applicable unit price for that day.

accumulates within the Fund and is reflected in the unit price. No distribution of investment income is made directly to investors.

prices. Assets may rise or fall in value. In valuing assets, allowances by way of estimates are made for:

Things to consider when transferring superannuation

◗◗ provisions for tax on investment income realised and unrealised capital gains (including the effect of

You should consider all relevant information before

imputation credits and deferred tax on unrealised

deciding whether to transfer your superannuation.

gains);

Some of the points to consider are: ◗◗ any management fees; and ◗◗ Fees – your FROM fund may charge you exit or ◗◗ any investment-related charges.

withdrawal fees for transferring superannuation, which could significantly reduce your final benefit;

Currently, the issue price of a unit is the same as the redemption price of a unit. This is because we do not

◗◗ Insurance benefits – your FROM fund may insure

currently apply a buy/sell spread to the unit prices for

you against death, illness or accident which leaves

the Retirement Fund. A buy/sell spread is effectively

you unable to return to work. If you choose

a fee that seeks to cover the costs incurred when

to leave your FROM fund, you may lose any

buying and selling assets as a result of investments in

insurance entitlements you have as we do not offer

or switches or withdrawals from a Fund. The trustee

insurance.

may choose to apply a buy/sell spread in the future. As the trustee does not apply a buy/sell spread, investors do not incur transaction costs when making investments in a Fund or switches or withdrawals

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from a Fund. Transaction costs (see page 35) are taken into account at the time the assets of a Fund are valued and are reflected in unit prices. Should we propose to change this in the future we will provide you with 30 days notice. For your convenience, the latest available unit price information is available 24 hours a day on our charge free unit price hotline 1800 060 061 or our website at www.ssfs.com.au. We may suspend or delay unit pricing where: ◗◗ a significant event or incident occurs that has the potential to affect the investment markets; or

the processing of investment application, withdrawal or switch transactions. This could occur, for example, because of the closure, termination or suspension of an external fund by an investment manager, where processing of a transaction would adversely affect the interests of others invested in a Fund or we are unable to realise sufficient assets to satisfy the transaction. We are not responsible for any losses caused by these suspensions or delays. You should be aware that the Retirement Fund trust deed allows up to 30 days for the completion of any withdrawal or switch request.

◗◗ an event occurs that has the potential to affect unit prices (such as an external investment manager

Reporting

being unable to provide current unit prices).

Processing of investment, withdrawal and switch transactions We generally process investment applications, withdrawal and switch requests each business day. If your investment application or your withdrawal or your switch request is received before 5.00pm Sydney time on any business day, it will be processed using the unit price applicable for that day. This price is not known until Business Day 2. It is important to consider this when making your transaction request. If we receive your investment application or your withdrawal or your switch request after 5.00pm Sydney time on a business day, or on a non-business day, we treat it as having been received before 5.00pm Sydney time on the next occurring business day and it will be processed using the unit price applicable for that next occurring business day. Please note: If you ask for a unit price or investment valuation we can provide an historical unit price or investment valuation only. You should allow at least two business days after the processing of your withdrawal for the funds to be credited to your bank, credit union or building society account. There may be situations where we delay or suspend

26

Regular reporting Transaction statement Investments A transaction statement will be issued to you when you first invest in the Retirement Fund or make additional ad-hoc investments. No transaction statement will be issued for contributions received via the Regular Contribution Plan facility or periodic contributions received from your employer. Withdrawals A transaction statement will be issued for lump sum cash withdrawals and rollovers to another superannuation fund. Currently all transaction statements are printed and mailed to you, however the Trustee reserves the right to issue electronic copies of transactions statements to you in the future, provided you agree to this.

Annual Statement and Six monthly statement to 31 December If you have registered to view your account balances online, you may elect to receive: ◗◗ An email notifying you that your Annual Statement and six monthly statement can be viewed online; or


Death benefits and nominations What happens to your benefit on your death?

◗◗ A paper copy of your Annual Statement and six monthly statement in the mail. If you have not registered to view your account

In the event of your death, your account balance will

balances online, or have not made one of the above

generally be paid as a lump sum (Personal Retirement

online elections, your Annual Statement and six

Plan) or as a lump sum and/or a pension (Allocated

monthly statements will be sent to you in the mail.

Pension Fund) to either:

Annual Review Report and Payment Summary (if applicable) (Allocated Pension Fund only)

◗◗ one or more of your dependants; and/or

A paper copy of each (if applicable) will be sent to

However, a death benefit can only be paid as a

◗◗ the executor or administrator of your Estate.

you in the mail by mid July each year.

pension to a child of yours:

Annual Report

◗◗ who is less than 18 years of age; or

The Annual Report of the Retirement Fund,

◗◗ being 18 years or more of age, who either is

containing information about the Allocated Pension

financially dependent on you and is less than 25

Fund and the Personal Retirement Plan, together with

years of age or has a disability.

financial information extracted from the Retirement

If death benefits are being paid in the form of an

Fund’s audited financial statements, will be available

Allocated Pension to a child, the benefits will be

from our website within four months after the end of

automatically cashed as a lump sum on the day that

each financial year.

the child reaches age 25, unless the child is disabled.

The direct link for the Annual Report is: http://www.

Payment to your nominated beneficiaries

ssfs.com.au/go/our-products/annual-reports You can ask us to send you a copy of the Annual Report in the post free of charge. Alternatively, we

If you wish to nominate beneficiaries, they must be a

can notify you by email when the Annual Report is

dependant or your Estate.

available on our website. Please see section below

To nominate one or more beneficiaries, complete the

titled ‘Accessing information online’ for further

beneficiaries nomination form attached to this PDS

information.

(refer to page 51). You must provide the following details for each beneficiary:

Accessing information online

◗◗ name and address and relationship of person to

We offer you a service whereby you can view your

you;

account balances online via our website located at www.ssfs.com.au. There is no charge for this service.

◗◗ the percentages to be paid to each (must add up to exactly 100%); and

If you choose to use this service you will be issued with a unique password which, in conjunction with

◗◗ whether your nomination is to be binding or non-

your client code (provided to you by us at the time

binding on the trustee (or a combination of the

you first invest in a product issued by SSFS), can be

two).

used to access your investment information at any time. Use of this service is subject to the terms and

You may change any aspect of your beneficiary

conditions listed on the www.ssfs.com.au website.

nomination in options 2, 3 or 4 below at any time by completing and lodging a new beneficiaries nomination form available from any of our offices.

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Nomination Options You may choose one of the following options for nomination of beneficiaries on your death:

1. No nomination The trustee has absolute discretion to pay your account balance to any of your dependants and/or to your Estate in any proportion. In making its decision,

You may only give the trustee directions regarding the percentage of your account balance to be paid to your beneficiary(s). You cannot give directions as to the form of payment (ie. pension or lump sum). The form of the payment made to your nominated beneficiaries will be at the trustee’s absolute discretion.

the trustee will take into account any directions

Generally, if your binding nomination has lapsed

regarding superannuation contained in your Will, but

or is otherwise invalid at the time of your death,

is not obliged to pay any amount in accordance with

the trustee has absolute discretion to pay your

your Will.

account balance to any of your dependants (whether

2. Binding nominations If you indicate that your nomination(s) is to be binding on the trustee, provided your binding

nominated or not) and/or to your Estate in any proportion.

3. Non-binding nominations

nomination is current and valid at the time of

If you do not wish your nominations to be binding on

your death, the trustee is bound to pay to the

the trustee, then the final decision as to whom your

beneficiaries you have nominated or to your Estate

account balance will be paid to rests entirely with the

the percentage of your account balance specified.

trustee. In making its decision, the trustee will take

Please note that special conditions apply in order for

into account your non-binding nomination(s) and

your binding nomination(s) to be valid. These include:

any directions regarding superannuation contained in your Will but is not obliged to pay any amount in

◗◗ a binding nomination must be witnessed and signed by two persons over age 18 who are not your nominated beneficiaries for this investment; ◗◗ a binding nomination is only valid for 3 years from the date it became effective, after which time it lapses. After that time, you must provide a fresh nomination to bind the trustee;

accordance with your nominations(s).

4. Combined binding and non-binding nominations You may combine binding and non-binding beneficiary nominations for your investment provided the percentages to be paid to all nominated beneficiaries add up to 100%. In this case, provided

◗◗ your nominated beneficiary must survive you; and

the binding nomination is current and valid at the

◗◗ if you nominate a beneficiary other than your

portion of your account balance to the beneficiary(s).

time of your death, the trustee is bound to pay that

Estate, that person must be a dependant at the

For the percentage of your account balance allocated

time of your death.

to non-binding beneficiaries, the trustee will take into account your nomination and any preferences regarding superannuation contained in your Will, but the final decision as to whom that portion of your account balance will be paid, rests with the trustee.

28


Trustee discretion The trustee has absolute discretion to pay your account balance to any of your dependants and/ or to your Estate, in any proportion as a lump sum (Personal Retirement Plan) or as a pension and/or lump sum (Allocated Pension Fund) to the extent that: ◗◗ you do not make any beneficiary nomination; or ◗◗ you make a non-binding nomination; or ◗◗ your binding nomination has lapsed or is otherwise invalid at the time of your death. If you do not have a binding nomination, you should consider making a Will (or amending your current Will) which outlines your preferences regarding the distribution of your investment in the Personal Retirement Plan or Allocated Pension Fund, as this will assist the trustee in determining to whom it will pay your account balance.

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Fees and other costs Government regulation requires us to provide the following consumer advisory warning: DID YOU KNOW? Small differences in both investment performance and fees and costs can have a substantial impact on your long term returns. For example, total annual fees and costs of 2% of your fund balance rather than 1% could reduce your final return by up to 20% over a 30 year period (for example reduce it from $100,000 to $80,000). You should consider whether features such as superior investment performance or the provision of better member services justify higher fees and costs. You may be able to negotiate to pay lower contribution fees and management costs where applicable. Ask the fund or your financial adviser. TO FIND OUT MORE If you would like to find out more, or see the impact of fees based on your own circumstances, the Australian Securities and Investments Commission (ASIC) website (www.fido.asic.gov.au) has a superannuation fee calculator to help you check out different fee options.

Please note that the fees below are not negotiable. This document shows fees and other costs that you may be charged. These fees and costs may be deducted from your money, from the returns on your investment or from the fund assets as a whole. Taxes are set out in another part of this document. You should read all the information about fees and costs because it is important to understand their impact on your investment.

30


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Nil

0.99

Nil

Nil

Nil

Nil

Cash Fund % p.a.

Nil

1.15

Nil

Nil

Nil

Nil

Fixed Interest Fund % p.a.

*Currently nil, but is subject to change with 30 days notice.

Service Fees Investment switching fee* The fee for changing investment options.

Management Costs The fees and costs for managing your investment.

Termination fee The fee to close your investment

Withdrawal fee The fee on each amount you take out of your investment.

Fees when your money moves in or out of the Fund Establishment fee The fee to open your investment.

TYPE OF FEE OR COST

Contribution fee The fee on each amount contributed to your investment – either by you or your employer.

p

31

Nil

1.30

Nil

Nil

Nil

Nil

Capital Stable Fund % p.a

Nil

1.35

Nil

Nil

Nil

Nil

Moderate Fund % p.a.

Nil

1.40

Nil

Nil

Nil

Nil

Balanced Fund % p.a

AMOUNT

Nil

1.50

Nil

Nil

Nil

Nil

Growth Fund % p.a.

Nil

1.50

Nil

Nil

Nil

Nil

Nil

1.50

Nil

Nil

Nil

Nil

Growth Australian Plus Fund Equities % p.a. Fund % p.a.

Nil

1.50

Nil

Nil

Nil

Nil

International Equities Fund % p.a.

Management costs are calculated and accrued each day, and included in the calculation of the unit price of each Fund on each business day and paid monthly. Management costs are deducted from Fund assets at the end of each month.

This fee is not permitted under the trust deed.

This fee is not permitted under the trust deed.

This fee is not permitted under the trust deed.

This fee is not permitted under the trust deed.

HOW AND WHEN PAID


Additional explanation of fees and costs Rebating of management costs You may receive a rebate of the management costs payable on your investment in the State Super Personal Retirement Plan, the State Super Allocated Pension Fund, the State Super Term Allocated Pension Fund and the State Super Investment Fund (each, an eligible product). The rebate applies to the

As described in the table on page 31, management costs are calculated and accrued each business day. Accordingly, the rebate is calculated on a daily basis, having regard to the daily total account balance. This means that you will not receive a rebate of management costs on any business day that your total account balance does not exceed $1,000,000. This means that your management costs will be as follows: Management Costs on First $1 Million of Total Account Balance (per day)

Maximum Management Costs on Remainder of Total Account Balance over $1 Million after Rebate (per day)

Cash Fund

0.99% pa

0.99% pa

Fixed Interest Fund

1.15% pa

0.99% pa

Capital Stable Fund

1.30% pa

0.99% pa

Moderate Fund

1.35% pa

0.99% pa

Balanced Fund

1.40% pa

0.99% pa

Growth Fund

1.50% pa

0.99% pa

Growth Plus Fund

1.50% pa

0.99% pa

Australian Equities Fund

1.50% pa

0.99% pa

International Equities Fund

1.50% pa

0.99% pa

management costs on the total account balance that exceeds $1,000,000.

Eligibility criteria You are eligible for a rebate if: ◗◗ you and your spouse (married, de facto or same sex) have a total account balance of over $1,000,000 in one more eligible products on any business day during each six month period; and ◗◗ at any time during the six month period, you were invested in the Fixed Interest Fund, Capital Stable Fund, the Moderate Fund, the Balanced Fund, the Growth Fund, the Growth Plus Fund, the Australian Equities Fund and/or the International Equities Fund; and ◗◗ you are invested in one or more eligible products on the date the rebate is paid – this means that

Where your entitlement to a rebate is based on the

if you are not invested in any eligible product on

total of your and your spouse’s account balance, the rebate will be paid proportionately based on the account balance of each spouse on the date of payment.

the date the rebate is paid, no rebate shall be paid to you (although your spouse may still be entitled to the rebate if he or she satisfies the eligibility criteria).

(a) the management costs on the first $1,000,000 of the total account balance are as outlined in the table on page 31 of the PDS; and

The rebate will be allocated between the Funds that you are invested in on the date of payment. Accordingly, while the rebate represents a reduction in management costs of the Fixed Interest Fund, the Capital Stable Fund, the Moderate Fund, the Balanced Fund, the Growth Fund, the Growth Plus Fund, the Australian Equities Fund and the International Equities Fund each day in the six month period, part or all of your rebate would be paid to the Cash Fund if you are invested in the Cash Fund on the payment date.

(b) the maximum management costs on the total account balance over $1,000,000 is 0.99% pa.

We will normally pay the rebate within one month after the end of each six month period.

The six monthly periods are 1 October to 31 March and 1 April to 30 September.

Payment of the rebate The overall effect of the rebate is that:

32


The rebate will be paid in the form of an allocation of additional units in the Funds that you are invested in at the date of payment of the rebate at the unit price for that day.

5. Convert the annual amount of the rebate to an amount for the six month period. 6. Allocate the amount of the rebate from Step 5 between each Fund that you (and, if relevant, your spouse) are invested in at the time of payment.

You should discuss the tax implications of these rebates with your financial planner.

For example, if you had $1,050,000 invested in the State Super Allocated Pension Fund ($500,000 in the Cash Fund, $250,000 in the Capital Stable Fund and $300,000 in the Balanced Fund) and your spouse had $1,500,000 invested in the State Super Investment Fund ($500,000 in the Cash Fund, $600,000 in the Balanced Fund and $400,000 in the Growth Fund) from 1 October to 31 March (assuming no change in value of investment) and you both otherwise satisfied the eligibility criteria, the rebates payable would be calculated as per page 34.

Rebate methodology The rebate for a six month period is calculated as follows: 1. Calculate the management costs (refer to page 31 of the PDS) deducted from each Fund you (and, if relevant, your spouse) are invested in (as an annual amount). 2. Convert the amount of management costs from Step 1 into an average rate of management costs payable on the total account balance. 3. Calculate the total management costs after the effect of the rebate (as an annual amount) by applying: (a) the average rate calculated in Step 2 to the first $1,000,000 of the total account balance; and (b) 0.99% pa to that part of the total amount balance that exceeds $1,000,000. 4. Calculate the rebate amount (as an annual amount) by subtracting the management costs from Step 3 from the management costs from Step 2.

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Example: Rebate Calculation (see page 33 for example assumptions) Total annual management costs for you and your spouse before rebate

Management costs for Cash Fund = ($500,000 x 0.99% pa) + ($500,000 x 0.99% pa) = $9,900 pa Management costs for Capital Stable Fund = $250,000 x 1.3% pa = $3,250 pa Management costs for Balanced Fund = ($300,000 x 1.4% pa) + ($600,000 x 1.4% pa) = $12,600 pa Management costs for Growth Fund = $400,000 x 1.5% pa = $6,000 pa Total annual management costs = $31,750 pa

Average annual management costs for you and your spouse before rebate

= $31,750 ÷ $2,550,000

Total annual management costs for you and your spouse after rebate

Management costs for first $1,000,000

= 1.25%

$1,000,000 x 1.25% pa = $12,500 pa Management costs for amount over $1,000,000 $1,550,000 x 0.99% pa = $15,345 pa Total annual management costs = $27,845 pa

Amount of rebate for you and your spouse (as an annual amount)

= $31,750 - $27,845

Amount of rebate for six month period for you and your spouse

= $3,905 x 182 ÷ 365

Allocation of rebate to your investment in the State Super Allocated Pension Fund

Rebate allocated to Cash Fund

= $3,905 pa = $1,947.15 $500,000 ÷ $2,550,000 x $1,947.15 = $381.79 Rebate allocated to Capital Stable Fund $250,000 ÷ $2,550,000 x $1,947.15 = $190.90 Rebate allocated to Balanced Fund $300,000 ÷ $2,550,000 x $1,947.15 = $229.08

Allocation of rebate to your spouse’s investment in the State Super Investment Fund

Rebate allocated to Cash Fund $500,000 ÷ $2,550,000 x $1,947.15 = $381.79 Rebate allocated to Balanced Fund $600,000 ÷ $2,550,000 x $1,947.15 = $458.15 Rebate allocated to Growth Fund $400,000 ÷ $2,550,000 x $1,947.15 = $305.44

Note: The above example is illustrative only and is based on the factors stated for example, the number of days in each six month period may vary. It should not be taken to provide an estimate of the rebate you or your spouse may be paid in any circumstances.

34


Taxation

selling units in the Funds and all the administration costs are reflected in that price, the member

Taxation costs are discussed on page 37.

protection standards do not apply.

A tax deduction is claimed for the management costs of the Retirement Fund and for expenses incurred by

Can the fees change?

the Retirement Fund, the benefit of which is passed

Yes, fees can change. We may increase the

on to members through lower taxation costs and

management costs or may commence charging

hence reduced management costs.

switching fees without your consent. Reasons for doing so might include changing economic

Government charges

conditions and changes in regulation.

Where applicable, government taxes will be deducted

The current fees we receive for overseeing the

from your account balance. These deductions will be

Retirement Fund’s operations, which includes

itemised in your Annual Statement (see page 26 for

ongoing administration, is less than the maximum fee

discussion of your Annual Statement).

we are entitled to receive under the trust deed. The maximum fee allowable for the Cash, Capital Stable,

Custodian’s fee

Balanced and Growth Funds is 1.5% per annum, and

The fee payable to the Custodian, for performing

for all other Funds is 2% per annum. We are also

custody services for each Fund is included in the

entitled to be reimbursed for certain costs, charges

‘Management costs’ in the table on page 31.

and expenses we incur.

The fee payable to the Custodian for performing

Further, although we do not currently charge a

certain non-custody services (administrative,

switching fee, the trust deed permits a switching fee

accounting, monitoring and reporting functions for

of $100 (CPI indexed from 1 July 1994) to be charged

the discrete investment trusts in which the Funds

per switch.

invest) is paid by us from our own resources.

Although we are able to charge fees in connection

Transactional and operational costs

with family law requests, it is the trustee’s current

Transactional and operational costs are the costs of

future.

intention not to do so. This policy may change in the

buying and selling assets associated with each Fund.

The Trustee reserves the right to change the rebate

They include brokerage, the costs of settlement and

percentage and/or the total account balance

clearing of assets, and Government taxes and duties.

threshold and/or the eligibility conditions at any

Such costs are deducted from the assets relating to

time. However, we will give you at least 30 days prior

each Fund at the time they are incurred.

notice of any reduction in the rebate or increase in

Transactional and operating costs are reflected in the

the total account balance threshold. We have the

unit prices of the Funds.

right to withhold the rebate if we consider that you no longer meet the eligibility criteria.

Details regarding protection of small accounts

Currently, the trustee has no intention of increasing

The effect of the member protection standards is

the Retirement Fund. We will give you 30 days prior

to limit the administration costs of the minimum

notice of any increase in fees or charges or any other

benefits of a protected member or a lost member

change in fees or charges, as required by the law.

the fees or charges payable by you for investing in

to the amount of the investment return. As the Allocated Pension Fund and Personal Retirement Plan are unitised, a single price applies to both buying and

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Personal Retirement Plan Example of annual fees and costs table for a balanced investment option This table gives an example of how the fees and costs in the balanced investment option for this product can affect your superannuation investment over a 1 year period. You should use this table to compare this product with other superannuation products. EXAMPLE – the Balanced Investment Option

BALANCE OF $50,000 WITH TOTAL CONTRIBUTIONS OF $5,000 DURING YEAR

Contribution Fees

Nil

You will not be charged a fee at the time of investing in the fund.

1.40%

And, for every $50,000 you have in the fund you will be charged $700.002.

PLUS Management Costs1

EQUALS Cost of fund

If you put in $5,000 during a year and your balance was $50,000, then for that year you will be charged fees of: $700.00 What it costs you will depend on the investment option you choose and the fees you negotiate with your fund or your financial adviser.

1

Management costs are the management costs for the 12 month period ending on 30 June 2010.

2

P lus between $0 and $70.00 on the $5,000 contribution depending on whether it was contributed at the end of the year, during the year or at the beginning of the year.

Allocated Pension Fund Example of annual fees and costs table for a balanced investment option This table gives an example of how the fees and costs in the balanced investment option for this product can affect your superannuation investment over a 1 year period. You should use this table to compare this product with other superannuation products. EXAMPLE – the Balanced Investment Option

BALANCE OF $50,000

Management Costs1

For every $50,000 you have in the fund you will be charged $700.00.

EQUALS Cost of fund

1.40%

If your balance was $50,000, then for that year you will be charged fees of: $700.00 What it costs you will depend on the investment option you choose and the fees you negotiate with your fund or your financial adviser.

1

Management costs are the management costs for the 12 month period ending on 30 June 2010.

Note: The examples above are illustrative only and are based on the factors stated. Neither should not be taken to contain or provide an estimate of the management costs you will pay in relation to the Personal Retirement Plan or the Allocated Pension Fund. The examples assume investment returns are zero. You will also be charged management costs on any investment returns (net of tax) generated by the Fund.

36


Taxation What tax is payable?

Tax on fund earnings

The following summary of taxation information is an

The Personal Retirement Plan is generally subject to

outline only of the main income tax issues affecting

tax at a rate of 15% on its taxable income. However,

superannuation investments. It is recommended that

the Personal Retirement Plan will benefit from any tax

you contact your financial planner before investing

offsets (eg imputation credits) it receives from assets

in either the Allocated Pension Fund or the Personal

supporting both the Personal Retirement Plan and the

Retirement Plan in order to discuss the tax and

Allocated Pension Fund.

superannuation information.

The effective rate of income tax paid on most capital

Tax may be payable on contributions, rollovers, fund

gains derived by or distributed to the Personal

earnings, pension payments, lump sum withdrawals

Retirement Plan is generally a maximum of 10%.

and death benefits.

No income tax is payable by the Retirement Fund

Tax on contributions and rollovers

on the income and capital gains earned from an Allocated Pension’s investments.

Tax may be payable from the following amounts paid to the Retirement Fund:

Tax on benefits

◗◗ employer contributions;

Components of superannuation benefits

◗◗ personal ‘before-tax’ contributions;

Superannuation benefits, including pension payments and lump sum withdrawals, can be made up of two

◗◗ salary sacrifice contributions;

components:

◗◗ untaxed amounts up to $1,205,000 (for the

◗◗ the tax-free component; and

2011/12 financial year) rolled over from another

◗◗ the taxable component.

superannuation product;

The tax-free component is generally made up of

◗◗ the taxable component of ETPs rolled into the Personal Retirement Plan or the Allocated Pension

personal ‘after-tax’ contributions and amounts which

Fund, as discussed below.

represent the portion of a superannuation benefit that accrued before 1 July 1983 (if any). The taxable

A provision (of 15%) for tax is deducted from these

component is calculated as the difference between

amounts prior to the issue of units in the relevant

the total value of the superannuation benefit and the

Fund. Should it be determined that tax should

tax-free component.

have been paid in respect of an amount where no provision has been deducted we may redeem your

Any tax-free amount in your pension payment or

units without notice to meet the tax obligation.

lump sum withdrawal from a pension is calculated on the proportion of the tax components used to

You will be liable for additional 31.5% tax if your

purchase the pension. For example, if a pension

concessional contributions for a financial year exceed

commences with a 40% tax-free component and

the concessional contributions cap applying to you

60% taxable component, the tax-free amount of

in that financial year. Also, you may need to pay

each pension payment and lump sum withdrawal will

an additional 46.5% tax if your non-concessional

be 40%.

contributions for a financial year exceed the non-

Pension payments

concessional contributions cap applicable to you in that financial year.

How you are taxed on your pension payments will depend on your age.

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The whole amount of each pension payment received on or after turning 60 is not included in your assessable income and is not subject to tax. If you are below age 60, the amount of the pension (less any tax-free amount) is included in your assessable income and taxed at your marginal rate. However, if you have reached your preservation age, a tax offset of 15% on the taxable component is available to reduce your tax payable. You will also be entitled to a 15% tax offset on the taxable component if you have not reached your preservation age and have suffered physical or mental ill-health and two legally qualified medical practitioners certify that you are unlikely to be gainfully employed again in a position for which you are reasonably qualified due to your education, experience or training.

Lump sum withdrawals Under current taxation legislation, lump sum

No tax is payable on any lump sum amount we pay to any of your dependants (for tax purposes). No tax is payable on any tax-free component of a lump sum benefit payable on death. If a lump sum is paid to any of your non-dependants (for tax purposes), the taxable component of the death benefit is subject to 15% tax plus Medicare Levy. Any lump sum benefit paid to your Estate is governed by the above rules. For example, where a non-dependant is expected to receive part of the superannuation benefit from the Estate, the Estate will be subject to tax on that portion of the payment of the death benefit as if the death benefit were directly paid to the non-dependant. However, the non-dependant will not pay tax on the benefit at the time he or she receives payment (the Estate/ Executor bears this tax).

benefits withdrawn from the Personal Retirement

In accordance with taxation law, in certain

Plan or the Allocated Pension Fund are taxed at

circumstances, we may increase the lump sum death

concessional rates according to your age at the time

benefit payment to a dependant (anti-detriment

of withdrawal.

payment).

Lump sum superannuation benefits received after the

If a pension is paid to your dependant upon your

age of 60 will be tax free (the tax-free component of

death:

a cashed benefit is tax-free at any age).

◗◗ if either you or your dependant are aged 60 or over

If you receive a lump sum benefit after your

at the time of your death, payments of a pension

preservation age but before age 60, the amount

to your dependant will be tax free.

of the taxable component up to the low rate cap ($165,000 for the 2011/12 financial year) will be tax

◗◗ if both you and your dependant are aged under 60

free (the low rate cap is indexed by AWOTE). The

at the time of your death, the taxable component

balance will be taxed at 15% (plus the Medicare

of the pension will be taxed at your dependant’s

levy).

marginal tax rate (less a 15% pension tax offset)

If you receive a lump sum benefit before your preservation age, the taxable component will be

until the dependant turns 60, after which the pension payment will be tax-free.

taxed at 20% (plus the Medicare levy).

If you are in doubt concerning the impact of these

We will not deduct tax from a lump sum benefit

rules, you should seek the appropriate professional

where the benefit is paid in respect of a terminal medical condition (as defined in the tax law).

38

Taxation of Death benefits

advice.


2011/12 Flood Levy

◗◗ the tax on contributions to your account will not increase;

The Government has introduced an extra levy for the 2011/12 financial year to help rebuild areas

◗◗ other than tax that may ordinarily apply, no

affected by the 2010 and 2011 natural disasters.

additional tax will be deducted when you start

The Temporary Flood and Cyclone Reconstruction

drawing down your superannuation benefits; and

Levy (flood levy) will apply to individuals’ taxable ◗◗ it will make it much easier to trace different

income including both pension payments and lump sum withdrawals from superannuation or allocated

superannuation accounts in your name so that you

pension products.

receive all your superannuation benefits when you retire.

The rate of the levy will be as follows: Taxable income in 2011-12

Rate

Personal Retirement Plan: You are not required to

$50,000 or less

Nil

provide your TFN but if you decline to provide it, we

Between $50,001 and $100,000

0.5% of their taxable income above $50,000

will not accept any contributions made by you or in

Over $100,000

$250 plus 1.0% of their taxable income over $100,000

respect of you. Allocated Pension Fund: You are not required to provide your TFN or your TFN exemption to us, but if you are under age 60 and decline to provide it:

Important Note: The flood levy may result in an increase in the tax and withholding rates otherwise

◗◗ tax will be withheld from the taxable component

set out in this Taxation section for the 2011/12

of your pension at the highest marginal tax rate

financial year.

plus Medicare levy, and no general income tax free

Your tax file number (TFN)

threshold or tax offsets will be allowed for;

The Superannuation Industry (Supervision) Act 1993

◗◗ tax will be withheld from the taxable component of

authorises us to ask you as an applicant to become

any lump sum withdrawal at the highest marginal

an investor in the State Super Retirement Fund for

tax rate plus Medicare levy, and no low rate cap or

your Tax File Number.

tax offsets will be allowed for;

Your TFN will only be used for lawful purposes.

◗◗ any additional tax paid may not be refunded from

These purposes may change in the future as a result

the tax office until after you have lodged your tax

of further legislative change. We may disclose your

return.

TFN to another superannuation provider, when your benefits are being transferred, unless you request us in writing that your TFN not be disclosed to any other superannuation provider. It is not an offence to not provide your TFN. However, providing us your TFN has the following advantages: ◗◗ we are able to accept all types of contributions to your account;

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Additional information Can you change your mind? If you change your mind about purchasing an Allocated Pension or being a member of the Personal Retirement Plan you have a 14 day cooling-off period to tell us in writing. This starts from the earlier of either:

You cannot exercise your cooling-off rights if you have exercised any other right or power you have in relation to your Allocated Pension or your investment in the Personal Retirement Plan.

Any enquiries or complaints? If you have an enquiry or would like further

◗◗ the day you receive confirmation of your initial investment; or ◗◗ the end of the 5th business day after the day on which we issue units to you. Depending upon the source of your investment for the Allocated Pension Fund, we can either pay your account balance directly to you or transfer it to another superannuation fund nominated in writing by you. Any preserved amounts or restricted non-preserved amounts in the Allocated Pension Fund cannot be paid directly to you as a lump sum, but must be paid

or Personal Retirement Plan, please contact a Client Service Officer at your nearest office – see inside back cover for contact details. If you are not satisfied with the service or advice you receive from us, you are entitled to complain. We have established procedures to ensure all enquiries are answered and complaints are resolved. Any complaint, should be directed in writing and sent to the General Manager – Financial Planning, State Super Financial Services Australia Limited GPO Box 5336, Sydney NSW 2001.

to another superannuation fund or to the Personal

We will respond to your complaint as quickly as

Retirement Plan, as nominated in writing by you.

possible and will make every effort to resolve your

If you decide you no longer want to be a member

complaint within 45 days.

of the Personal Retirement Plan, we will generally

If your complaint is not satisfactorily resolved

transfer your money to another superannuation

within 90 days you can refer your complaint to the

fund nominated in writing by you. Benefits that

Superannuation Complaints Tribunal (SCT), which is

you transferred to the Personal Retirement Plan

independent of us.

from another superannuation fund which have no preservation restrictions can be paid to you. You should be aware the amount refunded under the cooling-off rules may be less than the amount you invested. The amount refunded is based on the unit price for the business day on which we receive your request (provided we receive it by 5.00pm Sydney time on a business day), less any applicable tax (including any tax or surcharge for which we may be assessed in respect of contributions or termination payments). Cooling-off does not apply to switching between Funds, or regular contributions or additional one-off investments.

40

information about the Allocated Pension Fund and/

The SCT can be contacted from anywhere in Australia on 1300 884 114. The SCT can deal with the decisions and conduct of trustees of superannuation funds, including the conduct and decisions of people acting on behalf of the trustee.


Personal information

Family Law

We respect the confidentiality of your personal

Family Law legislation provides for the ‘splitting’ and

information. The personal information we collect

‘flagging’ of superannuation interests.

from you is used to establish and administer your

An interest in the Allocated Pension Fund or Personal

account with us. Further, we are required to collect

Retirement Plan may be split when parties to a

information such as your name, residential address

marriage separate.

and date of birth under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth). If

In all States and Territories of Australia, apart

you do not provide all the requested information, it

from Western Australia, the Family Law legislation

may not be possible to process your application.

also permits superannuation to be split upon the breakdown of a de facto relationship (including

By signing the application form you consent to

same-sex couples).

us using your personal information for the above purpose. If you think any of your data is out of

The law sets out how pension and superannuation

date, please call one of our offices to update your

assets will be valued and split for these purposes.

information. An interest in the Personal Retirement Plan may also We may disclose personal information to:

be ‘flagged’ which prevents the trustee from making certain payments while these assets are flagged.

◗◗ other superannuation funds or financial institutions;

Splitting or flagging can be achieved by an appropriately executed agreement between the

◗◗ Government bodies such as the Australian Taxation

parties or by court order.

Office and Australian Transaction Reports and Analysis Centre;

Our responsibilities to you

◗◗ our service providers.

The trust deed, this PDS and the law govern our relationship with you. You can inspect a copy of the

We will not disclose any information that we have

trust deed during normal business hours at any of our

about you unless:

offices without charge.

◗◗ you agree;

Superannuation law limits our need to compensate

◗◗ the law requires it;

you if we comply with our duties. In these

◗◗ we need to do so to best manage your investment.

for any loss you may suffer.

You may contact any of our offices to obtain details

Anti-Money Laundering and Counter Terrorism Financing

circumstances, we do not need to compensate you

of any personal information we hold about you, subject to providing satisfactory identification.

Customer identification and verification

There are limited circumstances where we may not

We are required to comply with the Anti-Money

provide this information.

Laundering and Counter-Terrorism Financing Act 2006 (Cth). This means that we may need to obtain information and documentation verifying your identity (identification documentation) when you first apply to invest in the Retirement Fund and

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when undertaking transactions in relation to your

purposes of the Statutory Declaration Regulations

investment.

1993)

If you are investing through a financial planner, your

◗◗ Finance company officer with 2 or more continuous

financial planner may ask to see either original or

years of service with one or more finance

certified copies of your identification documentation

companies (for the purposes of the Statutory

and may retain copies of the documentation. If your application form is signed under Power of Attorney, we will also require a certified copy of the Power of Attorney and a specimen signature of the attorney. If you are not investing through a financial planner and have not invested in another State Super Financial Services investment, we will ask to be provided with either the original or certified copies of your identification documentation and may retain copies of the documentation. We may need to ask you for additional information about yourself or anyone acting on your behalf, either when we are processing your application or at some stage after we issue units in a Fund.

What identification documentation do you need to provide? The actual identification documentation that you need to provide is outlined in the Identification Verification Form available from any of our offices. If we do not receive all the required identification

Declaration Regulations 1993) ◗◗ Officer with, or authorised representative of, a holder of an Australian financial services licence, having 2 or more continuous years of service with one or more licensees ◗◗ Member of the Institute of Chartered Accountants in Australia, CPA Australia or the National Institute of Accountants with 2 or more years of continuous membership, i.e. an accountant ◗◗ Judge of a court ◗◗ Magistrate ◗◗ A person who is enrolled on the roll of the Supreme Court of a State or Territory, or the High Court of Australia, as a legal practitioner (however described), i.e. a lawyer ◗◗ Agent of the Australian Postal Corporation who is in charge of an office supplying postal services to the public

documentation or we are unable to verify your identity, we may not be able to proceed with your

◗◗ Permanent employee of the Australian Postal

investment or a transaction in relation to your

Corporation with 2 or more years of continuous

investment. We will contact you as soon as possible if

service who is employed in an office supplying

we require more information.

postal services to the public

Who can certify identification documentation?

◗◗ Chief Executive Officer of a Commonwealth court ◗◗ Registrar or deputy registrar of a court

Any of the following people can certify identification documentation as a true copy of an original document: ◗◗ Justice of the Peace ◗◗ Police officer ◗◗ Officer with 2 or more continuous years of service with one or more financial institutions (for the

42

◗◗ Australian consular officer or an Australian diplomatic officer (within the meaning of the Consular Fees Act 1955) ◗◗ Notary public (for the purposes of the Statutory Declaration Regulations 1993)


Glossary account balance

Your account balance is calculated by multiplying the number of units held in each Fund by the then prevailing unit price for each Fund and totalling these amounts.

annual work test

Means being gainfully employed for at least 40 hours in a period of not more than 30 consecutive days in that financial year.

AWOTE

Average Weekly Ordinary Time Earnings.

business day

A business day is a day other than a Saturday or Sunday on which the trustee and banks are open for business in Sydney.

child

Includes: ◗◗ an adopted child, a step-child and an ex nuptial child ◗◗ a child of a member’s spouse ◗◗ a child born to a woman as a result of artificial conception while the woman was married or a de facto partner (same sex or opposite sex) of another ◗◗ a child as a result of a Court order giving effect to a surrogacy arrangement

commutation

The conversion of all or part of a pension into a lump sum payment.

concessional contributions

Contributions for which a tax deduction is claimed (either by your employer or, if you are eligible, by you) and include: ◗◗ employer contributions (including salary sacrifice contributions) ◗◗ member contributions you claimed as a tax deduction ◗◗ directed termination payments in excess of the $1 million upper cap* on the taxable component. * This upper cap is not indexed.

concessional contributions cap

The amount of concessional contributions that can be made to your superannuation without being subject to additional tax is capped at $25,000 in the 2010/11 financial year. This limit is indexed. As a transitional measure, if an investor turns 50 at any time in a financial year to 30 June 2012, the investor’s concessional contributions cap for the year in which the investor turns 50, and each subsequent year to 30 June 2012, is $50,000 per year. This limit will not be indexed. The Government has announced changes to continue the transitional limit for some members. However, legislation implementing this change has not been introduced to Parliament.

dependant (for death benefits)

Includes: ◗◗ your spouse (eg de facto and same sex); ◗◗ your children; ◗◗ a person with whom you have an interdependency relationship; or ◗◗ a person who is financially dependent on you.

dependant (for tax purposes)

Includes: ◗◗ your spouse (eg de facto and same sex) or former spouse; ◗◗ your children less than 18; ◗◗ a person with whom you have an interdependency relationship; or ◗◗ any other person who was financially dependent on you.

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Employment Termination Payment or ETP

A lump sum payment received from your employer on retiring, being retrenched or changing jobs.

excess concessional contributions

Concessional contributions in excess of the concessional contributions cap.

excess non-concessional contributions

Non-concessional contributions in excess of the non-concessional contributions cap.

financial year

The 12 month period between 1 July and the following 30 June.

interdependency relationship

Generally, a close personal relationship between two people who live together, where one or both provides the other with financial support and where one or both provides the other with domestic and personal support

non-concessional contributions

Non-concessional contributions are generally after-tax contributions and include: ◗◗ member non-deductible contributions (personal after tax contributions) ◗◗ spouse contributions ◗◗ tax-free part of overseas transfers, and ◗◗ excess concessional contributions. There are exclusions from the non-concessional contributions cap, such as: ◗◗ Government co-contributions ◗◗ rollovers from taxed superannuation funds, and ◗◗ proceeds from certain personal injury settlements.

non-concessional contributions cap

Non-concessional contributions cap for each financial year is six times the concessional contributions cap for that year. For example, it is $150,000 for the 2011/12 financial year.

PRAP

Pre-Retirement Allocated Pension

spouse

Includes: ◗◗ another person legally married to the person ◗◗ another person (whether of the same sex or opposite sex) with whom the person is or was in:   (a) a registered relationship registered under the Relationship Act 2008 (Vic);   (b) a significant relationship registered under the Relationship Act 2003 (Tas);  (c) a civil relationship registered under the Civil Partnerships Act 2008 (ACT); or   (d) a registered relationship under the Relationships Register Act 2010 (NSW) ◗◗ another person, who although not legally married to the person, in the opinion of the Trustee, lives or lived with the person on a genuine domestic basis in a relationship as a couple.

44


Personal Retirement Plan Application Complete the form using a BLACK PEN and print in clear CAPITAL LETTERS. Mark answer boxes with a cross ().

1. CLIENT DETAILS

4. INVESTMENT DETAILS

Client code

The minimum initial investment is $2,000.

Planner (office use only)

Account number

Specify the amounts that make up your total investment Superannuation rollover from your $ superannuation fund

Office use only New a/c

SDT

Employment Termination Payment $

Title Mr

Mrs

Miss

Ms

Personal ‘before tax’ contribution $

Other

Surname Given name(s) Date of birth

D D

MM

Male

Female

Residential address (mandatory)

$

Employer contribution

$

TOTAL

$

5. INVESTMENT INSTRUCTIONS

Specify the amount you wish to invest in each Fund. You can choose to enter a percentage (which must total 100%) OR a specific amount. In the case of any inconsistency, the percentage you specify will prevail.

Street address

Name of Fund

Suburb Postcode

Postal address, leave blank if the same as your residential address Street address OR PO Box Suburb State

Spouse contribution

The minimum initial investment in each Fund is $2,000. If no instructions are received the whole of your initial investment will be invested in the Cash Fund.

2. CONTACT DETAILS

State

$

Please make cheques payable to the “State Super Retirement Fund”

Gender

Y Y Y Y

Personal ‘after tax’ contribution

Postcode

Home phone no. (include area code)

Work phone no. (include area code)

Fax no. (include area code)

Mobile phone no.

E-mail address (any electronic notices will be sent to this address)

3. NOTIFICATION OF TAX FILE NUMBER (TFN) If you do not disclose your Tax File Number, the trustee will not accept any contributions made by you or in respect of you. For further information, refer to Page 29 39 of the Product Disclosure Statement. Tax File Number

Percentage

Cash

%$

Fixed Interest

%$

Capital Stable

%$

Moderate

%$

Balanced

%$

Growth

%$

Growth Plus

%$

Australian Equities

%$

International Equities

%$

Specific Amount

100 % 6. DECLARATIONS AND SIGNATURE I declare that: • I am a current or former NSW or Commonwealth public sector employee or a family member of such a person. • All information provided by me in this form is accurate and complete. • I have received the current Product Disclosure Statement for the State Super Retirement Fund (PDS) which accompanied this form. • I have read, or have had the opportunity to read, the current PDS, as well as any supplements or on-line updates to the PDS. • I agree to be bound by the PDS, supplements and updates as issued by the trustee from time to time. • I agree to be bound by the trust deed for the State Super Retirement Fund, as amended from time to time. I also consent to the use and disclosure of information provided in this application form in accordance with the Privacy Statement on page 41 XX of the PDS.

State Super Financial Services Australia Limited ABN 86 003 742 756 AFS Licence 238430 45 I

PRP (06/2011)


6. DECLARATIONS AND SIGNATURE continued

7. REDEMPTION DETAILS continued

Agent's declaration (if applicable) I agree and declare that: • I am authorised by the Client to execute this application as agent for the Client. • I understand and confirm that the Client understands the consequences of investing in the State Super Personal Retirement Plan. • I take joint and several responsibility for the consequences of this application, and will reimburse and make the trustee whole in respect of any successful claims against the trustee made by or in respect of the Client in relation to this application.

Please indicate if one of the following situations applies to you: I have ceased an employment arrangement on or after turning age 60 I am over age 55, have ceased working and do not intend to work 10 hours or more a week I am age 65 or more I am permanently incapacitated (with 2 medical certificates) The amount being withdrawn is Unrestricted Non-Preserved

I declare that: (Please cross () the relevant declaration box) I am under age 65 I am over age 64 and under age 75, and EITHER: • This is a rollover from another superannuation provider; OR • I have worked at least 40 hours in a period of 30 consecutive days in this financial year and this is either a contribution, or a rolled over Employment Termination Payment, or a rolled over small business CGT contribution; OR • This is a mandated employer contribution but not a Superannuation Guarantee contribution after turning 70. I am age 75 or more and EITHER: • This is a non-SGC mandated employer contribution; OR • This is a rollover from another superannuation provider; OR • I have worked at least 40 hours in a period of 30 consecutive days in this financial year and this is a contribution made within 28 days after the month in which I turned 75. Signature of Investor/Agent (as applicable)

I have a terminal medical condition Signature of Investor 1

INVESTOR 1 Signature of Investor 2 (if applicable)

OFFICE USE ONLY

Date

Commitments

00 Date due D D M M Y Y

Amount $ Source

Please send your completed application form, together with (if applicable) your cheque, Directed Termination Payment Statement and/or Rollover Benefits Statement to Registry Services, State Super Financial Services Australia Limited.

Source

Source

Product IF

00 Date due D D M M Y Y

Amount $

Complete this section only if this application arises from a transfer of proceeds from another State Super Financial Services investment. PRP

00 Date due D D M M Y Y

Amount $

7. REDEMPTION DETAILS (if applicable)

Account number

Date

INVESTOR 2

INVESTOR

Client code

Date

00 Date due D D M M Y Y

Amount $

AP

Source

Investor name(s)

Transaction Details – Registry Use Only Transaction amount Transaction type Full redempt.

Full rollover

Partial rollover

All but $1 OR specify another amount $ Specify amount to be redeemed from each Fund (for partials only) Cash

$

Fixed Interest

$

Capital Stable

$

Moderate

$

Balanced

$

Growth

$

Growth Plus

$

Australian Equities

$

MM

Y Y

Cheque drawer

Complete only if ‘Partial’ redemption/rollover and if applicable

00 Office Use Priority All

Cheque number

Contribution type CC

Commitment number Zero dollar account

International Equities $ Total Redemption

D D

$ Partial redempt.

Effective date

$ II 46

Source

NCC

SP

EMP


Personal Retirement Plan Regular Contributions Application Complete the form using a BLACK PEN and print in clear CAPITAL LETTERS. Mark answer boxes with a cross ().

CLIENT CODE

DIRECT DEBIT REQUEST SCHEDULE

Client code

Planner (office use only)

Account number

Type of application New

This section may be completed and signed by different people depending on who is making the regular contribution. Personal Contributions Complete your account details and sign this section. Spouse Contributions Your spouse must complete their account details and sign this section. Spouse contributions must come from an account owned by the contributing spouse or from a joint account where the contributing spouse is a party. Employer Contributions Your employer must complete their account details and sign this section.

Amendment

REGULAR CONTRIBUTION DETAILS This section must be completed and signed by the investor Investor name

Name of account holder(s)

Specify the amounts that make up your regular contribution (Minimum $100) Personal ‘before tax’ contribution

$

Personal ‘after tax’ contribution

$

Spouse contribution

$

Employer contribution

$

I/We authorise and request State Super Financial Services Australia Limited, Level 7, 83 Clarence Street, Sydney NSW 2000, (User ID 127461) to debit the account identified below through the Bulk Electronic Clearing System administered by the Australian Payments Clearing Association Limited, in accordance with the Direct Debit Request Service Agreement to which this Direct Debit Request form is a schedule.

TOTAL REGULAR CONTRIBUTION

$

Name of financial institution

Specify the regular contribution amount you wish to invest in each Fund. You can choose to enter a percentage (which must total 100%) OR a specific amount. In the case of any inconsistency, the percentage you specify will prevail. If no fund is specified, we will invest the amounts wholly in the Cash Fund. Percentage

Name of Fund

Branch address BSB number

Specific Amount

Cash

%$

Fixed Interest

%$

Capital Stable

%$

Moderate

%$

Balanced

%$

Growth

%$

Growth Plus

%$

Australian Equities

%$

Suburb

International Equities

%$

State

Account number

Account name

Account holder’s address Street address

Postcode

Home phone no. (include area code)

100 %

Work phone no. (include area code)

Frequency of regular contribution Fortnightly

Monthly

Quarterly

Payment method Cheque

I/We acknowledge that this direct debit arrangement is governed by the terms of the Direct Debit Request Service Agreement received from State Super Financial Services Australia Limited and the terms and conditions of the trust deed of the State Super Retirement Fund. I/We agree to be bound by these terms and conditions.

Annually Date of first regular contribution

Direct debit

EFT

M M

Y Y Y Y

I hereby authorise the trustee to debit from the account held with the financial institution nominated in the Direct Debit Request Schedule, the amount at the frequency shown in this application form, for the purpose of purchasing additional units in the State Super Personal Retirement Plan, after the deduction of any applicable tax. I have read and accept the conditions in the Direct Debit Request Service Agreement on the reverse side of this application form applicable to making regular contributions.

Signature of Account Holder 1

Signature of Investor

Signature of Account Holder 2 (if applicable)

ALL ACCOUNT HOLDERS MUST SIGN AND DATE THIS SECTION

ACCOUNT HOLDER 1

Date

INVESTOR State Super Financial Services Australia Limited ABN 86 003 742 756 AFS Licence 238430

Date

Date

ACCOUNT HOLDER 2 III 47

PRP RCA (06/2011)


State Super Personal Retirement Plan Regular Contributions Direct Debit Request Service Agreement 1. Our Commitment To You a) If State Super Financial Services Australia Limited (ABN 86 003 742 756) (hereafter referred to as “SSFS”, “we” or “us”) makes any material change to the terms of the drawing (debit) arrangements, we will give you at least 14 days notice in writing of these changes. b) SSFS will keep information relating to your nominated Financial Institution account confidential, except where required for the purposes of conducting direct debits with your Financial Institution or providing information to the sponsor Financial Institution in connection to a claim made on it relating to an alleged incorrect or wrongful debit. c) Direct Debits will be processed by SSFS on the 16th day (“Due Date”) of each month. Direct Debits will be processed on the 16th day of September, December, March and June for quarterly contributions, and on the 16th of June for annual contributions. Where the Due Date is not a business day, SSFS will process the direct debits on the first business day thereafter. As it is not certain that your nominated account will be debited on the same day that SSFS processes the direct debit, you should enquire with your Financial Institution directly to ascertain when your account will be debited. d) We will debit your nominated Financial Institution account and invest the amount debited into your account in the State Super Personal Retirement Plan, in accordance with the most recent Regular Contributions Application Form received from you. 2. Your Commitment To Us It is your responsibility to: • Ensure that your nominated Financial Institution account can accept direct debits, as direct debits are not available on all types of accounts. You should contact your nominated Financial Institution if you are uncertain whether your account can accept direct debits. • Ensure there are sufficient cleared funds available in the nominated Financial Institution account to meet each drawing on the Due Date. • Advise us immediately if the nominated Financial Institution account is transferred or closed or the account details change. • Ensure that all account holders on the nominated Financial Institution account sign the Direct Debit Request (DDR) Schedule. • Meet any Financial Institution charges resulting from the use of the Direct Debit System. 3. Your Rights a) You may alter the drawing arrangements at any time by written advice. Such advice should be received by us at least 5 business days before the Due Date, for any of the following: • stopping an individual drawing • deferring a drawing • suspending future drawings • altering the DDR Schedule • cancelling the drawings completely. b) Where you consider that a drawing on your nominated Financial Institution account has been initiated incorrectly, you should immediately contact your nearest SSFS Regional Office. If you do not receive a satisfactory response to your enquiry within two (2) business days you should contact the Registry Services Manager direct. If you are still not happy with our response you can address a formal complaint to the Company’s, General Manager – Financial Planning, GPO Box 5336 Sydney NSW 2001. 4. Other Information a) The details of your drawing arrangements are contained in the DDR Schedule attached to this agreement. You should check these details against a recent statement from your nominated Financial Institution to ensure they are correct. b) SSFS reserves the right to cancel drawing arrangements if two consecutive drawings are dishonored by your Financial Institution. If this occurs, we will contact you to arrange an alternate payment method which is suitable to both of us. SSFS reserves the right to cancel or amend the terms of this Agreement at any time by giving you 14 days written notice. 48 IV


Allocated Pension Fund Application Complete the form using a BLACK PEN and print in clear CAPITAL LETTERS. Mark answer boxes with a cross ().

1. CLIENT DETAILS

3. INVESTMENT INSTRUCTIONS continued

Client code

Planner (office use only)

Account number

Office use only

Specify the amount you wish to invest in each Fund. You can choose to enter a percentage (which must total 100%) OR a specific amount. In the case of any inconsistency, the percentage you specify will prevail.

SDT

PRAP

Title Mr

Mrs

Miss

Ms

Other

Surname Given name(s) Date of birth

D D

MM

Gender

Y Y Y Y

Percentage

Name of Fund

New a/c

Male

Female

Cash

%$

Fixed Interest

%$

Capital Stable

%$

Moderate

%$

Balanced

%$

Growth

%$

Growth Plus

%$

Australian Equities

%$

International Equities

%$

100 %

2. CONTACT DETAILS Residential address (mandatory)

4. PENSION PAYMENT DETAILS Please specify the amount of pension you require each year This amount will be paid pro-rata in the current financial year

Street address

Maximum permitted amount (only applicable to PRAP)

Suburb State

Minimum permitted amount

Postcode

The annual amount of

Postal address, leave blank if the same as your residential address Street address OR PO Box

Redeem in the following percentage allocation Postcode

Home phone no. (include area code) Fax no. (include area code)

Work phone no. (include area code) Mobile phone no.

E-mail address (any electronic notices will be sent to this address)

Cash

%

Fixed Interest

%

Capital Stable

%

Moderate

%

Balanced

%

Growth

%

Growth Plus

%

Australian Equities

%

International Equities

%

100 %

3. INVESTMENT INSTRUCTIONS The minimum initial investment is $20,000. If no instructions are received the whole of your initial investment will be invested in the Cash Fund.

Redeem my pension payments in the order of funds as shown above. Refer to page XX 22 of the PDS for more details.

Specify the total amount of your rollover or Employment Termination Payment $

0 0

$

How do you want your pension payments to be redeemed?

Suburb State

Specific Amount

Frequency of pension payment

Please make cheques payable to “State Super Retirement Fund�

Monthly

Quarterly

Half yearly

Annually

In which month would you like your pension payment to commence?

MM

State Super Financial Services Australia Limited ABN 86 003 742 756 AFS Licence 238430

V 49

Y Y Y Y

AP (06/2011)


5. PLANNER USE ONLY

8. REDEMPTION DETAILS continued Transaction type

For annual payments, calculate the pro-rata payment for the current year

0 0

$

Full rollover

Complete only if ‘Partial’ rollover and if applicable

6. BANK ACCOUNT DETAILS

00

All but $1 OR specify another amount $

Your pension must be paid directly to a bank, credit union or building society account. Please complete your account details in this section.

Specify amount to be redeemed from each Fund (for partials only)

Name of financial institution Branch address BSB number

Partial rollover

Account number

Account name

Cash

$

Fixed Interest

$

Capital Stable

$

Moderate

$

Balanced

$

Growth

$

Growth Plus

$

Australian Equities

$

Office Use Priority All

International Equities $ Total Redemption

7. DECLARATIONS AND SIGNATURE

Please indicate if one of the following situations applies to you:

I declare that: • I am a current or former NSW or Commonwealth public sector employee or a family member of such a person. • If I am transferring preserved benefits and/or restricted non-preserved benefits to the Allocated Pension Fund, I am applying for a pre-retirement Allocated Pension only. Otherwise, I am applying for an allocated pension. • All information provided by me in this form is accurate and complete. • I have received the current Product Disclosure Statement for the State Super Retirement Fund (PDS) which accompanied this form. • I have read, or have had the opportunity to read, the current PDS, as well as any supplements or on-line updates to the PDS. • I agree to be bound by the PDS, supplements and updates as issued by the trustee from time to time. • I agree to be bound by the trust deed for the State Super Retirement Fund, as amended from time to time. I also consent to the use and disclosure of information provided in this application form in accordance with the Privacy Statement on page 41 31 of the Product Disclosure Statement. Agent's declaration (if applicable) I agree and declare that: • I am authorised by the Client to execute this application as agent for the Client. • I understand and confirm that the Client understands the consequences of investing in the State Super Allocated Pension Fund. • I take joint and several responsibility for the consequences of this application, and will reimburse and make the trustee whole in respect of any successful claims against the trustee made by or in respect of the Client in relation to this application. Signature of Investor/Agent (as applicable) Date

I have ceased an employment arrangement on or after turning age 60 I am over age 55, have ceased working and do not intend to work 10 hours or more a week I am age 65 or more I am permanently incapacitated (with 2 medical certificates) The amount being withdrawn is Unrestricted Non-Preserved I have a terminal medical condition Signature of Investor

OFFICE USE ONLY Commitment Amount $

00 Date due D D M M Y Y

Source Transaction Details – Registry Use Only Transaction amount

Cheque number

$ Cheque drawer

Please send your completed application form, together with your cheque, Directed Termination Payment Statement and/or Rollover Benefits Statement along with the Tax File Number Declaration to Registry Services, State Super Financial Services Australia Limited.

Commitment number

8. REDEMPTION DETAILS (if applicable) Complete this section only if this application arises from a transfer of proceeds from another State Super Financial Services investment. Account number

Date

INVESTOR

INVESTOR

Client code

$

Beneficiary Details – Registry Use Only Beneficiary type Client code (S, C, E, O)

Product PRP

AP

Investor name(s)

50 VI

Binding nomination

% allocated

Y

N

%

Y

N

%

Y

N

%


Beneficiaries Nomination Important notes on completing this form: • For State Super Personal Retirement Plan and Allocated Pension Fund use only. • Complete the form using a BLACK PEN. • Print in clear CAPITAL LETTERS. • Mark answer boxes with a cross (). • The Trustee will not accept a Beneficiaries Nomination form executed under a Power of Attorney. • It is important to have a will that is consistent with any non-binding nomination.

1. INVESTOR DETAILS Client code

Title Mr

Mrs

Miss

Ms

Other

Surname

Given name(s)

Do you wish to apply this nomination to all investments with SSFS? Yes

Your nomination will apply to all accounts you hold in the Personal Retirement Fund and the State Super Allocated and Term Allocated Pension Funds.

No

Select product & specify account number(s) Product PRP

TAP

AP

A/c no. 1

A/c no. 2

2. NOMINATED BENEFICIARIES (The total nomination must equal 100%) BENEFICIARY 1

BENEFICIARY 2

Title

Title

Mr

Mrs

Miss

Ms

Other

Mr

Mrs

Miss

Surname

Surname

Given name(s)

Given name(s)

Residential address

Residential address

Street address

Street address

Suburb

Suburb Postcode

State

Client code Date of birth

D D

Client code

Gender

MM

Y Y

M

D D

Relationship to you Spouse

Child

Home phone no. (include area code)

Date of birth F

Other

Postcode

State

Home phone no. (include area code)

Ms

Gender

MM

Y Y

M

F

Relationship to you Spouse

Other dependant

Planner (Office Use Only)

Child

Other dependant

Planner (Office Use Only)

BENEFICIARY 1 – Specify % of benefit

A

%

BENEFICIARY 2 – Specify % of benefit

B

%

YOUR ESTATE

C

%

A+B+C

%

– Specify % of benefit

TOTAL NOMINATION State Super Financial Services Australia Limited ABN 86 003 742 756 AFS Licence 238430

51 VII

Please complete additional forms if you wish to nominate more than 2 beneficiaries.

Total nomination A + B + C above MUST equal 100% AP BN (06/2011)


3. INVESTOR DECLARATIONS AND SIGNATURE

4. WITNESS SIGNATURES Complete this section only if you wish to make a binding nomination. If this section is completed the Trustee will treat this as a binding nomination.

I declare that: • All information provided by me in this form is accurate and complete. • I have read, or have had the opportunity to read, the death benefits and nominations section in the current Product Disclosure Statement for the State Super Retirement Fund (PDS), as well as in any supplements or on-line updates to the PDS. • I request that the trustee accept my death benefit nomination.

Each of us declare that: • I am 18 years or over; • I am not a nominated beneficiary of this investor; • this form was signed and dated by the investor in my presence. IMPORTANT NOTE

The Trustee will not accept a Beneficiaries Nomination form executed under a Power of Attorney.

The INVESTOR must sign this form in the presence of BOTH WITNESSES. And BOTH WITNESSES must sign on the SAME DATE as the INVESTOR.

Signature of Investor

If these dates are not the same, or one or more dates are not provided, the nomination will not be valid.

INVESTOR Date signed

DD

MM

Signature of Witness 1

Y Y Y Y

WITNESS 1

If you are making a Binding Nomination Section 4 must be completed Name IMPORTANT INFORMATION

Date signed – Must be the same date that the Investor signed

Who is a dependant?

DD

A “dependant” is defined under superannuation law and is generally any of the following: • Your spouse • De facto spouse • Child (including step or adopted child); • Any person with whom you were in an interdependency relationship*; or • Any other person financially dependent on you at the time of your death.

MM

Y Y Y Y

Signature of Witness 2

WITNESS 2

* An “interdependency relationship” is one where two persons, whether or not related: - have a close personal relationship; and - they live together; and - one or each of them provides the other with financial support; and - one or each of them provides the other with domestic support and personal care.

Name Date signed – Must be the same date that the Investor signed

DD

Where there is a close personal relationship between two people but because of a disability a person is unable to meet the other requirements as listed above then this will still qualify as an interdependency relationship. Binding Nominations If you indicate that your nomination(s) is to be binding on the trustee, the trustee is bound to pay the percentage of your account balance specified, provided your binding nomination is current and valid at the time of your death. Please note that special conditions apply in order for your binding nomination(s) to be valid. These include: • A binding nomination must be witnessed and signed on the same day by two persons over age18 who are NOT your nominated beneficiaries for this investment. • A binding nomination is only valid for 3 years from the date it became effective, after which time it lapses. After that time, you must provide a fresh nomination to bind the trustee; • Your nominated beneficiary must survive you; and • If you nominate a beneficiary other than your Estate, that person must be a dependant at the time of your death. VIII 52

MM

Y Y Y Y


D i re c t o r y Registry Services

Penrith

GPO Box 5336 Sydney NSW 2001

Level 3, 331 High Street, PENRITH PO Box 1014, Penrith NSW 2751 Client Services: 02 4724 4855 Charge Free: 1800 102 700

Sydney Clarence Street Level 9, 83 Clarence Street, SYDNEY GPO Box 5336 Sydney NSW 2001 Client Services: 02 9333 9500 Charge Free: 1800 222 211

Central Coast Level 2, 40 Mann Street, GOSFORD PO Box 354 Gosford NSW 2250 Client Services: 02 4304 8255 Charge Free: 1800 801 965

Sydney George Street

Mid North Coast

Level 12, 333 George Street, SYDNEY GPO Box 5058, Sydney NSW 2001 Client Services: 02 8295 7950 Charge Free: 1800 985 950

40 Gordon Street, PORT MACQUARIE PO Box 2117 Port Macquarie NSW 2444 Client Services: Charge Free:

Canberra ACT

02 6516 1455 1800 676 839

North West NSW

86-88 Northbourne Avenue, BRADDON PO Box 725 Civic Square ACT 2608 Client Services: 02 6232 2155 Charge Free: 1800 028 918

Level 2, 24 Fitzroy Street, TAMWORTH PO Box 297 Tamworth NSW 2340 Client Services: 02 6755 2055 Charge Free: 1800 248 609

Melbourne VIC

Northern Rivers

Level 16, 440 Collins Street, MELBOURNE GPO Box 2817 Melbourne VIC 3001 Client Services: 03 8615 3055 Charge Free: 1800 805 233

193-199 River Street, BALLINA PO Box 1078 Ballina NSW 2478 Client Services: 02 6686 1655 Charge Free: 1800 656 474

Brisbane QLD

South West NSW

Level 10, 133 Mary Street, BRISBANE PO Box 15499 City East QLD 4002 Client Services: 07 3335 7055 Charge Free: 1800 357 085

14 Morrow Street, WAGGA WAGGA PO Box 13 Wagga Wagga NSW 2650 Client Services: 02 5908 1755 Charge Free: 1800 641 109

Parramatta

Central West NSW

Ground Floor, 90 Phillip Street, PARRAMATTA PO Box 966 Parramatta NSW 2124 Client Services: 02 8895 2355 Charge Free: 1800 626 000

180 Anson Street, ORANGE PO Box 2381 Orange NSW 2800 Client Services: 02 5310 1855 Charge Free: 1800 803 708

Newcastle Level 2, 22 Honeysuckle Drive, NEWCASTLE PO Box 1765 Newcastle NSW 2300 Client Services: 02 4016 2255 Charge Free: 1800 807 855

Wollongong Ground Floor, 47 Burelli Street, WOLLONGONG PO Box 349 Wollongong East NSW 2520 Client Services: 02 4231 2455 Charge Free: 1800 060 166

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S

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R

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53


State Super Retirement Fund  

Allocated Pension Fund Personal Retirement Plan

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