1 Part 1 Colonial Super Retirement Fund 2013/2014 Report to Members Colonial Mutual Superannuation Pty Ltd ABN AFSL
2 Abbreviations Abbreviation Description APRA ATO CMLA, the Insurer, the Administrator Corporations Act DHS RSEL SIS Australian Prudential Regulation Authority Australian Taxation Office The Colonial Mutual Life Assurance Society Limited ABN AFSL Corporations Act 2001 and Regulations Department of Human Services Registrable Superannuation Entity Licence Superannuation Industry (Supervision) Act 1993 and Regulations SuperTrace SuperTrace Eligible Rollover Fund ABN the Fund Colonial Super Retirement Fund ABN the Group TFN CMS, Trustee, we, us, our Commonwealth Bank of Australia ABN AFSL and its subsidiaries Tax File Number Colonial Mutual Superannuation Pty Ltd ABN AFSL This Report is issued by Colonial Mutual Superannuation Pty Ltd, trustee of the Colonial Super Retirement Fund. The Trustee and CMLA are both wholly owned subsidiaries of Commonwealth Bank of Australia. The Group, except to the extent expressly stated otherwise in this 2013/2014 Report to Members, does not guarantee, or in any way stand behind, the performance of the Fund or the repayment of the capital or interest from the Fund. Investments in the Fund are not deposits or liabilities of the Group (other than CMLA or the Trustee), and investment-type products are subject to investment risk including possible delays in payment of benefits and loss of principal invested. It is important to remember that your rights and benefits will be determined in accordance with the Fund Trust Deed and Rules and the respective life insurance policies where applicable, between the Trustee and the Insurer.
3 Contents Abbreviations Inside front cover Introduction 2 Important superannuation information 4 Information about the Fund 10 Information about the Fund s investments 14 Changes to the Fund 18 Contribution information 22 Taxation information 25 Access to benefits 28 Lost members and unclaimed monies 31 Eligible rollover fund 33 Your personal information 34 Enquiries and complaint resolution 37 Consents 39 Directory 40 1
4 Introduction Products within the Colonial Super Retirement Fund Refer below for a listing of the Customer Service Representatives phone number applicable to your product Customer Service Representatives Colonial Living Money CPI Pension 1 Colonial Retirement Plus Account Colonial Personal Superannuation Bond Colonial Superannuation Bond Colonial Retirement Investment Plan Colonial Retirement Accumulation Plan Colonial Life Umbrella Super Colonial Money Plan Super Colonial Umbrella Investment Plan Super Colonial Umbrella Financial Plan Super Customer Service Representatives Managed Investment SuperPlan Managed Personal SuperPlan Personal SuperCARE SuperGuaranteeCARE SuperUnits Retirement Saver Series 2 Retirement Saver Retirement Saver Plus SuperLink SuperLink Plus Series 2 SuperLink Plus Series 3 SuperWise Series 4 SuperWise Series 5 Customer Service Representatives Superannuation Bond SuperFlex Superannuation Lifebuilder Superannuation Superannuation Bond S Series SuperPlan Superannuation Wealth Portfolio Superannuation PruPlan Superannuation PruLink PruPlan Superannuation PruPlan Plus Superannuation PruPlan Superannuation Unit-Linked Customer Service Representatives CPSL Master Fund Superannuation Customer Service Representatives Endowment Pure Endowment Whole of Life Colonial PruPac Umbrella Term Plan Super 1 Total Care Plan Super 1 Term Life Super 1 Income Protection Super 1 Low Cost Life Super 1 Customer Service Representatives Commonwealth PensionSelect Commonwealth Personal Superannuation & Rollover Plan Commonwealth SuperSelect Colonial Flexible Income Retirement Plan Colonial Select Allocated Pension Colonial Select Personal Superannuation Colonial Personal Superannuation Portfolio 2 1 These policies do not have a savings benefit.
5 The Trustee is pleased to present its 2013/2014 Report to Members (this Report) for the Fund. If your product has a savings benefit the Report will be provided in two parts: Part 1 Colonial Super Retirement Fund 2013/2014 Report to Members and Part 2 Investment performance and other important information. Part 2 Investment performance and other important information contains details of investment objectives and strategies, investment performance and asset allocations relevant to your investment. If your product has a savings benefit and you would like a copy of Part 1 and Part 2 to be sent to you, please call us using the contact details listed on page 2 of this Report. However, if you have a Term Life Insurance product or a CPI Pension product, these products do not have a savings benefit. Accordingly, your Report will be provided in only one part, being Part 1 Colonial Super Retirement Fund 2013/2014 Report to Members. This Report provides you with an update on issues concerning your investment in the Fund and general information and details of the management of the Fund. This Report also outlines how you can obtain additional information about the Fund. Your Annual Statement and this Report gives details of your benefits in the Fund. If you have any questions about your superannuation benefits, please contact your financial adviser or call us using the contact details listed on page 2 of this Report. The information in this Report has been prepared without taking into account your objectives, financial situation or needs. You should, before acting on this information consider its appropriateness to your circumstances. You should speak to your tax adviser in relation to taxation issues and consider talking to a financial adviser before making any investment decision. 3
6 Important superannuation information Proposed changes impacting superannuation The federal government has recently announced a number of changes to superannuation. Please note they have yet to be legislated and may change prior to becoming law. Excess non-concessional contributions The Government has proposed that individuals will have the option to withdraw contributions made from 1 July 2013 that exceed their non-concessional contributions cap including associated earnings. If withdrawn, no excess contributions tax will be payable and any associated earnings will be taxed at the individual s marginal tax rate. Any excess non concessional contributions left in the Fund will be taxed at the top marginal tax rate on the amount of the excess. Change to the schedule for increasing the superannuation guarantee (SG) rate to 12% The SG rate will increase from 9.25% to 9.5% from 1 July The rate will remain at 9.5% until 30 June 2018, and subsequently increase by 0.5% every year until it reaches 12%, as the table indicates: Financial year SG rate (%) 2014/ / / / / / / / / Where your employer is already making contributions above the current SG minimum you will need to check what changes, if any, the employer may introduce as a consequence of the changes described. Changes to deeming rules for new account-based pensions From 1 January 2015, any new accountbased pensions will be treated as financial investments and subject to deeming under the Centrelink/DVA income test, which is used to determine your pension/allowance payment. What does this mean for you? If you are already receiving the Age Pension (or any other Centrelink/ DVA Income Support Payment) as at 1 January 2015, your account based pension will continue to be assessed under the previous rules. If you commence a new account-based 4
7 pension on or after 1 January 2015, then the entire balance of the new account-based pension will be subject to the new deeming rules rather than the previous rules. If you are not receiving a Centrelink/ DVA income support payment (i.e. age pension) as at 1 January 2015, then your account-based pension will be subject to the new deeming rules should you then apply for a Centrelink/ DVA income support payment from 1 January Resetting the asset test deeming rate thresholds From 20 September 2017, the Government will reset the deeming thresholds used in the pension assets test to $30,000 for singles and $50,000 for couples. Current Proposed Single $46,600 $30,000 Couples $77,400 $50,000 This measure effectively increases the amount of assessable income from deemed financial investments. The proposal will impact the social security entitlements of income test affected pensioners and allowees. Increase the Age Pension qualifying age to 70 From 1 July 2025, the Age Pension qualifying age will continue to rise by six months every two years, from the qualifying age of 67 years that will apply by that time, to gradually reach a qualifying age of 70 years by 1 July The table below sets the Age Pension eligibility age by date of birth. Date of birth Qualifying age at Commencing from 1 July 1952 to 31 December July January 1954 to 30 June July July 1955 to 31 December July January 1957 to 30 June July July 1958 to 31 December July January 1960 to 30 June July July 1961 to 31 December July January 1963 to 30 June July July 1964 to 31 December July January 1966 onwards 70 1 July
8 Important superannuation information Age Pension indexation From September 2017, indexation increases in the Age Pension will be linked to the Consumer Price Index (CPI), rather than the higher of the increase in CPI, Male Total Average Weekly Earnings or the Pension and Beneficiary Living Cost Index. Legislated changes impacting superannuation These changes are legislated and, depending on your individual circumstances, may have an impact on you. Medicare Levy increase From 1 July 2014, the Government will increase the Medicare Levy from 1.5% to 2% of taxable income to provide funding for DisabilityCare Australia, the national disability insurance scheme. The current exemptions from the Medicare Levy will remain in place. Change of name for Department of Immigration The Department of Immigration and Citizenship (DIAC) is now known as the Department of Immigration and Border Protection (DIBP). Temporary visa holders exiting Australia will need to request that DIBP stamp their passport at the time they depart Australia. If you are a temporary resident, who plans to leave Australia, whose superannuation account balance is less than $5,000 and claim your super benefit as a Departing Australia Superannuation Payment, please ensure you request that your passport be stamped. Temporary Budget Repair Levy From 1 July 2014, temporary budget repair levy will apply to clients with taxable income above $180,000 until 30 June This levy increases the top marginal income tax rate by 2% during this time. The levy is calculated as 2% of taxable income exceeding $180,000. Certain types of income subject to an effective tax rate cap are provided tax offsets to ensure that the effective marginal rate applied does not exceed the specified cap rate. Examples of these may include: The taxable component of superannuation lump sums received within the low rate cap or untaxed plan cap. The taxable component of superannuation death benefits received by a beneficiary who is not a death benefits dependant. The taxable component of employment termination payments to which a concessional rate of tax applies (for example, amounts within both the ETP cap and whole of income cap). For anti-avoidance purposes, other tax rates based upon the top marginal income tax rate have been increased during the period of this levy, or in the case of the FBT rate, from 1 April 2015 to 31 March
9 Departing Australia Superannuation Payment (DASP) From 1 July 2014, the DASP tax rate referable to the Taxable Component Taxed Element will increase from 35% to 38%, and the Taxable Component Untaxed Element from 45% to 47%. Significant event notification Superannuation supervisory levy (Levy) The Government imposed Levy is used to recover operational costs of APRA and certain costs of some other Commonwealth departments and agencies. Until 2017/2018 inclusive, there will be a temporary increase in the Levy to cover the costs associated with implementation of the Government s SuperStream measures. The amount of the Levy is determined by the Government each year. Payment of the Levy from the Fund s assets will flow through as a reduction in your account balance at the time the Levy is applied and will be included as part of your Indirect Cost Ratio. This will mean a reduction in your rate of return. Stronger Super cost recovery A temporary fee increase is also being introduced for the Fund. It is designed to recover a portion of the extraordinary costs that have been incurred by the Fund s administrator in complying with the Government s mandatory Stronger Super reforms. The major reforms enhance governance frameworks, improve administrative efficiencies and allow for transfer of default members into simple low cost default arrangements (MySuper products). The temporary fee increase will mean your Indirect Cost Ratio will increase by up to 0.10% per annum for at least the financial years ending 30 June 2015 to 2017, after which we would expect to remove the need for the fee increase. Applies to the following products: CPSL Master Fund Superannuation Colonial Select Personal Superannuation Colonial Personal Superannuation Portfolio SuperFlex Superannuation Lifebuilder Superannuation SuperPlan Superannuation 7
10 Important superannuation information PruPlan Superannuation PruLink PruPlan Plus Superannuation Personal SuperCARE SuperGuaranteeCARE Retirement Saver Plus Retirement Saver Series 2 Retirement Saver Superannuation Bond Colonial Superannuation Bond Colonial Life Umbrella Super Colonial Money Plan Super Superannuation Bond Superannuation Bond S Series Personal SuperCARE Colonial Personal Superannuation Bond Colonial Superannuation Bond Colonial Retirement Accumulation Plan Colonial Living Money Colonial Retirement Plus Account Colonial Flexible Income Retirement Plan Colonial Select Allocated Pension Alignment of insurance definitions From 1 July 2014 certain insurance terms and definitions must be aligned with similar definitions under superannuation law for new insurance arrangements. As a result of this change, we have decided that, from 1 July 2014, we will no longer offer members the option of taking out new insurance cover through their existing super account. What does this mean for you? If you had insurance cover in place as at 30 June 2014, you can continue with it and increase or decrease it from 1 July 2014 as you require. Please note, if your insurance cover has lapsed or lapses for any reason, you will not be able to reinstate the cover from 1 July If you did not have insurance cover in place as at 30 June 2014, the option to take out new insurance cover through your existing super account is no longer available to you. However, new insurance cover may be available to you through other insurance products offered by CommInsure #. If you would like to explore your insurance options, please contact your financial adviser or us. #CommInsure is a registered business name of The Colonial Mutual Life Assurance Society Limited. 8
11 Other Important information Accrued default amount The Government s Stronger Super legislation requires us to identify and transfer, by 30 June 2017, any accrued default amount ( ADA ) in your Account to a MySuper product. You will have an ADA if you have not given the trustee prior direction on an investment option or if your investment is in the Fund s default investment option (even if you had given a direction). If your Account is currently considered to be an ADA a message will be displayed on your Annual Statement. Should your Account still be an ADA closer to the transfer period (currently expected to be between July 2016 and June 2017) we will contact you with more details, including how you can opt out of the transfer. Reduction in company tax rate The company tax rate is proposed to be reduced by 1.5% to 28.5% from 1 July For companies earning more than $5,000,000 in taxable income, this proposed reduction may be offset by the 1.5% levy to fund the paid parental leave scheme which is also proposed to commence from 1 July
12 Information about the Fund About the Trustee? Colonial Mutual Superannuation Pty Ltd is the trustee of the Fund. The Trustee holds an RSEL under SIS and is a wholly owned subsidiary of Commonwealth Bank of Australia. The Fund is a regulated and registrable superannuation entity in accordance with SIS. The Trustee s role is to make sure that the Fund is administered in accordance with the Trust Deed, SIS and other superannuation law, and in the best interest of members of the Fund. No penalties have been imposed on the Trustee under superannuation law. Indemnity insurance The Trustee as a member of the Group is covered under the Group s Directors & Officers indemnity and professional indemnity insurance policies. Financial information During the reporting period, all assets of the Fund were invested in life insurance policies (Investment Policies) issued by CMLA. Insurance benefits (if applicable) are provided to the respective products in the Fund through life insurance policies (Life Policies) issued to us by CMLA. All benefits due to the Trustee under the respective Investment and Life Policies are paid from, or from a combination of, the CMLA No. 1, 2L, 3 and 4 Statutory Funds (depending upon the nature of the benefit being paid). Benefits applicable to each member are wholly determined by reference to the respective life insurance policy/policies. Who manages your investment? CMLA manages all investments of the Statutory Funds. CMLA has appointed Colonial First State Investments Limited (ABN AFSL ) as an investment manager and has appointed Colonial First State Property Limited (ABN ) as manager of its direct property portfolio and infrastructure investments and has appointed CFX Funds Management Limited (ACN ) as manager of its direct property portfolio. Colonial First State may outsource investment management to external fund managers. Access to further information about the Fund When requested in writing, we will make copies of the following information available to you free of charge once each year: a copy of the recent audited accounts of the Fund; and a copy of the auditor s report. 10
13 You can also request certain other information relevant to the Fund or your entitlements. In some cases, however, a fee may be charged. The Trust Deed The Fund Trust Deed outlines the rights and obligations of the Trustee and Members. The Trust Deed can be changed at any time, although any change that may adversely affect your benefits can generally only be made if: it is expressly permitted by SIS or all affected Members agree to the change or APRA agrees. We will let you know if a change is made to the Trust Deed that affects you as required by law. If you would like a copy of the Fund s Trust Deed it is available on request by calling us (see page 2 of this Report for contact details). Trust Deed changes During the period 1 July 2013 to 30 June 2014 there were no Trust Deed amendments. Complying status of the Fund The Fund is a complying superannuation fund and is eligible for concessional tax treatment. The complying status of the Fund can only be revoked in exceptional circumstances. It is the Trustee s intention to ensure that the Fund continues as a complying superannuation fund. Nomination of dependant beneficiary(ies) Non-binding nomination You can nominate one or more dependants and/or your legal personal representative (i.e. the representative of the estate) in any proportions to receive your benefits on your death. The Trustee will consider your nomination but is not bound by it and has sole discretion to determine to whom the benefit is paid. A dependant means: your spouse (legal or de facto, including same sex) and a person with whom you are in a relationship that is registered under State and Territory law, including same-sex relationships, a child (includes an adopted child, step-child or an ex-nuptial child, a child of your spouse, and your child within the meaning of the Family Law Act 1975) of any age, 11
14 Information about the Fund any person with whom you have an interdependency relationship or any person financially dependent on you on the date of your death. SIS outlines a number of circumstances the trustee should take into account when identifying whether an interdependency relationship exists, and provides some examples of interdependency relationships. To make or change your nomination, please contact us (see page 2 of this Report for contact details) to obtain the necessary documentation. Please note, if your circumstances have changed, e.g. you have married or divorced, you should review any nomination(s) you have previously made. We suggest that you consult with your financial adviser as this area is complex and involves different taxation implications. Binding nomination This facility is only available to members of Total Care Plan Super. Where you have made a binding nomination under Total Care Plan Super and that nomination was accepted by the Trustee, the nomination is binding on the Trustee if the nominated beneficiary is a dependant as defined in superannuation law at the time of your death. If you were eligible to do so and have made a binding nomination for Total Care Plan Super, you may change your nomination at any time. Your binding nomination is valid for three years from the date you sign it, renew it or update it, unless you cancel it. Making a new binding nomination revokes a previous one. Family law Family law legislation allows the superannuation of married and de facto couples who have been separated or divorced, as the case may be, to be divided. The legislation allows the following key Family Law process to occur in relation to your account: Information request is a written request for information about your account and is used to determine the value of the superannuation asset. This request may be made by you, your spouse (including a de facto spouse) or a person intending to enter a superannuation agreement with you (such as a pre-nuptial agreement). The response to an information request will be issued only to the requestor. If a request is received from your spouse or intending spouse, the legislation states that you must not be informed of the request. Payment flag may be placed on your superannuation account through an agreement by you and your spouse or 12
15 through a court order. The presence of this flag requires the Trustee to prevent certain types of withdrawals from being made from your account. Splitting instructions specify how your superannuation account is to be divided. This may be expressed as a dollar amount or as a percentage. These splitting instructions may be made in the form of a superannuation agreement between you and your spouse, or by a court order. In both cases a valid instruction will be binding on the Trustee. If your spouse does not provide payment instructions within a specified timeframe, their entitlement will be transferred to SuperTrace (see page 33 of this Report for SuperTrace details). The provisions of the family law legislation allow for the charging of reasonable fees for the administration of family law transactions. We have decided not to charge family law fees at this time. You will be notified if a decision is made to introduce fees for family law transactions in the future. For full details regarding the family law processes which can occur on your Account, please contact your financial adviser or simply call between 9am and 5pm (Sydney time), Monday to Friday. 13
16 Information about the Fund s investments Fund investment objectives and strategies The Trustee has determined investment objectives and strategies for the Fund. Part 2 Investment performance and other important information which is mailed to you as part of your Annual Statement and is also available online at commbank.com.au/ personal/super-retirement, contains details of the Trustee s investment objectives and strategies for the Fund as it relates to those products that have a savings benefit in the Fund. An investment market commentary is available online at commbank.com.au/ personal/investments/unit-prices-andperformance.aspx This commentary is updated on a quarterly basis. Trustee policy towards use of derivatives The Trustee does not use derivatives directly. Investments in derivatives, such as futures and options, may be used by the underlying investment manager to protect the values of portfolios against major falls in market prices, or to change the portfolio s exposure to markets more rapidly and efficiently than could be done by purchasing or selling the assets directly. To ensure the objective of a managed investment option is achieved, the managers of the underlying investments may also use tactical asset allocation methods which include investment in derivatives. Labour standards, environmental, social and ethical considerations CMS and CMLA do not have a predetermined approach for considering labour standards or environmental, social or ethical considerations when making investment decisions. However, should sustainability of earnings of those companies we invest in be adversely affected due to poor labour standards or activities considered environmentally, socially or ethically unacceptable, we may divest ourselves of the investment. Hence, these factors may sometimes be considered when investment decisions are made. Responsible investing CMLA aims to be a responsible investor. To help achieve this CMLA has become a signatory to the United Nations Principles for Responsible Investment (UN PRI). The UN PRI provides a framework for responsible investing, including the consideration of environmental, social and corporate governance (ESG) factors into the investment process. Responsible investing is only concerned with the financial impact 14
17 of ESG factors on investment decisions. CMLA believes that the consideration of ESG factors into investment decisions enhances a portfolio s long term performance. Therefore, CMLA encourages managers to take ESG factors into consideration in their investment processes and collaborates with fund managers, and other industry participants, to advance the UN PRI and responsible investing. Valuation of unlisted assets The Fund may have exposure to a variety of unlisted assets. CMLA will ensure the valuations of investment assets and associated liabilities are appropriate. This includes the valuation of real property and other investments (including infrastructure) which are not valued on a daily basis. Other investment information In consideration of brokerage paid to stockbrokers for purchases and sales of assets held in the Fund, certain brokers directly or indirectly provide research and/or data on financial markets to the investment managers. All fees charged to the Fund in relation to the investments of the Fund are commercial fees. The holding of units is subject to investment and other risks. The investment managers do not endorse or otherwise recommend the Fund or guarantee or warrant the performance of the Fund. The Trustee is responsible for all applications, withdrawals, reports and enquiries relating to investment in the Fund. Where is your money invested? For unit-linked products, your investment is pooled with money from other investors in one or more of CMLA s Statutory Funds 1, 2L, 3 and 4. The aim is to improve returns to all investors through the use of a range of investments usually unavailable to individual small investors. For unit-linked products, contributions are used to purchase units in your selected investment option/s. Changes in the value of these units constitute the investment returns. In general terms, for participating and non-participating traditional and investment account business, your contributions are used to increase the equity in the underlying insurance policy at a rate determined by CMLA. 15
18 Information about the Fund s investments Important information about your unit-linked investment CMLA has a unit pricing policy and procedures about how it manages the unit pricing of your investment. These unit pricing policies have been adopted with a view to your investment being appropriately valued in all circumstances and investors being treated consistently and equitably. We set out below how CMLA might act under certain circumstances. Suspension policy Under extraordinary circumstances, such as during periods of market disruption or other significant events, CMLA may need to temporarily stop calculating unit prices or the processing of transactions. The types of events that may result in the suspension of unit price calculations or processing of transactions include (but are not limited to): where there is a significant disruption to the data, systems or other applications necessary to establish a reliable estimate of the value of assets, liabilities or unit prices; where unforeseen events mean that the valuation of assets cannot in good faith be estimated to an acceptable level of accuracy; and where there is a significant market movement and/or cash flow. The calculation of unit prices and transaction processing will resume when the risk to investor interests as a whole has abated or been mitigated to a level acceptable to CMLA based on the consideration of the interests of our investors. During such events, information and updates will be available to you by calling us. Backdating and other events Backdating occurs when a transaction needs to be processed with an old unit price rather than the current unit price. For example, to meet the obligations under a policy, a price at the date the instruction is received may be used rather than the date the instruction is processed. CMLA will: backdate transactions where necessary to ensure that transacting investors receive the appropriate unit price required by the relevant policy obligations; and make appropriate adjustments to the unit price of affected investment options to mitigate the impacts of the backdating and ensure that investors are not unduly affected by backdated transactions. CMLA might also need to make adjustments to unit prices to ensure they reflect the best estimate of the net value of the investment option and its units. 16
19 CMLA may adjust the calculation of its unit prices, rather than suspend unit pricing, in circumstances where: errors are known to have occurred in the calculation of a unit price before it is released, or there are reasonable grounds to suspect an error has occurred, and these could not have been corrected immediately or would have taken time to investigate further; or CMLA believes that the available asset valuations do not reflect the true or fair value of those assets or there are inconsistencies between the value of assets and liabilities. Unit pricing adjustment and error compensation Unit prices are calculated on a daily basis by CMLA. The calculation process for these unit prices takes into account a number of inputs and assumptions. Sometimes, it is discovered that an error has been made in the calculation process, resulting in an incorrect unit price. In that case an adjustment in the unit price may be required. Also, if you have transacted at the incorrect unit price, the value of your policy could be incorrect. If the error is material, you may be entitled to compensation. CMLA will generally use a variance of 0.30% (0.05% for cash based investment options) in the unit price in determining whether individual compensation is payable. If a unit pricing error is greater than or equal to these variances, we may pay you compensation: by crediting your account with the amount due; or where your account is closed, if the amount of the adjustment is greater than a payment threshold of $20 (or less at CMLA discretion), by sending you a payment by cheque or electronic funds transfer. Note: if you have not met a condition of release, compensation will be paid to a new account in SuperTrace or another superannuation or retirement savings account product. The tolerance levels we use are in line with industry standards and regulatory practice guidelines. In some cases we may provide compensation where the unit pricing error is less than the tolerance levels. CMLA has established a policy to deal with these events and return investors to a financial position that is materially the same as if the error had not occurred. 17
20 Changes to the Fund The following changes apply to Colonial Select Personal Superannuation and Colonial Select Allocated Pension which are products of the Fund. Changes to the Perpetual Split Growth Fund Effective 14 May 2014, the Perpetual Split Growth Fund was terminated and replaced with the FirstChoice Wholesale High Growth Fund. Member s account balances and unit prices were unaffected however normal transaction costs applied. The following table is a description of the FirstChoice Wholesale High Growth Fund. FirstChoice Wholesale High Growth Investment objective Risk/return profile Suggested investment time horizon 1 Investment strategy To provide long-term capital growth by investing in growth assets. High At least 7 years To invest in a diversified portfolio of shares, property and infrastructure securities. In order to provide further diversification, the portfolio is allocated across a number of leading investment managers. The portfolio aims to hedge currency risk except for the allocation to emerging market shares and part of the allocation to global shares. Asset allocation as at: 30 June June Select Personal (%) Select Allocated Pension (%) Select Personal (%) Select Allocated Pension (%) Australian shares International shares Fixed interest Listed property Alternative assets Cash
Colonial Super Retirement Fund 2014/2015 Report to Members Colonial Mutual Superannuation Pty Ltd ABN 56 006 831 983 AFSL 235025 Abbreviations Abbreviation Description APRA ATO CMLA, the Insurer, the Administrator
AustChoice Super general reference guide (ACH.02) Issued: 28 May 2015 This guide contains important information not included in the AustChoice Super PDS. We recommend you read this entire guide. The information
General reference guide (TPS.01) Issued: 1 July 2015 The Portfolio Service Super Essentials The Portfolio Service Superannuation Plan The Portfolio Service Retirement Income Plan This guide contains important
How super is taxed VicSuper FutureSaver Member Guide Date prepared 1 July 2015 The information in this document forms part of the VicSuper FutureSaver Product Disclosure Statement (PDS) dated 1 July 2015.
Member guide. Superannuation and Personal Super Plan Product Disclosure Statement The information in this document forms part of the Hostplus Product Disclosure Statement issued Section 7. How super is
How super is taxed Date of issue: 1 July 2015 mtaasuper.com.audate Phone: 1300December 362 415 2014 Fax: 1300 365 142 of issue: The information in this document forms part of the Product Disclosure Statement
Personal Choice Private ewrap Super/Pension Product Disclosure Statement (PDS) Part 2 Additional Information I 1 July 2014 PERSONAL CHOICE PRIVATE This Personal Choice Private ewrap Super/Pension PDS Part
REST Super Member Guide Effective 1 October 2015 REST Super has a MySuper option The information in this document forms part of the REST Super Product Disclosure Statement (PDS), effective 1 October 2015.
Issued ₁ July ₂₀₁₅ Member guide SuperLeader Fact sheet AMP Corporate Super Registered trademark of AMP Life Limited ABN 84 079 300 379. This is a member guide fact sheet for SuperLeader. It is an important
This section summarises the main Federal Government taxes that apply to superannuation at the time of preparation. For more information, contact MyLife MySuper on 1300 MYLIFE (695 433) or the Australian
State Super retirement FuND Additional Information Booklet Date of Issue 20 January 2015 State Super Financial Services Australia Limited ABN 86 003 742 756 Australian Financial Services Licence No. 238430
Understanding Superannuation Client Fact Sheet July 2012 Superannuation is an investment vehicle designed to assist Australians save for retirement. The Federal Government encourages saving through superannuation
CLIENT FACT SHEET July 2010 Understanding superannuation and superannuation contributions Superannuation is an investment vehicle designed to assist Australians in saving for their retirement. The Government
Fact Sheet Super taxes, caps, payments, thresholds and rebates This fact sheet provides a useful one-stop reference guide to the tax rates, caps, thresholds and rebates that apply or are related to superannuation
ewrap Super/Pension Additional Information Booklet Issue date: 24 November 2014 This ewrap Super/Pension Additional Information Booklet (this Booklet) has been prepared by the trustee of ewrap Super/Pension:
How super is taxed guide (AP.4) Issued 1 January 2016 The information in this document forms part of the ESSSuper Accumulation Plan Product Disclosure Statement dated 1 January 2016. Contents Providing
KPMG Staff Superannuation Plan Product Disclosure Statement Prepared: 27 June 2014 Things you should know: This Product Disclosure Statement ( PDS ) is a summary of significant information and contains
ENTERPRISE SUPER EMPLOYER SPONSORED SUPERANNUATION & PERSONAL SUPERANNUATION Issue Date: 22 June 2012 Enterprise Super is a division of General Retirement Plan, ABN 32 894 907 884 PO Box 1282, Albury NSW
ANZ Superannuation Savings Account ADDITIONAL INFORMATION GUIDE 21 JUNE 2012 Issued by OnePath Custodians Pty Limited ABN 12 008 508 496, AFSL 238346, RSE L0000673 About this Additional Information Guide
Australia Group Superannuation Fund Your Super Guide Product Disclosure Statement 15 December 2014 Nestlé Super Insured Accumulation category Contents 1 About Nestlé Super p2 2 How super works p2 3 Benefits
Member Booklet Supplement How super works July 205 The information in this document forms part of the First State Super Member Booklets (Product Disclosure Statements) for: Employer Sponsored members dated
AMP Eligible Rollover Fund Fact sheet Issued 30 June 2014 Issued by AMP Superannuation Limited ABN 31 008 414 104, AFSL No. 233060, the Trustee of AMP Eligible Rollover Fund ABN 32 931 224 407. Registered
How super works VicSuper FutureSaver Member Guide Date prepared 1 July 2015 The information in this document forms part of the VicSuper FutureSaver Product Disclosure Statement (PDS) dated 1 July 2015.
Superannuation Savings Account Super. Simple. Guaranteed. Supplementary Product Disclosure Statement Preparation Date: 21 June 2007 This is a Supplementary Product Disclosure Statement (SPDS) to the Commonwealth
Taxpayers Australia Inc Superannuation Australia (A wholly owned subsidiary of Taxpayers Australia Inc) Glossary of superannuation terms These terms are commonly used in the superannuation sector. Account-based
Retirement Savings Account (RSA) Product Disclosure Statement (PDS) Incorporated (by reference) Information Booklet - Superannuation, Rollovers and Pensions. As at 24 September 2014 Issued by the Qantas
MLC MasterKey Super & Pension Fundamentals MLC MasterKey Super & Pension How to Guide Preparation date 1 July 2015 Issued by The Trustee, MLC Nominees Pty Limited (MLC) ABN 93 002 814 959 AFSL 230702 The
SuperWrap Additional Information Booklet Dated 1 July 2014 This Additional Information Booklet ( Booklet ) has been prepared by the issuer of SuperWrap: BT Funds Management Limited ABN 63 002 916 458 AFSL
RETIREMENT SAVINGS ACCOUNT (RSA) Defence Bank Super Assured Retirement Savings Account Superannuation fee free. The way it should be for all Australians. General Information and Application Form Product
Retirement Savings Account (RSA) Product Disclosure Statement (PDS) Incorporated (by reference) Information Booklet - Superannuation, Rollovers and Pensions. As at 12 March 2012 Issued by the Qantas Staff
It pays to belong TM Key Focus A tax of 15% applies to concessional (i.e. before tax) contributions. All employer and salary sacrifice contributions will be taxed at the top marginal rate if your super
Superannuation Technical Information Booklet Macquarie Wrap Document number MAQST02 The information contained in this Technical Information Booklet should be read in conjunction with the relevant Product
Personal Choice Private ewrap Super/Pension Product Disclosure Statement PART 1 General Information I 1 July 2014 PERSONAL CHOICE PRIVATE Trustee of Personal Choice Private ewrap Super/Pension and issuer
AMP Eligible Rollover Fund Product Disclosure Statement Issued 30 June 2014 Contents 1. About AMP Eligible Rollover Fund 2. How super works 3. Benefits of investing with AMP Eligible Rollover Fund 4. Risks
Investment Bond & Rollover This report includes: Deferred Annuity Capital Guaranteed Collection Rollover Rollover Portfolio and Rollover Parking Fund Capital Guaranteed Collection Investment Bond Investment
Understanding superannuation Version 5.0 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to superannuation. This
Issued ₁ July ₂₀₁₅ Getting to know your AMP Flexible Super Fact sheet Registered trademark of AMP Limited ABN 49 79 354 519 This is a fact sheet for AMP Flexible Super. The AMP Flexible Super fact sheets
Making the Most of Your Super For many people, super is one of the best ways to accumulate wealth. The Government provides tax benefits to encourage people to fund their own retirement. With more Australians
SUP E R ANNUATION Contributing to your super GESB Super and West State Super ISSUE DATE: 1 July 2015 PREPARATION DATE: 26 June 2015 Government Employees Superannuation Board ABN 43 418 292 917 Contents
RBF family law This brochure covers the treatment of your RBF super for family law purposes Contents Introduction 2 If a couple separates or divorces must super be split? Can all super be split? Who can
IOOF Technical Advice Solutions Client strategies for advisers Superannuation and death benefits in the Simpler Super environment Adviser use only IOOF Technical Advice Solutions Since 1 July 2007, the
Atwood Oceanics Australia Superannuation Plan sub-plan of The Executive Superannuation Fund ACCUMULATION DIVISION INCORPORATED INFORMATION Prepared: 11 September 2012 The issuer and Trustee of the Atwood
Lump sum benefit payment request for your superannuation or account based pension How to claim a benefit To claim a benefit you will need to complete the attached Benefit Payment Request and send it direct
SUMMARY OF RATES AND THRESHOLDS 2015/16 CONTENTS Superannuation rates and thresholds Concessional contributions Non-concessional contributions Capital Gains Tax (CGT) cap amount Untaxed plan cap amount
Member Booklet: RBF Tasmanian Accumulation Scheme Information in this booklet is current as at 1 July 2015 Table of contents About the RBF Tasmanian 2 Accumulation Scheme How super works Benefits of investing
Westpac Personal Superannuation Fund. Annual Report for the year ended 30 June 1 Features at a glance. 2 Investment Overview. 4 Investment Options. 5 Investment Option profiles. 10 Performance. 12 Fees
SALARY PACKAGING SUPERANNUATION GUIDE TO EMPLOYEES Superannuation Introducing Salary Packaging Salary packaging has been made available to all staff of the University through the Enterprise Agreement process.
Product Disclosure Statement MYSUPER AUTHORISATION NUMBER 72229227691044 1 July 2014 NESS Super, the industry fund to power your financial future inside 1 About NESS Super 2 2 How super works 2 3 Benefits
Contents BT Lifetime Personal Super Product Disclosure Statement (PDS) Dated 1 July 2014 1. About BT Lifetime Personal Super 2 2. How super works 2 3. Benefits of investing with BT Lifetime Personal Super
Westpac Personal Superannuation Fund 2015 Annual Report Westpac Personal Superannuation Fund 2015 Annual Report i Contents Recent developments in superannuation... 1 Proposed changes to superannuation...
Westpac Group Plan Defined Benefit Pension (including Spouse pension) Product Disclosure Statement (PDS) Dated: 1 July 2014 Things you should know The Westpac Group Plan Defined Benefit pension provides
Zurich Super Estate Management Binding Nominations The Trustee of the Zurich Master Superannuation Fund is Zurich Australian Superannuation Pty Limited ABN 78 000 880 553, AFSL 253 500, RSE Licence No.
2014/15 Key Superannuation Rates and Thresholds These are the key rates and thresholds that apply in relation to superannuation contributions and benefits, superannuation guarantee and co-contributions.
Family law and superannuation Fact sheet This fact sheet looks at the process of splitting a superannuation benefit under the family law process and the types of benefits that may be affected, including
Asgard Elements Super/Pension Updating the information in the Supplementary Product Disclosure Statement (SPDS) and Product Disclosure Statement (PDS) This update, dated 1 July 2015, relates to the Asgard
Self Managed Super Fund Service Product Disclosure Statement Issued by the trustees Issue date: 15 April 2010 Prepared by Smartsuper Pty Ltd ABN 47 003 822 339 AFS Licence 247120 PO Box 529 North Sydney
Reference Guide February 2016 Financial Planning Fundamentals This document is an information reference to be used in conjunction with your Statement of Advice, Product Disclosure Statement(s) (PDS) and
Superannuation and Residency Fact Sheet - October 2014 A change in residence has significant implications for superannuation. A number of issues arise when an individual relocates overseas whether temporarily
Insurance Cover Changes SIGNIFICANT EVENT NOTICE This Significant Event Notice is issued by CSF Pty Limited (ABN 30 006 169 286), (AFSL 246664) in its capacity as trustee of the Catholic Superannuation
Product Disclosure Statement bcu Retirement Savings Account (Current as at August 20, 2014) Bananacoast Community Credit Union Ltd ABN 50 087 649 750 AFSL No. 241077 The information in this PDS is general
ADVANCE RETIREMENT SUITE PERSONAL SUPER ALLOCATED PENSION Annual Report for the year ended 30 June 2014 Issued by BT Funds Management Limited ABN 63 002 916 458 AFSL 233724 CONTENTS Introduction... 1 Recent
Lump Sum My Retirement General advice warning The schemes administered by Super SA are exempt public sector schemes and therefore we are not required to hold an Australian Financial Services licence to
Booklet 2 Superannuation: dealing with life s changes MAStech Smart technical solutions made simple Contents Introduction 01 Introduction 03 Accessing your superannuation benefits 04 Conditions of release
Last updated: 7 September 2010 Last updated: 1 January 2011 Superannuation death benefits This TapIn Guide looks at the key tax issues relating to superannuation death benefits paid from a complying superannuation
www.mtaasuper.com.au Phone: 1300 362 415 / Fax: 1300 365 142 An Industry SuperFund How super works Date of issue: 1 July 2013 The information in this document forms part of the Product Disclosure Statement
CSF27 04/12 Tax and your CSS benefit Who should read this? All contributing CSS members. What is in this fact sheet? > > What should I know up front? > > My benefits in the CSS > > How are contributions
> Get calculating! If you d like to see the effect that personal contributions may have on your final entitlement, access the Super SA Benefit Projector on the Super SA website www.supersa.sa.gov.au. The
Workforce Superannuation Product Guide Issued 31 December 2013 Contents Welcome to Workforce Superannuation 1 Product Summary 2 Contributions 4 Managing your account 7 Accessing your benefits 10 How we
For adviser use only. Not for public distribution. 2014 Federal Budget Analysis In one of the more highly anticipated Federal Budgets, the Government announced major changes that should be discussed with
Supplementary Product Disclosure Statement SuperWrap This Supplementary Product Disclosure Statement ( SPDS ) is dated 20 November 2015 and supplements the Product Disclosure Statement ( PDS ) for SuperWrap.
Self Managed Superannuation Funds A Financial Planning Technical Guide Securitor Financial Group Limited ABN 48 009 189 495 AFSL 240687 Contents What is a self managed superannuation fund (SMSF)? 1 What
Generations Personal Super and Personal Pension Additional information booklet (AIB) update This is an update to the Generations Personal Super and Personal Pension additional information booklet, issue
ESSS Defined Benefit Fund Product Disclosure Statement For operational emergency services members Proudly serving our members Issued 1 January 2016 Issued by: Emergency Services Superannuation Board ABN
Booklet 1 Getting the best out of your superannuation savings MAStech Smart technical solutions made simple Contents Introduction 01 Introduction 03 Saving through super 08 How a super fund works 09 How
Superannuation Pensions Insurance Financial Advice Superannuation Product Disclosure Statement effective 1 January 2016 Contents About us 2 How super works 3 Benefits of investing with us 3 Risks of super
1 Contents 1. About ING DIRECT 3 2. Benefits of ING DIRECT Living Super 3 3. How super works 5 4. How your ING DIRECT Living Super account works 10 5. Investment options 20 6. Fees and other costs 27 7.
Introduction for paying benefits from an SMSF Paying benefits from a self-managed super fund NAT 74124-04.2013 Our commitment to you We are committed to providing you with accurate, consistent and clear
Structuring & Tax Ensuring your plans for your super become a reality By Ben Andreou Partner Head of Structuring & Tax December 2015 Table of Contents Page Why should you read this paper?... 3 Background...