Westpac Personal Superannuation Fund 2015 Annual Report. Westpac Personal Superannuation Fund Annual Report

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1 Westpac Personal Superannuation Fund 2015 Annual Report Westpac Personal Superannuation Fund 2015 Annual Report i

2 Contents Recent developments in superannuation... 1 Proposed changes to superannuation... 3 Product changes... 4 Understanding your investment... 5 Investment option profiles... 9 Fees and other costs Other important information Westpac Securities Administration Limited, ABN , AFSL , is the Trustee (Trustee) of the Westpac Master Trust Superannuation Division (the Fund), ABN The following products (referenced as the Plan throughout this document) are part of the Fund and are covered in this Annual Report: Westpac Personal Superannuation Bond (commenced 1 October 1992) Westpac Personal Superannuation Investment Plan (commenced 1 October 1992) Westpac Personal Superannuation (commenced 26 February 1990) Westpac Personal Superannuation Bond (commenced 28 April 1992) Westpac Personal Superannuation (commenced 26 November 1987) Westpac Simple Super (commenced 1 November 1992) The Fund is a resident regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993 ( SIS ) and is not subject to a direction undersection 63 of SIS. The investment manager for the BT and Westpac investment options is BT Investment Management (Institutional) Limited ( BTIM ) ABN , AFSL Past performance is not a reliable indicator of future performance. The tax position described is a general statement and is for guidance only. It has not been prepared by a registered tax agent. It does not constitute tax advice and is based on current tax laws and our interpretation. Your individual situation may differ and you should seek independent professional tax advice. An investment in the Westpac Personal Superannuation Fund is not an investment in, deposit with or any other liability of Westpac Banking Corporation ABN (the Bank) or any other company in the Westpac Group. It is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested. The Bank and its related entities do not stand behind or otherwise guarantees the capital value or investment performance of any investment option offered through Westpac Personal Superannuation Fund. This information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation and needs. This Annual Report was prepared on 30 November ii

3 Westpac Personal Superannuation Fund 2015 Annual Report Recent developments in superannuation 2015/16 superannuation thresholds The superannuation contributions caps and various other superannuation thresholds that apply for the 2014/15 financial year are as follows: Low rate cap: $195,000 Concessional contributions cap: Age 49 or over on 30 June 2015 $35,000 Under age 49 on 30 June 2015 $30,000 Non-concessional contributions cap: $180,000 1 Capital Gains Tax ( CGT ) Cap (lifetime limit): $1,395,000 Government Co-contributions: Maximum co-contribution 2 $500 Lower threshold $35,454 Upper threshold (cut off) $50, if you were under age 65 on 1 July 2015 you may be able to make up to $540,000 of non-concessional contributions over three financial years. If you triggered the bring forward non-concessional cap in 2013/14 you can only make non-concessional contributions up to $450,000 over the relevant 3 year period. 2. the maximum co-contribution payable is phased out by cents for every dollar of total income over the lower threshold, until it reaches zero at the upper threshold. Higher concessional contributions cap An increased concessional contribution cap of $35,000 pa (not indexed) is available for members aged 59 years or over on 30th June 2013 or 49 years or over from 30 June 2014 (see table below). Income Year Concessional cap for those aged 59 years or over on 30 June years or over on 30 June years or over on 30 June $35,000 $35,000 $35, $35,000 $35,000 $30, $35,000 $25,000 $25,000 From 1 July 2015 the general concessional contribution cap is $30,000 pa. The higher cap will cease to apply when the general concessional contributions cap reaches $35,000 as a result of indexation. Preservation Age increases Generally you can access your superannuation when you have permanently retired on or after reaching your preservation age or after you reach age 65. You can access your superannuation in other limited circumstances such as if you become permanently incapacitated, are suffering from a terminal medical condition or are suffering severe financial hardship. If you are aged between preservation age and age 65 you can also commence a transition to retirement pension allowing you to access your superannuation in the form of a non-commutable income stream. If you were born before 1 July 1960 your preservation age is 55. If you were born on or after 1 July 1960 your preservation age is between 56 and 60 depending on your date of birth (see the table overleaf). 1

4 Date of Birth Preservation Age When you will reach Preservation Age Before 1 July Before 1 July July June July June July June July June July June July June July June July June 2023 After 30 June After 30 June 2024 Superannuation Guarantee (SG) rate increases Terminal Medical Condition of release From 1 July 2015, the certification period has been extended from 12 to 24 months for individuals suffering from a terminal medical condition. If you are suffering from an illness or have incurred an injury that is likely to result in death within 24 months, you may be eligible to access your super as a tax-free lump sum benefit. It s important to note that if you hold insurance and you withdraw your entire superannuation benefit you will lose any insurance you currently have. To continue your insurance you will need to leave sufficient balance in your account to fund future premiums. This information is intended as a guide only and does not constitute advice. Before making a withdrawal under Terminal medical condition you should speak to your financial adviser about the impacts this could have on your insurance entitlements. Lost member accounts transferred to the ATO If your account is considered to be lost*, the Trustee may be required to transfer your account balance to the ATO if: your account balance is less than the small lost account threshold; or the Trustee is satisfied that it will never be possible to pay an amount to you (because you cannot be identified based on the information reasonably available to the Trustee). From 31 December 2015, the small lost account threshold will increase to $4,000 (currently $2,000) and from 31 December 2016 it will increase further to $6,000. If your account balance is transferred you will be able to reclaim it from the ATO. The ATO will pay interest on unclaimed super money amounts paid directly to eligible individuals for the period the money was held by the ATO after 1 July Any interest paid is tax free. * Your super account will generally be considered lost if: no contributions or rollovers have been added to your account in the last year and either the Trustee has never had an address for you or mail sent to you by the Trustee has been returned unclaimed, or for default employer super plans, no contributions or rollovers have been added to your super account in the last five years 2

5 Westpac Personal Superannuation Fund 2015 Annual Report Proposed changes to superannuation ATO payment of unclaimed super money In certain circumstances superannuation funds may be required to transfer super account balances to the ATO as unclaimed superannuation money. Currently, the ATO can only pay this money directly to a person, if they have reached age 65 or the amount is less than $200. It is proposed that from 1 July 2016, the ATO will be able to pay unclaimed superannuation money directly to individuals suffering from a terminal medical condition. Requests for payment can be made using the ATO Payment of unclaimed super money - individual form. Certified copies of medical certificates must also be provided from two registered medical practitioners, one of which is a specialist in the area related to the individual s illness or injury, certifying that the individual suffers from an illness, or has incurred an injury, that is likely to result in the death of the individual within 24 months. Individuals can also request the ATO to transfer unclaimed superannuation money held on their behalf to a complying super fund at any time. 3

6 Product changes SAA Neutral Position changes to certain investment options The Allocation Neutral Positions (NP) for the following Investment Options were updated in April Balanced Growth Conservative Growth Managed Growth Managed Investment Managed Stable. These changes did not impact the ongoing management costs of the impacted investment options. Details of all Neutral Positions are included in this annual report. Investment Option Benchmark changes impacting Westpac Personal Super Fund Effective 29 September 2014, the UBS Australia Bond Index series was rebranded to Bloomberg as a result of Bloomberg s acquisition of the UBS Australia Bond Index series. The table below illustrates changes to the benchmark names for the relevant investment options. Investment option name APIR code Benchmark (old) Benchmark (new) Westpac Personal Super Investment Plan Cash Based Westpac Personal Super Fund Income Accumulation Westpac Simple Super Bank Deposit APC0431AU UBS Bank Bill Index Bloomberg AusBond Bank Bill Index APC0401AU UBS Bank Bill Index Bloomberg AusBond Bank Bill Index APC0441AU UBS Bank Bill Index Bloomberg AusBond Bank Bill Index The benchmark name changes have no direct impact to your investment in Westpac Personal Super Fund there is no change to the underlying index methodology. Information about Bloomberg indices can be found at 4

7 Westpac Personal Superannuation Fund 2015 Annual Report Understanding your investment Types of risks There will always be the risk of fluctuations in the value of an investment. Investment risk can be managed and even minimised but it cannot be completely eliminated. It is important to understand that not all risks are foreseeable. There is always the chance that you may lose money on any investment you make. Some common types of investment risks are outlined in the table below. Risk type Security specific risk Market risk Currency risk Interest rate risk Derivatives and gearing risk Alternative investments risk Credit risk Liquidity risk Legal and regulatory risk Description An investment in, or exposure to, a company or managed fund that may be affected by unexpected changes in that company s or managed fund s operations (due to quality of management, use of technology etc.) or its business environment. Markets are affected by a multitude of factors including economic and regulatory conditions, market sentiment, political events and environmental and technology issues. These could have a negative effect on the returns of all investments in that market and this may affect investments differently at various times. If an investment is held in international assets, a rise in the Australian dollar relative to other currencies may negatively impact investment values or returns. Changes in interest rates can have a negative impact either directly or indirectly on investment value or returns of all types of assets. Underlying funds may use derivatives and gearing (borrowing). The value of derivatives is linked to the value of the underlying assets and can be highly volatile. Potential gains and losses from derivative transactions can be substantial. Underlying funds may invest in alternative investments. Alternative investments is a category that includes a range of sophisticated investments including hedge funds, venture capital, private equity, leveraged and management buyouts, commodities and futures trading funds. Like shares, property, fixed interest and cash, alternative investments are subject to certain risks that may include periods of large market falls, high volatility or reduced liquidity (i.e. the ability to sell investments immediately). Certain alternative investments carry significant risk. In addition, losses may arise due to other factors, including poor judgement, misconduct or fraud. Some investment strategies are reliant on key individuals. Some alternative investments may be based in countries where the level of regulatory supervision is lower than in Australia. There is always a risk of loss arising from the failure of a debtor or other party to a contract to meet their obligations. This potentially arises with various investments including derivatives and fixed interest and mortgage securities. This is the risk that an investment may not be easily converted into cash with little or no loss of capital and minimum delay because of either not enough buyers in the market for the particular investment or disruptions in the marketplace. Securities in small companies in particular may, from time to time and especially in falling markets, become less liquid. Changes are frequently made to superannuation law, which may affect your ability to access your investments. Changes can also occur in the taxation of superannuation, which may affect the value of your investment For more information on the investment strategy and investment objectives for the Fund, please go visit bt.com.au or call BT Customer Relations on , Monday to Friday 8.00 am to 6.30 pm (Sydney time). 5

8 How risk is measured The level of risk, or Standard Risk Measure, for each investment fund is based on an estimate of the number of negative annual returns that may be experienced over any 20 year period as shown in the table. Risk band Standard Risk Measure Risk label Estimate number of negative annual returns over any 20 year period 1 Very low Less than Low 0.5 to less than 1 3 Low to medium 1 to less than 2 4 Medium 2 to less than 3 5 Medium to high 3 to less than 4 6 High 4 to less than 6 7 Very high 6 or greater The Standard Risk Measure allows you to compare the level of risk of investment funds within the Plan as well as other investment options available through other super funds. The Standard Risk Measure is not a complete assessment of all forms of investment risk, for example it does not detail what the size of the negative return may be or the potential for a positive return to be less than the return you require to meet your investment objectives. It also does not take into consideration the impact of fees and tax on investment returns. You should ensure you are comfortable with the risks and potential losses associated with the investment funds you choose to invest in. For more details of the Standard Risk Measure applicable to the investment option(s) available in your product, please refer to our website bt.com.au. Derivatives These are investments whose value is derived from other assets, such as shares, and may be used as part of the portfolio management process. Futures contracts and options are examples of derivatives. Derivatives may be used to reduce risk and can act as a hedge against adverse movements in a particular market and/or in the underlying asset. Derivatives can also be used to gain exposure to assets and markets. While derivatives offer the opportunity for significantly higher gains from a smaller investment (because of the effective exposure obtained) they can also produce significantly higher losses, sometimes in excess of the amount invested. The investment managers are required to have strict policies and procedures on the use of derivatives and generally are not permitted to use derivatives to gear the investment options unless otherwise stated. Changes to investment option details We have the right to change the investment option objective and investment strategy (including the benchmark), asset, target position, investment manager(s) and possible variation and currency strategy (if any), without prior notice in some cases. We will inform account holders of any significant material change to the investment option details on bt.com.au or as otherwise required by relevant law. 6

9 Westpac Personal Superannuation Fund 2015 Annual Report Net earnings The earnings rate for members in the investment option is reflected in the price of the units, rather than being credited or debited against the accounts of members. A change in the value of the members unit price includes the net earnings of supporting assets in the investment option. Net value of an investment option The net value of an investment option is the value of all investments and cash held by the investment option less amounts owing or payable in respect of the investment option including any provision that is considered necessary. For example, provision might be made for possible future losses on an investment that is considered to be overvalued or cannot be fairly determined. A full description of the valuation method is given in the Trust Deed. The net value of an investment option may include an asset known as Future Income Tax Benefit ( FITB ). A FITB arises when, for tax purposes, a loss is available to offset a future gain (i.e. so as to reduce the amount of gain that might otherwise be taxable). Our policy is to recognise FITBs in Westpac Super as a separate asset of the relevant investment option. Like any other asset in an investment option, the value of the unit price is adjusted for FITB. The value of a FITB can change over time based on the likelihood of being able to offset the losses against future gains and the time at which they can be used. Accordingly, changes in the value of a FITB asset may cause unit prices to change (as is the case with a change in the value of any other asset in the investment option). The level of FITB recorded in the unit price of an investment option may be capped, taking into account the probability that accrued losses are able to be offset against future gains. The Joint ASIC and APRA Unit Pricing Guide to Good Practice, and Westpac policy require that FITB only be recognised in the net asset value and unit price of an investment option to the extent that the deferred tax benefit is expected to be realisable in the future. It may be necessary to reduce the level of FITB to ensure that the value of the investment option (and the unit price) is not over-stated. Unit pricing We can change the way in which we calculate unit prices, as well as the buy/sell spread used. Information regarding any such change will be available on our website or by calling Customer Relations. Notice will not ordinarily be provided, however we may provide notice on our website, or in the next regular communication. Transaction processing For switches, withdrawals and contributions, where a valid request is received before the daily cut-off time of 4.00pm (Sydney time) on a Business Day, the request will be processed using the application and withdrawal prices for the relevant investment option issued for the Business Day we receive the valid request. We aim to process the request as soon as reasonably practicable and ordinarily within 5 Business Days of receipt. Because units are issued or redeemed on this basis, there can be an effect on underlying fund performance, either positive or negative, depending on market movements between the Business Day for which the application or withdrawal price is used and the date of processing. Ordinarily, the impact on performance is insignificant. 7

10 Performance information How we calculate performance Performance figures are calculated in accordance with the Financial Services Council ( FSC ) standards. Total returns are calculated: using withdrawal prices appropriate for the month end; taking into account management costs of the relevant investment option; and taking into account earnings tax up to a maximum of 15% plus withholding tax paid on foreign income (if any). Certain other fees such as Contribution fees or Withdrawal fees (if any) are not taken into account. Performance as 2015 The latest performance information and more information about how performance is calculated is available from our website at bt.com.au, or by calling our Customer Relations team on Investment returns shown are historical. Investment returns can go up and down and past performance is not a reliable indicator of future performance. Future performance is not guaranteed. For actual performance of your account, for the year ended 30 June 2015, please refer to your 2015 Annual Statement. 8

11 Westpac Personal Superannuation Fund 2015 Annual Report Investment option profiles The Fund has a range of investment options. Members can choose to invest in any combination of these investment options (subject to a maximum of five investment options at any one time). You cannot switch between the Contribution Fee and Nil Contribution Fee investment options. The Fund currently invests through a life policy issued by Westpac Life Insurance Services Limited (represents 100% of the Fund). The investment option profile section (beginning on the next page) gives you a snapshot of each investment option together with other information including: the full range of investment options available within the Fund; the investment objectives and strategy of each investment option; and asset information, including strategic range, neutral position and s for 30 June 2014 and 30 June The following table will assist you with understanding the investment option profiles. Investment objective The investment objective for each investment option represents our current target, which may change over time. These aims may not be achieved and we do not forecast or guarantee the future performance of any investment option. Strategy The strategy describes the process used by the investment managers when investing in the relevant asset classes to achieve the investment objective. Neutral Position (NP) and strategic ranges This section provides details on the asset classes, in which each investment option invests and the asset neutral position and ranges for each investment option. The asset neutral position is the starting point for all asset decisions. We will actively adjust the exposure within the specified ranges to maximise the investment option s investment returns. 9

12 Westpac Personal Superannuation (commenced 26 February 1990) Westpac Personal Superannuation Bond (commenced 28 April 1992) Westpac Personal Superannuation (commenced 26 November 1987) Investment objective Strategy Income Accumulation Aims to provide a high level of capital security and to maximise interest earnings from a portfolio that invests mainly in money market securities. Invests directly through a life policy so that the underlying investments of the portfolio consist wholly of short-term liquid assets such as bank bills. Conservative Growth Aims to provide a conservative level of capital growth over the medium term (at least three years) and a relatively high level of interest earnings. Invests directly through a life policy so that the majority of the underlying assets provide income for reinvestment. Such assets include bank-billed and cash on deposit as well as Australian and international fixed interest. The fund also invests in growth assets such as shares and property, to provide potential for higher returns. Allocation 2015 (%) 2014 (%) Neutral Position Strategic Range 2015 (%) 2014 (%) Neutral Position Strategic Range Australian Shares International Shares n/a n/a n/a n/a n/a n/a n/a Property n/a n/a n/a n/a Australian Fixed Interest International Fixed Interest n/a n/a n/a n/a n/a n/a Cash Alternatives n/a n/a n/a n/a n/a 10

13 Westpac Personal Superannuation Fund 2015 Annual Report Westpac Personal Superannuation (commenced 26 February 1990) Westpac Personal Superannuation Bond (commenced 28 April 1992) Westpac Personal Superannuation (commenced 26 November 1987) Investment objective Strategy Balanced Growth Aims to provide a high level of capital growth over the long term (at least five years) from a balanced portfolio of assets. Invests directly through a life policy so that the underlying investments of the portfolio include assets with high long-term growth potential such as property and Australian and international shares. Dynamic Growth Aims to maximise capital growth over the long term (at least five years) from a dynamic portfolio that includes a high proportion of Australian and international shares. Invests directly through a life policy so that the underlying investments of the portfolio consist of a diversified portfolio of predominantly growth assets, which may provide the potential for long term capital growth and include property and Australian and international shares. Allocation 2015 (%) 2014 (%) Neutral Position Strategic Range 2015 (%) 2014 (%) Neutral Position Strategic Range Australian Shares International Shares Property Australian Fixed Interest International Fixed Interest Cash Alternatives

14 Westpac Personal Superannuation Bond (commenced 1 October 1992) Westpac Personal Superannuation Investment Plan (commenced 1 October 1992) Investment objective Strategy Cash Based Aims to provide a high level of capital security and to maximise interest earnings from a portfolio that invests mainly in money market securities. Invests directly through a life policy so that they underlying investments of the portfolio consist wholly of short-term liquid assets such as bank bills. Managed Stable Aims to provide a conservative level of capital growth over the medium term (at least three years) and a relatively high level of interest earnings. Invests directly through a life policy so that the majority of the underlying assets provide income for reinvestment. Such assets include bankbacked bills and cash on deposit. Part of the underlying assets of the portfolio also include growth assets, such as shares and property, to provide potential for higher returns. Allocation 2015 (%) 2014 (%) Neutral Position Strategic Range 2015 (%) 2014 (%) Neutral Position Strategic Range Australian Shares International Shares n/a n/a n/a n/a n/a n/a n/a n/a Property n/a n/a n/a n/a Australian Fixed Interest International Fixed Interest n/a n/a n/a n/a n/a n/a n/a n/a Cash n/a Alternatives n/a n/a n/a n/a

15 Westpac Personal Superannuation Fund 2015 Annual Report Investment objective Strategy Managed Growth Aims to provide a high level of capital growth over the long term (at least five years) from a balanced portfolio of assets. Invests directly through a life policy so that the underlying investments of the portfolio include assets with high long-term growth potential such as property and Australian and international shares. Growth Plus Aims to maximise capital growth over the long term (at least five years) from a dynamic portfolio that includes a high proportion of Australian and international shares. Invests directly through a life policy so that the underlying investments of the portfolio consist of a diversified portfolio of predominantly growth assets, which may provide the potential for longterm capital growth and include property and Australian and international shares. Allocation 2015 (%) 2014 (%) Neutral Position Strategic Range 2015 (%) 2014 (%) Neutral Position Strategic Range Australian Shares International Shares Property Australian Fixed Interest International Fixed Interest Cash Alternatives

16 Westpac Simple Super (commenced 1 November 1992) Investment objective Strategy Bank Deposit Aims to provide a high level of capital security and to maximise interest earnings from a portfolio that invests mainly in money market securities. Invests directly through a life policy so that the underlying investments of the portfolio consist wholly of short-term liquid assets such as bank bills. Managed Investment Aims to provide a high level of capital growth over the long term (at least five years) from a balanced portfolio of assets. Invests directly through a life policy so that the underlying investments of the portfolio include assets with high long-term growth potential such as property and Australian and international shares. Allocation 2015 (%) 2014 (%) Neutral Position Strategic Range 2015 (%) 2014 (%) Neutral Position Strategic Range Australian Shares International Shares n/a n/a n/a n/a n/a n/a n/a n/a Property n/a n/a n/a n/a Australian Fixed Interest International Fixed Interest n/a n/a n/a n/a n/a n/a n/a n/a Cash n/a Alternatives n/a n/a n/a n/a

17 Westpac Personal Superannuation Fund 2015 Annual Report Fees and other costs Fees and charges are either deducted directly from your account or are reflected in the unit price calculation. The amount and method of allocating fees and charges may change from time to time. The Trustee will notify you of any significant change. The main features of the current fee and cost structures are outlined for each product below. For how each fee is defined, please see the section titled Understanding the fees. Westpac Personal Superannuation (commenced 26 February 1990) Westpac Personal Superannuation (commenced 26 November 1987) Westpac Personal Superannuation Bond (commenced 28 April 1992) Contribution Fee This fee is 2.90% of each regular contribution. For each single contribution, the fee is 4% of the first $29,000*, 3% from $29,001 to $101,000*, 2% from $101,001 to $220,000 and 1% of the balance. For each transfer or rollover, the fee is 1% of the amount transferred, subject to a minimum fee of $56.60*. This charge is waived if you are transferring from a fund administered by Westpac Financial Services. This fee is 2.90% of each regular contribution. For each single contribution, the fee is 3.5% of the first $29,000*, 3% from $29,001 to $101,000*, 2% from $101,001 to $220,000 and 1% of the balance. For each transfer or rollover, the fee is 1% of the amount transferred, subject to a minimum fee of $56.60*. This charge is waived if you are transferring from a fund administered by Westpac Financial Services. For each contribution, the fee is 3% of the first $101,000*, 2% from $101,001 to $218,000 and 1% of the balance. Administration Fee $8.86 per month* $4.44 per month* $4.33 per month* Issuer Fee An issuer fee of up to 2.04% pa is deducted from the value of assets in each investment option at the time of calculating the unit price. An issuer fee of up to 2.04% pa is deducted from the value of assets in each investment option at the time of calculating the unit price. An issuer fee of up to 2.04% pa is deducted from the value of assets in each investment option at the time of calculating the unit price. Transaction fee $56.60* $56.60* Buy-sell margin For the Income Accumulation, Balanced Growth and Conservative Growth investment options, this margin is the greater of either 1% of the value of the assets in the investment option, or an allowance to cover the actual cost of buying and selling the assets. The current margin for these investment options is 1%. For the Dynamic investment option, the margin is the greater of either 1.2% of the value of the assets in the investment option, or an allowance to cover the actual cost of buying and selling the assets. The current margin for the investment option is 1.2%. For the Income Accumulation, Balanced Growth and Conservative Growth investment options, this margin is the greater of either 1% of the value of the assets in the investment option, or an allowance to cover the actual cost of buying and selling the assets. The current margin for these investment options is 1%. For the Dynamic investment option, the margin is the greater of either 1.2% of the value of the assets in the investment option, or an allowance to cover the actual cost of buying and selling the assets. The current margin for the investment option is 1.2%. For the Income Accumulation, Balanced Growth and Conservative Growth investment options, this margin is the greater of either 1% of the value of the assets in the investment option, or an allowance to cover the actual cost of buying and selling the assets. The current margin for these investment options is 1%. For the Dynamic investment option, the margin is the greater of either 1.2% of the value of the assets in the investment option, or an allowance to cover the actual cost of buying and selling the assets. The current margin for the investment option is 1.2%. Insurance charges Available on request Available on request Not available *These are the amounts applying as at 1 October These may increase on 1 October each year in line with increases in the Consumer Price Index. 15

18 Westpac Personal Superannuation Bond (commenced 1 October 1992) Westpac Personal Superannuation Investment Plan (commenced 1 October 1992) Westpac Simple Super (commenced 1 November 1992) Contribution Fee For each single contribution, the fee is 3% of the first $160,000* and 1.5% of the balance. For regular contributions the fee is 2.90% For each single contribution, transfer or rollover, the fee is 3% of the first $160,000* and 1.5% of the balance. Not applicable. Administration Fee $68.70 per annum* $9.53 per month* $6.90 per month* Issuer Fee An issuer fee of up to 1.36% pa is deducted from the value of assets in each investment option at the time of calculating the unit price. An issuer fee of up to 1.36% pa is deducted from the value of assets in each investment option at the time of calculating the unit price. An issuer fee of up to 2.04% pa is deducted from the value of the assets in each Investment at the time of calculating the unit price. This fee may increase to a maximum of 2% pa. The Trustee will advise you at least three months before any increase. Transaction fee All switches between Investment Options in any calendar year are free (except for the buy-sell margin). All switches between Investment Options in any calendar year are free (except for the buy-sell margin). All switches between investment options in any calendar year are free. If you transfer all or part of your investment to another superannuation or rollover fund, you will be charged a transfer fee of $68.30*. Withdrawal fee (The fee on each amount you take out of your investment) No additional fee is charged for your first two withdrawal transactions (include transfers and rollovers) in any calendar year. Any additional withdrawals in that year will incur a fee of $87.00^ per withdrawal. No additional fee is charged for your first two withdrawal transactions (include transfers and rollovers) in any calendar year. Any additional withdrawals in that year will incur a fee of $87.00^ per withdrawal. No additional fee is charged for your first two withdrawal transactions (include transfers and rollovers) in any calendar year. Any additional withdrawals in that year will incur a fee of $68.30^ per withdrawal. Buy-sell margin This margin is the greater of either 1% of the value of the assets in the investment option, or an allowance to cover the actual cost of buying and selling the assets. The current margin for these investment options is 1%. This margin is the greater of either 1% of the value of the assets in the investment option, or an allowance to cover the actual cost of buying and selling the assets. The current margin for these investment options is 1%. The current margin for these investment options is 0%. Insurance charges Not applicable Available on request Not applicable * These are the amounts applying as at 1 October These may increase on 1 October each year in line with increases in the Consumer Price Index ^ Each is determined by the anniversary date of each contribution 16

19 Westpac Personal Superannuation Fund 2015 Annual Report Indirect Cost Ratio (%pa) Calculated on the asset value of the investment options daily and generally deducted on a daily basis and reflected in the unit price. Based on latest available information 30 June The Indirect Cost Ratio is comprised of the Issuer Fee and Expense Recoveries (where applicable) combined. Westpac Personal Superannuation (commenced 26 February 1990) Westpac Personal Superannuation Bond (commenced 28 April 1992) Westpac Personal Superannuation (commenced 26 November 1987) Investment Option Total (%pa) ICR as at 30/06/2015 Income Accumulation 1.76 Conservative Growth 1.72 Balanced Growth 1.73 Dynamic Growth 1.74 Westpac Personal Superannuation Bond (commenced 1 October 1992) Westpac Personal Superannuation Investment Plan (commenced 1 October 1992) Investment Option Total (%pa) ICR as at 30/06/2015 Cash Based 1.18 Managed Stable 1.13 Managed Growth 1.14 Growth Plus 1.15 Westpac Simple Super (commenced 1 November 1992) Investment Option Total (%pa) ICR as at 30/06/2015 Bank Deposit 1.83 Managed Investment

20 Understanding the fees Contribution fee This fee is deducted when the Trustee receives your contribution, transfer or rollover. Administration fee or plan fee This fee is charged to your account each month. Administration Fee for the Westpac Personal Superannuation Investment Plan (commenced 1 October 1992) Regular contributions: when you start your Plan, you pay a monthly administration fee of up to 0.55% of the annual regular contribution commitment: 0.55% for the first $2,700, 0.275% from $2,701 to $6,500, and 0.11% for amounts above $6,500. The monthly administration fee is payable for up to 10 years 1 from the start of a new regular contribution plan or increase in regular contribution amount. If you increase your annual regular contribution, you pay up to 0.55% on the increase, from the date of the increase. This fee is indexed each month and deducted from your investment account each month (that is, there are 12 deductions in a year, with the fee increasing each month through indexation). The fee does not apply to any automatic indexation increases in regular contributions. It also does not apply to single contributions, transfers or rollovers. Exit fee: If you withdraw your investment before your nominated retirement age, any un-recouped monthly administration fees are taken into account when calculating your Plan s cash value. Issuer fee This is the fee for the product issuer s services in overseeing the product s operations and/or providing access to the product s investment options. This fee includes the fee previously disclosed as the Investment Management Fee. Transaction fee A transaction fee may apply if you switch between investment options or withdraw. A buy/sell spread cost may also apply (refer to buy/sell margin below). Withdrawal fee You may incur fees for making withdrawals, as set out in the tables on the previous pages. If you are invested in Westpac Personal Superannuation and are paying a monthly administration fee for regular contributions, an exit may apply upon withdrawal. Refer to Administration Fee for the Westpac Personal Superannuation Investment Plan (commenced 1 October 1992) above. Buy/sell margin A buy-sell margin is charged at the time of calculating the issue and redemption prices. The margin is payable to Westpac Life Insurance Services Limited. Insurance charges Where you take out insurance in your plan, the cost of insurance is deducted directly from your account each month. Tables of insurance charge rates are available on request. The insurance charge depends on your level of insurance, gender, age, whether you are a smoker or a non-smoker, the cover selected and any special acceptance terms imposed at commencement of risk by Westpac Life Insurance Services Limited. 1 The monthly administration fee is payable for either 10 years or the nominated retirement age, whichever occurs first. 18

21 Westpac Personal Superannuation Fund 2015 Annual Report Other important information: Temporary residents A temporary resident is a holder of a temporary visa under the Migration Act From 1 April 2009, if you are, or were, a temporary resident and are not an Australian citizen, New Zealand citizen or permanent resident of Australia, or a holder of a retirement visa (Subclass 405 or 410), you can generally only access your preserved super benefits if you become permanently incapacitated, have a terminal medical condition, or have departed Australia permanently and your visa has ceased, or your beneficiaries may access your benefits if you die. You may also be able to access your benefit if you satisfied another condition of release under superannuation law before 1 April The Australian Government also requires us to pay temporary residents unclaimed super to the ATO after at least six months have passed since the later of: the date a temporary resident s visa ceased to be in effect; and the date a temporary resident permanently left Australia. Applications to claim your benefit can be made using the ATO Departing Australia Superannuation Payment (`DASP ) online application system. To access this system and full information regarding DASP procedures and current tax rates visit ato.gov.au. We are permitted under, and rely on, ASIC relief under Class Order CO 09/437 to not notify or provide an exit statement to a non-resident in circumstances where we pay unclaimed superannuation to the ATO under Division 3 of Part 3A of the Superannuation (Unclaimed Money and Lost Members) Act Non-residents have the right to make an application to the Commissioner of Taxation to claim unclaimed superannuation under Division 4 of Part 3A of the Superannuation (Unclaimed Money and Lost Members) Act Eligible Rollover Fund Currently your benefit may be transferred to an Eligible Rollover Fund ( ERF ) in the following circumstances: If you become a lost member, i.e. we have not received a contribution or rollover for you within the last 12 months and one or two pieces of written communication has been returned unclaimed, unless during the last two years we have verified that your address is correct or you have elected to be permanently excluded from being a lost member. (It is important that you inform us of any changes to your address details so that you re not transferred to the ERF. Trustees of regulated super funds report details of lost members to the ATO, who maintain a lost members register. Persons may search the register to ascertain if they have benefits which are lost.); If your investment balance falls below $1,200 you may be requested to make an additional investment to increase your balance over $1,200. If you do not increase your investment, it may be transferred to the ERF; If you request to transfer your benefit to another fund and that request cannot be processed due to insufficient information or the other fund returns the money to Westpac Personal Superannuation Fund because they have been unable to process the request; If circumstances under Cooling-off apply; In any other circumstances permitted under superannuation law. The ERF currently selected for Westpac Personal Superannuation Fund is: SuperTrace Eligible Rollover Fund Locked Bag 5429 Parramatta NSW

22 If your benefit is transferred to SuperTrace: you will cease to be a Westpac Personal Superannuation Fund account holder and any insurance cover provided will also cease on the date of transfer or at the end of the continuation period that may apply, if later; you will need to contact the SuperTrace Administrator on in order to claim your benefit back or deal with your benefit; you will not be able to make contributions to the ERF; you will not have investment choice the Trustee of the ERF will nominate the investment strategy that will apply; and the ERF will normally ensure that your benefits will not be eroded by administration fees and charges, however, other fees may apply. Please refer to the ERF s product disclosure statement for more information. Complaints resolution We have arrangements for dealing with members questions or complaints about the operation or management of the Fund. If you have a concern or a complaint, please contact a Customer Relations Consultant on Where possible, member concerns received over the telephone are resolved at that time. If your concerns cannot be resolved in this way, you can outline your complaint in writing to: Westpac Personal Superannuation Fund The Complaints Officer GPO Box 3960 Sydney NSW 2001 The Complaints Officer will endeavour to resolve your complaint within 30 days of receiving your letter and is required by law to deal with your enquiry or complaint within 90 days. However, if you are not satisfied with the response, or have not received a response within 90 days, you may contact the Superannuation Complaints Tribunal (the Tribunal): by calling ; or writing to: Superannuation Complaints Tribunal Locked Bag 3060 Melbourne VIC 3001 The Tribunal is an independent body established by the Government to help members of super funds resolve complaints. The Tribunal will attempt to resolve your complaint through conciliation, helping you and us to reach an agreement. If your dispute cannot be resolved through conciliation, the Tribunal may make a binding determination. 20

23 Westpac Personal Superannuation Fund 2015 Annual Report Important information about Nominated Beneficiaries If you have nominated one or more beneficiaries to receive a death benefit (your account balance) in the event of your death, we suggest you review your nomination regularly (particularly if your personal circumstances change), to make sure your needs are met. It is important to note that if, on your death, any nominated beneficiary has died, or is no longer your dependant or Legal Personal Representative, they will not be entitled to a share of your benefit. The Trustee will pay the share: To your Legal Personal Representative; or If there is no Legal Personal Representative to any dependant in proportions determined by the Trustee. If you wish to change or revoke your nomination you should complete a Nomination of Beneficiaries form, which you can obtain by calling Customer Relations on Superannuation Contributions Surcharge If you are liable for superannuation contribution surcharge the amount will be deducted from your account. Indemnity insurance The Trustee is indemnified by a policy of insurance in respect of its duties as Trustee of the Plan. Reserves Westpac Personal Superannuation Fund does not maintain any reserves. Financial information As permitted by the Corporations Act, certain financial and investment information has not been included in this report on the basis that the Fund, which is a sub plan of the Westpac Mastertrust, invests 100% of its assets through a life policy. Copies of the complete audited financial statements and the auditor s report for Westpac Mastertrust are currently available from: Westpac Securities Administration Limited Level 20, 275 Kent Street, Sydney NSW 2000 or by calling Customer Relations on , Monday to Friday, 8.00am to 6.30pm (Sydney time). Committees The Board delegated committees are: Board Audit, Risk and Compliance Committee Board Investment Committee Further information You are welcome to call us at any time if you have any questions regarding this report or require further information about Westpac Personal Superannuation Fund. Details of how we can be contacted are on the back cover. 21

24 For more information contact us Customer Relations: am to 6.30pm (Sydney time) Monday to Friday Our registered address is: Level 20, Westpac Place 275 Kent Street Sydney NSW 2000 Postal address: Westpac Personal Superannuation Fund GPO Box 3960 Sydney NSW 2001 Fax: Website: westpac.com.au Overseas enquiries: Westpac branches: Westpac branches are currently located throughout Australia. To find out the location of your nearest branch, simply visit westpac.com.au or call WPBW996 (12/15)

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