Workforce Superannuation. Product Guide

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1 Workforce Superannuation Product Guide Issued 31 December 2013

2 Contents Welcome to Workforce Superannuation 1 Product Summary 2 Contributions 4 Managing your account 7 Accessing your benefits 10 How we invest your money 12 Insurance 24 Fees and costs 30 Taxation information 34 Keeping in touch 36 What happens when you leave your employer? 37 Other things you need to know 38 How to contact us back cover Suncorp Portfolio Services Limited (Trustee) (ABN , AFSL , RSE Licence No L ), Suncorp Life & Superannuation Limited (Insurer) (SLSL) (ABN , AFSL ) and Suncorp-Metway Limited (SML) (ABN , AFSL ), are related bodies corporate of Suncorp Group Limited (Suncorp Group) (ABN ). The information contained in the PDS, this Product Guide, and any other material incorporated by reference, is of a general nature only and doesn t constitute financial advice. It has been prepared without taking into account your particular objectives, financial situation or needs. Before deciding to open an account or continuing to hold an interest, you should consider how the information contained in the PDS, this Product Guide, and any other material incorporated by reference, relates to your own situation. We recommend that you speak to an adviser who will be able to help you with your investment and insurance decisions. Various products and services are provided by different entities of the Suncorp Group. The different entities of the Suncorp Group are not responsible for, or liable in respect of, products or services provided by other entities of the Suncorp Group. The obligations of the Trustee and the Insurer aren t guaranteed by any other company within the Suncorp Group. Except as otherwise stated, Suncorp and its subsidiaries and related bodies corporate don t guarantee the repayment of capital invested in or the investment performance of this product. This product is not a bank deposit or other liability and is subject to investment risk including possible delays in repayment and loss of the interest and principal invested. The Trustee is authorised by the Australian Prudential Regulatory Authority to offer a MySuper product under section 29T of the SIS Act in relation to the Suncorp Master Trust, Suncorp Lifestage Fund. Unique identifier The Product Disclosure Statement (PDS), the Product Guide, and any other material incorporated by reference, were prepared on 31 December The Trustee is the issuer of the PDS, the Product Guide and any other material incorporated by reference, and takes responsibility for its contents. Investment option information is provided by the investment managers which includes their objectives, strategies, asset allocations, fees and buy-sell spreads. The investment managers have consented to the publication of this information in the PDS and Product Guide and haven t withdrawn their consent at the time of its preparation. They take no responsibility for any other information in the PDS, the Product Guide, and any other material incorporated by reference. Workforce Superannuation (Workforce) (SPIN and Unique Superannuation Identifier RSA0001AU) is part of the Asteron Life Superannuation division of the Suncorp Master Trust (Fund) (ABN , RSE Fund Registration No. R ). Applications can only be accepted from persons receiving the PDS (including electronically) within Australia. If you print an electronic copy, please ensure you print all pages of the PDS and the Product Guide. If you would like a printed version, free of charge, just call us on or us at Administration services are provided by Suncorp Life & Superannuation Limited, a wholly owned subsidiary of the Suncorp Group. We reserve the right to refuse or reject an application for membership or insurance. Insurance cover offered through Workforce is provided by the Insurer in a policy issued to us. This policy is a non-participating policy. Throughout the PDS, the Product Guide, and any other material incorporated by reference, unless otherwise specified, references to: we, us, our and Trustee mean Suncorp Portfolio Services Limited adviser means a qualified financial adviser Insurer and Suncorp Life and SLSL mean Suncorp Life & Superannuation Limited bank account means an Australian bank, building society or credit union account business day means a Sydney business day other than a Saturday, Sunday or public holiday in Sydney licensee means an organisation that has obtained an Australian Financial Services Licence (AFSL) for the provision of financial services Workforce means Workforce Superannuation plan means your employer superannuation plan within Workforce employer means your employer plan s adviser means the qualified financial adviser for your employer superannuation plan you and member means a member of Workforce (an employee) Suncorp Lifestage Fund means a MySuper product MySuper member means any member who has an investment in the Suncorp Lifestage Fund.

3 Welcome to Workforce Superannuation Welcome to Workforce Superannuation Workforce Superannuation (Workforce) is part of the Suncorp Master Trust. Your employer has chosen Workforce as your superannuation fund to help you invest and save for your retirement. We d like to welcome you to the plan and invite you to get to know your super account. After all, your super s going to play a big role in your family s financial security, and even small decisions now could make a big difference later. What you can expect from us We take the responsibility for your investment very seriously. That s why we ll do all we can to support you and help you make the most of your super account. How will we do this? We ll keep things simple. If you re unsure about where your super should be invested, we ll help you with information about how to match your attitude to risk with your investment choice. Additional information This Product Guide forms part of the Workforce Superannuation Product Disclosure Statement (PDS), issued 31 December You should read the PDS, this Product Guide, and any other material incorporated by reference, before making any investment or insurance decisions. You can get a copy of the PDS, this Product Guide and any other material incorporated by reference from our website. Or if you would like a printed version, free of charge, just call us on We ll be happy to help. Changes to the PDS and Product Guide The information in the PDS, and any other material incorporated by reference, such as this Product Guide and its underlying Trust Deed, may change. Where the change isn t materially adverse, we may update the information on our website at asteronlife.com.au We ll give you a printed version of the updated information, free of charge, on request. We ll help you protect what s important with insurance within your super. We ll make it easy for you to manage your account, by giving you a range of contact options from online, telephone, fax or post. With Workforce, you re on the way to a better future for you and your family. Workforce Superannuation Product Guide 1

4 Product Summary The following sets out key features of Workforce. Take a few moments to get to know your account. The choice is yours Where you invest your superannuation is your choice. Super Choice is legislation that allows you (if you re eligible) to choose where you want your compulsory employer contributions paid. If your compulsory employer contributions are currently being paid into another account and you d like them to be paid into your Workforce account, fill in a Standard Choice Form, available from our website. Your super account at a glance Features Refer to page Investment minimums Initial investment No minimum Ongoing account balance No minimum Regular contribution plan No minimum Investment choice Single sector investment options Diversified investment options Maximum number of investment options Default investment option Suncorp Lifestage Fund 12 General features Investment switching Super consolidation service Lost super service You have the flexibility to switch between investment options at any time Consolidating your super accounts could reduce the amount of fees you pay and the amount of paperwork you receive We can help you transfer all your super balances into the one account, or, if you d prefer to do it yourself, we also have an online super rollover wizard We can help you find your missing super benefits by conducting searches on the Australian Taxation Office (ATO) databases on your behalf Binding or non-binding death benefit nomination You can have a binding or non-binding death benefit nomination 9 Contribution methods Insurance options Making contributions to your Workforce account is easy, and you can choose from the following methods: cheque transfer from another super fund Workforce gives members the option of having Death & Total and Permanent Disability (TPD) insurance Asteron Life

5 Features Refer to page General features continued Online access communications Fees and costs Log on to WealthSolutions at asteronlife.com.au to access your super account at any time By providing us with your address, you can choose to receive many of the more important communications, such as annual statements, transaction confirmations and confirmations of changes to your account details via . If your employer gives us your address, we ll use this to communicate with you whenever possible 36 Contribution fee 1 Up to 5% of contributions and transfers 31 Administration fee and Investment fee $78 per year 2 plus Suncorp Lifestage Fund 0.85% pa Other investment options Depends on the investment option you choose and ranges from 2.80% pa to 3.00% pa 30 Switching fee Nil 30 Exit fee Nil 30 1 This fee includes an amount paid to your plan s adviser and is not deducted from the Suncorp Lifestage Fund. Please see Fees and costs on page 30 of this Product Guide. 2 This fee is deducted from any investment in the Suncorp Lifestage Fund providing there is sufficient balance to do so. See Fees and costs on page 30 of this Product Guide. All fees in this Product Guide are quoted after the expected effect of income tax and inclusive of GST (less any available reduced input tax credit). This means the fees you see are the fees you ll actually pay. In some cases the Trustee may be able to claim a further tax benefit in relation to these fees. If so, it may pass this benefit on to you. Continued flexibility, even when you leave your employer If you leave your employer, you can still keep your super account in Workforce. We ll also provide you with the information you need so that your new employer can contribute to your Workforce account on your behalf. For more information, see What happens when you leave your employer? on page 37 of the Product Guide. Workforce Superannuation Product Guide 3

6 Contributions Get off to a super start Your super is your key to a life of financial independence. But it s easy to forget about your super you probably don t see the money going in, and for most people there s no way of getting it out. Until you retire that is. The fact is that your super is likely to be the second largest asset you build in your lifetime, after the family home. Workforce can help you reach your financial goals and achieve the retirement lifestyle you want. By taking advantage of the tax-effective nature of the superannuation environment and investing regularly in Workforce now, you can make saving for your retirement easier. How much is your employer contributing for you? Did you know that unless you are an exempt employee, your employer must make superannuation guarantee (SG) contributions to your account on a quarterly basis? This is the minimum amount your employer must contribute on your behalf (unless you have a specific agreement in place with your employer to contribute more). The SG contribution amount is currently equal to 9.25% of most employees salary, and will gradually increase to 12%. To find out how much is expected to be contributed to your super account on your behalf, check your payslip. Super strategies to boost your savings for your retirement The current level of SG contributions to your super account by your employer is a great start, but the truth is it probably won t be enough to provide you with the lifestyle you want in retirement. To help you boost your savings for retirement, the Government has put in place a number of initiatives to encourage you to save more for your retirement. Salary sacrifice Putting a portion of your pre-tax salary into your super is one of the most powerful and tax-efficient ways to boost your Workforce account. Rather than paying income tax which can be up to 46.5%, you ll generally only pay 15% tax on these contributions. And because these contributions aren t considered salary for tax purposes, salary sacrificing can potentially reduce your overall taxable income. Government co-contributions If you make a personal contribution from after-tax money (that s money you ve paid income tax on - ie. your take-home pay), you may be eligible to receive an additional contribution into your account from the Government. This is known as the Government co-contribution scheme. If you earn less than $33,516 a year (in the 2013/14 financial year) and you make a $1,000 after-tax contribution, the Government may contribute the maximum $500 to your retirement savings. The Government s co-contribution amount decreases for those on higher incomes, but you can still benefit from the co-contribution scheme if you earn less than $48,516 a year (proposed for the 2013/14 financial year). Spouse contributions Contributions to your account If you earn less than $13,800 a year you could benefit from the spouse contribution scheme. By making a contribution on your behalf, your spouse may be entitled to a tax offset of up to $540 which can be claimed through their personal tax return. The offset is equal to 18% of a maximum contribution of $3,000 a year - ie. $540. This maximum rebate applies when the recipient spouse has a total income of less than $10,800 a year. The rebate gradually reduces up to the $13,800 a year earnings limit. The following points give you a flavour of these super boosting strategies. For more information on how these strategies can work for you, speak to your adviser or call us. 4 Asteron Life

7 Contributions to your spouse You can direct up to 85% of any pre-tax contributions made in the previous financial year from your account to your spouse s account. However, to do this your spouse must be under age 65, and not retired if age 55 to 64 (ie. must not yet be eligible to get access to their super). Self-employed? If you re self-employed, you don t receive SG contributions from an employer to help you save for your retirement. The good news is if that you re self-employed or substantially self-employed and under age 75, you may be able to claim a tax deduction for personal contributions. You can claim a tax deduction on all contributions you make as long as less than 10% of your income comes from an employer and you do not create a tax loss. If you ve made personal contributions into your account, we ll send you a notice at the end of the financial year. This is known as a s notice of intent to deduct (formerly a s82aat notice). To claim a tax deduction, simply complete the notice and send it back to us. You should consult with your adviser to ensure you are eligible to claim a tax deduction on personal contributions to super. Who can contribute? Personal circumstances, such as your age and employment status, determine who can open an account and contribute to super. You can only open a Workforce account if you re: an eligible employee of an existing Workforce corporate super plan and receiving SG or certain Award employer contributions at any age. You can make contributions into your Workforce account if you re: What types of contributions are accepted? Contributions made to your super account fit into one of two categories, known as: Concessional contributions or Non-concessional contributions. Both of these contribution categories are subject to caps on the amount you may contribute in a financial year (from 1 July to 30 June). The table below shows what category each type of contribution made into your super account falls into and the contributions caps for the 2013/14 financial year: Concessional contributions Types accepted Compulsory employer (SG and Award) Personal (deductible) Salary sacrifice Voluntary employer Contributions caps for the 2013/14 financial year $25,000 per year. $35,000 per year (for individuals age 60 or older). Nonconcessional contributions Spouse Personal (after-tax) $150,000 per year. If you re under age 65, you can contribute up to three times the cap in one or two financial years by combining some future years caps. under age 65 or age 65 to 74 and have worked at least 40 hours in a consecutive 30-day period within the current financial year. Workforce Superannuation Product Guide 5

8 Contributions (continued) What happens if you contribute amounts above the caps? Depending upon the circumstances, you may pay additional tax or the contributions will be rejected. Excess concessional contributions made from 1 July 2013 are taxed at the marginal tax rate and you can request the release of up to 85% of these contributions from super. An additional interest charge applies. Contribution methods It s easy to contribute to your super account, with a range of flexible methods. Direct debit You, your spouse and your employer can conveniently contribute to your Workforce account on a regular basis by setting up a direct debit facility. There s no minimum for direct debit contributions. Deductions from the nominated bank account are made on or around the 15 th of the relevant month. You can change or cancel this arrangement at any time and we must receive your request on or before the 1 st of the month for it to be effective for the next scheduled direct debit. Cheque Please make cheques payable to Suncorp Portfolio Services Limited <your account name> and send it with an Additional investment form to us at: Customer Service Centre GPO Box 1576 Sydney NSW Asteron Life

9 Managing your account It s easy to manage your Workforce account via the following transaction options The table below answers some questions you may have and helps you identify the choice of options available for each transaction. All forms are available from our website at asteronlife.com.au How do you? What form do you need to use? Transaction options Apply for insurance cover Insurance application form Change your investment options Set up or change a regular contribution plan Investment change form Direct Debit Request form Change your address Change of details form Change your name Change of details form Change your bank account details Transfer money from another super fund Direct Debit Request form Transfer authority form Make a withdrawal Withdrawal form Nominate or change your death beneficiary Death benefit nomination form Provide your TFN Change of details form Appoint an authorised representative Set up a personal advice fee payment Cancel a request Authorised representative form Advice fee form No form put your request in writing By mail Customer Service Centre GPO Box 1576 SYDNEY NSW 2000 By phone By fax Original signature required We must receive an original ink signature Workforce Superannuation Product Guide 7

10 Managing your account (continued) Default investment option Our default investment option for Workforce members is the Suncorp Lifestage Fund. When you join Workforce, you ll automatically be invested in our simple, cost effective and MySuper compliant Suncorp Lifestage Fund It s a diversified investment option that automatically changes its investment mix as you grow older. More about MySuper On 1 January 2014 the Australian Government introduced the MySuper reforms which have been designed to improve the way superannuation works in Australia. MySuper is a simple, cost effective superannuation investment. At Workforce, our MySuper investment option is the Suncorp Lifestage Fund. The PDS and this Product Guide provides all the information you need to know about the Suncorp Lifestage Fund. Fees and costs for the Suncorp Lifestage Fund By law we are required to offer all members invested in the Suncorp Lifestage Fund (MySuper) a standard set of fees and costs. Fees and costs associated with any investment in the Suncorp Lifestage Fund will be separate from your other investment options. You ll find fees and costs associated with each of these separated on your online account and on any account statements issued, including your annual statement. Our service standards We re committed to delivering consistent, superior service. Our service standards apply from when we receive your complete instructions. If we receive a complete investment transaction request from you by 12pm (Sydney time) on a business day, you ll receive the unit price effective for the investment option for that day. If we receive a completed investment transaction request after 12pm on a business day, we ll process the request using the investment option unit prices for the following business day. The 12pm cut-off applies to all contributions, switches and withdrawal requests. Generally, we aim to process requests within five business days. We process switches on the third business day following receipt of a complete Investment change form. We apply the unit price of the day we complete the switch. We strive to consistently meet our service standards, however the unit price used to process your transactions may differ from the effective unit price for that day or processing your transactions may be delayed in some circumstances including: incomplete or incorrect information from you a delay in confirmation or payment from an external investment manager carrying out the transaction may materially impact other members us receiving a direction from a lawful authority to suspend or amend the transaction the investment manager suspending redemptions from your underlying investment the proximity to the end of the financial year and any other delays in redeeming assets. 30 days notice should be provided to us if you wish to withdraw more than $250,000. We may from time to time review our service standards. Please also refer to Unit pricing delays on page 16 of this Product Guide. 8 Asteron Life

11 Terms and conditions for accepting faxes We ll accept faxed instructions on our relevant forms. Before using this option, there are a few things you need to know, like: we re not responsible to you for any loss resulting from any fraudulently completed request we re not responsible to you for any loss suffered by you because we process a fax that has been corrupted during transmission we won t compensate you for any losses arising from the use of this facility and we ll be released and indemnified by you against any liabilities as a result of acting on any faxed communication received in relation to your account. Nominating your beneficiaries Have certainty over who will receive your death benefits by nominating a dependant. Who is a dependant? You can only nominate your estate or your dependants to receive your death benefits. A dependant under super law includes: spouse (legal, de facto, same-sex) child (any age) person in an interdependency relationship with you and financial dependant. For your nomination to be valid: each beneficiary must be a dependant and/or your legal representative at the time of your death if there is more than one beneficiary, the apportionment of your benefit must be clear and add up to 100% and the nomination must be made, confirmed or amended every three years two adult witnesses who aren t beneficiaries must witness and sign the nomination. Where a dependant you have nominated as a beneficiary dies before you and your binding nomination is still valid, on your death, the Trustee will divide that dependant s share equally among your surviving nominated dependants. Where there are no remaining dependants, your binding nomination is invalid or you do not make a binding nomination, the Trustee can use its discretion and will generally pay the death benefit to your dependants and/or to your estate. Non-binding death benefit nomination If you make a non-binding death benefit nomination, the Trustee will consider your nomination and use its discretion to pay any death benefit, generally to your dependants and/or your estate. Unlike a binding nomination, a non-binding nomination does not have to be renewed every 3 years. We recommend you review your nomination whenever you experience a change in circumstances such as marriage, divorce, birth of a child or when a beneficiary ceases to be a dependant. Choice of binding or non-binding death benefit nomination Workforce offers you the choice of either a binding or a non-binding death benefit nomination. Binding death benefit nomination A binding death benefit nomination allows you to nominate your dependants and/or your estate to receive part or all of your death benefit (including any insurance benefit). We must pay the benefit to your beneficiaries when you die (provided your nomination is valid at the time). Workforce Superannuation Product Guide 9

12 Accessing your benefits When can you withdraw from your Workforce account? Super is a long-term investment designed to help you save for your retirement and government legislation defines when you can access your super benefits. While you can only access your super benefits before your preservation age under certain circumstances, you can transfer to another complying super fund at any time. What can you access? Preserved benefits Restricted non-preserved benefits Unrestricted non-preserved benefits These benefits can only be accessed once you have satisfied a condition of release. These benefits can be accessed under the same conditions of release as your preserved benefits, but can also be paid to you when you leave the employer who made the contributions for you. Generally, restricted non-preserved benefits arise from personal contributions made to an employer fund from 1 July 1983 up to 30 June 1999, and for which you couldn t claim a tax deduction. These benefits are fully accessible at any time. When have you met a condition of release? You ll be able to access your preserved benefits if you satisfy one of the following conditions of release: Condition of release Permanent retirement from the workforce (after reaching your preservation age) Leaving your employer after turning age 60 Reaching age 65 Permanent incapacity Severe financial hardship Compassionate grounds Temporary residents departing Australia Termination of your employment with the employer who contributed for you Lost member who is found and have less than $200 in your account Reaching preservation age and using your benefits to start a non-commutable pension (transition to retirement) Terminal illness Temporary incapacity Death What you can access All All All All You may be limited to one lump sum payment between $1,000 and $10,000 within a 12-month period depending on your circumstances. You ll need to make an application to the Department of Human Services to have your benefits released. The amount you receive is determined by the Department of Human Services. All You can access all your restricted non-preserved benefits. You can access your preserved benefits if the amount is less than $200. All You ll need to commence a non-commutable income stream that is limited to a maximum pension payment of 10% of the account balance. All You can access an amount as long as it doesn t exceed your income level before becoming temporarily incapacitated. You can only receive payments as a non-commutable income stream. All 10 Asteron Life

13 Your preservation age Your preservation age is based on when you were born and determines when you can access some of your benefits. Once you have reached age 60 and retired, your money can be taken out of your super tax free as a pension or a lump sum. Date of birth Preservation age Before 1 July July June July June July June July June After 30 June Workforce Superannuation Product Guide 11

14 How we invest your money Make the right investment choice. A few small decisions now could make a big difference to where you ll end up. Our investment menu Workforce makes it simple for you to choose an investment option that s right for you. As a member of Workforce, you have a choice of five investment options, including two single sector and three diversified investment options. Suncorp Lifestage Fund Suncorp Traditional Capital Stable Fund Suncorp Traditional Balanced Fund Suncorp Guaranteed Cash Fund Suncorp Australian Shares Value Fund. Workforce gives you the flexibility to switch between your investment options at anytime. You can also have your current account balance invested differently from how your future contributions are invested, if you want. Default investment strategy If you don t make an investment selection, your super contributions will be automatically invested in the Suncorp Lifestage Fund. This means you will be invested in the Suncorp Lifestage Fund for your year of birth. For example, if you were born in 1982 you will be invested in the Suncorp Lifestage Fund This could be a perfectly reasonable investment option for you. But no single investment option suits everyone. And the risk you take is that the default investment option won t deliver what you want, or need, from your investments. Matching your investments to your risk profile, and to your long-term lifestyle goals, is a good start to achieving your retirement goals. With so much choice there s sure to be an investment option, or a combination of investment options, to suit you. It s just a matter of finding out what they are and discussing with your adviser the investment strategy that s right for you. Details of your investments are included in your welcome pack. Risks of super Even though the government makes it partly compulsory, investing in super carries certain risks. One of the biggest is that you won t end up with enough money to meet your retirement needs. This could happen: when an investment decreases in value where money is invested conservatively in assets which provide more stable but lower long-term returns. General risks that could affect your Workforce account Some of the risks that could affect your investments in your Workforce account are shown below. We regularly monitor these risks for their impact on the investment menu as a whole, but it s a good idea for you and your adviser to consider what they might mean for you. Risk type Market risk Investment options risk Liquidity risk Credit risk What is it? This can arise due to changes in government or economic policy, interest rates and exchange rates, market sentiment, global events, technological change, environmental conditions or changes in legislation. All these things can adversely affect the financial markets in which your super may be invested. Investment managers and the strategies they adopt may change, which may not be in line with your expectations when you first invested. They may also fail to meet their stated investment objectives. It s also possible an investment option may be terminated. This arises where an investment can t be easily converted into cash or sold at fair value, at a time when you need it. This is where someone doesn t meet their obligations in, or relating to, an investment option. For example, it includes the risk that we or an underlying investment manager are unable to make payments. 12 Asteron Life

15 Risk type Inflation risk Currency risk Derivatives risk Gearing risk Changes in law What is it? If inflation exceeds an investment s return, it will reduce the investment s purchasing power. Inflation risk is more common in low-risk investments, such as cash, which generally fluctuate less, but potentially provide lower long-term returns. The value of international investments will change with the rise and fall of the Australian dollar. An investment manager can manage currency risk via a strategy referred to as currency hedging. Generally, if the Australian dollar s value rises, the value of unhedged investments (those not currency hedged) held in other countries will fall and vice versa. Derivatives are securities that derive their value from another security. Commonly known derivatives include futures and options. Investment managers may use derivatives to manage risks in a portfolio or to leverage a portfolio in the hope of generating additional returns. The risks of using derivatives include that they may be costly or difficult to reverse and their value may not move in line with that of the underlying security. Gearing involves borrowing money to invest in an asset. Geared investment options are internally geared, meaning the investment option borrows the money, rather than you. The cost of borrowing, including interest rates, and the level of gearing, influence returns on a geared investment. Gearing magnifies both the gains and losses of an investment option. Super and tax legislation changes frequently. These changes could affect when you can access your benefits and how they ll be treated upon withdrawal. We ll tell you about any changes we think are likely to affect your investment. Generally, we do this through the annual report. How can you reduce risk? The most common way to reduce your risk is by diversification, or not putting all your eggs in the one basket. Workforce can help you diversify your investments: How we can help you diversify your super investment Across asset classes Within an asset class Our diversified investment options are invested across a range of investments, including Australian and international shares, Australian and international fixed interest, Australian and international property, cash and alternative assets. You can also create your own investment mix from our five investment options. You can invest in different markets, different industries or different investment styles, within the one asset class. Workforce Superannuation Product Guide 13

16 How we invest your money (continued) The relationship between risk and return As a general rule, investments with a higher level of risk will provide a higher potential return. By the same token, the smaller the risk an investment poses, the smaller the potential return it will provide. This is illustrated below: High Shares Property Fixed interest Return Cash Growth assets Income assets Low Risk High Balancing this relationship can be tricky. That s why it s important to speak to your adviser before making any investment decisions. Your adviser can recommend an investment option or a combination of investment options that suits your own risk tolerance level. Standard Risk Measure The Standard Risk Measure (SRM) is a calculation we do to make it easier for you to compare the riskiness of investment options. Technically it tells you how many negative returns an investment option can be expected to deliver over any 20 year period. The SRM is not a complete assessment of all forms of investment risk. For instance it doesn t detail what the size of a negative return could be or the potential for a positive return to be less than you may require to meet your objectives. Further, it doesn t take into account the impact of any part of the administration fee that is not paid to an investment manager, and tax on the likelihood of a negative return. You should still ensure you are comfortable with the risks and potential losses associated with your chosen investment option(s). You can find more information on the methodology we use to calculate the SRM in the Understanding Investment Risk flyer on our website. A description of the SRMs are shown below: Risk band Risk label Estimated 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 14 Asteron Life

17 You ll find a SRM for each of our investment options either in the PDS or later in this Product Guide. The actual measure for each investment option can change at any time, for example because of market conditions. You should always check the most up-to-date information before you make a decision. You can find any updates in the Understanding Investment Risk flyer on our website. Understanding the asset classes Each investment option is invested into what are called underlying assets. These underlying assets have different characteristics and may be either income assets, growth assets or a combination of both. Income assets include such things as cash and fixed interest, which provide income returns in the form of interest. Growth assets include property, shares and alternative assets, which provide investment returns comprising both capital growth (increase in value of the investment) and income. Asset class What is it? Cash generally refers to short-term liquid investments and may include bank deposit securities, such as term deposits. Cash Fixed interest Property Shares Alternative assets Fixed interest generally refers to debt instruments issued by governments and companies. Investments may include bonds, debentures and other hybrid securities. The value of fixed interest assets may go up or down. Property generally refers to direct or indirect property investments in Australian and international property via listed and unlisted real estate trusts (REITs), exchange traded funds (ETFs) and companies. Shares represent a part ownership in a company (ie. a share ). Returns from the ownership of shares combine both income received (dividends) and growth (capital gains) through the increase in the share price. The value of international shares may also be affected by fluctuations in the exchange rate. Alternative assets are investments that are not classified or may not be correlated to the traditional asset classes of cash, fixed interest, property or shares. Typically they may involve investments in asset classes (eg. gold, infrastructure or private equity) or investment strategies (eg. financial instruments such as exchange traded or Over The Counter (OTC) derivatives, or trading techniques) that aren t liquid and require specialised skills to manage. Workforce Superannuation Product Guide 15

18 How we invest your money (continued) Can you change your investment options? Because your financial needs may change, you have the flexibility to switch between investment options at any time, without paying a switching fee. This includes switching between the Suncorp Lifestage Fund and other investment options. You may incur a buy-sell spread, which is charged by the investment manager, depending on the options you select. For more information, please see Buy-sell spreads in the Fees and costs section of this Product Guide. Investing your future contributions Where you choose to investment your contributions is important. With Workforce you have the flexibility to change how your future contributions are invested at anytime. You can switch between your investment options and also have your current account balance invested differently from how your future contributions are invested, if you want. Changing investment options Changing your future investment strategy (or switching your investment) from the Suncorp Lifestage Fund to other investment options may mean: A change to the fees and costs you pay, including investment, administration and advice fees. Please see Fees and costs in this Product Guide for more information. Investment fees in other investment options range from 2.80% % A change in your investment strategy and level of risk on your investment. Please see the Workforce investment menu in this Product Guide for more information, including the Standard Risk Measure for your investment option. Unit prices For all Workforce investment options, your balance in that investment option is calculated by multiplying the number of units you hold by the investment option s exit price, and moves up and down over time. Your unit balance represents a part holding in an investment option. Buying units When you invest or switch into an investment option, units in your chosen investment option are allocated to you. The number of units allocated will depend on the investment option s entry price and the amount you invest. Selling units When we sell units in an investment option, the amount you receive will depend on the exit price of the investment s units at the time and the number of units sold. We can sell units from your investment options to pay for taxes, insurance fees (if applicable) and certain fees or charges. We also sell units when you switch to another investment option, request a withdrawal or transfer to another super fund. Switching between investment options If you request a switch, we ll sell units from one investment option and use the proceeds to buy units in the other investment option. A buy-sell spread may also be applied to cover transaction costs. How are unit prices calculated? Unit prices are usually calculated daily and reflect the value of the underlying assets of the investment option. This takes into account income entitlements, investment fees, taxes and other expenses and liabilities. The underlying asset value is divided by the number of units on issue to arrive at the price per unit. Buy or sell spreads are then applied to this price per unit to calculate the entry and the exit prices, respectively. Like the values of the underlying investments, the price of units can move up and down. If you want information about daily unit prices, give us a call on Unit pricing delays We may suspend unit pricing where in our opinion: a significant event or incident occurs that has the potential to affect investment markets or an event occurs that has the potential to affect unit prices or an external investment manager closes the underlying investment to applications and withdrawals or the unit prices calculated have the potential to prejudice specific investors. 16 Asteron Life

19 Investment performance Investment performance lets you see how your investment is going. How is investment performance calculated? Your super balance can go up or down. Past performance is not an indicator of future performance. In accordance with industry standards, investment performance is generally calculated net of taxes and ongoing fees such as the administration fees and performance fees. However, when calculating investment performance, we generally don t take into account contributions tax, contribution fees, and any discretionary ongoing fees such as insurance fees and personal advice fees. If we calculate the investment performance for an investment option in a way different from that set out above, we ll explain this in the monthly Workforce investment performance report which is available from our website. You should be aware that the investment performance information for the investment options may differ from the performance of the underlying investment managers. This may be due to: holding some assets in cash or short-term securities, for liquidity purposes or provisions for tax and distribution of tax credits or the fees and charges that apply or a lag between when the underlying investment managers report their performance and when the value of the underlying investment option is reflected in the unit prices. Who manages Workforce investment options? The five investment options available in Workforce are managed by word class investment managers. For more information, please see Information about the investment managers in this Product Guide. About the investment options Before you select or change your investment selection to a new investment option, you should refer to the PDS and this Product Guide to understand the terms and conditions applying to your investment. If you d like to find out what the differences are in investing into an investment option through Workforce as opposed to investing directly with the underlying investment manager, please see Investing through Workforce and investing directly in this Product Guide. Please note that we don t take labour standards, environmental, social and ethical considerations into account when selecting, retaining or terminating investment options. Changes to investment options Workforce s investment menu may change, so it s important to check our website regularly in case your investment options have changed, including the fees and costs relating to the investment options. From time to time, investment options may also be closed, suspended or terminated by an external investment manager or by us. This may happen where: the investment option is no longer offered by the investment manager or the total amount of investor s money in the investment option has grown too large for the investment manager to continue with its current investment strategy or laws change so that some investment types become no longer permissible or we determine that it s in the best interests of members or the investment option may no longer be economically viable. If an investment option is closed, suspended or terminated, this may cause delays in processing withdrawals and transfer requests. Such a delay may be more than 30 days. The unit price used to process your transaction may therefore differ from the price applicable on the day you lodged your request. Where an investment option is closed, suspended or terminated, we ll write to you in advance (where possible) to tell you. You ll then be able to review your investment strategy, with the help of your adviser. If we can t tell you in advance, we ll choose a replacement investment option in which to invest your money until you ve been able to review your investment strategy. Workforce Superannuation Product Guide 17

20 How we invest your money (continued) Investing through Workforce and investing directly When you invest with Workforce, we hold the investment on your behalf, instead of you holding it directly. There are differences in investing into an investment option through Workforce as opposed to investing directly with the underlying investment manager. These include: Timing of information Differing returns Differing fees Minimum and maximum transaction amounts Tax implications Receipt of reports The rights to attend and vote at unit holder meetings An investment manager s PDS may have a different preparation date from this PDS and may include investment information effective as at different dates. Investment returns based on unit prices as calculated for Workforce are likely to differ from any returns in an investment manager s PDS or reports. This could be due to differences in investment fees, costs, taxes, and the timing impact of differences in transactions for the investment options offered within Workforce relative to those for the investment manager s financial product. The fees incurred when investing through Workforce are likely to differ from the fees charged by the investment manager as a result of fees levied to administer Workforce. An investment manager s PDS may set out minimum and maximum investment amounts. These don t apply to you when investing through Workforce. Workforce is liable to pay tax for each investment option. The unit prices of investment options in Workforce will reflect any applicable tax liability. You won t receive reports directly from investment managers when you invest in Workforce. When you invest in Workforce, you won t hold any rights to attend and vote at meetings of unit holders of the underlying financial product. You should check our website each time you make an additional contribution to see whether any matter in the PDS has been affected by a materially adverse change or significant event. Related companies We, Suncorp Custodian Services Pty Limited (ABN ), Suncorp Funds Pty Ltd (SFPL) (ABN ), Suncorp-Metway Limited (ABN , ASFL ) and Suncorp Life & Superannuation Limited (SLSL), are part of the Suncorp Group. We don t deal with our related companies more favourably than we would with any other independent service provider. The underlying assets of the Fund are invested in a group Insurance Policy with SLSL which then invests into trusts issued by SFPL and other underlying investment options including trusts issued by SFPL. SFPL currently invests in bank deposits issued by Suncorp-Metway Limited. The Suncorp Lifestage Fund We got together with our investment partner Ibbotson, a worldwide leader in investing, and created the diversified multi-manager Suncorp Lifestage Fund. It brings together the skill and expertise from a number of quality investment managers from Australia and around the world. It makes super investing super easy. First, we allocate you a diversified investment mix determined by your age so you don t have all your eggs in the one basket. And as you get older, we ll automatically change it to better suit your changing needs and risk profile. So when you re younger, we ll put more of your money in growth investments (such as shares and property) because you have a long time before retirement to ride the ups and downs of investment markets. And as you get older, we ll put more of your money in income investments (such as fixed income, infrastructure and cash) better suited to investors with shorter time horizons. 18 Asteron Life

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