to a better retirement A Are you ready to retire? Inside What will your retirement look like? Planning your retirement A How UniSuper can help

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1 Your guide to a better retirement July 2015 Inside A Are you ready to retire? A What will your retirement look like? Planning your retirement A How UniSuper can help Virginia Laurinaitis, who previously worked at Swinburne University, tends to her beautiful courtyard garden.

2 This booklet has been prepared and is issued by UniSuper Management Pty Ltd (the Administrator). This information is of a general nature only and does not take into account your individual objectives, financial situation or needs. Before making any decision about your UniSuper membership, you should consider your personal circumstances, the relevant Product Disclosure Statement (PDS) for your membership category or for relevant UniSuper pension products. If you would like to download a copy of a PDS visit unisuper.com.au/product-information or call us on to request a paper copy (free of charge). UniSuper Advice is operated by UniSuper Management Pty Ltd, which is licensed to provide financial product advice. Neither UniSuper Management Pty Ltd nor the Trustee of UniSuper, UniSuper Limited accepts any liability whatsoever for any decision that is made on the basis of or in reliance of the information contained in this booklet. The information contained in this booklet is current as at 1 July 2015 and any subsequent changes in the law or policy have not been incorporated. Fund: UniSuper ABN Administrator: UniSuper Management Pty Ltd ABN AFSL No Trustee: UniSuper Limited ABN This booklet is published by UniSuper Management Pty Ltd. UniSuper Management Pty Ltd 2015 Chant West has awarded UniSuper Super Fund of the Year 2015 and Investments Best Fund For further information about the methodology used by Chant West, see Chant West has given its consent to the inclusion in this document of the references to Chant West and the inclusion of the logos and ratings or awards provided by Chant West in the form and context in which they are included. SuperRatings, an industry benchmarking and research company, has awarded UniSuper a Platinum rating for its Flexi Pension product. SuperRatings does not issue, sell, guarantee or underwrite this product. Go to for details of its ratings criteria.

3 Your guide to a better retirement contents 1 Contents Are you ready TO retire? Congratulations 3 How much do you have? 4 How much will you need? 4 How long do you need your money to last? 7 Ways to make your money go the distance 8 Are you eligible for the Government Age Pension? 12 Other government benefits 13 Planning your retirement When can you access your super? 14 How much tax will you pay? 16 You re ready to retire what are your options? 18 Plan your retirement with UniSuper 20 How UniSuper CAN help Advice and super 22 We re here to help 24 Your retirement checklist 25

4 2 Your guide to a better retirement congratulations A A Ron Patterson. He previously worked at Curtin University.

5 3 Congratulations You ve reached an important milestone in your life journey. This booklet is designed to help you navigate the next stage of your life with confidence. You ve worked hard throughout your career. No doubt you have a wealth of achievements and memories to show for your efforts as well as your savings. Wherever you want to be and whatever you want to do in retirement, chances are your super will form a large part of your retirement income. We are committed to supporting you beyond your working life by offering you the right information and advice to help you prepare for and enjoy your retirement. Thinking about your future is a very exciting time, but your future is likely to be a lot more enjoyable if you take the time to plan your finances.

6 4 What will your life after work look like? Do you plan to travel, spend time with family and friends, or perhaps further your education and pursue your other interests? How much do you have? How much will you need? No matter how you see yourself, setting a budget can help. Before you can start planning your retirement you should find out how much super you currently have. The easiest way to do this is to check your latest benefit statement, or log in to MemberOnline through our website. If you have more than one super account, don t forget to check all of them. You can read more about this on page 10. Everyone is different, and everyone has a different idea of a comfortable retirement. Perhaps your idea of comfort is having an overseas holiday each year, eating out several nights a week and going to the cinema regularly. Or perhaps you d be happier having more time to spend with your loved ones and staying closer to home. After looking objectively at the spending patterns of many Australians, the Association of Superannuation Funds Australia (ASFA) has created a budget as a starting point for both singles and couples to model their retirement living costs on. These figures are updated quarterly to reflect inflation.

7 Your guide to a better retirement What will your life AFTer WORk look like? 5 ASFA s retirement budget AND living STANDARD (MARCH quarter 2015) Modest ComFORTAble You Weekly living COST lifestyle lifestyle Single COUple Single COUple Housing (ongoing only) $70.05 $67.25 $81.19 $94.12 $... Energy $41.87 $55.61 $42.49 $57.63 $... Food $77.27 $ $ $ $... Clothing $17.45 $28.33 $37.78 $56.67 $... Household goods and services (includes hairdressing and personal care) $26.57 $36.03 $74.75 $87.57 $... Health $41.31 $79.73 $81.96 $ $... Transport $90.76 $93.33 $ $ $... Leisure $74.01 $ $ $ $... Communications (phone, internet) $9.19 $16.09 $25.26 $32.15 $... Total per week $ $ $ $1, $... Total per year $23,438 $33,799 $42,569 $58,444 $... These figures assume the retiree(s) are relatively healthy and own their own home outright, and relate to expenditure by the household. This can be greater than household income after income tax, where there is a drawdown on capital over the period of retirement. Single calculations are based on female figures. Source: ASFA Retirement Standard March quarter What DO THese figures mean? ASFA s retirement budget suggests a single person needs around $43,000 each year to live a comfortable lifestyle and a couple needs around $58,000 each year. According to ASFA, a modest retirement lifestyle involves more spending than the Government Age Pension allows (see page 12), but it still only allows you to afford fairly basic activities. However, a comfortable retirement lifestyle for a healthy retiree would generally allow you to be involved in a broad range of leisure and recreational activities. It would help give you a good standard of living by being able to purchase things such as private health insurance, a reasonable car, good clothes, a range of electronic appliances, and domestic and occasionally international holiday travel. It s important to be aware this is a guide only, and doesn t factor in any of your own needs or wants. To help work out your retirement budget, use the You column on the table above to record estimates of your living costs. Use what you already spend to guide you, but remember your retirement lifestyle could change in a number of ways. For example, you may not need to factor in commuting costs or work clothing expenses, but with more time on your hands you may decide you d like to spend more on regular leisure activities, like going to the cinema or trips away. Other things you might want to consider about your ideal retirement: Whether you have anyone dependent on you, this may include children. Any big one-off expenses you may have, like a new car or home. Whether or not you want to leave money for your loved ones to inherit. Debts and the current value of your assets.

8 6 Your guide to a better retirement What will your life AFTer WORk look like? Get advice on your retirement plan Like many people, you probably have a certain amount of money that needs to last an indefinite amount of time. That s why planning for retirement is so important. A qualified financial adviser can help tailor a plan to your individual circumstances and financial needs. To make an appointment to see a financial adviser or for more information, call UniSuper Advice on UniSuper Advice is operated by UniSuper Management Pty Ltd (ABN , AFSL No ) which is licensed to provide financial product advice. ADVICE Retirement ADequacy calculator You can also use our Retirement adequacy calculator to work out how much super you may have when you retire and what kind of income this could provide in your retirement years. This calculator lets you explore how much super you may have in retirement if you change your contributions, investment options, working hours or your retirement start date. unisuper.com.au/calculators

9 7 How long do you need your money to last? When you decide to retire, you may want to make sure your super (and other savings) last as long as possible. Whether or not your savings can go the distance depends on a range of things, including your spending habits and expenses. Hopefully the ASFA retirement budget and living standard table on page 5 have helped give you an idea of how much you might need. Your life expectancy is also very important to consider, as well as your partner s (if you have one), because you will need to figure out roughly how long your retirement benefit will need to last. The table opposite shows life expectancy data from the Australian Government Actuary based on gender and current age. When you re planning your retirement, you might like to use this table for an estimate of how long you may need your savings to last. Average AUSTRAlian life expectancy Your CURRent age (years) life expectancy (rounded TO closest WHOle year) Female Male Source: Australian Government Actuary, Australian Life Tables Figures are rounded to the nearest whole year. This table is a guide only and does not take family history, your current state of health, and other personal or financial factors into account. Did you know? Since the late 1800s, life expectancy for Australians has increased by more than 30 years 1. Even though many of us will retire later than previous generations, more and more Australians will spend longer in retirement. 1 Source: Australian Bureau of Statistics, Australian Social Trends, Mar 2011

10 8 Ways to make your money go the distance If you ve realised there is a shortfall between your current super savings and what you ve estimated you ll need in retirement, you still might have time to address this gap. There may even be some advantages in delaying your retirement.

11 Your guide to a better retirement Ways TO make your money go THe distance 9 1. Work longer If you continue to work, your employer is required to provide you with the minimum level of superannuation support (currently 9.5% of your ordinary time earnings). You may also make personal contributions to your super if you re aged under 65, or aged between 65 and 75 and meet the Work test. 2 We cannot accept personal contributions from members aged over 75. See unisuper.com.au/grow-your-super for more. Some employers might also offer flexible working arrangements, like reduced hours or project work, which may provide the best of both worlds. This might give you the extra time needed to pursue the extra-curricular activities you love while building your savings. You might also find that you re able to benefit from a Transition to Retirement (TTR) arrangement. Transition TO Retirement If you meet the eligibility criteria, the TTR rules may let you access some of your super as a noncommutable income stream while you re still working. If you are eligible, there are two main ways you could benefit from a TTR arrangement: 1. Keep working and boost your super Maintain your current work hours. Access a pension income. Salary sacrifice increased amounts (subject to contribution caps) into your super. This strategy can even be structured so there s no effect on your take-home income. 2. Ease into retirement Gradually reduce your work hours. Supplement your income from your super benefits. Just how a TTR strategy would work for you depends on several factors, including your personal situation and your financial needs, as well as the type of UniSuper membership you have. In particular, if you are a Defined Benefit Division (DBD) member and wish to use your defined benefit component to commence a TTR strategy, you will cease to be a DBD member and will no longer be eligible for a Defined Benefit Indexed Pension. This is a summary explanation of a TTR strategy. For more details, refer to our Transition to retirement fact sheet and the Your guide to pensions Flexi Pension product disclosure statement, both available at unisuper.com.au. Before making any decisions you may wish to speak with a qualified UniSuper adviser to help you understand your options. 2. Make extra contributions Concessional (before-tax) CONTRibutions Contributing to your super from before-tax salary may potentially reduce the amount of income tax you pay, while giving your super savings a boost. This is also known as salary sacrifice and is usually organised through your employer s payroll department. Before-tax contributions of up to $30,000 (or $35,000 if you are 49 or older on 30 June of the previous financial year) in the 2015/16 financial year will only incur 15% contributions tax. Any concessional contributions in excess of your cap will be taxed at your marginal rate. You may apply to have your excess concessional contributions released to you (after the 15% contributions tax). You will be entitled to a non-refundable offset equal to 15% of your excess concessional contributions. This will reduce your tax liability to account for the contributions tax paid by your super fund. You may, however, be required to pay a notional interest charge to account for the deferral of tax. If your income and relevant concessionally taxed super contributions exceed $300,000 for an income year, you may be subject to an additional 15% tax on your concessional contributions. 2 Under the Work test, if you are aged between 65 and 75 you must have worked for at least 40 hours in a period of not more than 30 consecutive days in the financial year the contribution is made.

12 10 Your guide to a better retirement Ways TO make your money go THe distance Non-concessional (AFTer-tax) CONTRibutions You may also be able to make voluntary member contributions to your super, after income tax has been deducted from your salary. These are called non-concessional (personal after-tax) contributions. You can contribute up to $180,000 a year in after-tax contributions. If you re under 65, you may be able to average your contributions over a period of three years by bringing forward part or all of the next two years of contributions. This means it is possible to contribute up to $540,000 in after-tax contributions in one financial year but nothing in the subsequent two financial years. Any non-concessional contributions in excess of your cap will be taxed at 49%. However, you won t need to pay excess contributions tax if you choose to release the excess non-concessional contributions from your super account. Under this measure, you can only release all of your excess non-concessional contributions. You also need to withdraw 85% of any associated earnings from your super account, with the full earnings amount included in your assessable income and taxed at your marginal tax rate. You will also be entitled to a non-refundable tax-offset equal to 15% of the associated earnings amount. Certain conditions apply so make sure you check that you are able to use this strategy. Spouse CONTRibutions You may be able to contribute to a UniSuper account on behalf of your spouse. You may benefit from an 18% tax offset on spouse contributions of up to $3,000 if your spouse does not work, or earns a low income. To do this you must meet certain conditions refer to the information about the spouse super contribution tax offset on the Australian Taxation Office (ATO) website ( for details. Important NOTe The government imposes limits, known as contributions caps, on the total contributions you can make each year to your super. If you exceed these caps you may be required to pay a higher rate of tax. If you are a member of more than one super fund, the contributions made to all the funds will be added together and count towards the caps. For more information on how your super is taxed and contribution acceptance rules, please refer to the booklet relevant to your membership, available at unisuper.com.au: How your super is taxed (for Accumulation 1 and Spouse Account members) How super works (for Accumulation 1 and Spouse Account members) Defined Benefit Division and Accumulation 2 Product Disclosure Statement. 3. Getting your super together If you re like most Australians, you may have more than one super account. If this is the case, combining your other super into your UniSuper account could make sense. Having just one super fund means just one set of fees which may ultimately lead to a larger account balance. You should check with your other fund/s if any exit or withdrawal fees apply, and whether you will be giving up any benefits such as insurance cover. GET YOUR SUPER TOGETHER in THRee steps: 1. Gather details about your other super funds. This includes membership number, the fund s ABN or Unique Superannuation Identifier (USI) and address. You should be able to find these details on your latest communication from them. 2. Complete a Combine my super (rollover) form You can find this at unisuper.com.au. 3. Make sure we can verify your identity If we already have your tax file number (TFN) you won t need to provide further proof of your identity. If you don t want to quote your TFN, you ll need to provide certified copies of proof of identity documents with your request. See our Your guide to proof of identity fact sheet to find out more. We may also contact you in certain circumstances (e.g. if your TFN cannot be validated) to request proof of your identity.

13 Virginia Laurinaitis (formerly at Swinburne University) and Tony McKittrick (formerly at RMIT) are avid cyclists. 11

14 12 Are you eligible for the Government Age Pension? The Australian Government, through Centrelink, offers eligible Australians a social security benefit known as the Age Pension. To qualify for the Government Age Pension, you must first meet the age and residence requirements. If you re eligible, Centrelink will work out if you re entitled to a part or full Age Pension payment depending on your income and the assets you own. The table below shows the maximum Government Age Pension payments to eligible singles and couples as at 20 March These figures are updated on 20 March and 20 September each year. Status Single $ Couple Couple separated due to ill health PeNSion RATe per FORTNight $ each or $1, combined $ each On page 5, we had a look at ASFA s suggested weekly expenditure for a retiree, depending on the type of lifestyle wanted. A modest lifestyle, affording only basic activities, will cost a single around $ a fortnight, and a couple around $ a fortnight. Both of these suggested amounts are still more than the maximum Government Age Pension payment rate. For more on the Government Age Pension and the benefits you may be eligible for as a retiree, please download A Guide to Australian government payments from * These amounts exclude the Pension Supplement and Energy Supplement which pensioners may receive as an additional payment to the base pension. Source: Department of Human Services website, March 2015.

15 Your guide to a better retirement Are you eligible FOR THe government Age Pension? 13 Other government benefits Even if you don t qualify for the Government Age Pension you may still be able to access some other handy government benefits. Card type Benefit Find OUT more Pensioner Concession Card Commonwealth Seniors Health Card (CSHC) If you qualify for the Government Age Pension, you ll receive a Pensioner Concession Card which provides discount prescription medicines under the Pharmaceutical Benefits Scheme (PBS), and reductions on motor vehicle registration, energy bills and property and water rates. If you don t qualify for the Government Age Pension, but are still of pension age, you might be able to get some concessions on healthcare and travel costs with the CSHC. Seniors Card If you re aged 60 or older, this free card entitles you to a host of business and government discounts across Australia. With your Seniors Card you can: travel on public transport at concession rates, watch films at reduced prices, and enjoy discounted meals, travel, accommodation, and leisure activities. If you want to travel, you can even use your card in New Zealand at participating SuperGold businesses. It s everyone s way of saying thanks for your contributions over the years. content/seniors-card

16 14 When can you access your super? There are generally no rules about when you can retire. In fact, you can retire whenever you like, if you re financially able to. However, super is a long-term investment and the government has placed restrictions on when you can access it. You ll only be able to access your super if you have satisfied a condition of release, which you can read about on the opposite page. Generally, your super benefit must be preserved in the super system until you retire from the workforce on or after reaching your preservation age. Your preservation age varies depending on when you were born, as shown: Your DATe of birth Your preservation age before 1 July July June July June July June July June July 1964 or after 60 Preservation rules Exactly when you can access your benefit depends on its preservation status under the government s preservation rules. PreseRVed benefits From 1 July 1999, all member and employer contributions made into super and all investment earnings must be preserved. Generally, you cannot access preserved benefits until you have satisfied a condition of release. Restricted NON-preseRVed benefits Generally, restricted non-preserved benefits can be accessed when you terminate employment with an employer who had contributed to UniSuper on your behalf. Restricted nonpreserved benefits can also be accessed if you meet one of the conditions of release. Unrestricted NON-preseRVed benefits Unrestricted non-preserved benefits can generally be accessed at any time, regardless of your age, employment situation or financial position. This is generally made up of benefits that you ve already become entitled to, but voluntarily decided to keep within the super system (for example, if you ve already reached age 65 but you re still working).

17 Your guide to a better retirement When CAN you ACCess your SUper? 15 What are the conditions of release? You must meet a condition of release before your preserved benefits can be withdrawn from a super fund. The conditions of release include: permanent retirement from the workforce on or after reaching your preservation age, termination of employment after you reach age 60, reaching age 65, permanent incapacity, compassionate grounds, or death. Refer to the information on the ATO website ( for further details of when you can access your super benefit. A A Peter Murphy is an Emeritus Professor at La Trobe University s School of Management. He works two days a week and is transitioning into retirement with a UniSuper Pension.

18 16 How much tax will you pay? If you re thinking of withdrawing some or all of your super benefit, or rolling your super from one fund to another, it s important to consider the tax implications before you make your decision. Tax on your benefit You may have to pay tax when you withdraw your benefit from the Fund, depending on your age. UniSuper will normally deduct any applicable tax before paying your benefit. Age 60 or older Your benefit will generally be received tax free, if it is paid in the form of a lump sum or a pension. Under age 60 Tax may be deducted from your benefit. The amount of tax payable will depend on a number of factors including your age and the components of your benefit. Your benefit generally comprises a tax-free and taxable component. When you make a lump sum withdrawal, the amount you receive will be drawn down from your tax-free and taxable components in proportion to the amount of each component in your benefit. No tax is payable on the tax-free component irrespective of your age when you receive it. The taxable component will be taxed as follows (for the 2015/16 tax year): if you are below preservation age (see page 14 for information on preservation ages), the taxable amount will be taxed at 22% including the Medicare levy, or if you have reached your preservation age (but are under age 60), the first $195,000 of your taxable component will be received tax free and any amounts in excess of this threshold will be taxed at 17% including the Medicare levy. Different tax rates apply if you take your benefit as a pension, as well as to payments to temporary residents and death benefits. Additional taxation would apply if the taxable component of your benefit contains an untaxed element or if you haven t provided us with your tax file number. Tax on super transfers No tax is payable if you roll over your super from one complying fund to another, unless the transfer is from an untaxed source (such as certain public sector super funds or an eligible termination payment). Get tax advice How super is taxed is complex. Before you access your benefit, we recommend you see a registered taxation agent.

19 Your guide to a better retirement How much tax will you pay? 17 For more information on how your super is taxed, in particular how certain amounts are taxed, please refer to the How super is taxed booklet or your product disclosure statement available at unisuper.com.au. Ian Harrison and his wife Derithe. Ian previously worked at RMIT.

20 18 You re ready to retire what are your options? So you ve reached your preservation age now what? Accessing your super isn t as easy as withdrawing money from your bank account. To make the right choice for your situation, you should consider your options carefully. 1. Start a pension Pensions, also known as retirement income streams, can help you make your money last longer. Various pension products are available and most super funds offer them. See page 20 for an overview of our pension products. Benefits of a pension from a super fund Depending on the pension product you may: receive tax concessions, continue to receive a regular income conveniently paid directly into your bank account, make lump sum withdrawals (if applicable) on top of your regular pension payments, receive an income stream that may increase annually based on the Consumer Price Index (CPI), if you have an indexed pension, have reversionary payments paid to your spouse if you die. 2. Access your benefit as a lump sum withdrawal If you have permanently retired or met another condition of release, you can generally access part or all of your super benefit as cash. This option may appeal to you if you have plans for a large one-off purchase, such as a holiday or new car. To find out more about accessing some or all of your benefit, see page 14 or call us on Take your benefit as a pension and a lump sum You may be able to take your UniSuper benefit as a combination of a pension and a lump sum, subject to preservation rules and other eligibility criteria. Also, you re not limited to taking just one pension you can choose a combination of pensions to suit your needs. Of course, if you re not ready to start a pension yet, you could leave your benefit in your UniSuper account.

21 Your guide to a better retirement You re ready TO retire WHAT ARe your options? 19 A Len Kelly worked at the University of Melbourne as an Associate Professor in the Department of Genetics. He is now retired and he and his wife Janice continue their education through the University of the Third Age.

22 20 Plan your retirement with UniSuper UniSuper has three pension products. Each has varying features to suit your needs. Flexi Pension Features: Choose your level of annual pension income (subject to an age-based minimum set by the government and a maximum if the pension is under the Transition to Retirement rules - see page 9). Choice of fortnightly, monthly, quarterly, six-monthly or annual payments made direct to your nominated bank account. Tax-free investment earnings. Income payments which are currently tax free if you are over age 60. The ability to make lump sum withdrawals of $2,000 or more at any time. (This may not apply if the pension is under the Transition to Retirement rules see page 9). A choice of investment options to suit your risk profile. The option to make either a reversionary, binding or preferred beneficiary nomination to nominate your preferred beneficiary to receive your pension balance when you pass away. Things to consider: May not provide a pension for the rest of your life (payments continue until the balance of your pension account reaches zero, or until you close your account or you die). Requires a minimum investment of $25,000. Once a Flexi Pension is established you can t contribute any additional amounts into the pension account. Subject to investment performance. From 1 January 2015 new deeming rules will apply to new account based pensions, which could impact your entitlement to the Age Pension and other government entitlements. A A If you have a Flexi Pension established prior to this date and are considering moving to a new pension, you should also consider the effect of the new deeming rules on your circumstances. For more information see the news item New deeming rules for accountbased pensions starting 1 January 2015 at unisuper.com.au. Indexed Pensions UniSuper offers two types of Indexed Pensions: Commercial Rate Indexed Pension (Single Life and Joint Life), and Defined Benefit Indexed Pension (this is only available to members who joined the Defined Benefit Division (DBD) before 1 July 1998 and have maintained continuous DBD membership since then). The payment of Commercial Rate and Defined Benefit Indexed pensions is subject to the risk that the Defined Benefit Division (DBD) will not have sufficient assets to meet all obligations to DBD members. These risks are explained in Your guide to pensions product disclosure statement for Commercial Rate Indexed Pension or Defined Benefit Indexed Pension, or you can read more on the indexed pensions page at unisuper.com.au.

23 Your guide to a better retirement Plan your retirement with UniSuper 21 Commercial Rate indexed Pension Features: A guaranteed minimum payment period being the lesser of 10 years or your life expectancy at commencement (rounded up to the next whole number). Annual indexation of pension income on 1 July. Monthly payments for the rest of your life. Things to consider: You re generally unable to make lump sum withdrawals. Requires a minimum investment of $25,000. Doesn t fluctuate according to the performance of investment markets. Once you have started your Commercial Rate Indexed Pension, you cannot contribute additional amounts into the pension account. Commercial Rate Indexed Pensions and the annual pension income (less an exempt amount) count towards the Centrelink and Department of Veterans Affairs assets and income tests. Which pension is right for you? Your decision about a UniSuper pension is important. Consider your options carefully and work out what s right for you. This booklet gives a broad overview only. For more information on your pension options, please read: The Your guide to pensions product disclosure statement for each of our pension products. Transition to retirement fact sheet. These are available on our website or by calling us on Before you make a decision, we recommend you speak to a qualified financial adviser who can tailor a plan to your individual needs. The key difference between a Joint Life and Single Life Indexed Pension is what happens to your pension in the event of your death. With a Joint Life Indexed Pension the reversionary pension for your nominated spouse will be 100% of the pension you receive. In the event of your death, your nominated spouse will receive the chosen pension amount for as long as they live. If your spouse dies within the 10-year guarantee period, the residual amount will be paid to your spouse s estate. With a Single Life Indexed Pension, no residual amount is payable in the event of your death, unless you die within the 10-year guarantee period, in which case the residual amount will be paid to your estate as a lump sum. Defined Benefit indexed PeNSion A Defined Benefit Indexed Pension is only available to Defined Benefit Division (DBD) members who joined the DBD before 1 July 1998 and have remained a member of the DBD continuously since then. Features: A 62.5% reversionary pension for your surviving spouse. Additional benefits may also be available for any dependent or disabled children in the event of your death. A pension which is 100% exempt from the Centrelink/Department of Veterans Affairs assets test. The annual pension payments (less an exempt amount) count towards the income test. No minimum investment required. Monthly payment for the rest of your life. Annual indexation of pension income on 1 July. Things to consider: Once you have started your Defined Benefit Indexed Pension, you cannot contribute additional amounts into the pension account. There is no residual amount payable if you die without a spouse or dependent children. No minimum investment required.

24 22 Advice and super UniSuper Advice is solely dedicated to helping you and your spouse with your finances. This means you get personal financial advice from a team with in-depth knowledge of the Fund and the higher education and research sector. Our qualified advice team members are knowledgeable about the sector and environment in which you work. UniSuper Advice is therefore well positioned to provide personal financial advice appropriate for your situation. How we can help You benefit from our advisers first-hand experience dealing with defined benefit products and their in-depth understanding of the Fund and UniSuper s products. Many of our advisers have worked in the financial services industry or as financial advisers for over 15 years. Our advisers can provide face-to-face personal financial advice on more than just your super. Our advisers are all members of various professional bodies which means that they are required to continuously maintain and update their financial knowledge. This ensures you receive advice that s relevant and up-to-date. 1. GeneRAl ADVice This may be the right choice for you if you are looking for general information about your super or a UniSuper product or service. General advice services can be provided through seminars, newsletters, fact sheets, online tools, web-based publications, by phone and face-toface at some university campuses through our on-campus consultants. 2. Phone-based ADVice This is a better option if you need more personal, tailored advice on specific issues related to your UniSuper membership. Phone-based advice is conducted conveniently over the phone, and is suited to those with less complex needs. Our advisers can help in a range of areas, including investment options, insurance options and super contributions (including salary sacrifice) as they relate to your UniSuper account. UniSuper Advice operates Australia-wide providing phone-based and face-to-face advice. Call UniSuper Advice on for an obligation-free complimentary initial consultation.

25 Your guide to a better retirement Advice AND SUper Face-to-face ADVice This is the best option if you need advice on a range of issues or have more complex needs. For face-to-face advice, one of our advisers will meet with you to determine your needs and goals and ways to assist you. Your adviser will prepare a detailed, written personal financial plan for you. Contact UniSuper Advice Call Web unisuper.com.au advice@unisuper.com.au ADVICE Fees General advice is provided at no additional charge to UniSuper Fund members. Personal phone-based advice and face-to-face advice are provided at either fixed or hourly rates, depending on the extent of your requirements. After assessing your needs during your initial consultation, your adviser will provide you with a quote detailing any potential fees before you decide to proceed. Keep in mind all or part of the advice fees may be deducted from an eligible account.* For more information on advice fees see our Financial Services Guide. *Any advice paid for from your UniSuper account must be related to your super and/or super-related retirement planning. UniSuper Advice is a financial planning service available to UniSuper members and their spouses through UniSuper Management Pty Ltd (ABN AFSL No ). UniSuper Management Pty Ltd is licensed to provide financial product advice. Roger Brewer, previously at University of Technology, Sydney.

26 24 We re here to help Online unisuper.com.au Check OUT OUR CAlCUlATORS unisuper.com.au/calculators Our online calculators let you use your own details to explore different financial scenarios, and give you information to help you plan your future. Retirement adequacy calculator See if you re on track with your retirement goals. Calculate how much income you are likely to need in retirement. See how you can give your super a boost. Pension income calculator Calculate how long you could make your money last in retirement. Compare outcomes for different investment options. Explore scenarios using different specified income levels. Access your ACCOUNT MemberOnline is the secure and personalised section of the UniSuper website, giving you online access to your UniSuper account. With MemberOnline you can: check your account balance, update your personal details, and compare UniSuper to other funds. To register for MemberOnline visit unisuper.com.au/memberonline. Over the phone To talk to one of our friendly and helpful Member Services Consultants please call us on between 8.30am and 7.00pm Monday to Thursday and 8.30am and 6.30pm Friday (Melbourne time). If you are calling from outside Australia, please phone Face-to-face around Australia Attend a seminar We offer retirement and financial planning seminars to all members and their family members both on and off campus. These seminars cover a range of topics including: the best ways to give your retirement savings a boost what happens to your UniSuper benefit when you retire or leave your employer UniSuper s pension options and other retirement income considerations. To find a seminar near you, visit unisuper.com.au/seminars and register to attend. We also host a range of online webinars visit unisuper.com.au/webinars for details.

27 Your retirement checklist Work your way through our handy checklist to see if you re on track with your retirement plans. Am I clear on when I can access my super, and how long it will last me in retirement? Have I found and combined all of my super accounts? Should I consider making additional contributions into my super? Could I consider a transition to retirement strategy? Have I got a plan? Do I need professional financial advice to help me ensure my plan is on track? Am I eligible for the Government Age Pension, or any other benefits? Do I understand what happens to my entitlements when I die? Have I nominated my beneficiaries and considered whether it should be binding or non-binding? Have I got an up-to-date will? Do I have an appropriate investment strategy in place for my super?

28 CONTACT US Helpline am to 7.00pm Monday to Thursday 8.30am to 6.30pm Friday (Melbourne time) Website unisuper.com.au enquiry@unisuper.com.au Fax UNISUPER ADVICE Address UniSuper Level 35, 385 Bourke Street Melbourne Vic 3000 Australia Printed on an environmentally responsible paper. UNIS