Supplementary Product Disclosure Statement

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1 AMA Financial Services Medical & Associated Professions Superannuation Fund a sub-plan of IOOF Employer Super Employer and Personal Super Supplementary Product Disclosure Statement Dated: 1 June 2014 Issuer: IOOF Investment Management Limited ABN AFS Licence No as Trustee of the IOOF Portfolio Service Superannuation Fund ABN This Supplementary Product Disclosure Statement (SPDS) supplements and updates information contained in the Medical & Associated Professions Superannuation Fund Employer and Personal Super Product Disclosure Statement dated 1 January 2014 (PDS) and is to be read in conjunction with the PDS. All terms in this SPDS have the same meaning as in the PDS. The purpose of this SPDS is to update the PDS to include information about: The impacts of removing the SMF Master Pooled Superannuation Trust (MPST) so that members are invested directly in their managed investment options rather than via the MPST. When a member s Cash Account has a negative balance. Operational Risk Financial Reserve levy. Additional information regarding fund manager payments. This SPDS confirms the following general wording changes to the PDS caused by the removal of the MPST: All references to MPST, pooled superannuation trust and PST are deleted. The removal of the word direct wherever it appears before the word(s) investments and investment option(s). Removal of all references to a member not being directly invested into an investment option. Removal of the term underlying wherever it appears before the word(s) investment option(s), managed investment(s) and fund manager(s). Income distributions and the impact of taxation will no longer be reflected in the unit prices of most investment options. Additional specific wording changes caused by the removal of the MPST: 1. Replace the following sections in the A snapshot table: Page 4 Investment options Investment income Page 5 Movement between the Employer, Personal and Pension Divisions MySuper members IOOF Balanced Investor Trust. Choice members Ready-made portfolios a range of IOOF multi-manager trusts. Externally managed funds a range of sector or asset class specific managed funds including specialist, regional and diversified funds and the IOOF Balanced Investor Trust 1. Listed investments access to the full constituent list of the S&P/ASX 300 index (plus any other securities approved from time to time by the Trustee). Term deposits 2 a range of term deposits. Investment income varies in accordance with the particular investment option. Income will normally be credited to your Cash Account for investment in accordance with your investment strategy. The value of your account will not be reduced by the impact of buy-sell spreads if you maintain your investment options when transferring between the three divisions. A capital gains tax event will not arise if you transfer the same investments between the three divisions Personal Division members can choose to invest in the IOOF Balanced Investor Trust and in doing so will become a MySuper member. 2 Due to the fixed nature of a term deposit, the availability (liquidity) of the investment is restricted for the nominated term. Footnote 4 relating to the above section of the table is also removed.

2 2. The following sentence is removed from the last line of the second paragraph under What are your access options? on pages 8 and 9: The Pension Division does not offer the IOOF Balanced Investor Trust. 3. Replace the table under the What investment options can you choose? section on page 10 with the following table: Section Ready-made portfolios Externally managed funds Listed investments Term deposits Description Offers you access to a spread of different asset classes designed to meet particular investment objectives. IOOF s range of diversified and single sector multi-manager trusts simplify the investment selection process by blending some of the best available managers to suit your investment objectives. This is where you and a financial adviser can tailor the investments to suit your investment strategy. Externally managed funds comprise a wide range of managed investments across different asset classes to meet particular investment objectives. The full constituent list of the S&P/ASX 300 index (plus any other securities approved from time to time by the Trustee). A range of term deposits. 4. Replace the sentence Direct investments (listed investments and term deposits) cannot form part of your ongoing investment strategy. appearing in the second column of page 12 with the following sentence: Please note, illiquid managed investments, listed investments and term deposits cannot form part of your ongoing investment strategy. 5. Replace the two paragraphs under Investment income on page 13 with the following: Investment income varies in accordance with the particular investment option you are invested in. Where income is not reinvested it will be credited to your Cash Account for investment in accordance with your investment strategy. 6. Replace the second paragraph under Ongoing balance on page 14 with the following: Please note, illiquid managed investments, listed investments and term deposits cannot form part of your ongoing investment strategy and are therefore excluded from the sell down and top up process. 7. Replace the first paragraph under Indirect Cost Ratio on page 21 with the following: This represents the fees and costs charged by the fund managers for the managed investment options and is generally calculated daily as a percentage of the amount you have invested in each managed investment option. It is not deducted directly from your account but is generally incorporated into the unit price of the investment option. 8. The following section and paragraph is removed from page 27: Transferring from another IOOF product to the Plan As the MPST investment options for the Plan are structured differently to investment options for other IOOF products in the Fund they cannot normally be transferred to the Plan. Such investment options will need to be redeemed and converted to cash prior to transfer and may incur tax on realised gains. When a member s Cash Account has a negative balance 1. Add the following wording to the end of the Competitive investment returns from your Cash Account section on page 14: If your Cash Account goes into a negative balance, a fee will be charged for the period that your account has a negative balance. The fee equates to interest charged at the daily rate applicable for the Cash Account for the period that your Cash Account has a negative balance. Transactions including switches, partial withdrawals and other payments (including fees and insurance premiums) may result in a negative balance. Operational Risk Financial Reserve levy 1. Replace the paragraph under Operational Risk Financial Reserve on page 23 with the following: Under legislative requirements applying from 1 July 2013, trustees are required to maintain adequate financial resources to address losses arising from operational risk. Trustees must determine the target amount to be set aside for these purposes, based on guidelines provided by the Australian Prudential Regulation Authority (APRA). The target amount of 0.25 per cent of the value of the assets of the Fund must be achieved by the end of a three year period. In order to reach the target amount for the Fund, an amount will be levied against each member s account and will be deducted for the 2013/14 year and the following two financial years. Should an operational risk event occur post 1 July 2013, additional deductions against each member s balance may be required to restore the Operational Risk Financial Reserve back to the target amount. Additional information regarding fund manager payments 1. Add the following sentence to the end of the Fund manager payments section on page 24: Any new fees from 1 July 2013 have been adjusted in line with Government reforms and will be charged on a flat dollar basis. PLA-7443

3 AMA FINANCIAL SERVICES Medical & Associated Professions Superannuation Fund a sub-plan of IOOF Employer Super Employer and Personal Super Product Disclosure Statement Prepared by IOOF Investment Management Limited. ABN AFSL No as Trustee of the IOOF Portfolio Service Superannuation Fund ABN IOOF MySuper Unique Identifier No Date of issue: 1 January 2014

4 This Product Disclosure Statement (PDS) has been prepared and issued by IOOF Investment Management Limited (IIML) ABN , AFSL No IIML is the Trustee of the IOOF Portfolio Service Superannuation Fund (Fund), ABN The Medical & Associated Professions Superannuation Fund (the Plan), a sub-plan of IOOF Employer Super is a superannuation (super) product forming part of the Fund and it offers an Employer Division, Personal Division and a Pension Division. IOOF Employer Super is authorised to offer a MySuper product (Unique Identifier No ), with the IOOF Balanced Investor Trust being the underlying investment strategy for all MySuper members. About the Trustee IIML is a part of the IOOF group comprising IOOF Holdings Limited ABN and its related bodies corporate (IOOF group). As Trustee, IIML is responsible for operating the Fund honestly and in the best interests of members. IIML is also responsible for holding the assets of the Fund on behalf of members and undertakes all of the administrative tasks through IOOF Service Co Pty Ltd ABN IIML has investment and service contracts with related parties within the IOOF group, including Perennial Investment Partners Limited (Perennial) ABN , AFSL No and IOOF Service Co Pty Ltd. IIML is solely responsible for the content of this PDS. This PDS was prepared by IIML based on its interpretation of the relevant legislation as at the date of issue. Contributions made to, and investments in, the Plan do not represent assets or liabilities of IIML (other than as Trustee of the Fund) or any other company or business within the IOOF group. The terms our, we, us and Trustee in this PDS refer to IIML. Neither IIML, nor any other related or associated company, the fund managers providing the externally managed funds, service providers or the related bodies corporate of the parties mentioned, guarantee the repayment of capital or the performance or any rate of return of the investment options chosen in the Plan. Investments made into the investment options are subject to investment risks and other risks. This could involve delays in the repayment of principal and loss of income or principal invested. IIML operates the Plan on the terms and conditions outlined in this PDS and in accordance with the Fund s Trust Deed. We may change any of the terms and conditions set out in the PDS at any time where permitted to do so under the Trust Deed and super law. IIML is the responsible entity of the IOOF Balanced Investor Trust, the IOOF Cash Management Trust, the Perennial Trusts, the IOOF MultiMix Trusts and the IOOF Multi Series Balanced Trust (the Trusts), and we receive fees under the Constitutions of the Trusts. These are some of the underlying investment options offered in the Plan (as listed in the Medical & Associated Professions Superannuation Fund investment guide (MAP.01)). At our discretion we may at any time remove an investment (for one or all members) from an investment pool and invest directly in the underlying managed investment. IIML may from time to time hold some of the Fund s assets in custody. This product is only available to persons receiving this PDS (electronically or otherwise) within Australia. Applications from outside Australia will not be accepted. We may refuse an application to join the Fund without providing reasons for the refusal. Investment options offered IIML makes no recommendation regarding the investment options set out in MAP.01. As Trustee, IIML regularly monitors the investment options available to members and provides no assurance that any investment option currently available will continue to be available in the future. We have the right to suspend or cease investments in a specific investment option and if necessary, can redeem and transfer your investments to your Cash Account, a similar investment option or the default investment strategy in circumstances where the investment option is no longer available and no alternative instructions are provided. We will notify you of any such change where possible before the change occurs. The fund managers have not authorised or caused the issue of this PDS but have consented to the inclusion of statements which relate to their particular externally managed fund. Apart from the investment strategy for all MySuper members (the IOOF Balanced Investor Trust), the Fund invests mainly in the SMF Master Pooled Superannuation Trust ABN (MPST). A pooled superannuation trust is an investment facility set up especially for the assets of complying superannuation funds. The rules for pooled superannuation trusts are set out in the Superannuation Industry (Supervision) Act The ready-made portfolios and externally managed funds available to members of the Plan are offered via separate investment pools within the MPST as made available in MAP.01. In order to choose an investment option for your investment strategy, you should review the information in MAP.01. Before selecting an investment option you should read the product disclosure statement for the relevant managed investment or the product disclosure statement or product guide for the relevant term deposit. These documents provide you with important information to consider and evaluate prior to investing. Product disclosure statements and product guides are also available on the website ( com.au). Please note, product disclosure statements and product guides are not available for listed investment options. Sponsor The Australian Medical Association (WA) Inc (AMA (WA)) ABN has been providing super solutions to doctors and others in the medical and associated professions for more than four decades. It offers a simple and easily-managed solution through the Plan, with low fees, diversity of investment choice and dedicated personnel to assist with customer service and technical enquiries. A key objective of the Plan is to provide, through the AMA (WA), a comprehensive super service to doctors, associated medical professionals and their support staff at a cost-effective price and in a timely manner. This objective is measured by the AMA (WA) on an ongoing basis to ensure members expectations are being met and exceeded. Additionally, the AMA (WA) continually assesses and enhances the Plan to ensure it is contemporary in product design and able to meet its members needs, without compromise to compliance issues or cost-effectiveness. The AMA (WA) has appointed AMA Services (WA) Pty Ltd (trading as AMA Financial Services) ABN as the current financial adviser for the Plan. Insurer Insurance cover available through the Fund is provided by TAL Life Limited (TAL) ABN , AFSL No , and any other insurance provider approved by the Trustee. The term the Insurer in this PDS refers to TAL and any other insurance provider approved by the Trustee. General advice warning The information contained in this PDS is of a general nature only and does not take into account your individual objectives, financial situation or needs. You should consider the appropriateness of this information having regard to your objectives, financial situation and needs and you may want to seek advice from a financial adviser before making a decision about the Plan. Updated information The information referred to in this PDS may change from time to time. We will inform you of any significant changes that could affect you or other significant events which may affect the information in this PDS. Any updated information that is not materially adverse may be obtained by: checking the website ( ing us at calling the MAP client services team on A paper copy of the updated information will be provided free of charge on request.

5 Medical & Associated Professions Superannuation Fund Employer and Personal Super PDS What is inside? Introducing the Medical & Associated Professions Superannuation Fund 2 A snapshot 4 How does the Plan work? 7 What is super? 7 Joining the Plan 7 Contributions 7 Withdrawing money from superannuation 8 Dependants paying benefits if you die 9 Making investment choices 9 Managing your super account 12 Using Member Online Access 12 Your investment instructions 12 Changing your investment options (switching) 13 Your Cash Account 14 Taking out insurance 15 What insured benefits are payable? 15 Insurance arrangements in the Personal Division 15 Applying for cover 15 Insurance arrangements in the Employer Division 16 Fees and other costs 18 Additional explanation of fees and costs 21 What are the risks? 25 What taxes apply and how do they work? 26 General information 29 Cooling-off period 29 Your instructions and communications 29 Keeping track of your investments 30 Electronic communications 31 Transferring assets into your account 31 Transfers from the Employer or Personal Divisions to the Pension Division 31 Appointment of representative 31 What if you have a complaint? 32 Your privacy 32 Anti Money Laundering (AML) and Counter Terrorism Financing (CTF) legislation 33 Information for Employers 34 How to apply 35 Member application procedure 35 Automatic Acceptance (Employer Division) 17 How to make a claim 17 Who provides the insurance? 17 How to find your way around this PDS This PDS is important because it will help you decide whether the Plan will meet your needs. You can use it to compare this super product with any other super product you may be considering. This PDS describes the key features, risks and purpose of the Plan. It also contains some information we are required to include by law. You will see the PDS refers to a number of guides these contain statements and information we are required by law to disclose to you. The contents of the guides are classified by a unique identifier and a description of what is covered. You can then use this description to decide whether to read the information. By law the statements and information in these guides are taken to be included in the PDS. This PDS and the guides can be downloaded from the website ( or you can contact the MAP client services team to receive a paper copy at no charge. Key words There may be words in this PDS and the guides you may not be familiar with. To help you understand these terms, we have defined them in the Key words explained section of the Medical & Associated Professions Superannuation Fund general reference guide (MAP.02). 1

6 Introducing the Medical & Associated Professions Superannuation Fund The Plan offers a range of superannuation products designed to support the financial goals of Australians at every stage of life. The Plan can help you control and manage your retirement savings. It can be used to accumulate contributions and other super savings from a variety of sources in a taxeffective way. It also offers competitive insurance options to protect your income and provide for your family and dependants if you unexpectedly get sick, injured or die. You can customise your insurance cover to suit specific needs or you may be entitled to effortless automatic insurance cover. Benefits are then payable as permitted by super law. The Employer Division of the Plan is the division that applies to employer super plans which are established by employers for their employees. The Employer Plan within the Medical & Associated Professions Superannuation Fund may be the employer s default fund into which they can make Superannuation Guarantee contributions if a member has not made a choice of super fund. Members may also choose the Employer Plan to receive contributions under choice of super fund rules. The Plan includes a MySuper investment strategy, for those Employer Division members who have not made an investment choice. When an employer makes an application for membership of the the Plan on behalf of one of their employees and it is accepted by the Trustee, that employee becomes a MySuper member of the Fund. A member of the Personal Division is a MySuper member if they elect to invest in the MySuper investment strategy. In the Employer Division, you will be classified as a: MySuper member if you do not make an investment selection, or Choice member if you make an investment selection other than the default investment strategy. In the Personal Division, you will be a Choice member unless you select the MySuper default investment strategy: the IOOF Balanced Investor Trust. MySuper members have their funds invested in the IOOF Balanced Investor Trust and are subject to a different fee structure than Choice members. MySuper members in the Employer Division may also automatically receive a specified level of death, total & permanent disablement and income protection cover. A member ceases to be a MySuper member once they make an investment selection beyond the default MySuper investment strategy. MySuper members also retain any insurance cover they receive if they subsequently make an investment selection and become a Choice member. If you are self-employed or not sponsored by your employer, you may still gain entry to the Plan by applying to join the Personal Division. If you are applying for membership of the Personal Division and have nominated the Plan for Superannuation Guarantee contributions under Choice of Fund legislation, a Superannuation Guarantee contribution is received and you have no automatic or default insurance cover held with us or another superannuation provider, a default level of insurance cover may apply subject to eligibility. The premium is $3 per week for Death and TPD cover or you may choose to pay $1 per week for Death cover. Contributions are invested by us in accordance with your investment strategy. The value of the investment options you hold forms part of your super account. You do not directly invest into (or hold an interest in) any investment option. This means that investing in the Plan is not the same as personally investing in managed investments, listed investments or term deposits. The Plan invests in either a pooled superannuation trust (PST) which is an investment vehicle set up specifically for super funds or directly into the investment option. When you select investment options that are either ready-made portfolios or externally managed funds, other than the IOOF Balanced Investor Trust, your funds will be invested along with other members in the PST. IIML as trustee of the MPST holds units in underlying managed investments (pools). The unit prices issued by the MPST reflect income and relevant taxes. When you invest in listed investments or term deposits your funds are used to acquire specific interests in these assets, which are then held in your account. 2

7 Medical & Associated Professions Superannuation Fund Employer and Personal Super PDS MySuper investment strategy The IOOF MySuper investment option has been authorised by the Australian Prudential Regulation Authority (APRA) as a MySuper product. The IOOF Balanced Investor Trust is the underlying investment strategy for MySuper. The objective of the IOOF Balanced Investor Trust is to provide capital growth over the medium to long term by investing in a diversified portfolio of growth and defensive assets through a range of investment managers and to achieve total returns after fees in excess of the CPI plus 3.5 per cent per annum over a rolling five year basis. Employer Division members and MySuper The Trustee will allocate the investments of all new Employer Division members to the default MySuper investment strategy. Members can subsequently exercise choice and choose to amend their investment strategy, but in doing so will cease to be MySuper members. Personal Division members and MySuper Personal Division members make an application to join the Plan and part of this application process involves making an investment choice. However some Personal Division members may wish to delegate investment choice to the Trustee, and can do this by requesting that their super be invested in the IOOF MySuper investment strategy. Divisions The Plan has three divisions as follows: Employer and Personal Divisions offer a portable, super plan suitable for: choice of Fund compulsory employer contributions Government super co-contributions personal and spouse contributions and rollovers. Both the Employer and Personal Divisions of the Plan offer the MySuper investment strategy, the IOOF Balanced Investor Trust. Once you reach your preservation age, you can convert your accumulated super in the Employer and Personal Divisions into an income stream in the Pension Division. Pension Division offering an account-based pension with a transition to retirement (TTR) pension option. An account-based pension is required to make a minimum payment at least annually (maximum payments only apply to transition to retirement pensions). Your investment choices Company/provider Tax effect on members Managed investment options SMF Master Pooled Superannuation Trust (MPST) Underlying fund manager Incorporated within the MPST unit price Your super Listed investments Australian Securities Exchange (ASX) Charged through your super account ie capital gains tax, tax on earnings and brokerage Term deposits Term deposit provider Charged through your super account ie tax on earnings 3

8 A snapshot The following table provides a snapshot of the key features and benefits. Investing Investment options Investment strategy Cash Account Investment income Insurance options MySuper members IOOF Balanced Investor Trust (a direct investment). Choice members Pooled Superannuation Trust Ready-made portfolios a range of IOOF multi-manager trusts. Externally managed funds a range of sector or asset class specific managed funds including specialist, regional and diversified funds. Direct investments Listed investments access to the full constituent list of the S&P/ASX 300 index (plus any other securities approved from time to time by the Trustee). Term deposits 1 a range of term deposits. Managed investments the IOOF Cash Management Trust and the IOOF Balanced Investor Trust 2. When joining the Plan, you can make your own investment choice. If you are joining the Employer Division you will be invested in the default MySuper investment strategy until you make an alternative investment choice. If you are joining the Personal Division, you are required to make an investment choice as part of your application. If you have not made a decision about your future investment strategy, you can choose to invest in the Cash Account until you make another investment choice. The Cash Account records all transactions and aims to generate a competitive investment return on the part of your super account that is required to be held in cash. Investment income arising from your ready-made portfolios and externally managed funds is reflected in the investment s unit price. Investment income arising from the default MySuper strategy and other direct investment options varies in accordance with the particular investment option. Income will normally be credited to your Cash Account for investment in accordance with your investment strategy. The following insurance options can be selected (subject to meeting eligibility requirements and underwriting): Death cover. Death and total & permanent disablement (TPD) cover. Income protection cover. Default insurance cover for new members of the Personal Division Where your employer contributes to the Personal Division of the Plan and you do not have insurance cover in any other super fund you may be eligible to receive a default level of Death and TPD cover purchased for $3 per week based on the premium rate tables appearing on the website. Alternatively, you may choose Death cover only, purchased for $1 per week based on those premium rate tables. Tailored rates (Tailored Rates) have been negotiated for the death and TPD cover available for this product. Default insurance cover for MySuper members (Employer Division) (Default Cover) Death and TPD purchased by a premium of $3 per week. Income Protection $2,000 per month (subject to a maximum replacement ratio of 75 per cent of pre-disability employment income), a 90 day Waiting Period and a two year Benefit Payment Period. Customised Insurance (Employer Division) Where your employer has nominated an insurance benefit design (Customised Cover), provided you satisfy the relevant eligibility criteria under the Policy, you may be automatically entitled, at your cost, to the amount of cover nominated by your employer. Where your employer has not nominated Customised Cover, provided you satisfy the relevant eligibility criteria under the Policy, the Default Cover may apply. MySuper members retain any insurance cover they receive if they subsequently make an investment selection and become a Choice member. Page Due to the fixed nature of a term deposit, the availability (liquidity) of the investment is restricted for the nominated term. 2 Personal Division members can choose to invest in the IOOF Balanced Investor Trust and in doing so will become a MySuper member.

9 Medical & Associated Professions Superannuation Fund Employer and Personal Super PDS Features MySuper Member Online Access Superannuation consolidation service Clearing house facility Flexible contribution payment options (Employer and Personal Divisions) Movement between the Employer, Personal and Pension Divisions 4 The Plan includes a MySuper investment strategy, which has been authorised by APRA as a MySuper product. The underlying investment strategy for MySuper is the IOOF Balanced Investor Trust. View your account details 24 hours a day, seven days a week with secure access to your account over the internet. Choice members can adjust their investment strategy online. We can help you transfer your super balances into one account which may reduce fees. Allows eligible employers to make contributions more easily to your preferred super fund. Easy contribution payments by cheque, direct debit, Bpay 3 or electronic transmission. The value of your account will not be reduced by the impact of buy-sell spreads if you maintain your investment options when transferring between the three divisions. Capital gains tax is not relevant for the transfer of investment options within the MPST, and a capital gains tax event will not arise if you transfer any direct investments between the three divisions. Page Competitive pricing with group fee discounts Minimum amounts Employers may be eligible for reduced administration fees. 19 Page Contributions No minimum applies. 7 Investment options and switching instructions 5 Ready-made portfolios and externally managed funds no minimum applies. Listed investments a minimum parcel of $3,000 is required per share trade. Term deposits $20,000 per term deposit. 13 Cash Account Initial balance 1.5% Minimum ongoing balance 0.5% Maximum ongoing balance 2.5% 14 Lump sum withdrawals 6 No minimum applies. 8 Fees Administration Fee Account balance 7 MySuper and Cash Account All other investments First $400, % pa 1.025% pa Page 19 Amounts above $400, % pa 0.256% pa Member Fee Please note your employer may have negotiated reduced administration fees on your behalf. MySuper members $2.25 per week. Choice & Personal Division members $4.25 per week. If you are a member of an Employer Plan your employer may have negotiated reduced member fees on your behalf. 19 Exit Fee $75.00 per withdrawal or on termination of your account. 19 Indirect Cost Ratio This is the cost charged separately by the underlying fund manager of each managed investment Registered to Bpay Pty Ltd ABN The MySuper investment strategy the IOOF Balanced Investor Trust is not currently available in the Pension Division. If you are invested in this strategy, your units will need to be sold before you commence a pension, which may give rise to a capital gains tax liability and selling costs. 5 The maximum overall combined investment weighting that you can hold in illiquid investments, listed investments and term deposits is 80 per cent. 6 Commonwealth Government regulations impose restrictions on when you can make lump sum (cash) withdrawals from super (see the Accessing your super section of MAP.02). 7 Account balances above $500,000 may be eligible for a fee rebate. Please contact AMA Financial Services for further information. 5

10 Fees Switching Fees 8 Performance fees Insurance premiums Member advice fees Managed investments nil. Listed investments brokerage charges apply. Term deposits nil. We do not charge any performance fees for this product. A fund manager may charge a performance fee for a particular managed investment. Premiums are deducted from your Cash Account and vary according to the type and amount of insurance cover. You and the financial adviser selected by you have the flexibility to nominate an amount (if any), within limits that are set by us. If you do not have a financial adviser, these fees are not charged. Page Additional fees may apply to your account. For full details of the fees and costs associated with your account please see pages 18 to When you move money in or out of a managed investment (including when you make a switch), you may incur a buy-sell spread which is included in the unit price of the investment option you choose (see Transaction costs on page 21 for details). 6

11 Medical & Associated Professions Superannuation Fund Employer and Personal Super PDS How does the Plan work? What is super? Super is a means of saving for retirement, which is, in part compulsory. To encourage people to save for their retirement, the Federal Government provides a range of incentives for savings in super. This means super is taxed differently to other investments and there can be significant tax advantages with using super to save for retirement (see page 26 for more about how super is taxed). The contributions available include: compulsory employer contributions (Superannuation Guarantee contributions) voluntary contributions: before-tax contributions (salary sacrifice) after-tax personal contributions Spouse contributions Government co-contributions rollovers/transfers. Generally, it s compulsory for employers to make contributions to super on behalf of their employees. Most employees have the right to choose which super fund the employer should pay those compulsory contributions into. There are some limitations on contributions to super, caps on the amount persons can contribute while retaining the concessional tax treatment and limits on the age at which they can continue to make contributions. Withdrawal of money from super is generally used for retirement and may be taken either as a lump sum or as an income stream. Accordingly, cash withdrawals from your super are limited i.e. generally you cannot access your super until you retire after reaching at least age 55. Joining the Plan Employer Division Members If your employer uses the Plan, you do not have to complete an application form. Your employer will automatically send your details and contributions to the Plan on your behalf. This means that you will become a MySuper member and your contributions will be invested in the IOOF Balanced Investor Trust. Once we have received your details we will send confirmation of your account details directly to you. After joining as a MySuper member, if you wish to become a Choice member by selecting your own investment strategy please complete the New Member Form Employer Division, available on the website. Personal Division Members Complete a Personal Superannuation Application located in the Medical & Associated Professions Superannuation Fund forms booklet. Joining the Personal Division will allow multiple employers to contribute to your account. Contributions There is no minimum contribution required to establish your super account. Once started, contributions can continue to be added to your super account on an ongoing basis. The Everything you need to know about contributions to super section of MAP.02 details the types of contributions that can be made and provides information on age restrictions and caps on contributions. See also the How super is taxed section of MAP.02 for details of the tax concessions and possible tax liabilities relating to super contributions. Contributions made into your super account are credited first to your Cash Account. Those contributions (less any nominated Member Advice Fee Upfront 9 ) will be invested in accordance with your investment strategy. You may need to retain part or all of those contributions in your Cash Account to satisfy the minimum holding requirements. Information on how your Cash Account balance is invested is contained on page For more information regarding the member advice fees available, refer to page 21 of this PDS. 7

12 How to contribute You can contribute to your super account using a variety of methods such as payroll deductions, cheque, Bpay and direct debit. Unfortunately when it comes to super contributions, we cannot accept cash or credit card payments. All cheques should be made payable to IPS MAP Super [your full name or member number] Contribution methods 10 1) Payroll deductions You can make personal contributions by a regular deduction from your after-tax salary, as agreed with your employer. Your employer can then forward those payroll deductions to us by Bpay, direct debit or cheque. 2) Cheque or Bpay You can make additional one-off contributions to your account by either cheque or Bpay. For contributions made by Bpay, a Biller Code and Customer Reference Number are provided in your Welcome letter or can be obtained from the MAP client services team or by logging into Member Online Access. 3) Direct debit A direct debit arrangement allows members of the Personal Division to set up a Regular Contribution Plan and make monthly, quarterly, half-yearly or annual contributions to their super account by completing a Direct Debit Request Personal Division. The direct debit will occur from your nominated account with a financial institution once a month or at the frequency you have chosen. 4) Transfers You can transfer your benefits held with another super fund to your account at any time. This will not only help you keep track of your super but also may save you additional administration fees. If you complete the Request to Transfer form located in the Medical & Associated Professions Superannuation Fund forms booklet, we can arrange the transfer from another super fund or super income stream on your behalf. Alternatively, you can arrange to transfer your benefits held with another super fund to your account in the Plan electronically via the Australian Tax Office (ATO) SuperSeeker website ( Withdrawing money from superannuation Accessing your super The Government has placed restrictions on when you can access your super account as super is a long-term investment. Usually you cannot access your super until you retire after you reach at least age 55. However, if you were born from 1960 onwards, you may have a later access age (up to age 60). This is known as your preservation age. To see when you are eligible to access your super before or after you retire, see the Accessing your super section of MAP.02. What are your access options? Your money can stay in super for as long as you like, and you don t have to access your benefits when you retire. However, once you reach preservation age, there is a tax-effective way to access your super. That is by converting your accumulated super into a retirement income stream such as a MAP account-based pension. This is a particularly tax-effective way to take your benefits because not only are the payments tax-free from age 60, but the investment assets backing the pension are held in a tax-free environment. 10 Information for employers contributing on behalf of their employees is contained on page 34. 8

13 Medical & Associated Professions Superannuation Fund Employer and Personal Super PDS Even if you are still working, once you reach your preservation age you can commence a MAP account-based pension using the transition to retirement (TTR) pension option. Under this option, you can receive tax-effective income through your pension while continuing to contribute to your super account. Members in the Employer and Personal Divisions can transfer their super into the Pension Division (including to the TTR pension option) and maintain their investment options if those options are available in the Pension Division. The Pension Division does not offer the IOOF Balanced Investor Trust. What happens if you decide to leave or make a withdrawal? You can ask us to transfer your account balance to another super fund at any time. We are required to make the transfer within three days of redeeming your investment options (and within 30 days of your request) if you are a Choice member and within three days if you are a MySuper member. You can also ask us to transfer your account balance to another super product in the Fund. See the Other general information section of MAP.02. If you qualify 11, you can make a lump sum (cash) withdrawal. Your nominated investment strategy will be used to identify the investment option(s) that should be redeemed to pay any withdrawals (when your request is not accompanied by a specific withdrawal instruction). Alternatively, a withdrawal can be redeemed from the investment option(s) you specify. Upon leaving the Plan, you will receive an exit statement by mail showing all transactions since the opening of your account or your last Annual Statement. Dependants paying benefits if you die If you die while you are a member, super law requires we pay your Death Benefit (your account balance including any insurance proceeds that may be payable as a result of your death) to one or more of your nominated dependants and/or your estate. When you apply to become a member of the Employer or Personal Divisions, you are able to make a Binding Death Benefit Nomination or Non-Binding Death Benefit Nomination to inform us how you would like us to pay your Death Benefit. You can nominate one or more people and allocate a percentage of your benefit between them in any proportion. Any person you nominate must be a dependant as defined by super law or your Legal Personal Representative. Dependants include your spouse, de facto spouse, same-sex partner and children. Binding Death Benefit Nomination If you have a valid Binding Death Benefit Nomination in effect at the date of your death, we must pay your benefit to the dependant(s) and/or Legal Personal Representative you have nominated in the proportions that you have set out in your nomination. A valid Binding Death Benefit Nomination remains in effect for three years from the date it was first signed, last amended or confirmed. You can amend your Binding Nomination at any time by sending us a new Binding Nomination. Non-Binding Death Benefit Nomination Your nomination is not binding on us but rest assured we will take it into account when we determine to whom to pay your benefit. You can amend your Non-Binding Death Benefit Nomination at any time by sending us a new Non-Binding Death Benefit Nomination. No nomination If you do not make a nomination, we must pay your Death Benefit to your Legal Personal Representative, unless your estate is insolvent. Further information about dependant nominations is available in the Death benefit nominations section of MAP.02. Important note When we receive evidence of your death, we have discretion to sell your investment options and put your money into the IOOF Cash Management Trust until the Death Benefit is paid. We would normally exercise this discretion unless advised otherwise. Making investment choices MySuper default investment strategy When we receive an application for membership of the Plan, you will become a MySuper member and your contributions will be invested in the IOOF Balanced Investor Trust. After joining, you can become a Choice member by nominating an alternative investment strategy. If you make an alternative investment choice, you cannot remain invested in the MySuper investment strategy. However, if you later decide you want to be a MySuper member again you can switch all your super back to MySuper. 11 Commonwealth Government regulations impose restrictions on when you can make lump sum (cash) withdrawals from super (see the Accessing your super section of MAP.02). 9

14 Personal Division If you are joining the Personal Division you are required to make an investment choice as part of your application. If you have not made a decision about your future investment strategy, you can choose to invest in the Cash Account until you make another investment choice. Alternatively, if you wish the Trustee to take responsibility for your investments you can choose to switch all of your super into the MySuper investment strategy and become a MySuper member 12. Choice members Your investment strategy The Plan provides access to a range of managed investments, listed investments and term deposits. With so many investment options you can construct a portfolio to help achieve your retirement goals. Your investment strategy should be a reflection of your attitude to investing, the level of risk you are comfortable accepting and your investment timeframe. What investment options can you choose? If you are not a MySuper member, you may choose from a range of investment options within the following sections. Managed investments within the Master Pooled Superannuation Trust (MPST) Ready-made portfolios Externally managed funds These are specially selected pre-mixed multiple manager pools. Each multiple manager pool uses a range of external fund managers, who are selected for the quality and complementary nature of their investment process and style and to simplify the investment selection process to suit your investment strategy. Our objective in fund manager selection is to optimise the return of each portfolio within strict guidelines. The Plan provides access to a range of Australian and international fund managers to give you the freedom to choose the fund managers and options that suit your needs. The managed investment pools available include: Australian share funds International share funds Diversified funds (divided into Growth and Capital Stable) Property funds Fixed interest funds Income funds Cash and secure funds. Direct investment options Managed investments Listed investments Term deposits IOOF Cash Management Trust and IOOF Balanced Investor Trust 13. The full constituent list of the S&P/ASX 300 index (plus any other securities approved from time to time by the Trustee). A range of term deposits Automatic insurance cover does not apply to Personal Division members who choose to become MySuper members. They can however apply for insurance cover as part of their application or may be eligible for a default level of insurance. 13 Personal Division members can choose to invest in the IOOF Balanced Investor Trust and in doing so will become a MySuper member.

15 Medical & Associated Professions Superannuation Fund Employer and Personal Super PDS Managed investments The managed investment options available vary in risk, investment objectives (goals), strategies (ways of achieving those goals) and the types of assets in which investments are made. This allows you to invest in a range of managed investments, which may be diversified across different asset classes, fund managers and investment styles. You can normally switch between different managed investments at any time. We carefully research leading Australian and international fund managers before developing ready-made portfolios or choosing externally managed funds to be part of the investment menu. We also monitor and review the fund managers and managed investments on an ongoing basis and may add or remove managed investments from time to time. Where we have suspended or stopped investments in an investment option or where an investment option is redeemed in full, income distributions received from that investment option will be retained in your Cash Account. The list of managed investment options is set out in MAP.01. The list may change from time to time. You can obtain the most current list of investment options from the website ( or request a copy free of charge by calling the MAP client services team on Listed investments You have the option to invest in various listed investments through your super account. The Plan provides you with access to the full constituent list of the S&P/ASX 300 index plus other listed securities approved by the Trustee from time to time. You can view the current list on the website. This list may change from time to time. Important note More information about each investment option available through the MPST is detailed in MAP.01, the product disclosure statement issued by the fund manager for the particular managed investment and the product disclosure statement or product guide for the particular term deposit. The information relating to investments in MAP.01 may change between the time you read the PDS and the day the Application form is signed. The most recent updates appear on the website. Product disclosure statements include information about performance, asset allocation, costs and the risks associated with investing in a particular managed investment and must be read and considered before selecting a managed investment. Before investing, you should consider the product disclosure statement for the managed investment(s) and the product disclosure statement or product guide for any term deposit(s) you have selected. You can obtain a copy free of charge by requesting it from the MAP client services team or directly from the website. It is recommended you consider consulting a financial adviser prior to selecting the investment options that you would like to invest in. Please note, listed investments do not have product disclosure statements. The maximum overall combined investment weighting that you can hold in illiquid investments, listed investments and term deposits is 80 per cent of your account balance. Information on how you can invest in listed investments is set out in MAP.01. Term deposits Terms and conditions relating to an investment in a term deposit are contained in the relevant term deposit product disclosure statement or product guide and the Investing in a term deposit section in MAP

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