SWMS Super Wrap. Product Disclosure Document. This product is issued by: Issued 1 July 2014

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1 SWMS Super Wrap Product Disclosure Document Issued 1 July 2014 This product is issued by: Oasis Fund Management Limited as Trustee of the SWMS Super Wrap ABN AFSL Pitt Street, Sydney NSW 2000

2 Contents 2 1. What is a Wrap and Benefits of investing with SWMS Super Wrap 3 2. Key features at a glance 4 3. About SWMS Super Wrap 6 4. How super works 7 5. Risks Investment options Fees and costs How super is taxed Insurance in your super How to open an account Other information 55! Contact details: If you have any questions or would like more information about SWMS Super Wrap please contact us via: Phone weekdays between 8.30am and 6.00pm (Sydney time) Fax (02) Website swmsolutions.com.au This Product Disclosure Statement (PDS) describes the main features, benefits, costs and risks of investing in the SWMS Super Wrap (Super Wrap), and contains all relevant forms for your completion. When reading this PDS some expressions (shown in bold) have a special meaning. This meaning is either explained in context or in the Definitions section on page 51. Entity details in this PDS Name of legal entity Oasis Fund Management Limited Registered numbers Abbreviated terms used ABN The issuer, Trustee, AFSL OFM, we, us and our RSE Licence L Oasis Asset Management Limited ABN Oasis Asset Management, Administrator Oasis Superannuation Master Trust OnePath Life Limited Australia and New Zealand Banking Group Limited Australian Investment Exchange Ltd HSBC Bank Australia Limited ABN RSE R ABN AFSL ABN AFSL ABN AFSL ABN AFSL Unique Superannuation OAM0001AU Identifier Superior Wealth Management Solutions ABN Pty Ltd Master Trust, Trust, Super Wrap OnePath Life, Insurer ANZ AUSIEX, Online Broker HSBC, Custodian USI Distributor Important information Oasis Fund Management Limited is the Trustee and issuer of this product. OnePath Life Limited is the issuer of OneCare, an insurance product offered through this product. The terms and conditions of the OneCare product are contained in the OnePath Life OneCare External Master Trust Product Disclosure Statement (OneCare). A copy of the OneCare Product Disclosure Statement can be obtained from the Trustee or your financial adviser free of charge or downloaded at swmsolutions.com.au. OFM and OnePath Life are wholly owned subsidiaries of Australia and New Zealand Banking Group Limited. ANZ is an authorised deposit taking institution (Bank) under the Banking Act Although OFM is owned by ANZ it is not a Bank. Except as described in this PDS an investment in this product is not a deposit or other liability of ANZ or its related group companies and none of them stands behind or guarantees the issuer or the capital or performance of the investment. This material is current as at the issue date on the front cover but is subject to change. Updated information will be available free of charge by calling Client Services on Any worked dollar examples are for illustrative purposes only. OFM reserves the right to change matters which are the subject of representations. This PDS contains general information only, has been prepared without taking into account your objectives, financial situation or needs and may not be reproduced without the issuer s prior written permission. Interests to which this PDS relates will only be issued to members on receipt of an Application form issued together with this PDS. The invitation to invest in the SWMS Super Wrap (Super Wrap), is only available to persons receiving this PDS in Australia. The Issuer is not bound to accept an application to invest in the Super Wrap. Past performance is not indicative of future performance. The issuer does not promise any rate of return or that there will be no capital loss or taxation consequences from investment. The Trustee is a member of the Financial Services Council (FSC). FSC member companies must comply with standards set by the association. The FSC is not the issuer or distributor of this product and provides no endorsement or recommendation of this product or the information contained within this PDS.

3 What is a Wrap? A Wrap service draws all of your investments together around a central cash account. This enables simple administration of your retirement savings, as all buying, selling, reporting and maintenance of investments held in your account occurs in one place. SWMS Super Wrap is a wrap style account designed for investors who are looking for: competitive pricing, comprehensive investment and insurance choices, streamlined online services, consolidated reporting, and someone to manage all of the paperwork related to your retirement savings. SWMS Super Wrap is full-service wrap solution, offering both super and pension division, designed to support you in managing and protecting your investments. SWMS Super Wrap allows you to take more control of your investments by providing access to investments such as direct shares, managed investments, term deposits and cash as well as giving you protection through Group and Retail insurance options. Benefits of investing with SWMS Super Wrap Competitive pricing The SWMS Super Wrap is truly a value for money service, with a simple and competitive pricing structure including: Simple administration fee options ASX-listed stock trading from as little as $29 per trade Flexible Adviser Service Fee functionality to suit both you and your financial adviser s needs and budgets PLUS you can benefit from additional family pricing bundle discounts. Comprehensive investment choices Everyone s investment needs are different, that s why we provide you with access to a huge variety of different investments including direct shares, managed investments, term deposits and cash. This means you and your adviser can develop a comprehensive investment strategy to meet your individual financial objectives. Managed investments An extensive range of more than 340 managed investments, from boutique fund managers to global leaders Access to all of the main asset classes Access to managed investments generally with wholesale fees, which can be significantly cheaper than the retail fees you would pay if you invested in each managed investment directly. Australian Securities Exchange (ASX) listed securities 300 of the largest securities by market capitalisation of the ASX a range of Listed Investment Companies (LICs), Listed Interest Rates (LIRs), Preference Shares and Exchange Traded Funds (ETFs). Term deposits 3, 6 and 12 month options. Streamlined reporting on your account Our sophisticated online solutions allow you and your financial adviser to efficiently manage your account at any time. The consolidated reporting we provide you with consists of comprehensive details reflecting: Your investments and their valuations all transactions on your account the performance of your account your asset allocation, and any income received and the expenses charged to your account. Our commitment to client services Our attention to detail and high quality client services helps to achieve reliable, excellent service outcomes for you. We pride ourselves on our commitment to outstanding client service and believe that this is what really sets us apart. Transfer your existing assets into your account You may transfer approved ASX listed securities and managed investments on the SWMS investment menu that you already own into your account. Please note, stamp duty may be payable on the transfer. Individual tax processing Individual tax processing within your account helps you to benefit from your individual investment decisions. Depending upon your circumstances, you may benefit from certain capital gains tax (CGT) treatment and franking credits from your investments. Ordinarily, as part of our individual tax processing, your account is credited with any taxation benefits derived from fees and insurance premiums at the time they are deducted from your account. 3

4 Key features at a glance Outlined below are the key features of the SWMS Super Wrap. Extensive investment options Diversified multi-manager A selection of multi-manager managed investments that combine active management with index investments. managed investments Diversified and single sector managed Access to an extensive range of diversified and single sector managed investments offered by leading fund managers. investments The SWMS Super Wrap Cash Account is currently invested with major Australian banks and in short term money Cash Account market securities. Term deposits Access to ANZ term deposit options with competitive interest rates. S&P/ASX 300 and selected Exchange Traded Funds (ETFs) You will have access to 300 of the largest securities by market capitalisation on the ASX and selected ETFs. Your adviser can place orders at any time the ASX is open and receive electronic confirmation of transactions made. The share trading service offers realtime trading and web-based corporate action management. Your adviser will be able to use this service on your behalf to place instructions to buy and sell shares directly in the market, take up any corporate actions that may affect your holdings, view your share holdings and peruse live ASX data. Life insurance you have the option to apply for Group Insurance and/or OneCare Insurance Group Insurance Cover (Super Division only) OneCare Insurance Cover (Super Division only) The Group Insurance offering includes: Death Only Cover (including Terminal Illness) Death & Total and Permanent Disablement (TPD) Cover Salary Continuance Cover. The OneCare Insurance offering includes: Life Cover TPD Cover Income Secure Cover Extra Care Cover. Flexible fee arrangements Contribution/Rollover fee Up to 4.1%. Account balance Fee p.a. First $250, % Next $250, % Administration fee Next $500, % Next $1 million % Amount over $2 million Nil A minimum administration fee of $16.25 per half month ($390 p.a.) applies if the account balance is below $100,000. Member fee Nil. Adviser Service fee You can negotiate a fee for advice with your financial adviser which will be transparent to you. Where you invest in managed investments the Investment Management fee will range from 0.00% to 17.43% p.a. Investment fee depending on the specific fund invested. Please refer to the underlying investment PDS for the current investment management fee. Trading via the Online Broker 0.10% of the transaction value with a minimum charge of $29.00 per trade. Brokerage Trading via an external broker If you trade via an external broker, you will agree on the brokerage to be charged with your adviser and the external broker. A settlement fee of $20.50 per contract note is charged in addition to the negotiated brokerage. You can select one of two options: Switching fee Unlimited Switching Service Unlimited switching on your account for $246 p.a. ($20.50 per month). Switch Transaction fee $30.50 per transaction on your account. Group Insurance Administration fee $2.05 per month for each type of cover acquired on your behalf. OneCare Insurance Administration fee* $2.05 per month for each OneCare policy you hold. Insurance fees Insurance fees are made up of administration fees (outlined above for both Group Insurance and OneCare insurance) and insurance premiums which will depend on your age, type and amount of cover. See the rates tables on pages to calculate an annual premium. Exit fee $60 on exiting the Super Wrap. 4 * In addition to the OneCare Insurance Administration fee, you will be charged a OneCare policy fee. For further information in relation to the OneCare policy fee, please refer to the current OneCare External Master Trust PDS. Any insurance commissions paid to your adviser in relation to the provision of OneCare Insurance are paid by OnePath Life.

5 Features to help you manage your investment Flexible contribution types (Super Division only) Regular Investment Plan (Super Division only) Automatic rebalancing Income distribution options Switching Dollar Cost Averaging Seamless transfers between Super and Pension Flexible pension payment options (Pension Division only) You can make personal contributions or contributions on behalf of your Spouse. Your employer can also contribute on your behalf. Any government contribution you are entitled to can also be automatically contributed to your SWMS Super Wrap account. Watch your balance grow by contributing regularly and conveniently using direct debit. You can rebalance your managed investments quarterly, half yearly or annually in order to realign them with your preferred asset allocation. Automatic rebalancing is only available to members who select the Unlimited Switching Service. The Super Wrap provides you with flexible options for managing income from your investments: distributions and dividends can be paid to your Cash Account distributions can be reinvested in the originating managed investment distributions can be reinvested according to your additional investment instructions dividends from listed securities can be reinvested through a Dividend Reinvestment Plan. Tailor your investment by switching between managed investments as your financial objectives change over time. Manage and spread the risk of investing by establishing a plan to regularly switch into your selected managed investments over time. Seamlessly transfer like for like managed investments between the Super and Pension divisions without incurring transaction costs (buy/sell spreads). Receive your pension payment at a frequency that meets your lifestyle needs (conditions apply). Minimum amounts Initial contribution No minimum. However, there is a minimum Administration fee if your account balance is below $100,000. Additional contributions No minimum. Regular monthly No minimum. contributions Managed investments No minimum for managed investments, although amounts less than $1,000 per managed investment may not be invested due to investment costs and/or minimum investment requirements of individual managed investments. Listed securities $1,000 is recommended for each listed security. Term deposits There is a minimum of $5,000 for each term deposit. Dollar Cost Averaging Minimum of $100 per switch. 5

6 Other services Easy contribution payment methods Online access Regular communications and reporting Supporting you SWMS Super Wrap (Super Wrap) has a range of payment methods to make it easy for you to make a contribution to your account. Contributions can be made via the following options: BPAY Cheque Easy payment (EFT) Direct debit. Registered to BPAY Pty Limited ABN Track your account online. You will automatically be registered for online access upon joining SWMS Super Wrap. Online access allows you to: access your historical statements and annual reports view transactions on your account, including your contributions and rollovers, fees, taxes and charges as well as investment switches select any period of time and obtain a summary of your account balance, benefits, investment returns, contribution and rollover details, fees, tax, insurance premium deductions and insurance cover access information about your managed investments, investment performance, unit prices, listed security prices, asset allocation, transaction history, insurance cover and other items. As a member of the Super Wrap, you will receive: a Welcome Letter when you join the Super Wrap Login code to access the Super Wrap website Super Division members will receive a Customer Reference Number for BPAY and personalised Easy Payment details an Annual Statement a Trustee Annual Report Insurance review information (insured members only) Pension Division members will also receive a Tax Statement and pension review information a Super Tax Notice (only members who make personal contributions), and on leaving the Super Wrap you will receive a Member statement and Rollover Benefits Statement containing necessary tax information. A team of dedicated professionals providing helpful and efficient customer service responding to your needs through telephone, and in writing. Call Client Services on , available between 8.30am and 6.00pm Monday to Friday, Sydney time, excluding national public holidays. For information on your OneCare insurance cover, please contact OneCare on Which SWMS Super Wrap solution is right for me? Super Division If you: are still working and want to save for your retirement in a tax effective way want tax effective insurance cover through your superannuation investment want to rollover and consolidate superannuation benefits. Pension Division If you are eligible and want to: transfer your superannuation savings to an income stream receive a regular income from your retirement savings. 6

7 About SWMS Super Wrap The Super Wrap comprises: Super Division offering you a flexible and tax effective means of saving for your retirement where you, your employer, Spouse or third party can make contributions Pension Division allowing you to invest your superannuation benefit and receive a regular, tax effective income in retirement, or if you are still working, as you transition to retirement. Focused on delivering a high quality of service, SWMS Super Wrap (Super Wrap) provides dedicated support for you and your financial adviser as you progress through your working life and into your retirement. The Super Wrap is a sub-fund of the Oasis Superannuation Master Trust (Master Trust). The Trustee Oasis Fund Management Limited as the Trustee administers the Super Wrap in accordance with the Trust Deed dated 24 March 2000 as amended from time to time. The Trustee is responsible for ensuring the Super Wrap: is administered in the best interests of its members complies with all legislative and regulatory requirements is administered in accordance with the Trust Deed. You can find trustee and executive remuneration disclosure for the Fund and any other documents which must be disclosed in accordance with the superannuation industry regulations (from the date required by legislation) by visiting oasisasset. com.au > Corporate governance > Trustee information. About ANZ The trustee is proudly owned by ANZ, one of the leading banks here in Australia and overseas. ANZ is committed to building lasting partnerships with our customers, shareholders and communities in 33 markets globally with representation in Australia, New Zealand, Asia Pacific, Europe, America and the Middle East. ANZ provides products and services to more than 8 million retail customers worldwide and employs over 47,000 people. ANZ aims to become a super regional bank. This involves growing in the Asia Pacific region while also remaining very focused on the business and opportunities that exist in Australia and New Zealand. ANZ has a strong involvement in the community, leading the way with programs targeting financial literacy, indigenous inclusion, the environment, volunteering and sponsorship. The Administrator The Trustee outsources the administration of the Super Wrap to Oasis Asset Management. The Trustee is a 100% owned subsidiary of Oasis Asset Management. Oasis Asset Management performs the administration function under an agreement between Oasis Asset Management and the Trustee. Your adviser The term adviser refers to either a financial services licensee or an authorised representative of a financial services licensee. In relation to the Super Wrap, you use the services of an adviser to provide: initial and ongoing advice and guidance education and financial planning services investment instructions to us and brokers, including the online broker, on your behalf. If you require assistance with your Super Wrap membership, you should consult your adviser. Your adviser may receive payment for providing these services. Any payments made to your adviser from the Super Wrap must be made solely for advice in relation to your interest in the Super Wrap. The Distributor Superior Wealth Management Solutions Pty Ltd is the Distributor of the Super Wrap. They provide certain services to the SWMS Super Wrap including, but not limited to, market research, development of platform and product specifications, system testing, PDS and communication review, adviser training services, adviser issues escalations and distribution monitoring. The Online Broker AUSIEX has been appointed as the Online Broker for the Trust. When you wish to buy or sell financial products listed on the Australian Securities Exchange (ASX) as part of your investment in the Trust, the Trustee trades as principal with AUSIEX. AUSIEX is a leading provider of online broking services in the Australian market and is a wholly owned and non-guaranteed subsidiary of the Commonwealth Bank of Australia. The Custodian The Trustee has appointed HSBC as the independent custodian of the Trust s assets. The Auditor KPMG are the auditors of the Master Trust. KPMG is one of the world s leading professional services firms with over 152,000 people worldwide and provide audit, tax and advisory services in around 156 countries. In Australia, KPMG operates nationally across 14 offices with over 5,200 people. The Insurer Group Insurance consisting of Death Only, Death & TPD and Salary Continuance cover is provided to members of the Super Division who are provided cover under Group Insurance policies owned by the Trustee and issued by OnePath Life. OneCare Insurance consisting of Life, TPD, Income Secure and Extra Care cover is also provided to members of the Super Division who are accepted for cover under Individual Insurance policies owned by the Trustee and issued by OnePath Life. OnePath Life is a related body corporate of the Trustee. 7

8 8 How super works Super is a tax effective long-term savings plan that enables you to save money for your retirement and is, in part, compulsory. There are different ways that you and your employer can contribute to your super. While you are working, your employer is, in most cases, required to make contributions to your super account (known as compulsory super or Super Guarantee). Generally, you have the right to choose the super fund to which these contributions are made. You, your employer, Spouse or third party may also be eligible to make voluntary contributions. There are some limits on the contributions that you can make to super. There are also restrictions around when you can access your super. However, when you reach age 65 or your preservation age and have retired, you can access your super savings as a lump sum or receive a regular income stream through a pension account. There may be other circumstances when you can access your super. A pension account allows you to draw a regular income from your super savings in a tax effective manner. What contributions and rollovers can be made into my super account? Types of superannuation contributions The following table provides details about the types of contributions that can be made to your super account. Please speak to your financial adviser if you require further information about any of these contributions. Contribution type Personal Spouse Employer What is this contribution? You may decide to make regular or lump-sum contributions. Personal contributions are member contributions made by you or on your behalf, and include payments from: foreign superannuation funds eligible proceeds that relate to capital gains tax (CGT) small business concessions payments that relate to structured settlements or orders for personal injuries personal deductible contributions where you may be entitled to a tax deduction for your personal contributions. Your Spouse may make a member contribution for your benefit. This must be made from after-tax money and will be treated as a non-concessional contribution. Your spouse may be eligible for a tax offset of up to $540 when making a spouse contribution. Your employer may make employer contributions for your benefit. This includes employer additional and salary sacrifice contributions. Salary sacrifice is an arrangement between you and your employer whereby your employer makes a contribution to your ANZ Smart Choice Super account instead of making an equivalent gross payment as salary to you. An Employer Additional contribution occurs when your employer makes a contribution greater than Superannuation Guarantee which is not salary sacrifice. Contribution type Third party contributions Government co-contribution Government low income superannuation contribution # What is this contribution? These are contributions made for you by anyone other than your Spouse or employer. Sometimes these are called family and friend contributions. If your income is less than $49,488 p.a. (2014/2015) and you make personal contributions to super you may be eligible for a government incentive of up to $500. The government contributes up to 50 cents for every $1 of personal contributions you make, subject to a maximum $500. The amount paid by the government depends on your income. Any government contribution is made to your super account by the Australian Tax Office (ATO), provided you have lodged your tax return (conditions apply). A government contribution of up to $500 (nonindexed) is payable for persons with adjusted taxable income * of up to $37,000 (non-indexed) (conditions apply). This contribution effectively offsets the tax (up to $500) on concessional contributions. # At the time of writing, the Government has proposed to discontinue the Government low income superannuation contribution. Please refer to the ATO or visit our website for up to date information. * Adjusted taxable income includes taxable income, reportable employer superannuation contributions, personal deductible contributions, adjusted fringe benefits, target foreign income, total net investment losses, government tax free pensions/benefits less child support paid. Who can contribute? The following table outlines the rules relating to who can make super contributions. Your age Under 65 At least 65 but under 70 At least 70 but under 75 Who can contribute You, your spouse, your employer and a third party. You, your spouse, your employer and a third party, provided you have been gainfully employed* for at least 40 hours during any 30 consecutive day period in the financial year. Your employer must make compulsory employer contributions. You and your employer, provided you have been gainfully employed* for at least 40 hours during any 30 consecutive day period in the financial year. Your employer must make compulsory employer contributions. 75 and over Your employer may make a compulsory employer contribution. * Gainfully employed means being employed or self-employed for gain or reward in any business, trade, profession, vocation, calling, occupation or employment. Personal and employer contributions may be accepted (other than compulsory employer contributions) on or before the 28th day of the month following that in which you turn 75 if you have been gainfully employed. Generally, the Super Wrap cannot accept and must return: member contributions made by you or on your behalf if you have not quoted your Tax File Number (TFN) to the Trustee certain non-concessional contributions that exceed $540,000 if you are under 65 years of age at 1 July of the financial year that the contribution is made, otherwise $180,000 p.a. (indexed) if you are age 65 or over contributions made if you are age 75 or over unless they are mandated employer contributions.

9 Government co-contributions If you are a low or middle-income earner you can take advantage of the super co-contribution payment by making eligible personal super contributions to your Super account. The government will then contribute up to $500. The government co-contribution details for the 2014/15 financial year are shown below: 2014/15 Maximum co-contribution* $500 Taper rate* 3.33c per $1 Lower income threshold $34,488 Upper income threshold $49,488 * The taper rate determines how much the maximum co-contribution is reduced for each $1 of total income that exceeds the lower income threshold. The maximum co-contribution completely phases out when the total income reaches the upper income threshold. Example: John is eligible for the co-contribution. His total income for the 2014/2015 financial year is $44,488 and John has made a $1,000 after-tax super contribution. The government co-contribution is $167, i.e. $500 [($44,488 $34,488) x ] = $167. Government low income superannuation contribution # A government contribution of up to $500 (non-indexed) is payable for persons with adjustable taxable income* of up to $37,000 (non-indexed) (conditions apply). This contribution effectively offsets the tax (of up to $500) on concessional contributions. # At the time of writing, the Government has proposed to discontinue the Government low income superannuation contribution. Please refer to the ATO or visit our website for up to date information. * Adjusted taxable income includes taxable income, reportable employer superannuation contributions, personal deductible contributions, adjusted fringe benefits, target foreign income, total net investment losses, government tax free pensions/benefits less child support paid. Rollovers These include benefits transferred from another super or rollover fund and may be done as part of setting up a new superannuation account or pension account, or when adding to an existing superannuation account. How can extra contributions be made to my super? There are two main ways to make extra contributions to super. Salary sacrifice (before-tax) contributions Salary sacrificing to super is an agreement between you and your employer for you to forgo a portion of your salary in exchange for your employer making an employer contribution to your super account. Salary sacrificing can be a tax effective way of increasing your retirement savings. The sacrificed portion goes directly into super and generally is taxed at 15%. Salary sacrifice contributions to super are included in the definition of income for certain government payments. Your employer may be required to report salary sacrifice contributions to the ATO as reportable employer superannuation contributions. To make salary sacrifice contributions or to find out more, speak to your employer and/or your financial adviser. Can I split my contributions with my spouse? Superannuation law permits members to split their eligible contributions with their Spouse in certain situations. The law also allows trustees to place additional requirements relating to how, when and in what circumstances it will accept contributions splitting applications. The Trustee has a Contributions Splitting Policy which sets out additional requirements. It is important to be aware that restrictions may apply to your ability to split contributions made to the Super Wrap once you join the Super Wrap, in particular taking into account the following factors: when exiting the Super Wrap any minimum balance requirements the timing and type of contributions made to the Super Wrap where you have not lodged relevant tax documentation the timing of your splitting application request. If you intend to split eligible contributions made to the Super Wrap, you should seek advice on the legislative requirements before you decide to join the Super Wrap. Do limits apply to how much can be contributed to my super account? The government has placed caps on concessional and non-concessional contributions. You should monitor contributions made into your account as there are taxation consequences for exceeding the caps. For further information on the contributions caps and how they apply, please see below and speak to your financial adviser. Voluntary (after-tax) contributions After-tax contributions include contributions you make from income that has already had income tax applied to it. The advantage of making after-tax contributions is that they are tax free when you access your super on retirement. Only the investment earnings on the after-tax contributions are subject to tax. Also, if your total income is less than $49,488 p.a. (2014/15), you may be eligible for the government co-contribution. 9

10 Concessional contributions Concessional contributions include: employer contributions (including compulsory and salary sacrifice contributions) personal contributions for which a tax deduction is allowed certain foreign superannuation fund amounts certain third party contributions. Concessional contributions are limited to $30,000 (2014/15) per annum if you are under 50 before taxation consequences apply. If you are 50 or over as at 30 June 2015, the concessional contributions cap is $35,000 (unindexed). The concessional contributions cap of $30,000 is indexed to Average Weekly Ordinary Time Earnings (AWOTE) but will only increase in $5,000 increments. Concessional contributions which are split to a Spouse are assessed against your cap and not your spouse s cap. There are exemptions to the concessional cap which include the taxable portion of the vested amount of a foreign superannuation fund transfer and the untaxed element of a rollover super benefit. Non-concessional contributions These contributions include: personal contributions for which no tax deduction has been allowed Spouse contributions non-taxable portion of a foreign superannuation fund amount. There are exemptions to the non-concessional cap which include: government contributions contributions that relate to capital gains tax (CGT) small business concessions up to a lifetime limit of $1.355 million ( indexed) payments that relate to structured settlements or orders for personal injuries (no limits apply). Non-concessional contributions cap Amount (2014/15) Annual cap $180,000 Maximum with 3-year bring-forward option $540,000 If you are less than age 65 at 1 July of the financial year in which the contribution was made, you may use the 3-year bring-forward option. The bring-forward is automatically triggered when your after-tax contributions are more than $180,000 in a particular year. Contributions for a prior period We may accept contributions on your behalf, if we are satisfied that the contribution relates to a period during which the Super Wrap may have accepted the contribution, even though the contribution is actually made after that period. Excess contributions It is important for you and your adviser to monitor your concessional and non-concessional contributions to ensure they do not exceed the contribution caps. concessional contributions in excess of the concessional contributions cap will be included in your assessable income and taxed at your marginal tax rate. You will be entitled to a tax offset equal to 15% of the excess concessional contributions. An interest charge also applies to your account for the deferral of tax payable. You can elect to withdraw up to 85% of your excess concessional contributions from the Super Wrap. Depending upon the amount withdrawn, excess concessional contributions may also count towards the non-concessional contributions cap. If you make excess concessional contributions you will be sent an excess concessional contributions assessment and a voluntary release authority. non-concessional contributions in excess of the nonconcessional contributions cap will generally be subject to tax at the highest marginal tax rate plus medicare levy. If you make excess non-concessional contributions you will be sent a release authority by the ATO detailing your excess contributions tax liability. For excess non-concessional tax liabilities, you must pay the liability out of your superannuation monies. To withdraw the tax liability from your superannuation monies, you must provide a release authority to the Super Wrap within 90 days, otherwise it will expire. You should provide it to the Super Wrap as soon as possible because you may become liable for an interest charge and an administrative penalty after 21 days. The ATO may present the release authority to the Super Wrap should you not do so. The Super Wrap will pay the lesser of: the amount specified in the release authority, or your account balance. Are there restrictions on withdrawing money from my super account? Accessing superannuation benefits The government has put rules in place to restrict when your superannuation benefits can be accessed. These rules, known as preservation rules, help to ensure that your superannuation savings are used for retirement purposes. You may receive your benefit as a lump sum if you satisfy a condition of release (restrictions may apply). Generally, you may also elect to transfer or rollover to commence a pension. A transition to retirement pension may also be available. Access to your superannuation savings will depend on the preservation status of your benefit, based on the following categories (these rules do not apply to Temporary residents): Unrestricted non-preserved These amounts may be accessed at any time. Restricted non-preserved These amounts may be accessed on leaving the service of a contributing employer or when preserved benefits are payable. 10

11 Preserved These amounts can only be accessed on meeting a condition of release. Conditions of release include: reaching your preservation age and you have permanently retired* reaching age 60 and subsequently ceasing a gainful employment arrangement reaching age 65, whether you have retired or not permanent incapacity terminal medical condition severe financial hardship (limits may apply) specified compassionate grounds (limits apply) reaching preservation age (payment restricted to a transition to retirement pension) death temporary incapacity #. * Permanently retired means ceasing an arrangement of gainful employment and never intending to be gainfully employed for ten or more hours weekly. Gainful employment means being employed or self-employed for gain or reward in any business, trade, profession, vocation, calling, occupation or employment. Permanent incapacity means the Trustee must be reasonably satisfied that you are unlikely, because of ill health (whether physical or mental) to engage in gainful employment for which you are reasonably qualified by education, training or experience. Terminal medical condition means that the following circumstances exist: a. two registered medical practitioners have certified, jointly or separately, that the person suffers from an illness, or has incurred an injury, that is likely to result in the death of the person within a certification period that ends not more than 12 months after the date of the certification b. at least one of the registered medical practitioners is a specialist practicing in an area related to the illness or injury suffered by the person c. or each of the certificates, the certification period has not ended. # Temporary Incapacity means the Trustee must be reasonably satisfied that a member has, because of ill-health (whether physical or mental), temporarily ceased gainful employment but the condition does not constitute permanent incapacity (conditions apply). A terminal medical condition payment to another superannuation or pension fund is not a rollover superannuation benefit and is assessed against the nonconcessional contributions cap. You should speak to your financial adviser for further information on terminal medical condition payments, as consequences may apply. Preservation age The table below shows your preservation age which depends on your date of birth. If you were born Preservation age Before 1 July Between 1 July 1960 and 30 June Between 1 July 1961 and 30 June Between 1 July 1962 and 30 June Between 1 July 1963 and 30 June On or after 30 June Temporary residents (holding a temporary Visa under the Migration Act 1958 other than a retirement Visa Subclass 405 or 410) If you are a Temporary resident, you are only able to access preserved benefits on meeting one of the following conditions of release: eligibility for a Departing Australia Superannuation Payment (DASP) permanent incapacity* terminal medical condition* death. * Refer to the footnotes under the heading Preserved on this page for an explanation of these conditions. If you are a temporary resident and you permanently depart Australia or no longer hold a visa, we are obliged to transfer your unclaimed super to the ATO after six months of your departure or cessation of your Visa (as notified by the ATO). Irrespective of whether you later return to Australia or remain overseas, you can apply to the ATO for release of your super. Transferred super benefits can be claimed via the ATO s website at ato.gov.au On transfer of your super benefit to the ATO, you will cease to be a member of the Super Wrap. In this case, we are not required to provide you with an Exit Statement or any other exit disclosure. If you become an Australian or New Zealand citizen or permanent resident, the obligation to transfer your super benefit to the ATO does not apply and you can continue to be a member of the Super Wrap. This section does not apply to Temporary residents, who satisfied a condition of release before 1 April For information on the rules for accessing super applying to these members, please speak to your financial adviser. How do I receive an income stream in retirement? If you are retired, semi-retired or about to retire, and have met a condition of release, you may be able to transfer your superannuation savings to a pension account. This can be used to draw down regular pension payments from your superannuation savings. Pension payments Pensions pay a regular income stream (pension payments) from your retirement savings subject to a minimum annual amount set by the government and maximum annual payment for transition to retirement pensions. Minimum payment The minimum annual pension payment is first calculated when you start your pension and is recalculated each year on 1 July using your account balance and age at that date. Lump-sum withdrawals You may withdraw all or part of your Pension account balance at any time by completing a Benefit Payment form. However, if it is a transition to retirement pension restrictions apply. 11

12 If you withdraw a lump sum, legislation does not allow your minimum income level to be recalculated, based on the new account balance, until the following 1 July. We may also be required by law to ensure you have taken your minimum pension payment (pro-rated) for the current year. Any additional pension payment that is required to be made will be processed before the withdrawal. A withdrawal will generally consist of two components taxable and tax free. You are required to draw down proportionately from these components. Before withdrawing from your pension, you should speak to your financial adviser about any tax implications. You should also speak to your financial adviser for further information on terminal medical condition payments, as consequences may apply. A terminal medical condition payment to another superannuation or pension fund is not a rollover superannuation benefit and is assessed against the non-concessional contribution cap. Please refer to Making a withdrawal from your Pension on page 14 for more information on withdrawing from your Pension account. How does the SWMS Super Wrap division work? Becoming a member You become a member of the Super Wrap when you have submitted all the relevant documentation, including an Application form and a rollover or contribution has been received on your behalf. The Trustee reserves the right to accept or reject an application without giving a reason. Super Division Making contributions You can make your initial and additional contributions by cheque or BPAY. Where BPAY is elected, the initial contribution can only be made once your account has been established by the Trustee and your account information has been provided. We must receive your initial contribution within 120 days of you receiving your Welcome Letter, otherwise the account will be closed. Easy Payment Easy Payment is an electronic funds transfer method that deposits your contribution directly into your account without the need to submit any paperwork. To use Easy Payment you will need an Easy Payment BSB number and your own personal Easy Payment Account Number. You can obtain these numbers from the Welcome Letter you receive when you join the Super Wrap, by contacting Client Services, your adviser or by logging into your online account. You are not required to submit further processing instructions when using Easy Payment. BPAY To make contributions via BPAY you will require a Biller Code and Customer Reference Number. The Biller Code you use is determined by the type of contribution you are making: Contribution type Biller Code Personal contribution (non-concessional) Employer superannuation guarantee contribution Employer salary sacrifice contribution Employer other contribution Spouse non-concessional contribution Your Customer Reference Number can be obtained from the Welcome Letter you receive when you join the Super Wrap, by contacting Client Services, your adviser or by logging into your online account. You are not required to submit further processing instructions if you contribute via BPAY. Direct Debit Request (DDR) You or your employer can make regular contributions by completing a DDR form. Deduction of contributions will then commence from your nominated Australian financial institution account on a monthly, quarterly, half yearly or yearly basis on the 25th of the month. To use the direct debit facility the Trustee requires that you: read and understand the DDR agreement, and complete and return the DDR form. You can vary the amount deducted from your nominated account at any time by providing us with a written request. If you wish to change the financial institution from which your contributions are deducted, then you must provide us with a new DDR form. Cheque If you or your employer make a contribution by cheque, please ensure that the cheque is made payable to the SWMS Super Wrap and is crossed Not negotiable. In specie transfers You can also transfer acceptable assets into the Super Wrap as a contribution or rollover. This is known as an in specie transfer. Acceptable assets include any managed investment or listed security that is on the SWMS Investment Menu. For information on how to complete an in specie transfer, please speak to your adviser. Processing contributions Contributions will be invested according to your investment instructions. Small amounts, generally less than $1,000 per managed investment, may not be invested due to investment costs and/or minimum investment requirements. In this circumstance, the applicable amount will be retained in your Cash Account. Consolidate your super Many people who have had several jobs often have more than one super account. Having multiple accounts makes it harder to manage your superannuation and may mean paying more in fees than you should. Rolling over other superannuation balances you may have into the Super Wrap provides the many benefits of consolidating your superannuation into one account. You just need to complete a Transfer Request Authority form and your adviser will do the rest. 12

13 Some funds may charge an exit fee to transfer your superannuation, please check with the administrator of your other fund/s for details. Before consolidating your super you should also consider any other adverse consequences for you (e.g. loss of benefits such as insurance cover or increase in investment risk). For more information about consolidating your superannuation please speak to your adviser. Choice of fund The Super Wrap is a complying superannuation fund able to accept all types of superannuation contributions. Provided you are eligible to choose a fund under the government s Super Choice legislation, you can nominate the Super Wrap to receive compulsory employer (superannuation guarantee and/ or award) contributions. If you wish to do this, simply return to your employer a completed Section A of the Standard Choice form (which your employer can give to you), along with the SWMS Complying Fund Letter which is available from your adviser, our website or by contacting Client Services. Transferring between Super and Pension Transferring between the Super and Pension divisions is easy. If you choose to transfer your balance between the same managed investments, with the same amounts, you will not incur transaction costs (buy/sell spreads) and there will be no capital gains tax on transfers as the trustee remains the same. Pension Division The Pension Division allows you to roll over your superannuation benefit to an allocated pension or Transition to Retirement allocated pension. If you intend to claim a tax deduction for personal contributions (or vary this amount) please ensure you do so while in the Super Division, prior to rolling over to the Pension Division. Commencing a pension If you are retired, semi-retired or about to retire, and have met a condition of release, you may be able to rollover your superannuation benefit from your existing SWMS Super Wrap Super account or from another superannuation fund into a SWMS Super Wrap Pension account. This is an arrangement where you invest superannuation savings and regularly receive an income stream from a pension account, as long as there are funds in your account. You can nominate the level of payments you wish to receive and alter them at any time, provided that they are above the minimum limits set by the government. Also you may be able to withdraw a lump sum from your pension account at any time. Transition to retirement pension If you have reached your preservation age and are less than 65 years of age and would like the security of a regular income stream, even if you are still working, a Transition to Retirement pension within SWMS Super Wrap could be a suitable solution. A Transition to Retirement allocated pension is the same as an allocated pension, except you generally cannot make lump sum withdrawals from your account, unless under exceptional circumstances. You also cannot receive pension payments of more than 10% of the account balance of the pension in a financial year. Funds used to invest in a Transition to Retirement allocated pension will become fully preserved regardless of their prior preservation status. This means that until you satisfy a condition of release, the only way of accessing your funds will be through a pension payment from your Transition to Retirement allocated pension. Pension payments Minimum payment Your pension payment each year must be greater than or equal to the minimum limits set by the government. This minimum is based on your age and account balance and is calculated upon the commencement of your investment. Minimum percentage factors Age of beneficiary Under 65 4% % % % % % 95 or more 14% For example, if on 1 July you are 65 years of age with $100,000 in your allocated pension, you can nominate to receive a pension payment above or equal to the following in the financial year. Minimum amount: $100,000 x 5% = $5,000 If your pension starts on a day other than 1 July, the minimum payment for the first year is pro-rated. This is applied proportionately to the number of days remaining in the financial year following (and including) the commencement date of the pension. Where the commencement date is after 1 June, no payment is required for that financial year. For example, if you are 64 and commence a pension with $100,000 on 1 November, your minimum pension payment will be calculated as follows: Pro-rated minimum amount: $100,000 x 4% x (No. of days from 1 Nov to 30 June/365) = $4,000 x 242/365 = $2,650 These examples are provided for illustration only, are based on the factors stated and should not be taken to contain an estimate or guarantee. Maximum payment For Transition to Retirement pensions, a maximum annual pension payment equal to 10% of the account balance will apply each year. If you choose to obtain the maximum amount for the Transition to Retirement allocated pension, it will not be pro-rated. The maximum pension income payment is first calculated when you start your pension and is recalculated each year on 1 July, using your account balance at that date. 13

14 Frequency of payments On your Application form, you can nominate to receive your pension payment: monthly quarterly half yearly, or annually. You can select one of the four following pension payment days per month: 7th of the month 14th of the month 21st of the month, or 28th of the month. Where your chosen day is not a Sydney business day, you will be paid on the previous Sydney business day. Making a withdrawal from your pension You may withdraw all or part of your Pension account balance at any time by completing a benefit payment form (restrictions apply to withdrawing from transition to retirement pensions). Withdrawals can be paid to you as a cheque or deposited into your nominated bank account. If your withdrawal results in a full withdrawal from the Pension Division and you have not yet received your minimum pension amount for the relevant portion of that financial year, we will pay you part of this withdrawal as a pension amount to bring you up to the minimum annual pension payment amount. This portion will be regarded as income for tax purposes. The remainder of the withdrawal will be regarded as a lump sum withdrawal for tax purposes. Withdrawals can only be made from Transition to Retirement allocated pensions if: you need to pay a surcharge liability you meet a condition of release such as retirement or reaching age 65 you wish to rollover or transfer to another Transition to Retirement allocated pension you need to satisfy a payment split required under Family Law you wish to transfer your benefits back to a superannuation account to accumulate further benefits. Should you wish to withdraw all or part of the balance of your account, subject to the restrictions described in the sections on withdrawals above, investments held in respect of your account will need to be sold and converted to cash before any payment is made to you. Ongoing contributions Once you have commenced a pension you cannot make any further contributions to the account, therefore it is important to consolidate all your money prior to commencing your pension. If you wish to make future contributions to the Pension Division, you will need to start a new pension account. Managing your account Adviser authority to transact It is important to note that by becoming a member of the Super Wrap, you authorise your adviser to submit instructions to the Trustee or to brokers relating to purchases and sales of investments in respect of your interest in the Super Wrap. This authority includes the ability to submit investment instructions to the Online Broker to undertake purchases and sales of listed securities on behalf of the Trustee according to your instructions and submitting instructions to the Trustee in relation to the purchase and sale of managed investments. In carrying out this activity your adviser will be acting as your agent. The Trustee will act on your adviser s instructions. Your consent will not be sought before the transaction occurs. In providing this authority to your adviser, you also agree not to hold the Trustee responsible in any way for any transactions entered into by your adviser on your behalf. While this authority allows your adviser to provide instructions to the Trustee in relation to purchases and sales, it does not authorise them to provide instructions in relation to withdrawals. How your account balance is calculated Your account balance is the total value of your managed investments, listed securities, term deposits and your Cash Account. The value of a managed investment is calculated by multiplying the number of units you hold in that managed investment by the sell unit price of the managed investment. The sell unit price is equal to the value of the assets (net of the product issuer costs) of a managed investment divided by the number of units on issue. Unit prices are generally calculated daily; however, investments such as hedge funds may calculate their unit prices less frequently. The value of each listed security you hold is calculated by multiplying the number of shares you hold in a particular listed security by the last sale price. The last sale price of a listed security is the price quoted at the close of the previous trading day on the ASX. Switch and reweight To switch or reweight your managed investments, simply contact your adviser who will then lodge the request with the Trustee. Your adviser can complete a reweight or a full or partial account balance switch on your behalf. We will normally act on any instructions to purchase or sell managed investments on a daily basis (Sydney business days only). However, this will only occur once your application has been processed. This is also subject to minimum investment requirements and the time taken by the product issuers of the underlying investments to process your investment instructions. This may result in the sell price being higher, or lower, than that prevailing on the date the Trustee received your investment instructions. The Trustee is not liable for any loss that may result from this occurring. The switch and reweight process applies to managed investments only, not listed securities or term deposits. Changes to your listed security holdings are made by your adviser issuing buy or sell instructions directly to the Online Broker or an external broker on behalf of the Trustee. 14

15 Automatic rebalancing Individual managed investments are subject to market flows and movements and consequently their actual balance may not always reflect the percentages allocated in your current investment instructions. To enable your managed investments to be re-aligned with your selected percentage allocation, the Super Wrap offers automatic rebalancing. Automatic rebalancing is an optional facility which automatically restores the weighting of your managed investments to that which you have specified in your additional investment instructions. It works by switching units between the investments in your nominated additional investment instructions in order to realign your investments to your nominated percentage allocation. Automatic rebalancing is only available to members who select the Unlimited Switching Service and only applies to managed investments that price daily. Listed securities and term deposits cannot be rebalanced. How automatic rebalancing works If you select this facility, the Super Wrap periodically reviews your managed investments and will: sell managed investments that are over the selected percentage allocation*, and buy managed investments that are under the selected percentage allocation*. When automatic rebalancing has been completed, the percentage allocated to each investment will match as closely as possible to your additional investment instructions (after allowing for the cash account minimum). If additional investment instructions have not been provided, your account will not be rebalanced. In order to minimise the number of investment transactions made on your account and to meet upcoming cash requirements for items such as contributions tax, the rebalance process may result in a higher Cash Account balance than the Cash Account minimum or higher nominated amount. You can elect to have your managed investments rebalanced: quarterly in February, May, August and November half yearly in February and August, or annually in August. You can elect to rebalance your managed investments using the Account Alteration form. If you hold managed investments that are not included in your additional investment instructions, these investments will be excluded from the rebalance process and their allocation will remain unchanged. Only the managed investments that are included in your additional investment instructions will be rebalanced. Listed securities and Term Deposits cannot be included on additional investment instructions and cannot be part of the rebalancing process.. * Small amounts, generally less than $1,000 per managed investment, may not be invested or redeemed due to investment costs and/or minimum investment requirements. For example*: Account before rebalancing Additional investment instructions Account after rebalancing Investment Holding Investment % Investment Holding A $20,000 A 40% A $40,000 B $30,000 B 25% B $25,000 C $50,000 C 35% C $35,000 D $10,000 D $10,000 E $20,000 E $20,000 * This example is for illustration purposes only and does take into consideration the cash account minimum. Further, your entire account will be excluded from the rebalancing process where your additional investment instructions include an investment: that does not price daily that becomes closed to new monies or is wound up (terminated) by the product issuer that has a balance less than $300, or where the product issuer is not accepting applications or redemptions. Where an account with active instructions fails to rebalance twice or more in succession, the rebalance instruction will be automatically be cancelled. However, if you remove the investment that is affected by any of the above four points from your additional investment instructions, the automatic rebalancing process will rebalance the managed investments according to your additional investment instructions. Keeping in mind that investments that are not included in your additional investment instructions will remain unchanged after the rebalance has occurred. If there are any outstanding purchase, switch or redemption requests for your managed investments, your rebalance may be delayed. Your account will also be excluded from the rebalancing process if you set up a Dollar Cost Averaging (DCA) facility. When you use the automatic rebalancing facility, you may incur costs associated with switching, such as buy/sell spread costs for managed investments which are included in the unit price of the managed investments. Dollar Cost Averaging (DCA) Trying to predict the best time to enter the market is near impossible. DCA is one useful technique that aims to take the guesswork out of when to invest. It works by investing at set regular intervals and averaging out the cost of the units you buy in a managed investment over time. This may help manage and spread the risk of investing. To determine if DCA is appropriate to your individual circumstances you should speak to your adviser. Establishing DCA on your account To establish a DCA plan you must complete a Dollar Cost Averaging form, which is available from your adviser, our website or by contacting Client Services. On the form you must nominate an amount you would like to invest from your Cash Account on a regular basis and we will purchase managed investments according to your additional investment instructions. 15

16 This means that you do not need to provide investment instructions for your DCA plan. The minimum amount for each switch using DCA is $100*. You must ensure there are sufficient funds in your Cash Account, as funds for the DCA will be drawn from the balance of your Cash Account. * Small amounts (generally less than $1,000 per managed investment), may not be invested due to investment costs and/or minimum investment requirements. You can elect to have your DCA operate: weekly monthly, or quarterly. DCA instructions are processed on set days depending on the selected frequency. The start date will be the next available processing date after your nominated start date. For DCA instructions to be actioned on a Monday (weekly frequency) or the first Monday of the month (monthly or quarterly frequency), instructions must be received before 10:00am Wednesday of the prior week. Instructions that are received after 10:00am Wednesday of the prior week will miss the next Monday s DCA switch and will be processed either on the: second Monday after receipt of the DCA instruction (weekly frequency), or the first Monday of the second month after receipt of the DCA instruction (monthly or quarterly frequency). You cannot establish DCA if your additional investment instructions include managed investments that are closed, frozen or illiquid. Listed securities and term deposits are excluded from DCA. You cannot elect to have both a DCA plan and automatic rebalancing. If rebalancing exists on your account and you select a DCA plan, the rebalancing facility will be automatically cancelled. Conversely if DCA exists on your account and you elect automatic rebalancing, the DCA plan will be automatically cancelled. There is no additional charge to use the DCA facility, however you may incur costs associated with switching, such as buy/sell spread costs for managed investments. Cancelling DCA The DCA facility will be cancelled if one of the following occurs: the end of the DCA payment period, if you have nominated one if you have insufficient funds available in the Cash Account at the next due date if you have selected an investment that becomes frozen or closed prior to the expiry of the selected term if you request a full withdrawal on your account prior to the expiry of the selected term if you transfer to another account, or if you select the automatic rebalancing facility. DCA and Cash Account minimums Please keep in mind that fees, taxes, insurance premiums, pension payments and redemptions are deducted from your Cash Account. The Cash Account top up which occurs quarterly in January, April, July and October will exclude your DCA amount when calculating the amount required to maintain your minimum Cash Account requirement. Withdrawals Your withdrawals from the Super Wrap will be deducted from your Cash Account. Where your Cash Account balance is not sufficient (and you do not notify us otherwise), your Cash Account will be topped up in accordance with the procedure described on page 20 under the heading Maintaining your Cash Account minimum. Death benefits Your benefits must be paid in the event of your death. Your account balance (plus any insurance benefit, if payable) may be paid to your dependants, estate, or a combination of both as permitted by superannuation law. Death benefits paid to dependants may be paid as a lump sum, income stream or a combination of both (conditions apply), at the discretion of the Trustee. In the Super Division, you can make two types of nominations, either non-lapsing binding or non binding, and in both cases the beneficiary(ies) you nominate must be your dependants or estate. In the Pension Division, you can: nominate your Spouse as a reversionary pensioner to enable your pension payments to continue to be made to them; or make a non-lapsing binding or non-binding nomination, which you can cancel or change at any time. In certain circumstances, a pension may be paid to a child. The rules around when pensions can be paid to a child, including when a child must commute a pension into a lump sum, are complex and you should speak to your financial adviser for more information. Nomination of a reversionary pensioner A reversionary pensioner can only be nominated at the commencement of your pension account. Your pension will continue to be paid to your nominated beneficiary in the event of your death provided that person is alive and is your Spouse or is a financial dependant at the time of your death. The pension payment minimum will then be based on the dependant s age from the following 1 July. Broadly, a reversionary pension can only be paid to a child provided they: are less than 18 years of age, or are financially dependent on you and less than 25 years of age, or have a qualifying disability. If the nominated person is no longer a dependant, the Trustee will decide who will receive your pension, taking into consideration any other dependants or beneficiaries you may have. Who can be nominated as a beneficiary? You can nominate one or more beneficiary(ies) to receive your death benefit in the event of your death. The beneficiaries you nominate must be either: a dependant your estate (we call this your legal personal representative ). Under superannuation law (which includes the Trust Deed), you cannot nominate persons as beneficiaries who do not fall into one of the above categories. 16

17 Who can be a dependant? Under superannuation law, a dependant includes: your Spouse your children (including an adopted child, a stepchild, a child of your spouse or an ex-nuptial child) any other person who is financially dependent on you at the time of your death any other person with whom you have an interdependency relationship. Interdependency relationship Generally, two persons (whether or not related by family) have an interdependency relationship if: they have a close personal relationship they live together one or each of them provides the other with financial support, and one or each of them provides the other with domestic support and personal care. An interdependency relationship also includes two persons (whether or not related by family): who have a close personal relationship, and who do not meet the other four criteria listed in the paragraph above because either or both of them have a physical, intellectual or psychiatric disability or are temporarily living apart. Nominating a beneficiary You can nominate or change your nominated beneficiary(ies) by completing the Nomination of Beneficiaries form which is available from your adviser, our website or by contacting Client Services. You will need to comply with the legal requirements detailed below. Your nomination will be defective if: it is unclear to the Trustee (e.g. because it is illegible or because the nominated proportions do not total 100%) you did not sign or date the form it is not witnessed correctly (if applicable). Certain life events may mean your nominated beneficiary(ies) cease to be a dependant and your nomination becomes defective. Such events may include a separation or divorce, or the death of a nominated beneficiary. You should revise your nomination if a life event occurs. Non-lapsing binding nominations If you provide us with a non-lapsing binding nomination that satisfies all legal requirements, the Trustee must pay your death benefit to the beneficiaries you have nominated and in such proportions as you have specified. In accordance with the Trust Deed and superannuation law, for a non-lapsing binding nomination to be valid it must meet the following conditions: The nomination must be made on the Nomination of Beneficiaries form nominated beneficiaries must be dependants or your estate at the time of your death you must nominate the total (i.e. 100%) of your investment to be paid on the Nomination of Beneficiaries form the Nomination of Beneficiaries form must be signed and dated in the presence of two witnesses, both of whom are aged 18 or above and neither of whom are nominated beneficiaries if an error is made on any part of the form and you wish to make changes, you must initial and date each change and also have two witnesses initial and date each change. You can alter your non-lapsing binding nomination at any time by completing a new Nomination of Beneficiaries form. You may also cancel your non-lapsing binding nomination at any time by providing written instructions. You should update your nomination of beneficiaries as your personal circumstances change (e.g. you marry, divorce or have a child/children). Non-binding nominations You can also make a non-binding nomination which the Trustee will consider in deciding how to distribute your death benefit. It will not bind the Trustee. If you make a non-binding nomination, the Trustee will consider your nomination and exercise its discretion as to whom your benefit will be paid and in what proportions. If you choose not to make a nonlapsing binding nomination or your nomination is invalid, the Trustee has discretion to determine the beneficiaries. No valid non-lapsing binding nomination or reversionary If you do not have a valid non-lapsing binding nomination or a nominated reversionary, the Trustee has the discretion to pay your investment to your dependants (as defined in the Trust Deed) and/or your legal personal representative. The Trustee retains discretion in both circumstances as to whether the investment is paid as a lump sum or an allocated pension (only available to certain dependants) or a combination of both. If you do not have any dependants or a legal personal representative, the Trustee will use its discretion to pay your benefit as a lump sum to a non-dependant. Where do I locate the forms to maintain and make changes to my account? Any forms you require are available by contacting your financial adviser, visiting our website at swmsolutions.com.au or by contacting Client Services. I have a query or would like to request further information, who can I call? We look forward to helping you grow, manage and protect your investments. Our Client Services team is here to help, contact them directly: Phone weekdays between 8.30am and 6.00pm (Sydney time) Fax (02) Write to Locked Bag 1000, Wollongong DC NSW

18 Risks All investments carry risk and different strategies may carry different levels of risk, depending on the assets that make up the strategy. For instance, assets with the highest long-term returns may also carry the highest level of short-term risk. Before investing, you should consider the level of risk involved with a particular investment and whether the potential returns justify those risks. When considering risk associated with your superannuation investment, it is important to keep the following in mind: The value of investments can rise and fall the returns you receive from your investment will vary and future returns may be different to past returns returns are not guaranteed and you may lose some of your money you may outlive your retirement assets if the value of your investments is insufficient to adequately meet your retirement needs your investment may be affected by changes in the economic and political climate or changes to legislation, particularly in relation to taxation and superannuation laws you may not be able to withdraw your money at the time you want to, as the law restricts when you can withdraw your funds. The level of risk will mainly depend on the investment strategy you and your adviser select and the individual investments you are invested in. in order to understand the risks specific to a particular investment you should read the PDS or other disclosure document for that investment. The level of risk you face will vary depending on a range of factors, including your age, investment timeframes, your risk tolerance and what other investments you hold. Risk and return Generally, the return of an investment is dependent on the risk associated with the investment. With a higher risk investment, such as listed securities, there is the potential for higher returns but also a greater potential for volatility in the value of the investment. With a lower risk investment, such as cash or a capital stable managed investment, the potential returns are usually lower and the potential volatility is also less. Your adviser should help you to assess your tolerance to risk and return objectives. Your chosen investments should reflect this. Individuals have different preferences when it comes to risk and return. Those seeking to maximise returns may be less concerned about short term losses because of a higher tolerance to risk or a longer investment time horizon. Those seeking to preserve their capital may be more concerned about short term losses because of a lower tolerance to risk or a shorter time horizon. When choosing an investment option, past performance should not be taken as an indication of likely future performance. The risks associated with investing through the Super Wrap will depend on the particular managed investments you choose, some of risks associated with your investments are: Market risk This is the risk that affects specific markets and includes factors such as business confidence, economic cycles, government policies and investor sentiment. These factors will all influence market performance. Investment performance The performance of investments will depend on such factors as the investments chosen, the prevailing market conditions and the state of domestic and international economies. Neither the Trustee nor the product issuers guarantee the performance of any investment option through the Trust. Investment volatility Investment volatility is a measure of the uncertainty of an investment s performance. Generally, with a higher risk investment, such as shares, there is the potential for higher returns but also a greater potential for uncertainty in its performance. With a lower risk investment, such as cash or a capital stable managed investment, the level of uncertainty around its performance is usually lower but the potential returns are also less. Investment specific risk The value of an investment such as a share in a company can be affected by events that are specific to that company. For example, changes to management, profit and loss announcements and changes to its business or regulatory environment are all events that can have a positive or negative effect on the value of the company. Product issuer risk For managed investments, the product issuer may underperform compared to other managers of the same or similar type (for example, the product issuer misreads the market). Inflation risk Rises in prices due to inflation can erode the real value of investments. To avoid this risk over the long term, your investments need to earn a return equal to or above the rate of inflation. Interest rate risk The value of the different asset classes can fluctuate in reaction to changes in interest rates. For example, if interest rates increase this may result in the capital value of fixed interest investments falling. Bonds with longer duration (timeframe until maturity) tend to be more sensitive to price volatility and interest rate movements. 18

19 Liquidity risk Investment in mortgages, direct property, unlisted property, small specialised markets or alternative investments are often illiquid, i.e. hard to buy and sell quickly. Some managed investments may also be illiquid if redemptions from an investment are suspended by the product issuer which could cause delays in your ability to withdraw or switch investments. Credit risk A decline in the credit quality of a bond or the ability of the issuer to pay the interest or principal on a bond can adversely affect the value of a bond. Currency risk Investments that have an asset allocation to international investments, may be exposed to fluctuations in the value of foreign currencies against the Australian dollar. Currency management strategies may be utilised by some product issuers but this does not remove the risk associated with international investment. Investors should note that currency gains and/or losses may be a part of their overall investment performance. Diversifying to reduce risk Investments are affected differently by economic, political and other factors. One method of reducing risk is to diversify your investment by selecting a range of: asset sectors (cash, fixed interest, property, shares) investment markets (Australian and international) product issuers investment management styles. Diversification is amongst the most important principles in investment management, as it can significantly reduce the variability of a portfolio s returns. By not having all your eggs in one basket, diversification helps reduce the risk of suffering a short term fall in value and fluctuations in investment value and returns. A well-diversified portfolio of moderately risky investments may actually have a lower overall risk than a poorly-diversified portfolio of less risky investments. Legislative risk Changes to superannuation or tax legislation have the potential to impact on your account. Family law risk The Family Law Act (FLA) may have a significant effect on your benefits. If you and your spouse separate or divorce, your account may be split between you and your ex spouse. These arrangements apply to all legally married couples and to defacto (including same-sex) couples. In the absence of any financial agreement between you and your ex spouse, the Family Court may make an order to flag or split your superannuation or pension interest. Both a financial agreement and a court order are binding on the Trustee. If you want to know more about the way in which the FLA may affect your benefit, you should consult your accountant, legal adviser or financial adviser. Use of financial derivatives The managers of the underlying assets in the managed investments may use financial derivatives such as futures, options, swaps and forward rate agreements. Whether financial derivatives are used depends on the investment strategies of the individual investment options. For more information about the risks associated with each managed investment, please refer to the separate PDS for each managed investment, which can be obtained from your adviser. Service provider risk Your investment may be impacted if the Trustee or one of its service providers encounters problems with its administration and computer systems. The Trustee has procedures in place that are designed to reduce these risks. However, you should be aware that not all of these risks can be foreseen or appropriately mitigated. 19

20 Investment options The Super Wrap offers a broad choice of investment options for you to design your own tailored investment portfolio. It provides the opportunity for you to access these investment options through one investment vehicle in a cost effective manner. We strongly recommend consulting with your adviser when deciding on your investments. Your adviser should consider your circumstances and attitude to risk and return and tailor a portfolio to meet your objectives. A range of investment choices The Super Wrap offers you a carefully selected range of investment options, including ASX listed securities, term deposits and managed investments from some of the leading product issuers in Australia and around the world. Your investment choices include: the Cash Account term deposits listed securities 300 of the largest securities by market capitalisation on the ASX as amended from time to time, as well as a range of Exchange Traded Funds managed investments including: multi-sector options investments that diversify across two or more asset sectors (cash, fixed interest, property and shares), and single sector options investments that predominantly focus on one specific asset sector. You should refer to the SWMS Investment Menu for a list of all available investment options. In selecting the available listed securities the Trustee has used its discretion to exclude certain listed securities. The Cash Account When you join the Super Wrap, we will establish a Cash Account as part of your investment in the Super Wrap. Your Cash Account is used to: receive contributions, rollovers and transfers pay fees, taxes and other charges pay insurance premiums (Super Division only) pay pension payments (Pension Division only) receive interest earnings on your Cash Account buy investments in accordance with your investment instructions receive the proceeds of investments sold, and receive income from investments. Government taxes, charges, fees and insurance premiums Contribution and rollovers Your SWMS Super Wrap account Buying investments CASH ACCOUNT Selling investments Investment options Investment income Withdrawals and pension payments You can elect to have all or part of your account balance invested in the Cash Account. The balance of funds held in the Cash Account will vary through the deduction of fees and investment processes such as investment rebalancing, income reinvestment and the Cash Account top up. How your Cash Account is invested The Cash Account is currently invested with major Australian banks and in short term money market securities. The Trustee may, at its discretion, choose different institutions and accounts to invest the Cash Account. Cash Account minimums The Cash Account minimum amount is set to 2% of your account balance, subject to a minimum of $300 and unless you decide otherwise, a maximum of $10,000. In addition to this, your Cash Account must also contain sufficient funds to pay: three months of insurance premiums (Group and/or OneCare) and your quarterly tax liability where applicable (Super Division), or three months of pension payments (Pension Division). The amount required to satisfy the Cash Account minimum will be deducted from the initial rollovers and/or contributions stated on the Application form. If there are multiple initial rollovers an amount is deducted from each rollover as they are received to maintain the Cash Account minimum amount. Further, an amount may be deducted from any additional investments made to restore the minimum, where required. Where your listed securities are traded on your behalf using the online broker or an external broker, your adviser should monitor your Cash Account balance to ensure sufficient funds are available to cover any listed security purchases you may make. Should you have insufficient funds in your Cash Account, this will result in your purchase not being executed. Maintaining your Cash Account minimum Your Cash Account balance should be regularly monitored by your adviser to ensure there are sufficient funds to meet the Cash Account minimum. If required, your adviser may need to redeem investments in order to top up your Cash Account to the minimum amount. Your Cash Account is also monitored by the Trustee on a quarterly basis to ensure you have the required minimum amount of cash. When your Cash Account falls below the minimum amount the Trustee will redeem investments to top up your Cash Account. The top up process is performed quarterly in January, April, July and October on the last Sunday of the month. Further, if two weeks prior to a pension payment being made, your Cash Account is below the minimum level, the Trustee will redeem your investments to top up your Cash Account to the minimum level. If the amount in the Cash Account exceeds the minimum amount, no top up will occur nor will your Cash Account balance be reduced to the minimum amount. 20

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