Things you should know

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1 Westpac Group Plan Defined Benefit Pension (including Spouse pension) Product Disclosure Statement (PDS) Dated: 1 July 2014 Things you should know The Westpac Group Plan Defined Benefit pension provides eligible members with an option to receive a pension. This PDS provides a summary of the pension benefits provided to Defined Benefit members who have elected to take a part, or all, of their benefit as a pension. This PDS is also applicable to spouses and children of Defined Benefit members who receive a pension because a Defined Benefit member passed away while employed by the Westpac Group or while in receipt of a Retirement Pension or a Purchased Pension. It contains important information you should consider before making a decision in relation to the Pension (including Spouse pension) for the Defined Benefit within the BT Super for Life Westpac Group Plan (known as the Westpac Group Plan Defined Benefit and Plan ).

2 Table of contents About the Pensions 3 Who can become a pension member? 3 Features of the pensions 3 What types of pensions are available? 3 Retirement Pension 3 Purchased Pension 3 Single Life Purchased Pension 3 We ll keep you informed 4 Risks of the pensions for the Westpac Group Plan Defined Benefit 5 Death Benefits 6 What happens if you die while you are still a member of the Westpac Group Plan Defined Benefit? 6 What happens if you die while you are receiving a Retirement Pension or Purchased Pension? 6 What happens if you die and are receiving a Single Life Purchased Pension? 8 What happens if your spouse dies and they are receiving a pension? 8 Fees and costs 9 Taxation 11 Other important information 13 Information booklet for members of the Westpac Group Plan Defined Benefit The information contained in this PDS is general information only and does not take into account your individual financial objectives, financial situation or needs. You may wish to consult a financial adviser to obtain financial advice tailored to suit your personal circumstances. The Westpac Group Plan is a corporate super fund sponsored by Westpac Banking Corporation to provide super benefits for its employees. It is a regulated and complying super fund for the purposes of superannuation law. The Westpac Group Plan has two sections the Accumulation Plan and Defined Benefit Plan and forms part of the Retirement Wrap super fund (Fund) ABN and is issued by BT Funds Management Limited (BTFM) ABN , AFSL ( Trustee, we, our, or us ) which is a member of the Westpac Group. BTFM s registered address is Level 20, Westpac Place, 275 Kent Street, Sydney NSW This document only provides information on the defined benefit pension. For information on the accumulation plan see the BT Super for Life Westpac Group Plan PDS. BTFM is a member of the Westpac Group. Please note that any investment in the Pension (including Spouse pension) for the Westpac Group Plan Defined Benefit is not a deposit with, or any other liability of, Westpac Banking Corporation ABN ( Westpac, or Bank ) or any other company in the Westpac Group of companies. Investments are subject to investment risk, including possible delays in repayment or loss of income and principal invested. Contact us If you have any questions about the Pension (including Spouse pension) for the Westpac Group Plan Defined Benefit, you can call the Helpline on

3 About the Pensions Who can become a pension member? Members of the Westpac Group Plan Defined Benefit, who: are aged 55 or over, or become totally and permanently disabled (at any age), can choose to become a pension member when they leave the Westpac Group, provided they advise the Trustee within three months of their retirement or total and permanent disability. Surviving spouses (and dependent children) of members who die while employed by the Westpac Group may also be eligible to receive a pension. You can also start receiving a pension before you leave the Westpac Group, using the Transfer option (refer to the Member Information Booklet for the Westpac Group Plan Defined Benefit, available on the website, for more information). The amount of the annual pension you will receive depends on whether you selected the Retirement Pension option, or whether you have bought a Purchased Pension or Single Life Purchased Pension (see below). As this selection can only be made once, you are encouraged to consider this issue very carefully, and to seek advice before making a decision. Features of the pensions are payable for the rest of your life are paid fortnightly to your nominated bank account are indexed each year by a percentage which is the lesser of 5% or the annual movement in the September Consumer Price Index (CPI). The Trustee and Westpac may approve a higher increase in any year, though this is not guaranteed. Any increase is effective 1 January, and will be pro rated if your pension commenced during the year cannot be converted to a lump sum may be payable to your spouse and dependent children may also receive benefits if you die (see page 6 for more details. Note that this feature does not apply to Single life Purchased Pensions) and the full pension is payable for a minimum of five years, even if you die within the initial five year period. You should also seek advice on how taking a pension may affect your social security benefits. What are the types of pensions available for members? Retirement Pension Purchased Pension Single Life Purchased Pension Retirement Pension You can choose to receive a Retirement Pension (lifetime pension) from the Westpac Group Plan Defined Benefit, using up to 50% of your lump sum retirement benefit. Your lump sum retirement benefit is equal to your total benefit excluding your SuperSave account balance, excess contribution account, surcharge account and early release contributions (refer to the Member Information Booklet for the Westpac Group Plan Defined Benefit for more information). Calculating the Retirement Pension The Retirement Pension option is calculated as set out by the example below. The dollar amounts for your Retirement Pension will differ, depending on your own circumstances. Note: If you are under age 60, when you retire, the annual pension amount is reduced by 3% for each year from the date of retirement to age 60 (pro rated daily). No age based reduction applies where the pension is payable as a result of death or disability. Your annual Retirement Pension = Amount of lump sum retirement benefit used to establish pension 10.8 westpacstaffsuper.com.au 3

4 About the Pensions (Continued) Example: Let s assume you are aged 60, retired, and your total benefit is $338,000. Total benefit of $338,000 = $300,000 (Lump sum retirement benefit) + $25,000 (SuperSave balance) + $18,000 (Excess contribution account) $5,000 (Surcharge balance). You choose to establish a Retirement Pension using (the maximum) 50% of your lump sum retirement benefit (50% x $300,000 = $150,000). Your annual Retirement Pension would be calculated as follows: Annual Retirement Pension = $150,000/10.8 = $13,888 p.a. The remaining $188,000 of your super benefit i.e. Total benefit of $338,000 $150,000 (amount used to establish your Retirement Pension) can be paid as cash (if unpreserved), used in part or whole to commence a Purchased Pension (see below) or transferred to the Accumulation Plan (BT Super for Life Westpac Group Plan) or to another complying super fund. Purchased Pension You can choose to buy another type of pension called the Purchased Pension. The annual amount you receive from a Purchased Pension is calculated differently from the Retirement Pension. The Purchased Pension is calculated using factors provided by the Plan actuary. If you d like more information on this, please call our Helpline. Please note: because of the way it is calculated, the Purchased Pension will generally be less than the pension paid under the Retirement Pension option. Except for this, both pensions have the same features. To buy a Purchased Pension, you can use: any amount of the super paid to you from the lump sum option (refer to the Member Information Booklet for the Westpac Group Plan Defined Benefit for more information), or any amount of the lump sum remaining after you take a pension under the Retirement Pension option. Single Life Purchased Pension If you want a pension but don t need the features of a spouse pension and children s allowance if you die, you can buy a Single Life Purchased Pension. The factors used to calculate a Single Life Purchased Pension are provided by the Plan actuary. Please note: Unless you retire over the age of 70, this option will generally provide you with a lower annual pension amount than the Retirement Pension option. You can only buy a Single Life Purchased Pension if you have chosen to take your benefit as the lump sum option (i.e. you cannot have a Retirement Pension and a Single Life Purchased Pension) and have not bought a Purchased Pension. If you d like more information on this type of pension, please call our Helpline. We ll keep you informed As a member you will receive: a letter confirming your pension amount and details an annual notice, usually in December each year, advising you of the indexation applied to your pension from the 1st of January an annual Pay As You Go (PAYG) Payment Summary if you re under age 60, and notification of all material changes or the occurrence of significant events in relation to your pension. To help with the administration of your pension, please let us know if you change address, bank accounts or personal details. We can only pay your pension and send you information if we have your current address and account details. How to Apply To apply for a Pension, go to the forms section at westpacstaffsuper.com.au. Use the Benefit Payment form for Defined Benefit members to provide your payment instructions

5 Risks of the pensions for the Westpac Group Plan Defined Benefit Changes in the laws that govern super may impact on your pension. We will endeavour to keep you informed of any changes which may materially affect your pension. You should also discuss any changes with your financial adviser. Westpac may decide to vary or amend the Trust Deed (with the Trustee s approval). There is also the possibility that Westpac may decide to reduce, suspend or cease contributions or close and wind up the Westpac Group Plan Defined Benefit at some point in the future. We will keep you informed if any of these things happen. Westpac Group Plan Defined Benefit pensions are payable for the duration of your life. There is a risk that, if you elect to receive a pension and then you die, the total pension payments paid to you may be less than the amount you would have received had you elected the lump sum option. There is also a risk that the value of your pension payments may not keep pace with inflation in future. By electing to receive a pension, you lose the ability to invest your lump sum elsewhere. There is always a risk, if investment markets perform well during your retirement, that you could have achieved a more beneficial outcome by taking the lump sum option and investing it elsewhere. westpacstaffsuper.com.au 55

6 Death Benefits 1. What happens if you die while you are still a member of the Westpac Group Plan Defined Benefit? If you die while you are a Westpac employee and have not yet commenced a pension, the Trustee must decide who your death benefit is paid to. If your death benefit is payable to your spouse (see Eligibility for a spouse pension on page 8), the Trustee may pay the benefit to your spouse as a lump sum, or as part lump sum/part pension. If it is paid as part lump sum/part pension, a children s allowance may also be payable if you have dependent children (see Who is a dependent child? on page 8). This option provides your spouse and any dependent children with regular pension payments and is calculated as set out in the table below. Beneficiary Payment Spouse Lump sum equal to: lump sum death benefit x 50% (plus SuperSave balance, plus excess contribution account and less surcharge account), and Spouse pension equal to: lump sum death benefit x 50%/10.8 If the spouse has dependent children, they will receive: One dependent Children s allowance equal to 40% of child spouse pension Each dependent child (where there are two or more) Children s allowance equal to 25% of spouse pension Total allowances not to exceed spouse pension Total dependent child s allowance is not to exceed the spouse pension. Example spouse pension and children s allowance Let s assume, upon your death, the following facts apply: Lump Sum Death benefit = $300,000 SuperSave account balance = $40,000 Excess contributions = $20,000 Surcharge balance = $10,000 Number of Dependent children = 2 Step 1 calculating the spouse payments: Part 1 Lump sum amount = (lump sum death benefit of $300,000 x 50%) + SuperSave of $40,000 + Excess contributions of $20,000 Surcharge of $10,000 = $200,000 Plus Part 2 spouse pension = (lump sum death benefit of $300,000) x 50%/10.8 = $13,888 p.a. Step 2 calculating each child s allowance: Each child s allowance = spouse pension x 25% = $13,888 p.a. x 25% = $3,472 p.a. 1 Total children s allowance paid = 2 x $3,472 = $6,944. This amount is usually paid to the spouse. Therefore, using the example above, the spouse receives the following: lump sum amount of $200,000 + an annual spouse pension of $13,888 p.a. + an annual children s allowance of $6,944p.a What happens if you die while you are receiving a Retirement Pension or Purchased Pension? If you die after commencing your Retirement Pension or Purchased Pension (excluding a Single Life Purchased Pension), your spouse may be paid a reversionary pension (see Eligibility for a spouse pension on page 8), and any dependent children (see Who is a dependent child? on page 8) may receive a children s allowance. These payments are calculated differently to what would be received if you died before commencing the pension. Refer to What happens if you die while you are still a member of the Westpac Group Plan Defined Benefit? on page 6 for further information. 1_A child allowance is only payable while the child remains a dependent child

7 If you die within five years of pension commencing more than five years after pension commencing What happens to your pension Your spouse 1 and/or dependent children 2 will receive your full pension for the rest of the five year period (indexed each year) in proportions determined by the Trustee. After the five year period, your spouse will receive a reversionary pension for life 1, equal to 50% of the pension they were receiving on the day immediately before the end of the five year period. The amount your dependent children receive 2 depends on how many children you have and if you have a surviving spouse (see Calculating the children s allowance amount in this section). If you have no spouse or dependent children, your estate will receive a lump sum payment equal to the present value of the pension you would have received over the rest of the five year period. No further benefit is payable once the lump sum payment has been made to your estate. Your spouse will receive a pension for life 1, equal to 50% of the pension you were receiving when you died. A children s allowance is also payable for your dependent children 2. The amount depends on how many dependent children you have and if you have a surviving spouse (see Calculating the children s allowance amount in this section). No lump sum is payable to your estate if you die more than five years after you retire. 1_ A reversionary pension is only payable to a spouse who: > survives you by 14 days or more; and > either was your spouse when you retired or was your spouse for at least three years prior to your death. 2_ A children s allowance is only payable to a dependent child who survives you by 14 days or more. Features of the spouse pension and children s allowance Spouse pensions and children s allowances: are payable for the rest of your spouse s life for a spouse pension are payable to age 18 for a children s allowance, or until age 23 if they are in full-time education of a type approved by the Trustee and they were financially dependent on you are paid fortnightly to a nominated Westpac bank account are indexed each year by a percentage which is the lesser of 5% or the annual movement in the September CPI. The Trustee and Westpac may approve a higher increase in any year, though this is not guaranteed. Any increase is effective 1 January, and will be pro rated if the pension commenced during the year, and cannot be converted to a lump sum. Calculating the children s allowance amount The amount your dependent children receive, where you died after commencing the pension, depends on how many children you have and if you have a surviving spouse (i.e. a spouse who survived you by 14 days or more). Amount of children s allowance Surviving spouse No surviving spouse One dependent child 40% of spouse pension* 80% of spouse pension* Each dependent child (where there are two or more) 25% of spouse pension*. Total allowances cannot exceed 100% of spouse pension. 50% of spouse pension*. Total allowances cannot exceed 200% of spouse pension. * If you die within five years of commencing your pension, the pension amount used for calculating the children s allowance after the five year period is the pension your beneficiaries were receiving on the day immediately before the end of the five year period. Note: If the surviving spouse subsequently dies, then from the date of the spouse s death the children s allowance will increase to the no surviving spouse amounts. westpacstaffsuper.com.au 7

8 Death Benefits (Continued) 3. What happens if you die and are receiving a Single Life Purchased Pension? If you have purchased a Single Life Purchased Pension and you die within five years of your pension becoming payable, your estate will receive a lump sum payment equal to the present value of the pension you would have received over the rest of the five year period, as determined by the Plan actuary. No further benefit is payable if you die after having received your pension for more than five years. 4. What happens if your spouse dies and they are receiving a pension? If your spouse subsequently dies, a children s allowance equal to 50% of the spouse pension at the date of death for each dependent child, subject to a maximum of 200% of the spouse pension, will be payable. If your spouse has only one dependent child, the children s allowance payable will be 80% of the spouse pension. The following table summarises the children s allowance payments should your spouse die after their pension has commenced: Amount of children s allowance One dependent child 80% of the spouse pension. Each dependent child (where there are two or more) 50% of the spouse pension. Total allowance not to exceed 200% of the spouse pension. To help the Trustee determine whether a spouse or reversionary pension is payable, a certified copy of each of the following documents will be needed: death certificate, your spouse s birth certificate or extract of their birth certificate, and your marriage certificate, or evidence of a de-facto relationship (this evidence must be accompanied by a statutory declaration). Who is a dependent child? A dependent child is any person who is any child of yours (including an adopted child, step child or ex-nuptial child) who is under 18 years of age. It may also include a child up to age 23 who was financially dependent on you and is in full-time education of a type approved by the Trustee. Who is a dependent child (for purposes of a Spouse pension)? A dependent child is any person who at the date of death of your spouse was the child of your spouse (including an adopted child, step child or ex-nuptial child) and who is under 18 years of age. It may also include a child up to age 23 if he or she was financially dependent on your spouse and is in full-time education of a type approved by the Trustee. Eligibility for a spouse pension (including reversionary) A spouse is a person who, at the time of your death, was legally married to you, or was living with you on a genuine domestic basis in a relationship as a couple (i.e. de facto or same sex spouse). To be eligible for a spouse pension, your spouse must also satisfy one of the following conditions: or they were your spouse at the date you retired from Westpac and are still your spouse at the date of death, if they became your spouse after you left Westpac they were your spouse for at least three years at the date you died

9 Fees and costs DID YOU KNOW? ` ` xx Small differences in both investment performance and fees and costs can have a substantial impact on your long term returns. For example, total annual fees and costs of 2% of your account balance rather than 1% could reduce your final return by up to 20% over a 30 year period (for example, reduce it from $100,000 to $80,000). You should consider whether features such as superior investment performance or the provision of better member services justify higher fees and costs. You may be able to negotiate to pay lower administration fees. Ask the fund or your financial adviser. TO FIND OUT MORE If you would like to find out more, or see the impact of the fees based on your circumstances, the Australian Securities and Investments Commission (ASIC) website (moneysmart.gov.au) has a superannuation fee calculator to help you check out the different fee options. This document shows fees and other costs that you may be charged. These fees and other costs may be deducted from your account, from the returns on your investment or from the assets of Westpac Group Plan Defined Benefit as a whole. Other fees, such as activity fees, may also be charged, but these will depend on the nature of the activity, chosen by you. Tax details are set out in the Taxation section of this document. You should read all the information about fees and other costs because it is important to understand their impact on your investment. Westpac Group Plan Defined Amount How and when paid Benefit Pension Type of fee Investment fee Nil Not applicable Administration fee Nil Not applicable Buy sell spread Nil Not applicable Switching fee Nil Not applicable Exit fee Nil Not applicable Advice fee relating to all members Nil Not applicable investing in a particular MySuper product or Investment Option Other fees and costs* Nil Not applicable Indirect cost ratio Regulatory Change Expense Recovery Nil Not applicable * Activity fees such as Family law fees may also apply. See overleaf. westpacstaffsuper.com.au 9

10 Fees and costs (Continued) Additional explanation of fees and costs Activity fees An activity fee relates to costs incurred by the trustee of Westpac Group Plan Pension that are directly related to an activity that is performed at your request, or with your consent, or relates to you and is required by law; and those costs are not otherwise charged as any other fee explained in this section. An example of an activity fee is the fee relating to Family Law matters. Family Law fees We may be required by law to take action in relation to your pension for Family Law purposes. Type of fee or cost Amount How and when paid Application for information in the Nil N/A format specified under the Family Law Act. Splitting a pension ( benefit ) $150 Shared equally by both parties. Deducted from each party s benefit at the time the benefit is split unless all of the benefit is going to the non-member spouse (in which case the non-member spouse pays all of this fee). Flagging a benefit or lifting of a flag where no split occurs Any other action required by the Trustee directly in relation to a benefit covered by a super agreement, flag lifting agreement or splitting Nil Fee depends on the action that is necessary for the Trustee to take. You or the relevant party will be advised prior to incurring such a fee. GST Fees and costs shown in this section include GST and stamp duty if applicable. N/A Shared equally by both parties. Payment may be requested by the Trustee prior to the benefit being flagged or split, or may be deducted from each super benefit at the time the benefit is split (whichever is deemed appropriate by the Trustee at the time). Fee increases All fees are current and may be revised, added to, increased or adjusted by the Trustee from time to time without your consent due to changes to your super or the Trust Deed. If the Trustee does increase fees, it must notify you 30 days in advance of the change

11 Taxation The tax treatment of super is complex, and accordingly cannot be explained in detail in this information booklet. What follows below is a general description of the tax treatment of super, current as at the date this information booklet was prepared. We suggest that you obtain professional advice about how the tax laws affect you. Tax on pensions If you are age 60 or over, pensions paid by the Westpac Group Plan Defined Benefit are tax-free. If you are under age 60, the applicable tax will be deducted from your pension at your marginal tax rate plus Medicare Levy, before it is paid to you. However, if you are aged between preservation age* and 60 you are entitled to a tax offset. If you haven t provided your Tax File Number (TFN) we may be required to deduct tax at the highest marginal tax rate plus Medicare Levy from your pension. You will need to report your pension payments in your annual income tax return if you are under age 60. When you reach age 60, pensions are tax-free so we will stop deducting tax from your pension payments and you will no longer need to report payments in your annual income tax return. * Your preservation age depends on your date of birth. Date of birth Preservation age Before 1 July July June July June July June July June After 30 June Tax on Spouse pensions The tax payable depends on your spouse s age when they receive a Westpac Group Plan Defined Benefit pension and on your age at the time of your death. If either you or your spouse are 60 or older at the time of your death, the spouse pension will be tax-free. There is no need to include payments from Westpac Group Plan Defined Benefit pension in your spouse s annual income tax return. If both you and your spouse are under age 60 at the time of your death, tax is payable on your Westpac Group Plan Defined Benefit pension, until your spouse reaches age 60. Tax will be deducted before your pension is paid to you. If you haven t provided your TFN we may be required to deduct tax at the highest marginal tax rate plus Medicare Levy instead. We will send you a PAYG statement each year (until you turn age 60), and you will need to include your pension payments in your annual income tax return. You will also be entitled to a 15% tax offset on the taxable component of your pension payments. Social security Most super pensions impact social security or age pension entitlements. You may need to report your Westpac Group Plan Defined Benefit pension for Centrelink purposes. We suggest you speak to Centrelink or to a licensed financial adviser to find out how pensions can affect these entitlements. westpacstaffsuper.com.au 11

12 Taxation (Continued) Collecting your TFN Before providing your TFN to us, we re required to tell you that: we re authorised to collect your TFN under the Superannuation Industry (Supervision) Act 1993, from a range of sources including yourself, your employer or the ATO. You can, however, notify us in writing not to record your TFN it is not an offence not to provide your TFN; however, if you do not supply it you will not be able to make personal contributions to your account, and you may have to pay more tax than you would otherwise pay on your contributions to your account, and payments you receive from us. Furthermore, without your TFN it may be more difficult for us to locate your benefit your TFN will be used for legal purposes only, including finding or identifying your super benefits in the superannuation fund, calculating tax on super payments and providing information to the ATO. These purposes may change in the future if you provide your TFN, it may be provided to another super plan or retirement savings account provider that receives any transferred benefits in the future (unless you notify us in writing not to forward your TFN) and may also be given to the ATO Apart from the above uses, your TFN will be kept confidential

13 Other important information Privacy Why we collect your personal information We collect personal information, including sensitive information (e.g. health information), from you to process your application, provide you with your product or service, and manage your product or service. We may also use your information to comply with legislative or regulatory requirements in any jurisdiction, prevent fraud, crime or other activity that may cause harm in relation to our products or services, and help us run our business. We may also use your information to tell you about products or services we think may interest you. If you do not provide all the information we request, we may need to reject your application, or we may no longer be able to provide a product or service to you. How we collect your personal information We may collect your personal information from many places including correspondence with you, our telephone calls with you, you using the BT website or ing us. We may also collect your information from other members of the Westpac Group, or from a service provider engaged to do something for us or another member of the Westpac Group. Disclosing your personal information We may disclose your personal information to other members of the Westpac Group, anyone we engage to do something on our behalf such as a service provider, and other organisations that assist us with our business. We may also disclose your personal information to any person who acts on your behalf in relation to your investment, such as your financial adviser. We may disclose your personal information to an entity which is located outside Australia. Details of the countries where the overseas recipients are likely to be located are in the BT Privacy Policy. As a provider of financial services, we have obligations to disclose some personal information to government agencies and regulators in Australia, and in some cases offshore. We are not able to ensure that foreign government agencies or regulators will comply with Australian privacy laws, although they may have their own privacy laws. By using our products or services, you consent to these disclosures. Other important information We are required or authorised to collect personal information from you by certain laws. Details of these laws are in the BT Privacy Policy. The BT Privacy Policy is available at bt.com.au or by calling It covers: how you can access the personal information we hold about you and ask for it to be corrected; how you may make a complaint about a breach of the Privacy Act 1988 (Cth), or a registered privacy code, and how we will deal with your complaint; and how we collect, hold, use and disclose your personal information in more detail. The BT Privacy Policy will be updated from time to time. Information about your nominated beneficiaries and other individuals You agree to ensure that any person you nominate as your beneficiary is made aware: you have nominated them as your beneficiary; we and other members of the Westpac Group hold their personal information; we and other members of the Westpac Group will use their personal information in determining to whom and in what proportion your super benefits will be paid upon your death and, to the extent that such information is not provided, we may not be able to pay your death benefits according to your wishes; we and other members of the Westpac Group may disclose their personal information to each other and to third parties (including your financial adviser) that assist us in the administration of the Fund or when required or permitted by law to disclose their personal information; and they may contact us and request access to their personal information using the details provided above. Where you have provided information about another individual, you must make them aware of that fact and the contents of this privacy statement. westpacstaffsuper.com.au 13

14 Other important information (Continued) We will use your personal information to contact you or send you information about other products and services offered by the Westpac Group or its preferred suppliers. If you do not wish to receive marketing communications from us please call us on Anti-Money Laundering and Counter-Terrorism Financing The Australian Government enacted the Anti-Money Laundering and Counter Terrorism Financing Act 2006 ( AML/CTF Act ) in December The purpose of the AML/CTF Act is the regulation of financial services and transactions in a way that will help detect and prevent money laundering and terrorism financing. To meet their regulatory and compliance obligations under the AML/CTF Act, the Trustee and Administrator will be increasing the levels of control and monitoring they perform. You should be aware that: the Trustee and Administrator may be required to carry out a procedure to verify your identity before providing services to you, and from time to time thereafter; transactions may be delayed, blocked, frozen or refused where the Trustee or Administrator has reasonable grounds to believe that the transaction breaches Australian law or sanctions or the law or sanctions of any other country; where transactions are delayed, blocked, frozen or refused neither the related parties are liable for any loss you suffer (including consequential loss) however caused in connection with Westpac Group Plan Defined Benefit ; and the Trustee or Administrator may from time to time require additional information from you to assist them in this process. The Trustee and Administrator have certain reporting obligations pursuant to the AML/CTF Act. The legislation prevents the Trustee and Administrator from informing you that any such reporting has taken place. Where legally obliged to do so, the Trustee and Administrator may disclose the information gathered to regulatory and/or law enforcement agencies, including the Australian Transaction Reports and Analysis Centre ( AUSTRAC ), other banks, service providers or to other third parties. The Trustee and Administrator may also share this information with other members of the Westpac Group. Complaint resolution If you have a concern or complaint about the operation or management of the Westpac Group Plan Defined Benefit, please contact the Helpline. If your concerns cannot be resolved over the phone, you can outline your complaint in writing by ing We will endeavour to resolve your complaint within 30 days of receiving your , and are required by law to deal with your complaint within 90 days. However, if you are not satisfied with the response, or have not received one within 90 days, you may contact the Superannuation Complaints Tribunal by calling or writing to Locked Bag 3060, Melbourne VIC The Tribunal is an independent body established by the Government to help members of super funds resolve complaints

15 Family Law and your super Legislation allows legally recognised couples to make binding agreements or obtain Court orders from the Family Court in respect of how each partner s super will be divided upon marriage or relationship breakdown. Your pension may need to be adjusted to reflect any agreements or Court orders which may be binding on the Trustee. Splitting your pension with your spouse may have tax consequences. You should seek professional advice as to the consequences of separation on your pension. Also, under the Family Law Act the Trustee is required to provide certain information about a Pension member s interest in the Westpac Group Plan Defined Benefit to eligible persons where the information is required to negotiate a super agreement or to assist with a Court order. For the purposes of the Family Law Act an eligible person means a pensioner, the spouse of a pensioner or a person who intends to enter a super agreement with the pensioner. The Trustee may charge a fee for actions to be taken under the Family Law Act in respect of your pension Details of the current fees in this regard are set out on pages 9 and 10. Updating information in this PDS Information in this PDS is subject to change and may be updated by us from time to time. You will be provided with 30 days notice of any proposed increase in fees or charges. All other material changes or significant events will generally be advised as soon as practicable, but in any event within the period required by superannuation law. Updated information, if not materially adverse, can be obtained by going to our website at westpacstaffsuper.com.au, or by calling the Helpline. You can request a paper copy of updated information at any time, free of charge. Other things about the Trustee and Westpac Group Plan Defined Benefit The Trustee and Trust Deed The Westpac Group Plan Defined Benefit operates in a trust, separately from Westpac, and is managed by a trustee company, BT Funds Management Limited. The Westpac Group Plan Defined Benefit assets are kept separate from Westpac s assets. The Westpac Group Plan Defined Benefit is governed by a legal document called the Trust Deed as well as a Participation Schedule. The Trust Deed describes the rights and benefits of all members (including Pension members), as well as the duties and obligations of the Trustee and Westpac. If there is any discrepancy between the Trust Deed and this PDS, the Trust Deed will be the final authority. The Trustee s main responsibilities are to make sure: your rights and interests as a Pension member are properly taken account of, pensions are paid correctly and at the appropriate time, the Westpac Group Plan Defined Benefit assets are invested properly, and the overall operation of the Westpac Group Plan Defined Benefit is conducted in accordance with the Trust Deed and relevant law. Further information available As well as sending you regular information and answering your questions, the Trustee can provide you with further information about the Westpac Group Plan Defined Benefit upon request, including: the Trust Deed and Participation Schedule the latest audited accounts the complaints resolution procedure, and a summary of the most recent actuarial report (in relation to the Defined Benefit Plan). If you d like to see copies of these documents write to the Trustee or us at westpacstaffsuper.com.au 15

16 Other important information (Continued) Trustee s indemnity Both the Trustee and its directors are entitled to be indemnified out of the assets of the Westpac Group Plan Defined Benefit against all liabilities which may be incurred in administering it. Under the Trust Deed, Westpac is required to indemnify and reimburse the Trustee in relation to such liabilities, to the extent that the assets of the Westpac Group Plan Defined Benefit are insufficient to meet these liabilities. These indemnities do not apply where the liabilities have arisen out of the Trustee s or the director s fraud, dishonesty or intentional or reckless neglect or default, or are amounts, such as penalties, for which indemnification is not permitted under Government legislation. Amending the Trust Deed The Trust Deed is a document that describes the rights and benefits of all members (including Pension members), as well as the duties and obligations of the Trustee and Westpac. It can be amended by Westpac only with the consent of the Trustee. As circumstances change, it may be necessary for the Trust Deed to be amended. However, no amendment made can reduce your pension accrued up to the date of the amendment without your consent except in limited circumstances. You ll be advised in the latest Annual Report of the nature and effect of any relevant amendment made to the Trust Deed. All amendments made must comply with the strict requirements of the Trust Deed and all legislation. A copy of the Trust Deed and Participation Schedule can be made available upon written request or by contacting us on Transfer to other funds The Trust Deed gives the Trustee the power in certain circumstances to transfer your benefits out of the Westpac Group Plan Defined Benefit pension either with or without your consent as required or permitted by legislation. Financial position All new employees become members of the Accumulation Plan. However, because of the Defined Benefit Plan, the Westpac Group Plan is defined by legislation as a defined benefit superannuation fund. Because of the Defined Benefit Plan, a professional known as an actuary is appointed by the Trustee to advise the Trustee on the level of funding and the rate at which Westpac is to contribute to finance the benefits for all members and Pension members of the Westpac Group Plan Defined Benefit. In the unlikely event that the level of funding is inadequate and Westpac is unable to contribute an amount to make up the difference, there is a remote possibility your pension may be reduced below your standard pension entitlement. You will be advised annually of the level of funding in your Annual Report or earlier in the case of a significant event. You can t borrow from the Westpac Group Plan Defined Benefit Under superannuation law, you can t borrow money from the Plan or use your pension as security for a loan from any form of lender. Service providers Link Super Pty Ltd has been appointed by the Trustee to provide administration services. Other service providers such as investment managers, actuaries and auditors have also been appointed to help the Trustee fulfil its responsibilities. Details of service providers are set out in the Annual Report. Fees for these services are paid from the Westpac Group Plan Defined Benefit as an expense. Investment of assets The Trustee is responsible for the management of the Westpac Group Plan Defined Benefit assets. The assets are held in trust and must be invested in accordance with the investment powers contained in the Trust Deed and with Government requirements. The Trustee does not take any labour standards, environmental, social or ethical considerations into account when investing the Westpac Group Plan Defined Benefit assets, as relevant to Pension members

17 Like to know more? Contact details If you have any questions or would like more information about Westpac Group Plan Defined Benefit westpacstaffsuper.com.au BTx px

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