State Super retirement FuND

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1 State Super retirement FuND Additional Information Booklet Date of Issue 20 January 2015 State Super Financial Services Australia Limited ABN Australian Financial Services Licence No Trustee of the State Super Retirement Fund ABN

2 How Before super you works start Information regarding the State Super Tailored Super Plan USI , the State Super Flexible Income Plan USI , the State Super Personal Retirement Plan USI SSI0017AU and the State Super Allocated Pension Fund USI SSI0009AU is contained in the applicable Product Disclosure Statement (PDS) and various Booklets, including this Retirement Fund Additional Information Booklet (Booklet). You can obtain a copy of these documents without charge on ssfs.com.au or by contacting us. The information in this Booklet forms part of: the Tailored Super Plan PDS dated 20 January 2015; the Flexible Income Plan PDS dated 1 July 2014; the Personal Retirement Plan PDS dated 20 January 2015; and the Allocated Pension Fund PDS dated 1 July The information in each PDS and the Booklets is general information only and doesn t take into account your financial situation or needs. You may wish to consult your financial planner to obtain financial advice that is tailored to your personal circumstances. The Tailored Super Plan, Flexible Income Plan, Personal Retirement Plan and Allocated Pension Fund are offered in the State Super Retirement Fund (Retirement Fund). State Super Financial Services Australia Limited ABN , AFSL Number (referred to in this Booklet as SSFS, the trustee, we, us) is the trustee of the Retirement Fund. This Booklet is issued solely by SSFS. No other person (whether or not related to SSFS) is responsible for the information contained in this Booklet. None of the Commonwealth, State or Territory Governments, SSFS, the SAS Trustee Corporation, the investment managers we appoint or our service providers, or their respective officers, employees or agents guarantee that your investment in the Retirement Fund will increase or retain its value, guarantee the repayment of the money you invest in the Retirement Fund or guarantee the performance of the Retirement Fund. For an explanation of important words and phrases, see the Glossary on page 37. The information in each PDS and the Booklets may change from time to time. We may update information which is not materially adverse to you on ssfs.com.au. A paper copy can also be obtained without charge from your financial planner or by calling We may change any of the matters described in a PDS and the Booklets from time to time. We will notify you of material or significant changes which may affect you before or after the change has taken place in accordance with the law. 2 State State Super Super Retirement Fund Fund Additional Information Booklet Booklet

3 Contents State Super retirement plan How super works 2 How super in retirement works 9 How to switch and withdraw 13 Special Investment Facility 20 Progressive Investment Facility 20 Transaction processing 21 Reporting 23 How is super taxed? 24 Tax on contributions and rollovers 24 Tax on fund earnings 25 Tax on benefits 25 Your Tax File Number (TFN) 27 How are pensions taxed? 28 What tax is payable? 28 Tax on rollovers 28 Tax on fund earnings 28 Tax on benefits 28 Other information 31 Death benefits and nominations 31 Can you change your mind? 33 Any enquiries or complaints 34 Personal information 34 Family law 36 Our responsibilities to you 36 Anti-Money Laundering and Counter Terrorism Financing 36 Glossary 38 Directory Inside back cover REGISTERED OFFICE Level 7, 83 Clarence Street, Sydney Mail: GPO Box 5336 Sydney NSW 2001 Telephone: Fax: Internet: Visit our website or call for further information 1

4 How super works (personal retirement plan and tailored Super plan members only) How to invest How much is needed to invest in the Personal Retirement Plan or the Tailored Super Plan? Initial investment: The total minimum initial investment (total of contributions and rollovers) in the Personal Retirement Plan or the Tailored Super Plan is $2,000. Additional investment: Each subsequent ad hoc contribution must be at least $500, and each regular investment must be at least $100. Who can invest in the Personal Retirement Plan or the Tailored Super Plan? Subject to the limits on contributions set out below, we can accept the following types of contributions into the Personal Retirement Plan or the Tailored Super Plan: Contribution type Superannuation Guarantee and industrial instrument employer contributions Personal contributions Salary sacrifice contributions Spouse contributions Rollovers Government co-contributions Contribution description Contributions made by your employer into the Personal Retirement Plan or the Tailored Super Plan for your benefit. Employers may make contributions to the Personal Retirement Plan or the Tailored Super Plan to satisfy their Superannuation Guarantee obligations or, to comply with their obligations under an industrial instrument in which case they are called mandated contributions. Contributions you as a member make. Personal contributions can either be personal after-tax contributions, paid from your after-tax income or personal before-tax contributions, paid from your before-tax income. You may be able to arrange for your employer to make contributions to the Personal Retirement Plan or the Tailored Super Plan instead of paying you an equivalent amount of pre-tax salary. These salary sacrifice contributions are treated as employer contributions. Your employer can also make additional contributions for your benefit over and above any Superannuation Guarantee, industrial instrument or salary sacrifice contributions. Contributions your spouse pays into the Personal Retirement Plan or the Tailored Super Plan for your benefit. You can rollover existing superannuation monies into the Personal Retirement Plan or the Tailored Super Plan. You may be eligible to receive a co-contribution from the Government (up to $500 for the 2014/15 financial year) (see page 5 for more details). 2 State Super Retirement Fund Additional Information Booklet

5 How super works Limits on contributions The following table summarises the rules in relation to contributions: Contribution Rules Superannuation Guarantee and industrial instrument employer contributions Personal contributions, salary sacrifice contributions and additional employer contributions Spouse Contributions Under 65 Yes 1 Yes 1 Yes 1 At least 65, and under 70 Yes 1 Yes, provided you satisfy the annual work test 1,2 At least 70 and under 75 Yes 1 Yes, provided you satisfy the annual work test 1,2,3 Yes, provided you satisfy the annual work test 1,2 No 75 and over Yes 1 No 3 No 1 Subject to the limits outlined in Capping of contributions below. 2 The annual work test requires you to have been gainfully employed for at least 40 hours in a period of not more than 30 consecutive days in the financial year. 3 Contributions may be made up to 28 days after the end of the month in which you turn age 75. You must also have satisfied the annual work test. There is no age restriction on rollovers. Importantly, we will not accept any contributions made by you or for your benefit unless you have provided your Tax File Number to us. Any amount received in these circumstances will be invested in a non-interest bearing trust account and, if you do not provide your TFN, returned to you within 30 days. Capping of contributions The Government limits the amount of contributions that can be made to your superannuation, which receive favourable tax treatment. These limits are called contribution caps. There are two contribution caps: a concessional contribution cap a non-concessional contribution cap Additional tax may be payable if you exceed the caps. Please refer to How is super taxed? on page 23 for further details about the additional tax that may apply. Visit our website or call for further information 3

6 How super works The concessional contribution cap Concessional contributions are generally contributions for which a tax deduction is claimed and include employer contributions, salary sacrifice contributions and personal contributions you claimed as a tax deduction. In the 2014/15 financial year, the general concessional contribution cap is $30,000. To assist people who are close to retirement, the government has introduced a flat age based higher concessional contribution cap. The caps will apply as summarised in the table below. Age Concessional contribution cap Less than 50 $30,000 (indexed 1 ) 50 and over $35,000 (not indexed) 1 Indexed annually in line with Average Weekly Ordinary Time Earnings (AWOTE), in increments of $5,000. Concessional contributions in excess of the applicable concessional contributions cap are called excess concessional contributions. You may elect to have up to 85% of your excess concessional contributions for the financial year released from your superannuation account. Where you elect to leave the excess concessional contributions in super, the excess amounts will count towards the non-concessional contributions cap. The non-concessional contribution cap Non-concessional contributions are generally after-tax contributions, including personal after-tax contributions, spouse contributions and excess concessional contributions which have not been released (e.g. returned to you). Your non-concessional contributions are reduced by 100/85 of the amount of any excess concessional contributions released from superannuation. If you are under age 65 in the relevant financial year, you can bring forward up to 2 years worth of nonconcessional contributions without exceeding the cap. However, you will not be able to make any further non-concessional contributions for the next 2 financial years. For example, an investor could contribute $540,000 in the 2014/15 financial year as a single lump sum, using up any allowable cap for that year and the following 2 financial years, without incurring additional tax. The bring forward is automatically triggered as soon as non-concessional contributions exceed the non-concessional contributions cap for that year. The current non-concessional contributions caps, applicable for the 2014/15 financial year, are summarised in the table below. Under age 65 Age 65 and over $180,000 1 per annum, or $540,000 over a three-year period $180,000 1 per annum 1 The non-concessional contributions cap is equal to six times the general concessional contributions cap (i.e. $180,000 in the 2014/15 financial year). Amounts from the disposal of certain small business assets paid as after-tax contributions are excluded from the non-concessional contributions cap up to a lifetime limit, called the CGT Cap. The CGT Cap is indexed and is $1,355,000 for the 2014/15 financial year. Please see your financial planner for further details on the CGT Cap. 4 State Super Retirement Fund Additional Information Booklet

7 How super works Note: The Government has announced changes to the treatment of excess nonconcessional contributions to allow individuals to withdraw excess contributions and associated earnings. However, these changes have not yet been made law. Please visit treasury.gov.au for further information. Government Co-Contribution Scheme The Government has a Superannuation Co-Contribution Scheme, which involves the Government paying a superannuation co-contribution to an eligible investor s account where the investor makes personal after-tax contributions. To be eligible for a co-contribution, you need to: be under age 71 at the end of the income year in which your after-tax contribution was made; have total income (gross assessable income plus reportable fringe benefits plus reportable employer superannuation contributions less allowable business deductions) below the relevant threshold - ($49,488 for the 2014/15 financial year); earn at least 10% of your total income from carrying on a business, employment-related activities or a combination of both (for the purposes of this test, business deductions are not taken into account in the total income amounts); have lodged your income tax return with the Australian Taxation Office for the financial year; not have been a temporary resident at any time during the financial year (unless you are a New Zealand citizen or the holder of a prescribed visa). If you earn more than $34,488 for the 2014/15 financial year (indexed annually), the maximum co-contribution of $500 is scaled back at the rate of cents in the dollar. To find out more about the Superannuation Co-contribution Scheme, ask your financial planner or go to Please note: The co-contribution does not count towards the non-concessional contributions cap. Government Low Income Superannuation Contribution The Government will make a contribution of up to $500 in a financial year in respect of a member where: the member s adjusted taxable income for the financial year does not exceed $37,000; a concessional contribution in respect of the member was made in the financial year; the member earns at least 10% of the member s total income (gross assessable income plus reportable fringe benefits plus reportable employer superannuation contribution) from carrying on a business, employment-related activities or a combination of both, in the financial year; the member is not a temporary resident at any time in the financial year (unless the member is a New Zealand citizen or the holder of a prescribed visa); Visit our website or call for further information 5

8 How super works The amount of the Government low income superannuation contribution that will be made in respect of an eligible member in a financial year is determined as the lesser of: (a) 15% of the total concessional contributions made in respect of the member in the financial year; and (b) $500. However, if the member is eligible for a Government low income super contribution that is less than $10 for the financial year, the Government low income super contribution for that member will be rounded up to $10 for that financial year. Note: The Government has passed legislation to repeal the Government low income super contribution scheme from 1 July Payments without an investment instruction Should we receive a Superannuation Guarantee payment/mandated contribution, a Government cocontribution or a Government low income super contribution into the Personal Retirement Plan or the Tailored Super Plan, and we have received no specific instructions from you we will invest the amount in accordance with your existing Fund allocation at the time of receipt of the payment. Please note: The Superannuation Guarantee payment/mandated contribution will count towards the concessional contributions cap. How do you invest in the Personal Retirement Plan or the Tailored Super Plan? Your initial investment in the Personal Retirement Plan or the Tailored Super Plan can consist of a rollover from another superannuation product and/or a contribution. You can then make ad hoc and/or regular superannuation contributions to, or rollovers into, the Personal Retirement Plan or the Tailored Super Plan. Superannuation contributions may be made by you, or made on your behalf by others such as your spouse or your employer. Any contributions to the Personal Retirement Plan or the Tailored Super Plan from your employer must be made under an arrangement between you and your employer. Initial investments (contributions and rollovers) To make an initial investment to the Personal Retirement Plan or the Tailored Super Plan, complete the Personal Retirement Plan or the Tailored Super Plan application form and forward it to us and: t o the extent your initial investment consists of personal or spouse contributions, forward to us a cheque from you or your spouse for the amount of the contribution; to the extent your initial investment consists of an employer contribution, direct your employer to send the payment for the amount of the contribution to us; to the extent your initial investment consists of a rollover from another superannuation product, notify your current superannuation fund by completing a Request to Transfer form (available from ssfs.com. au or any of our offices) and sending it to them. Alternatively, you can send your transfer authority to us, and we will initiate the rollover from your current fund on your behalf. Your current fund will send the details of your rollover and your superannuation benefits directly to us to invest; or 6 to the extent that you are transferring from another SSFS product you must complete section 7 of the Personal Retirement Plan or the Tailored Super Plan application form. State Super Retirement Fund Additional Information Booklet

9 How super works If your application form does not specify the Fund(s) for investment, we will contact you to obtain your investment allocation. If we are unable to contact you we may not be able to accept your application. Please note that the trustee is not bound to accept any application for the Personal Retirement Plan or the Tailored Super Plan and may refuse an application without giving any reason. additional investments (ad hoc contributions and rollovers) After becoming a member of the Personal Retirement Plan or the Tailored Super Plan, additional ad hoc contributions and rollovers can be made at any time either by cheque or money order or using BPAY. When sending a cheque or money order the following information must be provided: your personal details; the amount of your contribution/ rollover; if the investment is in the form of a contribution, what type of contribution it is; the Fund allocation; and any necessary rollover forms as outlined above. Registered to BPAY Pty Ltd. ABN Please forward to Attention: Registry Services, State Super Financial Services Australia Limited, (see address inside the back cover). BPAY payments can be made via your bank or financial institution. Details of Biller Code(s), together with your Customer Reference Number(s) can be located on SSFS client website (ssfs.com.au) or by contacting your local regional office. If you wish to change the Fund allocation for future/additional contributions, you will need to complete a Request to Change Fund Allocation Future Contributions/Investments form (available from ssfs.com. au or any of our offices). If you do not specify the Fund(s) for investment we will invest the additional investment in accordance with your existing Fund allocation (other than the Fixed Term Fund) at the time of receipt of the additional investment. You will then be issued a transaction confirmation and may then be able to switch the investment into one or more other Funds at any time (see page 13 for more information on switching). additional investments (regular Contributions plan) You can arrange for regular contributions to be paid into the Personal Retirement Plan or the Tailored Super Plan. This facility involves: SSFS making automatic deductions from a bank, credit union or building society account on the 16th day of each month. If this is not a business day, the amount will be deducted on the first business day thereafter; or a cheque being sent on a regular basis to Attention: Registry Services, State Super Financial Services Australia Limited (see address inside the back cover). Please note: You should check whether your financial institution will charge you a fee for each withdrawal from your account before arranging for regular contributions to be deducted. Should you wish to take advantage of the regular contributions facility, complete the Personal Retirement Plan application form and the regular contributions application form and send both forms to us. Visit our website or call for further information 7

10 How super works If your application for the regular contributions facility does not specify the Fund(s) for investment, unless you tell us otherwise, each contribution received by us through the regular contributions facility will be invested in accordance with your existing Fund allocation (other than the Fixed Term Fund) at the time of receipt of the contribution. You may be able to switch the investment into one or more other Funds at any time (see page 13 for more information on switching). Note: The regular contributions facility is not available in respect of investments in the Fixed Term Fund. Contribution splitting arrangements The splitting of contributions with your spouse may be permitted in certain circumstances. The main benefits of contribution splitting are that you can take advantage of 2 concessional contributions caps and it facilitates income splitting between partners for lower overall tax. We recommend you seek financial advice before making a decision to split your contributions. You may be able to split with your spouse any concessional contributions that are made to your account in the Personal Retirement Plan. The maximum amount that can be split is the lesser of: 85% of concessional contributions received for a financial year; and the concessional contributions cap for the financial year. For example, if you are over age 50 and under age 60 and you made concessional contributions of $35,000 in the 2014/15 financial year the maximum you can split is $29,750, which is the lesser of 85% of your concessional contributions (being $29,750) and the concessional contributions cap for that financial year (being $35,000). Any contributions that are split will form part of the taxable component of your spouse s account balance. Your spouse receiving the split contribution must either. be under preservation age (see the section called What is your preservation age? ); or have reached their preservation age, be under 65 years and must not have permanently retired. Contributions can generally be split after the conclusion of the financial year in which they are made or in the financial year in which they are made where the member s entire benefit is to be transferred. For example, contributions made from 1 July 2014 to 30 June 2015 can be split from 1 July 2015 to 30 June However, if you transferred your entire benefit to another fund before 30 June 2015, you could split your contributions for that financial year before transferring the benefit. For further information please contact your financial planner. 8 State Super Retirement Fund Additional Information Booklet

11 How super in retirement works (allocated pension Fund and Flexible Income plan members only) How much is needed to invest in the Allocated Pension Fund or the Flexible Income Plan? The minimum initial investment in an Allocated Pension or the Flexible Income Plan (including a Pre- Retirement Allocated Pension or Pre-Retirement Flexible Income Plan) is $20,000. Who can invest in the Allocated Pension Fund or the Flexible Income Plan? The Allocated Pension Fund and the Flexible Income Plan are each designed for retirees, semi-retired people or those about to retire, who are looking to: rollover their superannuation monies into a superannuation fund; defer tax on cashing in their superannuation monies and take advantage of the superannuation pension tax concessions; or receive a regular income stream from their superannuation monies. Both the Allocated Pension Fund and Flexible Income Plan only accept in respect of an ordinary Allocated Pension or ordinary Flexible Income Plan respectively, rollover from other superannuation products (including the State Super Personal Retirement Plan and the State Super Tailored Super Plan) that consist solely of unrestricted non-preserved amounts (see page 13 for further information on preservation amounts). If you are over your preservation age (see page 11) you can start a Pre-Retirement Allocated Pension or a Pre-Retirement Flexible Income Plan with any combination of unrestricted non-preserved amounts and/or restricted non-preserved amounts and/or preserved amounts. If you have a Pre-Retirement Allocated Pension or a Pre-Retirement Flexible Income Plan, then once you reach age 65, or otherwise satisfy a condition of release prescribed by superannuation law (refer to page 14), your Pre-Retirement Allocated Pension becomes an ordinary Allocated Pension or your Pre- Retirement Flexible Income Plan becomes an ordinary Flexible Income Plan, as applicable. This means, for example, that if you do not commute your pension at that time, you will continue to receive a pension from the State Super Allocated Pension Fund or Flexible Income Plan subject to the same minimum payment limits, but without any maximum payment limits and commutations are allowed. How do you invest in the Allocated Pension Fund or the Flexible Income Plan? Initial investment All you need to do to invest in the Allocated Pension Fund or the Flexible Income Plan is: complete the Allocated Pension Fund or Flexible Income Plan application form and send to Attention: Registry Services, State Super Financial Services Australia Limited (see address inside the back cover); Visit our website or call for further information 9

12 How super in retirement works complete a tax file number declaration form (if you are under age 60) and also send it to us; and if relevant: notify your current superannuation fund by completing a transfer authority form (available from ssfs.com.au or any of our offices) and sending it to them. Alternatively, you can send your transfer authority to us, and we will initiate the rollover from your current fund on your behalf your current fund will send the details of your rollover and your superannuation monies directly to us. To the extent that you are transferring from the State Super Personal Retirement Plan or Tailored Super Plan you must complete section 8 of the Allocated Pension Fund or Tailored Super Plan application form. If your application does not specify the Fund(s) for investment, we will contact you to obtain your investment allocation. If we are unable to contact you we may not be able to accept your application. The trustee is not bound to accept any application for the Allocated Pension Fund or the Flexible Income Plan and may refuse an application without giving any reason. additional investments You cannot make any additional contributions or rollovers to any Allocated Pension or Flexible Income Plan once the pension has commenced. Pension payments What pension payments will you receive? You can choose whether to receive pension payments monthly, quarterly, half yearly or annually. In order to make a pension payment, the trustee will redeem sufficient units and/or close sufficient Fixed Fund investments from your account balance to satisfy the amount of the payment. For default order of withdrawal for pension payments please see page 16. Order of withdrawal pre-retirement allocated pensions/pre-retirement Flexible Income plans Superannuation law requires that pension payments in respect of Pre-Retirement Allocated Pensions or Pre-Retirement Flexible Income Plans are paid in the following order: Firstly, from any unrestricted non-preserved amount; Secondly, from any restricted non-preserved amount; and Thirdly, from any preserved amount. 10 State Super Retirement Fund Additional Information Booklet

13 How super in retirement works amount of the pension payments You can choose the amount of your pension payments. Please note, however, the total annual amount you choose to be paid from an Allocated Pension (including a Pre-Retirement Allocated Pension) or from a Flexible Income Plan (including a Pre-Retirement Flexible Income Plan) must be at least equal to the legislated minimum annual payment amount for that year, which is a percentage of your account balance (calculated, in the first financial year, at the start of your pension and, in subsequent financial years, at the start of each financial year i.e. 1 July), in accordance with the following table: Age Minimum Percentage of your Account Balance (%) 2014/15 financial year Under or more 14 There is no maximum limit on the amount of pension payments you can receive from an ordinary Allocated Pension or Flexible Income Plan in a year. However, the total annual amount you choose to be paid for a Pre-Retirement Allocated Pension or Pre-Retirement Flexible Income Plan must be no greater than the legislated maximum payment amount for that year, which is 10% of your account balance (calculated, in the first financial year, at the start of your pension and, in subsequent financial years, at the start of each financial year i.e. 1 July). When deciding the amount of pension payments you wish to receive in a financial year, please bear in mind that payments can only be made while there is money in your pension account. When a pension commences on a day other than 1 July, the minimum payment limits in the first year are applied proportionately to the number of days remaining in the financial year that include and follow the commencement date. However, the maximum payment limit for a Pre-Retirement Allocated Pension and for a Pre-Retirement Flexible Income Plan remains equal to 10% of the account balance at the time the pension commenced. The maximum payment limit ceases to apply from the time you satisfy a condition of release (see page 16). This means that, after satisfying a condition of release, you could make a lump sum withdrawal up to the amount of your account balance. The minimum and maximum pension amounts are calculated on your initial account balance, and then re-calculated as at 1 July every year thereafter based on: Visit our website or call for further information 11

14 How super in retirement works your age; and your account balance in the Allocated Pension/Flexible Income Plan or Pre-Retirement Allocated Pension/Pre-Retirement Flexible Income Plan, as applicable as at the date of each calculation. Your account balance will vary depending on factors such as: the amount of pension payments paid to you during the year; the net earnings of the Fund(s) in which you are invested; and any lump sum withdrawals made by you. Generally speaking, you must receive at least one pension payment every financial year. However, if the pension commences on or after 1 June in any financial year, no payment is required to be made for that financial year, although a payment may be made by 30 June of that year. If your minimum pension amount for a financial year has not been reached by the date of the last payment due to be made to you in the financial year, an additional payment will be made to ensure the minimum amount is paid. We will take into account pension payments and any lump sum withdrawals (including lump sum withdrawals under a payment split, but not any amounts rolled over to another superannuation arrangement) in a year when determining whether the minimum amount has been paid from your pension in that year. For Pre-Retirement Allocated Pensions and Pre-Retirement Flexible Income Plans, any lump sum withdrawals are not taken into account when determining whether the maximum amount has been paid from your pension in that year. If the maximum pension amount for your Pre-Retirement Allocated Pension or Pre-Retirement Flexible Income Plan is reached during the financial year, the relevant payment that would result in your exceeding the maximum will be reduced to ensure the maximum amount is not exceeded. No further pension payments can be made to you for that financial year. By way of example, consider the situation if you had an Allocated Pension or Flexible Income Plan which you started on 1 July 2014 with a purchase price of $150,000, and you were aged 65. In the first year the minimum payment amount is $7,500. The maximum payment would be the amount of your account balance. The amount of the payment will be tax free as you are over age 60. Note: The example above is illustrative only and is based on the factors stated. It should not be taken to provide an estimate of the minimum amount you must be paid in respect of your Allocated Pension or Flexible Income Plan. 12 State Super Retirement Fund Additional Information Booklet

15 How to switch and withdraw How are pension payments made? Pension payments are paid directly to the bank, credit union or building society account you have nominated by the 20th day of the relevant month. You must be at least one of the parties to the account nominated. Pension payments are not made by cheque. If you elected to receive your pension on a quarterly, half yearly or annual basis, your payments will be made in the following months: March, June, September and December for quarterly payments; June and December for half yearly payments; and June for annual payments. Switching A switch is the process of redeeming an interest in a Fund and using the redemption proceeds to purchase interests in another Fund(s). You can switch a minimum of $5,000 ($10,000 for the Fixed Term Fund or Fixed Payment Fund) in the Allocated Pension Fund or Flexible Income Plan; or $500 ($10,000 for the Fixed Term Fund) in the Personal Retirement Plan or the Tailored Super Plan, from one Fund to one or more of the Funds. You can arrange a switch by completing the relevant switch notification form available from any of our offices or by providing the necessary details in writing to us. There is no restriction on the number of times you may switch part or all of your investment. It is recommended that you consult with your financial planner before switching so as to understand the consequences of switching. There are special rules and procedures for switching into or from a Fixed Fund. Please refer to the Investment Booklet Fixed Fund for further information. When can you withdraw your benefits? When you make a withdrawal, the trustee will redeem sufficient units and/or close sufficient Fixed Fund investments from your account balance to satisfy the amount of the withdrawal request, as well as any tax payable on the withdrawal, subject to the rules below. Superannuation benefits are divided into three components, with different restrictions on when you can get access to each component: unrestricted non-preserved you can access this amount at any time; restricted non-preserved generally you can access this amount when you stop working for the employer who has contributed to your account; and preserved you can access this amount when you satisfy a condition of release (see page 16). All superannuation contributions and investment earnings since 1 July 1999 are preserved. Any non-preserved amounts you have accumulated before this date remain as non-preserved. There are special rules and procedures for withdrawing a Fixed Fund investment before maturity. Please refer to the Investment Booklet Fixed Fund for further information. Visit our website or call for further information 13

16 How to switch and withdraw (personal retirement plan and tailored Super plan members only) You may withdraw a minimum of $500 (or the total of your account balance, if it is less than $500) from the Personal Retirement Plan or the Tailored Super Plan by completing a redemption notification form available from any of our offices. However, superannuation law divides your account balance into different preservation components and has rules as to when a trustee can pay each component in cash. Your ability to withdraw from the Personal Retirement Plan or the Tailored Super Plan may be limited by the superannuation law. In any event you can make a withdrawal from the Personal Retirement Plan or the Tailored Super Plan: if you satisfy a condition of release (see section on What are the conditions of release? on page 16); or to effect a payment split under family law; or to pay an excess contributions tax liability; or to pay a superannuation surcharge liability (where liabilities arose prior to 1 July 2005); or at any time by transferring your benefit to another complying superannuation fund or to a retirement savings account; or in certain circumstances by transferring your benefit to the Allocated Pension and Term Allocated Pension Division or the Flexible Income Division of the State Super Retirement Fund. (The Allocated Pension Fund and Flexible Income Plan are products issued by SSFS, as trustee of the Retirement Fund. The relevant Product Disclosure Statement, the relevant Fee Booklet, the Investment Booklet Fixed Fund and the Retirement Fund Investment Booklet can be obtained by contacting us. You should consider these documents before making a decision to acquire or continue to hold the product.) The trustee will redeem sufficient units from your account balance to satisfy the amount of the withdrawal request. Where applicable, an amount will be deducted from any withdrawal to meet tax and superannuation surcharge requirements. (allocated pension Fund and Flexible Income plan members only) You can withdraw as a lump sum, amounts of $5,000 or more (or the total of your account balance, if it is less than $5,000) from the unrestricted non-preserved amount of your ordinary Allocated Pension, Flexible Income Plan, Pre-Retirement Allocated Pension or Pre-Retirement Flexible Income Plan at any time by completing a redemption notification form available from any of our offices. Preserved amounts and/or restricted non-preserved amounts can generally only be withdrawn from your Pre-Retirement Allocated Pension or Pre-Retirement Flexible Income Plan as a lump sum: when you have satisfied a condition of release (see section on What are the conditions of release? on page 16); to effect a payment split under family law; to pay a superannuation surcharge liability (where liabilities arise prior to 1 July 2005); or to pay an excess contributions tax liability. 14 State Super Retirement Fund Additional Information Booklet

17 How to switch and withdraw How much will I receive when I withdraw my benefit? The amount you receive as a benefit when you withdraw a lump sum from the Personal Retirement Plan, Tailored Super Plan, Allocated Pension Fund or Flexible Income Plan is dependent upon such factors as the amount of: contributions net of tax; your initial investment in the Allocated Pension Fund, Flexible Income Plan, Personal Retirement Plan or Tailored Super Plan; tax payable in relation to the lump sum withdrawal; investment earnings or losses (net of any applicable tax); fees and costs (net of any applicable tax), together with your age. A superannuation lump sum is made up of only two components, a tax-free component and a taxable component (which may be comprised of taxed and/or untaxed elements). By way of example for the Personal Retirement Plan or Tailored Super Plan, if in 2014/2015: your account balance was $250,000; the account comprised $200,000 of taxable component (all of which is taxed element) and $50,000 tax-free component; you are permanently retired and aged 58 (assuming your preservation age is 55); no other superannuation lump sums have been paid to you since reaching preservation age; and you withdrew a single lump sum of $240,000; you would be entitled to: amount of benefit $240,000 Less: tax on exit (see note) ($1,190) Net benefit paid to bank $238,810 Note: The amount of the tax-free component in the withdrawal is 20% of the total withdrawal i.e. $48,000. This tax-free percentage of 20% is calculated as $50,000 (the amount of the tax-free component in the account) divided by $250,000 (the total account balance). The remaining portion of $192,000 is the taxable component (all of which is taxed element). The excess $7,000 of taxable component withdrawn over the $185,000 low rate cap is taxed at 15% plus Medicare Levy, i.e. $1,190. No tax is payable on amounts under the low rate cap. Please note: Any amounts withdrawn after reaching age 60 would be completely tax-free. The low rate cap in the example is for the 2014/15 financial year. This example is for illustrative purposes only and is based on the factors stated. It is not intended to be indicative of the superannuation benefit you are entitled to or the actual tax that will be payable on your withdrawal. By way of example for the Flexible Income Plan or the Allocated Pension Fund, if: your account balance was $250,000; the tax free component of your account was 20%; you are permanently retired and aged 58 (assuming your preservation age is 55); and no other superannuation benefits or employment termination payments have been paid to you previously, you would be entitled to: Visit our website or call for further information 15

18 How to switch and withdraw Amount of benefit $250,000 Less: Tax on exit (see note) ($2,550) Net benefit paid in cash $247,450 Note: the amount of the tax-free component in the withdrawal is 20% of the full withdrawal amount. Therefore, 80% of $250,000, i.e. $200,000 is the taxable component (all of which is taxed element). $15,000 of the taxable component (the excess amount withdrawn over the low rate cap, which is $185,000 in 2014/15 financial year, indexed annually by AWOTE and reduced by any amount previously applied to the low rate threshold) is taxed at 15% plus Medicare Levy. i.e. $2,550. No tax is payable on amounts under the low rate cap. Any amounts withdrawn on or after reaching age 60 would be completely tax-free. Please note: the example above is illustrative only and is based on the factors stated. It should not be taken to contain or provide an estimate of any withdrawal benefits you will receive from the Allocated Pension Fund or Flexible Income Plan or the actual tax payable on your withdrawal. Defaults on withdrawals and for pension payments If you fail to provide us with details of the Fund(s) from which you wish your units and/or Fixed Fund investments to be redeemed, or your instruction cannot be followed, we will deem that you have requested us to redeem sufficient units and/or close sufficient Fixed Fund investments to satisfy your withdrawal request (including pension payments) in the following order: 1. from the Cash Fund (until all funds are exhausted); 2. from the Fixed Interest Fund (until all funds are exhausted); 3. from the Capital Stable Fund (until all funds are exhausted); 4. from the Moderate Fund (until all funds are exhausted); 5. from the Balanced Fund (until all funds are exhausted); 6. from the Growth Fund (until all funds are exhausted); 7. from the Growth Plus* Fund (until all funds are exhausted); 8. from the Australian Equities Fund (until all funds are exhausted); 9. from the International Equities Fund (until all funds are exhausted) ; 10. and finally from the Fixed Term Fund or Fixed Payment Fund**. * The Growth Plus Fund is only available in the Personal Retirement Plan and the Allocated Pension Fund. ** The Fixed Payment Fund is only available in the Flexible Income Plan and Allocated Pension Fund. Redemptions for ATO release authorities are pro-rated. If a Fixed Fund is closed before maturity, an early closure cost may be payable. Please refer to the relevant Fee Booklet for further information. 16 State Super Retirement Fund Additional Information Booklet

19 How to switch and withdraw What are the conditions of release? Superannuation is a long-term investment for your retirement. The Australian Government has placed restrictions on when you can get access to most of your superannuation savings. Generally, your preserved or restricted non-preserved superannuation savings can be paid out in the following circumstances: if you die; reaching age 65; reaching preservation age (see following section called What is your preservation age? ) and permanently retiring from work; reaching preservation age (see the following section called What is your preservation age? ) and receiving your savings in the form of a transition to retirement income stream or non-commutable pension; reaching age 60 and leaving or changing your employer; becoming permanently incapacitated; if you are an eligible temporary resident, permanently departing Australia; being a lost investor who is found, and the value of your benefit in the fund, when released, is less than $200; if you have a terminal medical condition. You may be able to cash some of your benefit in other situations, such as if you suffer severe financial hardship or on compassionate grounds and you meet the criteria as stated in superannuation law. What is your preservation age? When were you 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 born after 30 June Visit our website or call for further information 17

20 How to switch and withdraw Trans-Tasman portability Individuals may transfer retirement savings between Australia and New Zealand after their permanent migration from one country to the other. The transfer of retirement savings is voluntary for members. You may only transfer your superannuation balance in the Personal Retirement Plan or the Tailored Super Plan to a New Zealand KiwiSaver scheme. Once the superannuation monies are in a KiwiSaver scheme, there are restrictions on when these funds can be accessed, such as: it cannot be used to purchase your first home; it cannot be moved to a third country; it can be accessed when the member reaches 60 years of age and satisfies the Australian definition of retirement at that age. We recommend you consult your financial planner before transferring all or part of your retirement savings in the Personal Retirement Plan or the Tailored Super Plan to a KiwiSaver scheme as there may be currency risks and tax consequences. At this time, the Personal Retirement Plan and the Tailored Super Plan does not accept transfers from KiwiSaver schemes. rules for temporary residents Must transfer superannuation to Australian Taxation Office (ATO): If you are a temporary resident (excluding certain visa holders, and New Zealand nationals), we are required by law to transfer your super to the ATO if you leave Australia, your visa has expired or been cancelled, and you don t claim your superannuation benefit within six months after your leave. However, you can apply to the ATO to claim your super. If your super is transferred to the ATO, the trustee will rely on ASIC relief and you will not receive an exit statement nor be notified with respect to such transfer. Withholding rates: The withholding tax rates that apply to departing Australia superannuation payments are: a. 0% for the tax-free component; b. 38% for a taxed element of a taxable component; and c. 47% for an untaxed element of a taxable component. 18 State Super Retirement Fund Additional Information Booklet

21 How to switch and withdraw Restrictions on conditions of release: preserved or restricted non-preserved superannuation savings of a temporary resident can only be paid out in limited circumstances, including: a. death; b. becoming permanently or temporarily incapacitated; c. having a terminal medical condition; d. upon request after permanently departing Australia and cessation of the temporary visa; e. if you have a valid release authority to pay additional tax on excess concessional contributions and excess non-concessional contributions (see page 16). Transfers (partial or full) to another superannuation product You also have the right to transfer your existing account balance (partial or full) to another superannuation product at any time. This is known as portability. Under the Stronger Super Data and Payment Standards, we must generally transfer your benefits within 30 days of receiving a fully completed transfer request from you. If you have a Fixed Fund investment we may not be able to transfer your entire benefits within 30 days. If this is the case we will transfer your investments in unitised Funds (if any) within 30 days and your investments in the non-unitised Funds within 45 days. Please refer to the Investment Booklet - Fixed Fund for further information. things to consider when transferring superannuation You should consider all relevant information before deciding whether to transfer your superannuation. Some of the points to consider are: Fees your FROM fund may charge you exit or withdrawal fees for transferring superannuation, which could significantly reduce your final benefit; Insurance benefits your FROM fund may insure you against death, illness or accident which leaves you unable to return to work. If you choose to leave your FROM fund for the Retirement Fund, you may lose any insurance entitlements you have as we do not offer insurance. Visit our website or call for further information 19

22 Special Investment Facility progressive Investment Facility You may benefit from regularly investing a specified amount into one or more Funds over time, as this may reduce the risk linked to attempting to time the market with a lump sum investment. This is often called dollar cost averaging. By doing so, more units may be purchased when prices are low and fewer units purchased when prices are high. The aim is to lower the total average cost per units of your investment, giving you a lower overall cost for the units purchased over time The Progressive Investment Facility enables you to access the benefits of dollar cost averaging. This Facility enables you to switch fixed amounts on a regular basis (monthly or quarterly) into nominated Fund(s), other than the Fixed Term Fund or the Fixed Payment Fund, from amounts held in your Cash Fund. This Facility involves us making automatic switches on: if you have selected a monthly facility, the 25th day of each month; and if you have selected quarterly facility, the 25th day of March, June, September and December. If this is not a business day, the switch will occur on the first business day thereafter. The minimum amount that can be switched under the Progressive Investment Facility is $2,000 per switch. In the instance where there are insufficient funds to perform a switch out we will only switch out the remaining balance of the Cash Fund. Should you wish to take advantage of the Progressive Investment Facility, complete the Progressive Investment Facility application form available from any of our offices. The Progressive Investment Facility application form must be received in our office by the 20th day of the relevant month to take effect from the 25th day of that month. 20 State Super Retirement Fund Additional Information Booklet

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