Vision Personal Plan. Product Disclosure Statement. Contents 1 About Vision Personal Plan 2 How super works 3 Benefits of investing with

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1 VISION Vision Personal Plan Product Disclosure Statement This statement was prepared on 1 January The information in this document forms part of the Product Disclosure Statement of Vision Personal Plan dated 1 January Contents 1 About Vision Personal Plan 2 How super works 3 Benefits of investing with Vision Personal Plan 4 Risks of super 5 How we invest your money 6 Fees and costs 7 How super is taxed 8 Insurance in your super 9 How to open an account This Product Disclosure Statement (PDS) is a summary of significant information about Vision Personal Plan and should be considered as a guide only. It contains a number of references to other important information (each of which forms part of the PDS). You should consider all of this information before making a decision about Vision Personal Plan. To obtain copies of this PDS and/or the other information referred to in it, please call our Member Services team on or if you re calling from a regional area. The information provided in this PDS is general information only and does not take account of your personal financial situation or needs. You should consider whether this information is appropriate to your personal circumstances before acting on it and, if necessary, you should also seek professional financial advice tailored to your personal circumstances. Where tax information is included you should consider obtaining personal taxation advice. This PDS is prepared in accordance with regulations relating to shorter product disclosure (namely, Part 7.9 of the Corporations Regulations 2001). This PDS was up to date at the time it was prepared. Some information in this PDS is subject to change from time to time. If a change does not adversely affect you, we may update the information by notice on our website at and/or inclusion in the next available edition of our newsletter. You can find updated information by logging into the members area of our website or calling our Member Services team on or if you re calling from a regional area. A paper copy of updated information will be given to you without charge on request. Vision Super Pty Ltd ABN , AFSL , RSE Licence L ( the Trustee or we or us ) is the Trustee of the Local Authorities Superannuation Fund ( Vision Super or the Fund ) ABN

2 1 2 About Vision Personal Plan How super works Vision Super is a profit for members superannuation fund with a proud heritage of delivering quality services to its members. We understand that your investment with us reflects the high level of trust you place in our capabilities and reputation. That is why we place member interests first. As a profit for members fund, we try to keep member fees and costs as low as possible without compromising quality of performance and service. At 30 June 2014, Vision Super as a whole had over $7.2 billion of assets invested on behalf of over 102,000 members throughout Australia. Vision Personal Plan is a product of Vision Super. This PDS is about Vision Personal Plan and the features and options it offers. For help and advice, please contact: > Member Services: or if you re calling from a regional area. 8:30am to 5:00pm Monday - Friday, not including Victorian public holidays > memberservices@visionsuper.com.au > Website: The Vision Personal Plan is part of a public offer fund, which is within the Local Authorities Superannuation Fund. This means as long as you are eligible to make or have contributions made on your behalf, you can become a member of Vision Personal Plan. Whether you are a full-time, part-time, temporary or casual worker, or not in paid employment, you can join Vision Personal Plan. You can also join if you are self employed. Vision Super offers nine investment options to members, five premixed options and four single sector options. Vision Super also offers a range of insurance options for members. Governance disclosure The SIS regulations require Vision Super to publish certain information on its website, including director and executive remuneration. This information is available at Vision Super publishes a Product Dashboard relating to the Balanced Growth investment option. Visit In 2014 SuperRatings awarded a 10 Year Platinum rating to Vision Super, recognising ten consecutive years of Platinum performance in superannuation. The Platinum rating is the top rating given to Australia s best superannuation products by SuperRatings. The rating statement has been reproduced with the consent of SuperRatings. For more information, you can visit the SuperRatings website (SuperRatings is an independent super research company.) Superannuation (super) is partly compulsory and can be a taxeffective way of saving for retirement. Because you generally cannot gain access to your super until between age 55 and 60 (depending on your date of birth), super is generally a longterm investment. There are some special circumstances under which you can access it earlier. Generally, if you are over 18 years of age (or under 18 years of age and working more than 30 hours per week) and earning more than $450 a month (before-tax), your employer will be paying compulsory superannuation contributions for you. Most working people can choose the fund to which their employer directs their compulsory superannuation guarantee (SG) contributions. If you don t provide your employer with complete information on which fund you want contributions paid into, then your employer will deposit your contributions into your employer's default super fund. In some instances, you may have no choice due to the terms and conditions of your employment. You can also make voluntary contributions out of your after-tax earnings or savings (called non-concessional contributions) or, by arrangement with your employer, pay additional employer contributions through salary sacrifice out of your pre-tax salary (called concessional contributions). Once you have set up an account with Vision Super, you can roll money into the Fund from any other super fund accounts that you have. If you re doing this, you must consider any exit fees the other fund/s may charge, and the impact on any existing insurance cover it provides. If you re a low to middle income earner, and make additional after-tax contributions to your super, you may also be eligible for a Government co-contribution. Super s tax-effectiveness is due to tax concessions provided by the Federal Government. There is generally a 15% tax payable on concessional contributions. The tax on concessional contributions for individuals with income (including concessional contributions) greater than $300,000 p.a. is 30%. Once in the Fund, investment earnings are taxed at a concessional rate. When you reach your superannuation preservation age (this ranges from 55 to 60, depending on your date of birth), you can withdraw your benefit at a concessional tax rate, or even pay no tax on withdrawals from age 60. There are limits to the amounts you can contribute or withdraw from your super. Visit the Australian Securities and Investments Commission website, for more information on super. MORE INFORMATION More information about how super works is set out in our additional guide titled '2. How super works additional guide'. You should read the important information about 'How super works' before making a decision. GO TO The material relating to 'How super works' may change between the time when you read this Statement and the day when you acquire the product. 2 VISION

3 3Benefits of investing with Vision Personal Plan 4Risks of super You can stay with the Fund throughout your working life and into retirement as we cater for the pre-retirement phase (via our superannuation products) and the post-retirement phase (via our Income Streams products). Vision Super can provide you with help and advice on how you can keep your super working for you at any stage of your life and career. As a member of Vision Personal Plan you benefit from: > a choice of nine investment options > daily unit pricing published on our website allowing members to closely track investment performance > insurance at cost-effective group rates for death, total and permanent disablement and income protection. Members can apply for cover and tailor cover to their needs > fees and costs are kept as low as possible, without compromising performance and service > the Vision Super website has information, forms, guides, tools and calculators to help you manage your super. Members also have access to their account, 24/7, using Vision Online, to view and update details and confirm account activity. Visit > convenient contribution options for members wanting to add more to their super, such as direct debit, BPAY and cheque > workplace visits, seminars and open days to educate members about Vision Super and superannuation in general > access to advice free for intrafund advice, and fee for service for personal advice (with the option to have advice fees deducted from your account rather than an up front fee) > a friendly and knowledgeable Member Services team, available from 8:30am to 5:00pm. Call or if you re calling from a regional area. As a Vision Super member, you have access to a range of additional benefits from other service providers including discounted health cover and banking services. MORE INFORMATION More information about the benefits of investing with Vision Personal Plan is set out in our additional guide titled '3. Benefits of investing with Vision Super additional guide'. You should read the important information about 'Benefits of investing with Vision Super' before making a decision. GO TO The material relating to 'Benefits of investing with Vision Super' may change between the time when you read this Statement and the day when you acquire the product. All investments carry risk, including the investments you have access to as a Vision Personal Plan member. Super funds have different investment strategies and invest in a diverse range of assets, including Australian and overseas shares, property, bonds, infrastructure and cash. Each of these investment strategies present a different level of risk depending on the assets that make up the investment strategy. Those assets offering the highest long-term returns, such as equities, may also carry the highest level of short-term risk. The significant risks to your Vision Personal Plan investment will include: > market risk > changes to government policy and legislation > increases in the rate of inflation > interest rate risk > the volatility of exchange rates > liquidity risk > economic instability > equity risk > active manager risk > operational risk > natural disasters and force majeure events > custodian failure > counter party risk > longevity risk > political risk. However, investment strategies usually involve balancing the potential returns from chosen investments with the risks associated with them. Diversifying investments is a strategy that allows money to be allocated to a range of assets in order to manage risk, which includes reducing the volatility (up and down fluctuations) of investments. The appropriate level of risk for you will depend on a variety of factors, including your age, your investment timeframe, whether you have other personal wealth outside of super, and your risk tolerance. Over time, the value of your super may go up and down. The investment earnings you received in the past may not be the same as those you experience in the future. Returns are not guaranteed and you may lose some of your money. Superannuation laws may change in the future affecting your financial and retirement planning. You should try to stay informed about changes to superannuation laws and consider how any changes may affect you. Due to investment risks and other factors, your super (including your contributions and returns) may not be sufficient to adequately fund your retirement. It is worth consulting a professional financial adviser to assist you in developing an investment and savings strategy that will help you achieve your goals. MORE INFORMATION More information about the risks of investing in super is set out in our additional guide titled '4. Risks of investing in super additional guide'. You should read the important information about 'Risks of investing in super' before making a decision. GO TO The material relating to 'Risks of investing in super' may change between the time when you read this Statement and the day when you acquire the product. Vision Personal Plan Product Disclosure Statement 3

4 How we invest your money 5Vision Personal Plan s range of investment options allow you to choose investments suited to your financial goals and tolerance to risk. You should consider the likely investment return, risk and your investment timeframe when choosing an option to invest in. Past performance is no indication of future performance. Neither the Trustee, nor any employees or directors of the Trustee, guarantee the repayment of capital or the performance of the Fund or its investment options. You can invest in one or more of the following Vision Personal Plan investment options: Premixed Just Shares Growth Balanced Growth Balanced Conservative Single Sector Australian Equities International Equities Diversified Bonds Cash Vision Personal Plan members must make an investment choice upon joining the Fund. There is no default investment option available. Our premixed options feature benchmark ranges for allocations to each asset class. So the investment allocations may vary within these ranges from time to time as investment markets change. We may also vary, add or remove investment options occasionally. We will advise you in advance if this happens. You can switch between investment options to suit your changing financial goals, but be aware that doing so will incur a transaction cost (see 6. Fees and Costs - additional guide'). You can switch between investment options via the secure members area of the website or by completing and lodging the Investment Choice Election Form. Using either method, you can change your investment strategy for your existing account balance, your future contributions or for both. Balanced Growth Investment objective * To outperform the rate of increase in inflation as measured by the Consumer Price Index by 4% per annum over at least two thirds of all rolling 10 year periods. Strategy Invest in a diversified portfolio with a moderate exposure to cash and diversified bonds, and a higher exposure to shares. * The investment objectives are not forecasts or predictions. They simply represent a benchmark against which the Trustee monitors performance. Benchmark allocations The benchmark asset allocations are shown in the table below. Actual asset allocation for each asset class may vary from time to time within the indicative ranges published in the table below: Asset Class Benchmark Allocation Indicative range Australian Equities 27% 22-32% International Equities 22.5% 19-29% Private Equity 8% 2-12% Opportunistic investments 3.5% 0-7% Infrastructure 10% 6-14% Direct Property 9% 6-14% Absolute return strategies 2% 0-7% Multi Asset 2.5% 0-10% Floating rate debt 2.5% 0-10% Diversified Bonds 7.5% 7-20% Cash 5.5% 0-10% Minimum investment timeframe The minimum suggested time frame to invest in this product is medium term (5 to 10 years). Who should invest in this option? This option is designed for members who want a balance between risk and return but are prepared to accept a more aggressive asset allocation than the Balanced option. Summary risk level The risk level of this option is medium to high. The expected frequency of a negative annual return is, on average, three in 20 years. The risk of negative returns is based on a Standard Risk Measure which is based on industry guidance and allows members to compare investment options that are expected to deliver a similar number of negative annual returns over any 20 year period. The Standard Risk Measure is not a complete assessment of all forms of investment risk. For instance it does not state what the size of a negative return could be, or indicate the potential for a positive return. It is based on predictions of the future economic environment which may change over time. Further, it does not take into account the impact of administration fees and tax on the predicted negative returns. MORE INFORMATION More information about how we invest your money (including about all our investment options) is set out in our additional guide titled '5. How we invest your money additional guide'. You should read the important information about 'How we invest your money' before making a decision. GO TO The material relating to 'How we invest your money' may change between the time when you read this Statement and the day when you acquire the product. 4 VISION

5 Fees and costs 6This document shows fees and other costs that you may be charged. These fees and other costs may be deducted from your money, from the returns on your investment or from the assets of the superannuation entity as a whole. Other fees, such as activity fees, advice fees for personal advice and insurance fees, may also be charged, but these will depend on the nature of the activity, advice or insurance chosen by you. Taxes, insurance fees and other costs relating to insurance are set out in another part 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. CONSUMER ADVISORY WARNING Did you know? - Small differences in both investment performance and fees and costs can have a substantial impact on your longterm 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. Your employer 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 own circumstances, the Australian Securities and Investments Commission (ASIC) website ( has a superannuation fee calculator to help you check out different fee options. * Fees and costs for Vision Personal Plan are not negotiable. Main fees and costs for the Balanced Growth investment option This section is a summary of information about the main fees and costs for the Balanced Growth option. Depending on the fee or cost it may be paid directly from your account, or it may be deducted from your investment return. Similar information is included in PDSs for other funds, so you can compare Vision Super s fees and costs with those of other funds. Vision Personal Plan Type of fee Amount How and when paid Investment fee 0% Not applicable. Please refer to indirect cost ratio below Administration fee $78 p.a. ($1.50 per week) plus 0.18% (capped at $540) Deducted from members accounts each quarter in arrears, or earlier if member exits prior to the end of the quarter Buy-sell spread 0.15% Applied to unit prices to cover the costs of buying and selling units Switching fee Nil Not applicable Exit fee Nil Not applicable Advice fees relating to all members investing in an investment option Nil Not applicable Other fees and costs 1 - Indirect cost ratio % Accrues daily and deducted from the underlying asset value. Includes a provision of 0.06% to build Vision Super s general and operational risk reserves 1 Refer to the '6: Fees and Costs - additional guide', for details of insurance costs and personal advice fees. 2 The ICRs do not include look through fees where there is a limited transparency on a forward looking basis. Based on historical fees, the impact on the Balanced Growth option s ICR is estimated to have been 0.18% for the 12 months to 30 June Example of annual fees and costs for the Balanced Growth investment option This table gives an example of how the fees and costs in the Balanced Growth investment option for Vision Personal Plan can affect your superannuation investment over a one year period. You should use this table to compare this product with other superannuation products. EXAMPLE The Balanced Growth investment option Balance of $50,000 Investment fees 0% For every $ you have in the Balanced Growth option you will be charged $0 each year PLUS Administration fees $78 p.a. ($1.50 per week) and 0.18% p.a. (capped at $540) And, you will be charged $168 in administration fees (comprising $78 p.a. regardless of your balance, and $90 p.a.) PLUS Indirect costs 0.73% And, indirect costs of $365 each year will be deducted from your investment EQUALS Cost of product If your balance was $50 000, then for that year you will be charged fees of $533 for the Balanced Growth option* * Additional fees may apply, such as buy-sell spreads (please refer to '6. Fees and costs - additional guide'). The ASIC (Moneysmart) calculator can be used to calculate the effect of fees and costs on account balances. Vision Personal Plan Product Disclosure Statement 5

6 6Fees and costs continued Other fees and costs and fee alterations The fees and costs associated with the other Premixed and Single Sector investment options, as well as Vision Personal Plan's other fees and costs are detailed in our additional guide titled '6. Fees and costs additional guide' (see the reference at the bottom of this page). Keep in mind that the Trustee can change the level of fees and costs that apply, but we must give you 30 days notice before increasing any fees or charges. How management costs are charged to your account The administration fee consists of two parts: - $1.50 per week, deducted quarterly in arrears, and % p.a. (capped at $540), deducted quarterly in arrears. Both parts of the administration fee are deducted directly from your account. These amounts will be shown on your Annual Member Statement. Fees paid to a financial adviser Vision Super does not pay commissions to any financial planner for advice provided to Fund members. You can obtain personal financial advice from Vision Super Financial Planners (VSFP). Vision Super is required by law to charge for this advice where it is ongoing. Set fees apply each time we provide you with advice about: > retirement planning > products & services outside Vision Super > reviews of our advice. Flat fees are in place. Our staff do not receive commissions or bonuses for financial advice and are only paid a salary. For your convenience, fees for advice relating to Vision Super products may be deducted directly from your accumulation account. If you choose to obtain advice from a Vision Super Financial Planner, you may be charged a fee on a user pays basis. You should refer to the Statement of Advice (SOA) provided by your VSFP financial planner for details on these fees and charges. If you are not already a VSFP client, contact our Member Services team on or if you re calling from a regional area. This service has no additional charge and we will help you decide if you need advice from a professional financial planner. MORE INFORMATION More information about the fees and costs that apply to Vision Personal Plan is set out in our additional guide titled '6. Fees and costs additional guide'. You should read the important information about 'Fees and costs' before making a decision. GO TO The material relating to 'Fees and costs' may change between the time when you read this Statement and the day when you acquire the product. 7How super is taxed Tax File Numbers For many, super is a tax-effective way of saving for retirement due to the tax concessions provided by the Government. There are various taxes payable in relation to super, including taxes on contributions, on investment earnings and on certain withdrawals. One of the most important things to do when you open your superannuation account is provide us with your Tax File Number (TFN). You don't have to provide us with your TFN, but if you do not you will pay extra tax on your contributions or when you access your benefit later. In some circumstances, you may not even be able to make contributions if we don t have your TFN. Without your TFN, it may also be more difficult to trace different super amounts in your name so that you receive all your super benefits when you retire. You may contact our Member Services team on or if you re calling from a regional area, if you are unsure whether Vision Super has your TFN. For independent information about how tax applies to super contributions, investment earnings, withdrawals and how super works see How tax amounts are paid by Vision Super Vision Super will deduct the tax applying to your account from your account balance, and pay it directly to the Australian Taxation Office. Super taxes Various taxes are payable in relation to super as follows: Contributions tax Superannuation Guarantee contributions and any other contributions into your super from your pre-tax pay are taxed at 15%. Individuals with an income greater than $300,000 p.a. are subject to a concessional contributions tax of 30% (concessional contributions are included as income for this purpose). Any contributions you make from your after-tax earnings or savings are not taxed on entry into the Fund. There are government-imposed limits on contributions, both pre-tax and after-tax, that can be made to super. You should be aware that if you exceed the contribution limits, additional tax will be payable. In some cases, you can pay excess contributions tax by deduction from your account. But, in other cases, you will have to pay the extra tax liability out of your own pocket. Taxes on withdrawals Withdrawals from your account may be taxed if you re aged less than 60 (and will depend on various things, such as your age, whether the benefit consists of a tax free component, etc). Once you turn 60, no tax will apply to withdrawals. Taxes on investment earnings Investment earnings in the Fund are taxed at a rate of up to 15%. MORE INFORMATION More information about how super is taxed is set out in our additional guide titled '7. How super is taxed additional guide'. You should read the important information about 'How super is taxed' before making a decision. GO TO The material relating to 'How super is taxed' may change between the time when you read this Statement and the day when you acquire the product. 6 VISION

7 8Insurance in your super Vision Personal Plan members do not receive automatic insurance cover but can apply for the following cover at any time: > Death only (including terminal illness) > death (including terminal illness) and total and permanent disability (TPD), and > income protection (IP) cover. The cover is provided by CommInsure, a life insurance company (the Insurer ). The premiums associated with the insurance cover are deducted from your Vision Personal Plan account. If you die or become TPD (and satisfy all of the necessary policy conditions) the insured benefit will be paid into your account. If you suffer a temporary illness or disability (and satisfy all of the necessary policy conditions) the IP insurance benefit will be paid to you directly from the Insurer. The amount of the insured benefit depends on the level of cover applicable to you. Death only and death and TPD cover ceases at age 70. IP cover ceases at age 65. Applying for insurance cover If you would like to have insurance through your Vision Personal Plan, you will need to submit an application for cover to us. The maximum level of cover you may apply for is: > $5 million death cover > $2.5 million TPD cover, and > $30,000 per month IP cover. Your TPD cover cannot exceed your death cover and you cannot have TPD-only cover. Death only and death and TPD cover must either be age-based cover or fixed cover, but not a combination of the two. When making this application you may need to provide the Insurer with medical evidence in support of your application. Please note that your application is subject to the Insurer s approval. Premium loadings, exclusions and/or other special conditions may be imposed by the Insurer each time you undergo the Insurer s underwriting requirements. Insurance application forms can be downloaded from Age-based Death only and death and TPD cover Death only and death and TPD cover can either be age-based cover or fixed cover, and you may apply for an amount of cover that suits you (subject to the relevant terms and conditions). The value of the units for the age-based cover ranges from $87,500 per unit up to age 38 to $3,400 per unit from age 64 to 69 for the General Occupational Category, or $196,700 up to age 38 to $7,600 per unit from age 64 to 69 for the Professional Occupation Category. The amount of age-based cover that you can get reduces as you get older. If you are under age 60 you may convert your age-based cover to fixed cover at any time. IP cover You may apply for cover providing a benefit of up to 85% of your income (subject to the maximum monthly benefit of $30,000), with 75% paid as a benefit and up to 10% paid as a superannuation contribution. You may choose between a 60 day or 30 day waiting period, and a 2 year or to age 65 benefit payment period. Where you have applied for IP cover, or an increase in IP cover, you will be provided with interim accident cover (up to a maximum of $15,000 per month) until your application has been assessed and approved by the Insurer. Terminal illness benefit If you suffer from a terminal illness while you have Death only or death and TPD cover, you may be eligible for a terminal illness benefit. The amount of a terminal illness benefit is equal to the lesser of: > the amount of death cover that you have as at the date that a medical practitioner first certifies that the illness that you are suffering from will lead to your death within 12 months of the date of their certification, and > $2.5 million. When a terminal illness benefit is admitted or paid to you: > any TPD cover that you may have ends immediately; and > any death cover that you may have will be reduced by the amount of the terminal illness benefit that has been admitted or paid to you. If, after this reduction you still have remaining death cover, that reduced level of death cover will remain in place until your death. However, if your terminal illness benefit is equal to the amount of your death cover, your death cover will cease to apply. Cost of insurance cover Your insurance premiums are paid by deduction from your account. For age-based Death only cover, under the general and professional occupational grouping, the annual cost per unit is 55 cents per unit per week, or $1.23 per unit per week for death and TPD cover. Please refer to 8. Insurance in you super additional guide for the cost of income protection and fixed cover. Key Life Event cover You may apply for additional cover up to four times during the life of each policy that you hold through your Vision Personal Plan, on the occurrence of a Key Life Event (also known as a Qualifying event). When applying for additional cover under the Key Life Events option, you will need to submit an application form, satisfactorily complete the short form underwriting questions and provide supporting evidence of the event within 60 days of the event. Please note that, depending on your responses to the short form underwriting questions, you may need to complete a personal statement and provide medical evidence in support of your application. On the occurrence of a Key Life Event, you may apply to: > Death only and death and TPD cover double your existing cover, or increase your existing cover by $200,000, whichever is lesser. > IP cover increase your existing cover by up to 25%, subject to the maximum monthly benefit of $30,000, or (if applicable) reduce the waiting period from 60 days to 30 days. Please refer to 8. Insurance in your super additional guide for more information on Key Life Events. Reducing or cancelling your cover You may cancel or reduce your cover at any time by sending us: > a written notification to cancel or reduce your cover, or > a completed Insurance Application/Variation Form (which can be downloaded from Any reduction or cancellation of cover will take effect from the earlier of the date in which we receive your request, or the date specified in your request (provided it is after the date on which we receive your request). Requests to reduce or cancel cover are subject to the Fund rules, the relevant insurance policy/policies and legislation applying to your cover. If your account balance is insufficient to cover the premiums your cover will be cancelled. Vision Personal Plan Product Disclosure Statement 7

8 8Insurance in your super continued 9How to open an account Cessation of cover and exclusions The insurance cover through the Vision Personal Plan may cease on the occurrence of certain events, and there are also certain exclusions which apply to the cover, such as where your death or disability is caused by war, pandemic/epidemic illness and suicide (including attempted suicide). Please refer to 8. Insurance in your super additional guide and the relevant insurance policies for further information. Claims If you make an insurance claim, the Insurer and the Trustee will determine whether you are entitled to a benefit based on the terms of the policy/policies, the law, and the level of cover that you have under the policy/policies. MORE INFORMATION More information on insurance cover in Vision Personal Plan is set out in our additional guide titled 8. Insurance in your super additional guide. Among other things, this additional guide includes details about your eligibility for cover, cancellation of cover and other conditions and exclusions that apply. Each of these matters will affect your entitlement to insurance cover. Also included in the additional guide are full details of the premiums (i.e. insurance costs) that apply. You should read the important information about Insurance in your super before making a decision. GO TO The material relating to Insurance in your super may change between the time when you read this Statement and the day when you acquire the product. To join Vision Personal Plan, simply read this PDS then complete and return the member application form attached at the back of this PDS and make a minimum initial contribution of $2,000. Upon joining, a Vision Personal Plan account is established in your name. This superannuation account works on an accumulation basis. That means your account may grow over time with contributions (including transfers and rollovers) and investment returns, less withdrawals, taxes, fees and costs and insurance premiums (if applicable). Your Vision Personal Plan account can be invested according to your preferred investment choice (from the available range of investment options). Please be aware, however that with an accumulation type superannuation fund, members carry the investment risk. That is, if the investment markets perform poorly, member benefits are directly affected. Vision Personal Plan members must make an investment choice upon joining as there is no default investment option available. Cooling-off period When you become a member of the Vision Personal Plan, you have a 14-day cooling-off period to cancel your membership. This cooling-off period applies from the earlier of: > The date on which you receive written confirmation of your membership in the Fund; or > The end of the fifth day after the day in which Vision Super receives your initial contribution or application to join. Information If you would like a printed copy of this PDS or any of the additional guides referred to that form part of this PDS, please call our Member Services team on or if you re calling from a regional area. Complaints At Vision Super we aim to provide you with the best possible service and address any concerns you may have as quickly as possible. We hope that you never have cause to complain, however, if you wish to make a complaint we have an internal complaints process to deal with it. Complaints should be made in writing to: The Complaints Officer Vision Super PO Box Collins Street East MELBOURNE VIC complaints@visionsuper.com.au Fax: MORE INFORMATION More information about how we deal with complaints is set out in our additional guide titled '9. How we deal with complaints additional guide'. You should read the important information about 'How we deal with complaints' before making a decision. GO TO The material relating to 'How we deal with complaints' may change between the time when you read this Statement and the day when you acquire the product. Level 15, 360 Collins Street, Melbourne VIC 3000 PO Box 18041, Collins Street East, Melbourne VIC 8003 T (Reception) (Member Services) (Regional callers) F E memberservices@visionsuper.com.au W ABN AFSL RSE L USI VISION 8 VISION

9 Forms VISION Completing your application form and associated forms Please: > use a blue or black pen and print in BLOCK LETTERS > ensure that all relevant sections are completed before submitting your forms otherwise follow up will be required resulting in processing delays > provide original or certified copies of documents confirming your identity > keep a photocopy of your completed application forms for your records (if required). Tick when completed Documents to be read and completed 1. Important Identification Information 2. Vision Personal Plan Application Form (Form 203) (mandatory) to become a member of the Vision Personal Plan 3. Choice of Superannuation Fund Standard Choice Form (Form 301) for employees who are able to choose their own superannuation fund 4. Important Information for completing Form Request to transfer or rollover superannuation benefits into Vision Super (Form 35) if you wish to transfer your other superannuation accounts into your Vision Personal Plan 6. Insurance Application Form (Form 222) if you wish to apply for insurance 7. Beneficiary Nomination Form (Form 8) if you wish to make a binding death benefit nomination Certification of Complying Fund Status To whom it may concern: This is to certify that: > The Local Authorities Superannuation Fund (also known as Vision Super), is a complying superannuation fund (Registration Number R ) within the meaning of the Superannuation Industry (Supervision) Act 1993 ( SIS ). > The Trustee of the Fund is Vision Super Pty Ltd (ABN ), holder of Australian Financial Services Licence and RSE Licence Number L > The Fund is a resident regulated superannuation fund within the meaning of the SIS Act and has never received a notice of noncompliance from the Australian Prudential Regulation Authority (APRA). > The Fund is able to accept superannuation contributions for eligible persons. These contributions are maintained and subsequently paid only in accordance with the Superannuation Industry (Supervision) Regulations > The Fund is not subject to, and has never previously been subject to, a direction under section 63 of the SIS Act. Julia Pryor Company Secretary For and on behalf of Vision Super Pty Ltd Dated 1 January 2015 Contact details Fund name: Local Authorities Superannuation Fund Contact number: or if you re calling from a regional area Website: Postal address: PO Box 18041, Collins Street East, MELBOURNE VIC 8003 Australian Business Number (ABN): Unique Superannuation Identifier (USI): Vision Personal Plan Product Disclosure Statement 9

10 FORM 10 IMPORTANT IDENTIFICATION INFORMATION VISION To keep your superannuation safe, Vision Super needs to verify your identity when you want to access or move your money. Proving your identity helps us to make sure no-one can fraudulently access your superannuation account. The identification you provide us with needs to clearly show your name, signature and date of birth. The easiest way to do this is with a certified copy of your driver s licence or passport, which shows all of this information. If you don t have a driver s licence or passport, you can still prove your identity, you will just need to show us more than one certified document from the lists in step 1, below. One will need to be a primary form of identification from the first list, like a birth certificate or Australian citizenship certificate, and one a document from the second list that shows the address where you live. A certified copy means someone who is approved to certify documents has seen the original and certified the copy to say it is a true copy there is a list of people who can certify your documents below. If you don t have a driver s licence or passport, you can still prove your identity, you will just need to show us more than one certified document from the lists in step 1, below. One will need to be a primary form of identification from the first list, like a birth certificate or Australian citizenship certificate, and one a document from the second list that shows the address where you live. We cannot accept ed or faxed copies of your certified documents you need to send them to us by post. STEP 1: Photocopy your driver s licence or passport OR Photocopy your: > Birth certificate or birth extract or > Australian citizenship certificate or > Centrelink pension card. AND one of these documents that shows your name and home address issued in the last 12 months: > A letter from Centrelink about a government assistance payment > A notice issued by a government department (Commonwealth, state or territory or your local council), for example an ATO notice of assessment, your council rates notice, etc. > A gas, electricity or water bill. STEP 2: Get your photocopies certified. You need to take your photocopies AND your original documents (e.g. your driver s licence/passport, or your other documents and letter) to someone who is approved to certify documents. They need to see the original as well as the copy so they can check the copy is accurate. Some people who can certify documents include: A medical practitioner (e.g. your doctor) A police officer A pharmacist A nurse A legal practitioner (solicitor) A Justice of the Peace A full-time school teacher or teacher at a tertiary institute such as a A registrar or deputy registrar of a court university or TAFE An Australia Post employee who has worked in a Post Office for An elected local council representative more than two years A bank, building society, credit union or finance company officer A senior officer of a council (i.e. a management role) with over two years service Someone who has or is an authorised representative of a holder of A CPA or member of the National Institute of Accountants an Australian financial services licence for over two years The full list of people who can certify documents is available on our website at: STEP 3: Make sure the person certifying your documents has: 1. Seen both your original documents and the photocopies 2. Written certified true copy or stamped all pages of your photocopies 3. Included their: a. Signature and the date they signed b. Printed name c. Qualification to certify documents (e.g. Nurse or Australia Post employee, etc) d. Address or place they work (e.g. Altona Post Shop or Imes Pharmacy South Melbourne ) STEP 4: Send your certified copies to us by post: Vision Super PO Box Collins Street East Checklist Melbourne Victoria 8003 Here s a simple checklist to run through before you post your certified photocopies. Make sure you have: A copy of your driver s licence or passport OR Copies of two other documents, one showing your address (you do not need these two other documents if you have included the copy of your driver s licence or passport). And check: Each page of your photocopies has been certified with the words certified true copy The person certifying your documents has signed and dated the photocopies and included their name, qualification and address or place they work You have included the photocopies of your documents, not the originals, with your letter or form to send to Vision Super. 10 VISION

11 FORM 203 Vision Personal Plan Application Form How to complete this form: 1. Complete your personal details 2. Make an investment choice 3. Provide your Tax File Number 4. Provide your minimum initial deposit of $2, Proof of identity 6. Sign the member declaration VISION Page 1 of 3 1. Provide your personal details Title Mr Mrs Miss Ms Other Family name Given name/s Other (previous names) Date of Birth Vision Super Member Number Residential address Suburb State Postcode Contact phone number Mobile number address 2. Please invest my account as follows (members must make an investment choice upon joining): Initial balance: Please indicate below how you would like your account balance invested. You may choose one or a combination of investment options. If your total does not equal 100% the form will be returned to you for correction. INVESTMENT OPTIONS PERCENTAGE ALLOCATION Vision Premixed Options Conservative % Balanced % Balanced Growth % Growth % Just Shares % Vision Single Sector Options Cash % Diversified Bonds % Australian Equities % International Equities % TOTAL 100% Future transactions: Complete this section if you wish to choose an investment option(s) for your future transactions (including contributions). If you leave this section blank, any future transactions will be allocated proportionately as per your investment choice for your initial balance. INVESTMENT OPTIONS PERCENTAGE ALLOCATION Vision Premixed Options Conservative % Balanced % Balanced Growth % Growth % Just Shares % Vision Single Sector Options Cash % Diversified Bonds % Australian Equities % International Equities % TOTAL 100% *PRA*

12 FORM 203 Vision Personal Plan Application Form VISION 3. Preferred beneficiary nomination Page 2 of 3 Vision Super provides you with a choice of making either a preferred beneficiary or a binding death benefit nomination. All relevant information is contained in the current Vision Personal Plan Product Disclosure Statement (PDS). Please select one of the following options: I do not wish to nominate a beneficiary at this time Preferred beneficiary nomination (please complete the table below) Binding death benefit nominations: If you wish to make a binding death benefit nomination please complete Form 202 which is attached and also available from or by calling our Member Services team on Binding death benefit nominations are binding on the Trustee and provide certainty as to who receives your death benefit when you die (provided they are dependants and/or legal personal representatives). Preferred Beneficiary Nomination Address % of benefit Relationship (e.g. spouse) % % % % % TOTAL Please ensure total equals 100% Signature Date 4. Provide your Tax File Number (TFN) (Please refer to IMPORTANT INFORMATION FOR COMPLETING FORM 214). I declare I have read and understood the information provided regarding Tax File Numbers as contained in this Product Disclosure Statement. I agree to provide my Tax File Number to Vision Super Pty Ltd of Level 15/360 Collins Street Melbourne as the Trustee of the Fund and I acknowledge that, once provided, my Tax File Number may be passed to the Commissioner of Taxation or the trustee of another superannuation fund, or to a Retirement Savings Account provider to which my benefits have been transferred. I understand the purposes for which my Tax File Number may be used and that those purposes may change due to future legislation. My Tax File Number is: Signature Date 12 VISION

13 FORM 203 Vision Personal Plan Application Form VISION 5. Contribution details Page 3 of 3 An initial minimum contribution of $2,000 is required. Type of initial contribution (please tick one of the following and enter the amount): Member Contribution (post-tax) $ Employer Contribution $ Rollover (please complete Form 214 as attached) $ Salary Sacrifice Contribution (pre-tax) $ Spouse Contribution $ Self Employed (I will be claiming a tax deduction) $ Self Employed (I will not be claiming a tax deduction) $ Transfer from my Vision Account $ Amount of contribution or approximate rollover $ Payment method (please tick one of the following) Cheque Direct Debit BPAY Transfer from my Vision account (as above) Electronic Funds Transfer (EFT) Date of EFT Direct Debit (please complete Form 16) Proof of identity Regulated superannuation funds must use the ATO s Super TFN Integrity Check (SuperTic) service for member verification when transferring a member s benefit to another fund. This is a secure electronic service which assists superannuation funds in ensuring the integrity of the information we hold for you. In the event that this verification process is not sufficient for your FROM fund to process the rollover to Vision Super, you may be required to submit further identification documentation to your FROM fund. If your FROM fund is a self-managed super fund, you may also be required to submit further identification documentation. 6. Member declaration > I wish to apply to become a member of the Vision Personal Plan and have provided my initial contribution of at least $2,000 > I received the current Vision Personal Plan Product Disclosure Statement (PDS) personally, either in printed or electronic form > I have read and understand the terms and conditions set out in this PDS and as such I am making an informed decision to join the Fund > I am eligible to make superannuation contributions or have them made on my behalf > I have read and understand the Vision Super privacy statement in this PDS > I understand that the investments of the Fund and any rate of return are not guaranteed > I understand and accept that my benefits and interest in the Fund shall be administered by the Trustee in accordance with the Trust Deed as amended from time to time > I have made a valid election regarding the investment options to apply to my Vision Personal Plan and understand that this election will remain in force until a new election is made and will only apply to the Vision Personal Plan account. Signature Date Please forward this completed form to: PO Box 18041, Collins Street East, Melbourne VIC 8003 Phone Regionals Fax Vision Super Pty Ltd ABN AFSL , is the Trustee of the Local Authorities Superannuation Fund ABN

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15 FORM 301 Super Choice fund nomination form for Vision Personal Plan members VISION If you are a Vision Personal Plan member and you d like your employer to pay future Super Guarantee contributions into Vision Super on your behalf, please complete this form and hand it to your employer. Alternatively you can complete a Standard Choice of Fund Form, which your employer can provide you, using the details provided below to complete Section B of that form. Some employees may not be able to choose their own superannuation fund. Please speak to your employer or visit the Australian Taxation Office website at for more information. 1. Chosen fund details Fund name: Vision Super Member number: (if you are an existing member) Member name: Fund ABN: (Australian Business Number) USI: (Unique Superannuation Number) 2. Authorisation I request that all future employer contributions are to be made to the fund specified in section 1 of this form. Employee name: Employee payroll number: (if applicable) You must sign and date this form and give it to your employer for their records. Signature: Date: Note to employers: The required letter of compliance and ways you can contribute into Vision Super are located on the next page. Please give this form to your employer please do not send this form to Vision Super. If you or your employer have any questions please contact Vision Super on or if you re calling from a regional area. Employer use only Date accepted Date processed Vision Super Pty Ltd ABN AFSL , is the Trustee of the Local Authorities Superannuation Fund ABN

16 FORM 301 Super Choice fund nomination form for Vision Personal Plan members VISION Letter of compliance To whom it may concern: This is to certify that, > The Local Authorities Superannuation Fund (also known as Vision Super), is a complying superannuation fund (Registration Number R ) within the meaning of the Superannuation Industry (Supervision) Act 1993 ( SIS Act ). > The Trustee of the Fund is Vision Super Pty Ltd (ABN ), holder of Australian Financial Services Licence and RSE Licence Number L > The Fund is a resident regulated superannuation fund within the meaning of the SIS Act and has never received a notice of non-compliance from the Australian Prudential Regulation Authority (APRA). > The Fund is able to accept superannuation contributions for eligible persons. These contributions are maintained and subsequently paid only in accordance with the Superannuation Industry (Supervision) Regulations > The Fund is not subject to, and has never previously been subject to, a direction under section 63 of the SIS Act. Yours sincerely, Notes for employers Acting on your employees choice Once an eligible employee chooses a super fund, you have two months to arrange payment into that fund. If your employee indicates that they would like you to use their Tax File Number (TFN) for superannuation purposes, you have an obligation to inform the super fund of the employee s TFN when you next make a contribution for the employee. Record keeping You must keep records, in English, of your employee s choice of super fund and receipts or other documents issued by the fund detailing your contributions. Records must be kept for 5 years. You also need to keep proof that the fund you are contributing to is a complying super fund. The required letter of compliance for Vision Super is included on this form. Making contributions to Vision Super Vision Super provides a number of options to suit your business needs. If you have any questions please contact our Member Services team on (or if you re calling from a regional area). Julia Pryor Company Secretary Vision Super Pty Ltd Contribution options How it works Payment options Manually Complete and post Vision Super contribution Form 39 Cheque BPAY Please contact Vision Super for contribution BPAY codes Electronic Funds Transfer (EFT) Bank: National Australia Bank Account Name: Vision Super BSB Number: Account Number: BPAY Please quote your member number as the reference number when you make your payment. 16 VISION

17 IMPORTANT INFORMATION FOR COMPLETING FORM 214 VISION 1. THINGS YOU NEED TO CONSIDER WHEN TRANSFERRING YOUR ANNUATION When you transfer your superannuation, your entitlements under that fund may cease. You need to consider all relevant information before you make a decision to transfer your superannuation. If you ask for information, your superannuation provider must give it to you. Some of the points you may consider are: > Closure of Account This transfer may close your account (you will need to check this with your FROM fund). > Fees your FROM fund must give you information about any exit and withdrawal fees. If you are not aware of the fees that may apply, you should contact your fund for further information before completing this form. The fees could include administration fees as well as exit or withdrawal fees. Your TO fund may also charge entry or deposit fees on transfer. Differences in fees funds charge have a significant effect on what you will have to retire on. For example, a 1% increase in fees may significantly reduce your final benefit. > Death and disability benefits your FROM fund may insure you against death, illness or an accident which leaves you unable to return to work. If you choose to leave your current fund, you may lose any insurance entitlements you have. Other funds may not offer insurance, or may require you to pass a medical examination before they cover you. When considering a new fund, you may wish to check the costs and amount of any cover offered. 2. THIS FORM CAN NOT BE USED TO: > Transfer benefits if you don t know where your superannuation is > Transfer benefits from multiple funds on this one form a separate form must be completed for each fund you wish to transfer superannuation from > Change the fund to which your employer pays contributions on your behalf. The Standard Choice Form must be used > Open a superannuation account, or > Transfer benefits under certain conditions or circumstances, for example if there is a superannuation agreement under the Family Law Act 1975 in place. 3. WHAT HAPPENS IF I DO NOT QUOTE MY TAX FILE NUMBER (TFN) You are not obligated to provide your TFN to your superannuation fund. However, if you do not provide your TFN, your fund may be taxed at the highest marginal tax rate plus the Medicare levy on contributions made to your account in the year, compared to the concessional tax rate of 15%. Your fund will usually deduct this additional tax from your account. If your superannuation fund does not have your TFN, you will not be able to make personal contributions to your superannuation account. Choosing to quote your TFN will also make it easier to keep track of your superannuation in the future. 4. WHAT HAPPENS TO MY FUTURE EMPLOYER CONTRIBUTIONS? Using this form to transfer your benefits will not change the fund to which your employer pays your contributions and may close the account you are transferring your benefits FROM. If you wish to change the fund into which your contributions are being paid, please complete the Standard Choice Form enclosed and return it to your employer. IMPORTANT: PLEASE SEND ORIGINAL TO VISION

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19 FORM 214 Request to Transfer or Rollover Superannuation benefits into Vision Super 1. Personal Details Vision Super Member Number: VISION Page 1 of 2 Title: Mr Mrs Miss Ms Other Surname: Given name/s: Date of birth: Address: Suburb: State: Postcode: Contact address: Contact phone number: Tax File Number: 2. FROM fund details (transfer from) FROM: Fund name: Fund address: Fund phone number: Membership or Account Number: Unique Superannuation Identifier (USI) TRANSFER MY BENEFITS TO: Australian Business Number (ABN) Fund Phone Number Unique Superannuation Identifier (USI): Local Authorities Superannuation Fund Transfer amount Please indicate amount below The whole balance of my account OR The following amount $ Proof of Identity Regulated superannuation funds must use the ATO s Super TFN Integrity Check (SuperTic) service for member verification when transferring a member s benefit to another fund. This is a secure electronic service which assists superannuation funds in ensuring the integrity of the information we hold for you. In the event that this verification process is not sufficient for your FROM fund to process the rollover to Vision Super, you may be required to submit further identification documentation to your FROM fund. If your FROM fund is a self-managed super fund, you may also be required to submit further identification documentation. Please forward this completed form to: PO Box 18041, Collins Street East, Melbourne VIC 8003 Phone Regionals Fax Vision Super Pty Ltd ABN AFSL , is the Trustee of the Local Authorities Superannuation Fund ABN Vision Personal Plan Product Disclosure Statement 19

20 FORM 214 Request to Transfer or Rollover Superannuation benefits into Vision Super VISION 5. Authorisation Page 2 of 2 By signing this request form I am making the following statements: 1. I declare I have fully read this form and the information completed is true and correct. 2. I am aware I may ask my superannuation provider for information about any fees or charges that may apply, or any other information about the effect this transfer may have on my benefits, and do not require any further information. 3. I discharge the superannuation provider of my FROM fund of all further liability in respect of the benefits paid and transferred to my TO fund. 4. I request and consent to the transfer of superannuation as described above and authorise the superannuation provider of each fund to give effect to this transfer. *Name *Signature *Date (Please print in BLOCK LETTERS) 6. Authorisation to release information I give authority for any staff member of Vision Super to access information from my OLD fund in relation to this rollover/ transfer *Name *Signature *Date (Please print in BLOCK LETTERS) Certification of Complying Fund Status To whom it may concern: This is to certify that: > The Local Authorities Superannuation Fund (also known as Vision Super), is a complying superannuation fund (Registration Number R ) within the meaning of the Superannuation Industry (Supervision) Act 1993 ( SIS Act ). > The Trustee of the Fund is Vision Super Pty Ltd (ABN ), holder of Australian Financial Services Licence and > RSE Licence Number L > The Fund is a resident regulated superannuation fund within the meaning of the SIS Act and has never received a notice of non-compliance from the Australian Prudential Regulation Authority (APRA). > The Fund is able to accept superannuation contributions for eligible persons. These contributions are maintained and subsequently paid only in accordance with the Superannuation Industry (Supervision) Regulations > The Fund is not subject to, and has never previously been subject to, a direction under section 63 of the SIS Act. Julia Pryor Company Secretary For and on behalf of Vision Super Pty Ltd Please forward this completed form to: PO Box 18041, Collins Street East, Melbourne VIC 8003 Phone Regionals Fax Vision Super Pty Ltd ABN AFSL , is the Trustee of the Local Authorities Superannuation Fund ABN