Membermagazine. Between the flags. HESTA s corporate governance policy helps to protect your super COVER STORY ALSO INSIDE

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1 Membermagazine MARCH 2006 COVER STORY Between the flags HESTA s corporate governance policy helps to protect your super ALSO INSIDE Good signs from HESTA What happens to your super when you retire? Women enticed by the new black /06

2 A scene from HESTA s latest television advertisement 7 reasons why more people in Health & Community Services choose HESTA 525,000 members 38,000 employers $8 billion in assets 1. Strong returns in the short term 13.4% return on Core Pool for the year to 30 June 2005.* 2. Strong returns in the long term 9.4% average annual return on Core Pool for 10 years to 30 June 2005 and 7.7% for 5 years.* 3. Seventeen consecutive years of positive returns On HESTA Core Pool since HESTA commenced to 30 June 2005.* 4. Low fees** 5. All profits for members HESTA is your industry fund and pays no commissions to sales agents. 6. Enjoy access to extra benefits now Low cost credit cards & home loans, discount health insurance, low cost income protection and death insurance, commission-free financial planning. 7. Independently rated as one of the best funds in Australia Current Platinum rating by SuperRatings and AAA rating by SelectingSuper. This advertisement contains or refers to revised information about HESTA s fees and charges HESTA s Product Disclosure Statement, available by calling , should be considered when making a decision about the Fund * HESTA s historical returns are after the deduction of Investment Management Fees (IMF) and Member Benefit Protection (MBP). Investments can go up and down. Past performance is not necessarily indicative of future performance. ** HESTA s administration fee is $1.25 per week. HESTA s Core Pool IMF for 2004/05 was 0.50% before Performance Fees of 0.19% and 2004/05 MBP was 0.02% full details are available in HESTA s Product Disclosure Statement. H.E.S.T. Australia Limited ACN AFSL No RSE No. L Subject to Terms and Conditions

3 Contents Member Magazine - March 2006 Cover Story - Between the flags 4 HESTA has a corporate governance policy to help protect your super. Find out what that means for you as a HESTA member Great signs from HESTA 6 Since choice of fund came in HESTA has gone from strength to strength. Find out how HESTA s growth benefits you Making an educated leap into retirement 8 What happens to your super when you retire? We explain the ins and outs of allocated pensions Are Self Managed Super Funds the new black? 10 Some women are getting caught in self managed super funds. Read about the dangers and pitfalls of going it alone Out and about in your industry 11 Find out how HESTA supports the health and community services industry Contact HESTA online by mail PO Box 600, Carlton South, Vic, 3053 by hesta@hesta.com.au by phone Freecall What you need to know about this Member Magazine and HESTA s products HESTA s Member Magazine is produced by H.E.S.T. Australia Limited ACN , AFSL No , RSE No. L , the Trustee of the Health Employees Superannuation Trust Australia. All care is taken to ensure that information is correct, but neither the Trustee nor its advisers accept responsibility for any error or misprint, nor for anyone acting on this information. This Magazine is not intended as personal financial advice. For up to date information, please visit or call Third party services are provided by parties other than the Trustee and terms and conditions apply. The Trustee accepts no responsibility for the products and services offered by third parties or any liability for any loss or damage incurred as a result of services provided by third parties. You should exercise your own judgement with respect to the products and services being offered. Information provided is of a general nature. It does not take into account your objectives, financial situation or specific needs, so you should look at your own financial position and requirements before making a decision. You may wish to consult an adviser when doing this. HESTA s Product Disclosure Statement should be considered when making a decision about the Fund. Visit or call for a copy. Please note that investments can go up and down. Past performance is not necessarily indicative of future performance. Copyright: H.E.S.T. Australia Limited 2006 MemberMagazine March

4 Between the flags You wouldn t go to the beach and not swim between the flags, just like HESTA wouldn t invest your super and not watch over it. The summer months have come to an end but the memories of trips to the beach remain. The sun shining off the sand, the strong smell of sunscreen and the waves washing onto the shore. The beach crowded, as people seek relief from the sweltering temperatures. But perhaps the most important thing on the beach and possibly the least noticeable is the surf lifesaver standing on the sand watching over all the swimmers. Just as surf lifesavers watch over people swimming in the water with the knowledge that the majority of them will swim between the flags, HESTA watches the behaviour of companies it invests your super in. This is called active share ownership and involves monitoring the corporate governance and activities of the companies HESTA invests in. Investing money in a range of different companies on behalf of HESTA s members is a big responsibility and not one that is taken lightly. HESTA s Investments and Governance Manager Rob Fowler describes part of his role as ensuring there is appropriate observation of company management to reduce the risk of management doing something that is not in the best interests of its shareholders. The average Australian may not be all that concerned about corporate governance, or know much about it, but they should because through their super funds most Australians have share investments in companies and so the way those companies are governed is very important. Shareholders are able to vote at company Annual General Meetings (AGM s) on issues like board member nominations and executive remuneration, as these are issues that affect their investment in the company. Because HESTA holds shares in trust on the members behalf we can exercise voting rights at company AGM s on issues affecting our investments. These votes assist us to have a say in the best interests of members, for example, where awarding unjustified pay rises to company executives may jeopardise the company s financial performance. Rob says HESTA is at the forefront of taking an active approach to corporate governance. HESTA was one of the first super funds that actually thought about voting as shareholders and about a corporate governance policy. Why does HESTA have a corporate governance policy? HESTA s corporate governance policy is in place to help protect the assets of members. The majority of HESTA s members have 55% of their super invested in listed shares and one way to help ensure our members get the best returns they can out of their investments in Australian companies is to reduce the risk of money being lost through management decisions that are not in the best interest of all shareholders it is all about reducing risk. Rob says shareholders should be able to have a say on issues that affect the value of their shares. That s why we take an active stance in voting on our members behalf. What does HESTA s Investments and Governance Manager do? Rob says part of his role is to engage with the management of companies and talk to chairs of boards to put forward HESTA s view if the company does not have in place the corporate governance structure that HESTA believes is appropriate and necessary for a listed company. He also oversees the voting process in line with HESTA s corporate governance policy. To assist HESTA in assessing company resolutions, we subscribe to advice from an independent corporate governance specialist called Corporate Governance International. They provide to us, for every single resolution being put to an AGM by the top 200 companies in the Australian market, an opinion as to whether corporate governance guidelines are being observed. Rob also confers with the fund managers who handle HESTA s investments to obtain their opinions about corporate governance issues. 4 MemberMagazine March 2006

5 HESTA refuses to swallow broken promise As part of its corporate governance activities HESTA is one of a number of super funds involved in court action against News Corporation. In 2004 News Corporation asked Australian super funds, with shares in the company, to vote in favour of the proposed move of its registered head office from Australia to Delaware in the USA. As part of those negotiations HESTA and other super funds looked at the rules intended to govern the actions of the company and decided that further scrutiny was required. One of a number of contentious issues, was News Corporation s poison pill clause. The poison pill clause means that it is difficult for other companies to make a take-over bid for News Corporation because, on a take-over bid being made, the existing shareholders have the right to double their holdings at half the current share price if anyone takes control of 15% of the company s shares a move that significantly dilutes any potential bidder s holding in the company and so limits their desire to bid a high takeover price. HESTA wanted the shareholders of News Corporation to be able to decide whether this practice would continue. Therefore, HESTA wanted the continuation of the poison pill to be put to shareholders for a vote. Rob participated in meetings with legal representatives of News Corporation where HESTA was given the promise that News Corporation would put the poison pill clause to shareholders every year and let them vote on whether it would continue. On the basis of this promise, HESTA and other Australian super funds, voted in favour of allowing News Corporation to move to Delaware. However News Corporation moved to the USA and continued with the poison pill clause, without giving shareholders the opportunity to vote on it. So HESTA, as part of a group of Australian and international super funds has taken legal action against News Corporation and its directors alleging that News Corporation has not kept its promise. Rob says it is a really important matter of principle. If News Corporation gets away with this why wouldn t every other company in the world think, we ll just tell them we re going to do something and then not bother doing it? Australian shareholders have been seen as fairly passive and uninvolved in these issues but all that is changing as corporate collapses and scandals involving executive pay begin to affect ordinary people and, ultimately, their super balances. HESTA s surf lifesaver is Rob Fowler and you can rest assured that he is making sure the companies where your super is invested swim between the flags. MemberMagazine March

6 Great signs from HESTA New members flock to HESTA. Co-contributions on the rise. HESTA moves with members. Choice-of-super laws certainly didn t spell doomsday for most super funds; in fact for HESTA it was quite the opposite. Over the past 12 months, particularly since July when choice came in, HESTA has experienced strong growth and that is good news for HESTA s members. alone, double the usual monthly figure, straight after choice of fund came in. From September 2004 to September last year over 10,000 employers signed up to HESTA. This means more employees are choosing HESTA and more employers are offering HESTA to meet the demand, says Anne- Marie Corboy, HESTA s CEO. $8 billion in assets Since the introduction of choice, HESTA has experienced an influx of new employers with 1,858 signing up in August last year Membership climbs over 525,000 We have always been confident about maintaining members through the introduction of super choice but it s very satisfying to see so many employers signing up to offer HESTA. Having so many employers also makes it even easier for members to stay with HESTA when they change jobs. Members choose to stay with HESTA Annual research conducted with HESTA members in May 2005 found member loyalty at its highest levels since this tracking research began in A massive 98% of members said they would stay with HESTA, even if given the option to move. Members nominated strong returns and financial security as the top benefits of belonging to HESTA, while low fees and the fund s support for health and community services were also top responses. Membership over 525,000 For the 12 months to September 30 last year over 100,000 people joined HESTA, bringing the fund s total membership above 525,000. We see the rise in our membership to over 525,000 as a vote of confidence from the health and community services sector and we will continue to care for the industry that cares for the community, says Anne-Marie. Assets grow to $8 billion HESTA s assets under management have skyrocketed. At the end of September 2004 HESTA was looking after $5.9 billion. Just one year later, HESTA s assets under management were $8 billion a 35% increase. Our strategy aims to achieve steady growth for members over the long-term, regardless of how markets are performing, says Anne-Marie. Members rollover more than ever More and more members are discovering the benefits of consolidating their super into one account. HESTA members rolled over $390 million into their HESTA accounts in the 12 months to June last year. By consolidating all your super in one account you save on paying multiple fees to each different super fund where you have an account, says Anne-Marie. Voluntary contributions double HESTA received more than twice as many voluntary contributions in the financial year. Anne-Marie attributes much of the increase to the attraction of the Federal Government s co-contribution scheme. We are really pleased to see so many members make this extra investment for their retirement and we have also been receiving government-funded cocontributions for eligible members. You may wonder why some of the timeframes we ve used are different. This is because different figures are available at different times and these were the latest figures available when the magazine was printed. 6 MemberMagazine March 2006

7 Pushing for HESTA For Saz Newbery it has not been an easy path to reunite with HESTA. After working as a nurse in Australia for seven years and having her super with HESTA she switched employers and had to end her relationship with the health and community services fund. I ve been working for a group/training organisation for the past four years. We have trainees who work as carers within the health sector and they have their super paid in to HESTA. However, I had to have my super paid into the company s default fund. The fund was alright but I couldn t take out additional death cover or additional income protection cover because I wasn t working full time. When the super choice legislation was about to be introduced I thought that I was finally going to be able to choose HESTA. But, there was an industrial arrangement, which meant that we could only choose between four different super funds - none of which were HESTA. However, it came time to negotiate the industrial agreement with the company. I pushed to get HESTA. The company specifically recruits people with industry experience (health in my case), so my argument was if you want quality staff with industry experience you need to be able to offer the appropriate industry super fund. They accepted my argument and I finally got back to HESTA and I m really delighted. To make things more exciting I received a letter from the Australian Tax Office saying they had some lost super that matched my details. I was in Australia from 1987 to 1990 and then went back to the UK and came back to Tasmania in I rang the ATO and they did have some super of mine and it was with HESTA from my employment in Western Australia in the 80 s. Now I ve been able to put that into my current HESTA account. I like HESTA because the returns have always been really competitive in comparison with other super funds. There is always information available with regular seminars and information sessions for members. We have a HESTA representative in Tasmania who is really accessible. And finally I can take out additional benefits like death and income protection even if I am not working fulltime. Members ROLLOVER more Happy with HESTA Voluntary Contributions DOUBLED 98 %Choose to STAY Carmela Pizzino has worked in the health and community services sector for 25 years and she is based at the Italian Aged Care home at Marangaroo in Western Australia. When the super choice laws came into effect the facility gave everyone the opportunity to switch super funds and everyone stayed with HESTA. I stayed with HESTA because I am happy with HESTA. I get all the information I need from the member magazine and the annual report each year. I m happy with the level of service I receive. I ve never had any negative feedback from my employer about HESTA and the fund is big so I feel confident that it s going to be around for a long time so I ll be able to get my money back out when the time comes. MemberMagazine March

8 Making an educated leap into retirement When you retire, your super starts work A lot of people look forward to retirement thinking about all the things they are going to do. But many have no idea what to do with their super when they get there. Helen has worked hard all her life. She is looking forward to retirement, spending some time with her grandchildren and seeing a little more of Australia. However on the cusp of retirement Helen has realised she has very limited knowledge about how to go about it. She is not concerned about finding activities to fill in all her new free time. But she is worried about how to manage her finances in retirement. Many people on the brink of retirement are bombarded with information. Retirement planning can be time consuming, complex and confusing. Before you get caught up in factors relating to social security eligibility, tax rates, life expectancy and how much income you think you will need, take a look at the options available. On retirement, Helen has three main options to consider regarding her super. These include: Taking her super in a lump sum Transferring her super into one of many types of retirement income options available to provide her with an income (eg allocated pension or annuity, or lifetime pension) A mixture of both If Helen takes her super in a lump sum she can use it to pay off any outstanding balance on her mortgage, spend it or invest it to generate an income. When deciding what is best for her, Helen has had to consider some complex tax matters which she didn t fully understand. Luckily for her as a HESTA member she is able to access commission-free financial planning advice through Industry Fund Financial Planning (IFFP). This service gives her access to a full financial plan on a fee for service basis at significantly lower rates than those charged by many other planning services. Helen has opted for an allocated pension, which allows her to convert her super into a flexible income stream in retirement. For her it will be like getting her monthly pay cheque, just like when she was working. This will provide her with regular payments to meet her living expenses. The allocated pension will allow Helen to: Choose how often she receives her payments Choose the amount she is paid (minimum and maximum age based limits are set by the Government) Withdraw any amount up to her account balance at any time (this is often referred to as commutation, which may have tax consequences) Invest in either diversified or sector specialist funds (or both), to manage investment risk/return An allocated pension is just like a sophisticated bank account that invests in a range of assets and pays an income. It is a way of ensuring that you have a fixed or predictable income something that looks a bit like a term deposit. An advantage of an allocated pension is greater flexibility because you can change income payments, between the maximum and minimum amounts each year. You can choose between monthly, quarterly, halfyearly or annual income payments. Allocated pensions are designed for people who have retired, or are approaching retirement age and want to leave their money invested so they can draw a regular income stream rather than withdrawing their money in a lump sum. An allocated pension is one of the most popular methods used by Australians to manage their income in retirement. And because Helen is a member of HESTA, she has access to an IRIS Allocated Pension, with no entry or exit fees and low ongoing management fees. No commissions are paid to financial advisers, there s a low $10,000 minimum rollover amount, flexibility to withdraw money and to move between investment portfolios with six different options to choose from. What is the difference between Allocated Pensions and Term Allocated Pensions? Allocated Pension Term Allocated Pension Choice of frequency of payments You can decide how often you receive payments. You can decide how often you receive payments. Choice of amount of pension payments You can choose the amount of your pension payment The amount of income you receive is restricted (within limits set by the Government). You can vary to a set amount of your account balance. your pension payments at any time. Access to your investment You can withdraw (commute) all the money or part You generally cannot withdraw your balance. of it from your account at any time. Taxation The pension payments qualify for The pension payments qualify for special concessional tax treatment. special concessional tax treatment. Reasonable Benefit Limits (RBL) Assessed under the lump sum RBL rules. Complies with pension RBL rules. Assets test Assessed under the Assets Test. Complies with the Social Security 50% Asset Exemption rules. Income test Both types of pensions are assessed Both types of pensions are assessed under the Income test in the same manner. under the Income test in the same manner. Source: IRIS Pensions 8 MemberMagazine March 2006

9 The facts Why have an allocated pension? An allocated pension allows you to invest your super lump sum in an individual account that lets you withdraw funds on a regular basis. You can choose how often you receive payments, although you must withdraw part of your account balance each year, and the income is not guaranteed as the capital is exposed to the ups and downs of the investment market. How long the pension will last depends on the size of the original lump sum, investment earnings, any fees charged and how much is withdrawn each year. What is a term allocated pension? A term allocated pension is like an allocated pension but recipients choose how long the pension is paid within a specified range and the amount cannot be withdrawn in a lump sum. Am I eligible? To be eligible to invest in an allocated or term allocated pension you need to: Be rolling over an Eligible Termination Payment (ETP). For most people this is a transfer from a super fund or retirement savings account Be retired or over preservation age How does it work? The allocated and term allocated pensions have a set of investment portfolios in which the money is pooled with that of other investors. When members invest in an allocated or term allocated pension, an account is created in their name. Members choose their investment options and their accounts earn interest. Members receive regular payments from their account. Can I invest money in both an allocated and term allocated pension? Yes, but the minimum invested in either the allocated or term allocated pension through IRIS is $10,000 for industry super fund members. SMI Ltd is the trustee of IRIS Allocated Pension and Term Allocated Pension. It holds an Australian Financial Services Licence No It is owned by Industry Fund Services Pty Ltd, which is in turn owned by a number of major industry superannuation funds, including HESTA. Fees apply to investment in IRIS. Further information and fact sheets on retirement income streams are also available from the Australian Securities & Investments Commission at This information is based on regulations at the time of writing. These may change from time to time. As a HESTA member you may call and ask to be put in contact with your local IFFP financial planner to discuss your personal situation. MemberMagazine March

10 Are Self Managed Super Funds the new Black? Joanne gathered up all the superannuation she d saved over a 15-year career as a nurse and handed it over to a family member to set up a self managed super fund. She d heard about being able to pick her own super fund through television commercials and thought she d have a go at a self managed fund with some relatives. However, what she didn t realise is that self managed super funds are more complicated than she thought. New research conducted for HESTA by the Australian Research Group examined the implications for women opting for self managed super funds following the introduction of super choice on 1 July The resulting report warns that many women may be exposed to significant financial risk if they move their superannuation into self managed funds run by family members, without being actively involved in their management. HESTA CEO, Anne-Marie Corboy, is concerned more people will consider self managed super funds post-choice, without really understanding the risks. Self managed super funds are not inherently bad but people generally need a lot of money, skill and time to run them effectively. Anne-Marie says women thinking about putting their retirement investment into a self managed super scheme with a family member should consider whether they are really taking control of their investments or just handing over the reins. If women are not prepared to be active participants in investment decision-making and keep track of investments, or obtain sound professional advice, they are leaving themselves very vulnerable in these self managed schemes. Women s Financial Network Executive Director, Susan Jackson, says some people are motivated in their desire to have a self managed super fund simply because they see it as being the latest accessory. It s a bit like self managed super funds are the new black. According to the Australian Tax Office, 2,500 new self managed super funds are being established each month. A staggering 560,000 people are members of self managed super funds. These funds represent around 20% of the superannuation industry. Approximately 65% of these funds are set up in two names. Anne-Marie says the Tax Office figures suggest a high proportion of self managed super funds are for couples. HESTA believes everyone needs to be responsible for their own super and this remains true even in a self managed fund with your partner. Life circumstances can change through divorce, separation or the death of a partner and if women have limited knowledge and control of their investments they may be risking their financial security. The report concluded that if measures are not put in place to reduce some of the significant risks posed to women through self managed super funds, large numbers of women could suffer as a result of becoming involved in an arrangement that may be damaging to their financial future. Luckily for Joanne her story is not so bleak. She realised early on that she was way out of her league and didn t understand how to run a self managed super fund. So she took her money out, put it back into her original super fund and got on with her life. Key risks from the report There are laws governing self managed super funds. If the fund does not abide by the legal requirements then its income and assets can be taxed at the highest rate, which is 47%. Anyone participating in a self managed super fund is considered a trustee this means that the legal responsibility for the financial aspects of the fund lies with this person, regardless of who has the real control. If the fund is badly managed it may lead to poor returns, leading to reduced assets. A woman s likelihood of being deceived by a partner in the management of a self managed super fund will be greater if she does not take any interest in the fund. She may also be unable to track assets in the event of separation. According to the Tax Office around one quarter of funds in self managed super funds are held in cash and term deposits. In the event of separation there is a risk that if one partner has full control of the money, the other partner may never see it again. 10 MemberMagazine March 2006

11 Out and about in your industry HESTA believes that everyone is a specialist in their field. That s why we support your industry by attending conferences, educational seminars and getting behind awards that recognise dedication and professionalism and provide encouragement for further training. In the running for a cure The Mothers Day Classic fun run/walk is on again this year. Last year 22,000 people joined the fundraising event across Australia. This year the event is being held in Melbourne, Sydney, Brisbane, Adelaide and Hobart. ACSA Awards for Excellence Looking for excellence HESTA is again supporting the Australian Nursing Awards, presented by Health Staff Recruitment. The awards recognise commitment and the pursuit of excellence in nursing and patient care. Paul Brophy with HESTA Director, Nancy Hogan Last year as part of the awards, HESTA Professional Development Scholarships were awarded to three nurses to further their studies in the specialty of their choice. HESTA s support of the Mothers Day Classic helps to support our members who are involved in cancer care and research and those who have been affected by breast cancer. The majority of our members are women and HESTA is pleased to be involved in an event that works to raise awareness of the impact of breast cancer on the lives of sufferers and their families and friends and contributes to finding ways to treat and, hopefully, cure this disease. For more information on the Mothers Day Classic visit or call to find out what s happening in your State. The annual Aged and Community Services Australia (ACSA) Awards for Excellence awarded Paul Brophy, Manager, Sambell Lodge, Brotherhood of St Laurence, Victoria, with the 2005 Employee Award. HESTA was proud to support the 2005 Employee Award, which recognised Paul s dedication, creativity and professionalism. The judges believed Paul was an excellent example of how residents can be assisted to stay connected and feel worthwhile. The awards are in their 15th year and celebrate best practice and the outstanding achievements and continuous improvement in the care and support of older people, people with disabilities and their carers. Savings Galore Don t forget to check out your enclosed member discount voucher booklet to save money when you re out and about. There was no cost to members to produce the booklet. The major scholarship winner was Karen Atkinson, the Koori Midwife at Western Health, Sunshine Hospital, Victoria. When Karen completes her Nurse Practitioner Endorsement, she will become the first Indigenous Women s Health Nurse Practitioner in Victoria. The scholarship will help Karen foster understanding of the particular needs of indigenous women s health. The other scholarship winners were Marie Shepherd, Family and Child Health Nurse at the Family, Child and Youth Health Service, Launceston, Tasmania and Nicholas Marlow, Area Manager of Acute/Post Acute Care (APAC) at Northern Sydney Health, Royal North Shore Hospital, NSW. Nominations close at the end of March and the winners will be announced in Brisbane in May, during International Nursing Week. For more information visit HESTA scholarship winner Karen Atkinson, with HESTA Manager Carole Menere. MemberMagazine March

12 Easy 3-step Transfer Form If you need any help with this form, please phone our friendly helpline on Freecall Your details Member Number: Postal Address: Member Name: Date of Birth: STEP 1 Details of super fund you are transferring from If you would like to transfer from more than one fund, please photocopy this form. You may attach a copy of your old fund statement. Protecting your personal information has always been important to HESTA. The information we collect from your old fund will be limited to that required under superannuation and tax law and used for the administration of your account. Name of old super fund: Your membership number in that fund: Address of old fund (if known) STEP 2 Has your name or address changed? This step is relevant only if the super fund you are transferring out of has you registered under a different name or address. Your full name with that fund: Your address with that fund: Please attach evidence, such as a photocopy of a marriage certificate to verify a change of name. STEP 3 Declaration I authorise the transfer of my benefits from my old fund to HESTA. In giving my authorisation to transfer my benefits, I understand that: the Trustee of my old fund may be discharged from any further liability in respect of any amount once benefits have been transferred to HESTA and a final statement has been issued by the old fund; my old fund is a complying Resident Regulated Superannuation Fund, ADF, RSA or Deferred Annuity. HESTA is a complying Resident Regulated Superannuation Fund; HESTA s SFN is xxx and HESTA s SPIN is HST0100AU; in certain cases HESTA may be required under law to deduct tax from the untaxed portion (if any) of the Eligible Termination Payment; my old fund may be entitled to deduct any exit fees from the benefits transferred, subject to legislative requirements; changing funds may cancel any death and/or disability cover I have with my old fund; HESTA does not provide personal financial advice and accepts no responsibility in relation to my decision to transfer my benefits; I would like the money from this rollover invested according to my existing instructions to HESTA. I declare that, to the best of my knowledge, the information I have provided above is true and correct in every particular, and I understand the information given on this form. Signed: Dated: / / Don t waste any more money! Complete this form today, cut on dotted line, place in envelope and return it to HESTA at: HESTA Reply Paid 600, Carlton South, Vic 3053 For more information, please call our friendly helpline on Freecall Contact HESTA Freecall Fax Web site 12 H.E.S.T. Australia Limited ACN AFSL No RSE No. L Information provided is of a general nature. It does not take into account your objectives, financial situation or specific needs so you should look at your own financial position and requirements before making a decision. You may wish to consult an adviser when doing this. For more information about HESTA, call for a copy of our Product Disclosure Statement which should be considered when making a decision about the Fund. Investments can go up and down. Past performance is not a reliable indicator of future performance. For further information on rollovers refer to the information contained within your Record of Contributions. MemberMagazine March 2006