Member Booklet: RBF Tasmanian. Accumulation Scheme. Table of contents. About the RBF Tasmanian 2. Accumulation Scheme

Transcription

1 Member Booklet: RBF Tasmanian Accumulation Scheme Information in this booklet is current as at 1 July 2015 Table of contents About the RBF Tasmanian 2 Accumulation Scheme How super works Benefits of investing with the RBF Tasmanian Accumulation Scheme Risks of super 3 How we invest your money Fees and costs 5 How super is taxed 6 Insurance in your super 7 How to open an account 8 Important information This Member Booklet is a summary of significant information and contains references to important information in Fact sheets each of which forms part of this Member Booklet marked by the symbol {. You should read and consider that information before making a decision in relation to the RBF Tasmanian Accumulation Scheme. To obtain copies of this Member Booklet or the Fact sheets (free of charge) visit our website at or call the RBF Enquiry Line on The information provided in this Member Booklet is general information only and does not take into account your personal financial situation or needs. Accordingly, before acting on the contents of this Member Booklet or any Fact sheets, you should consider whether it is appropriate to you, having regard to your objectives, financial situation and needs. You should obtain financial advice tailored to your personal circumstances. Information in the Member Booklet and Fact sheets is subject to change and may be updated by us from time to time. Where a change is not materially adverse to you they can be obtained by going to our website at The information can also be obtained free of charge by calling the RBF Enquiry Line on for a copy. If you would like personal financial advice, you can call to book an appointment with a Financial Planner at RBF Financial Planning Pty Ltd (ABN , AFS Licence No ). RBF Financial Planning Pty Ltd is a wholly owned subsidiary of the RBF Board and operates as a separate legal entity from RBF. The Retirement Benefits Fund Board is not licensed to provide financial advice to RBF members. The Retirement Benefits Fund Board does not accept responsibility for any financial advice or services provided by RBF Financial Planning Pty Ltd because RBF Financial Planning Pty Ltd is solely responsible for any financial advice or financial services it provides. If you would like general information about your super you can make an appointment with one of RBF s Superannuation Consultants, simply contact the RBF Enquiry Line on Your personal information including sensitive health information may be transferred between RBF, RBF s administrator Mercer Outsourcing (Australia) Pty Ltd (ABN , AFSL ), RBF Financial Planning Pty Ltd ABN , AFSL ) and the Colonial Mutual Life Assurance Society Limited (ABN , AFSL ) trading as Commlnsure, the Insurer. This Member Booklet is issued by the Retirement Benefits Fund Board ABN , the trustee of the Retirement Benefits Fund (RBF) ABN Member Booklet: RBF Tasmanian Accumulation Scheme 1

2 About the RBF Tasmanian Accumulation Scheme RBF is Tasmania s public sector super fund and has been providing super benefits to Tasmanian public sector employees since it was established in RBF is a not-for-profit super fund, which means all net investment returns are passed on to our members. You can find important information about RBF including this Member Booklet and associated Fact sheets, the Trust Deed and governing rules, significant event notices, information about RBF s trustee directors and management team (including information about remuneration), annual reports and financial statements, RBF service providers and proxy voting by visiting our website at and going to the Disclosures page by clicking About RBF, then Our processes. The RBF Tasmanian Accumulation Scheme is open to: 1 employees of Tasmanian public sector employers who are less than age 75; or 2 members of any of RBF s defined benefit schemes (the Contributory Scheme, the Parliamentary Superannuation Fund, the Parliamentary Retiring Benefits Fund, the State Fire Commission Superannuation Scheme or the Tasmanian Ambulance Service Superannuation Scheme); or 3 former public sector employees who have retained a financial interest in RBF; or 4 a spouse of any person referred to in 1 to 3 above, provided they are less than age 75; or 5 a surviving spouse of any person referred to in 1 to 4, irrespective of their age. The RBF Tasmanian Accumulation Scheme offers the RBF Account as well as pension products to eligible members to help fund their retirement. Members can choose to invest in a range of Member Choice options, including (the default for the RBF Account). Insurance cover is also available to eligible members in the event of illness, injury or death. Registered to the Retirement Benefits Fund Board ABN You should read the important information about pension options, insurance cover and Member Choice options available to RBF Tasmanian Accumulation Scheme members in the Fact sheet: Pensions, Fact sheet: Insurance in your super and Fact sheet: How we invest your money before making a decision. Go to or call the RBF Enquiry Line on to obtain a copy. The material relating to pension options, insurance cover and Member Choice options may change between the time when you read this Member Booklet and the day when you acquire the product. How super works About super Superannuation (super) is a means of saving for your retirement which is, in part, compulsory; and is a long term investment. To encourage Australians to save for their retirement the Commonwealth Government makes it compulsory for all employers to provide a minimum level of super support to almost all employees. This requires employers to pay Superannuation Guarantee contributions for and on behalf of their employees. The Commonwealth Government provides tax savings and benefits to super which generally makes super one of the best long term investments for you to save for and fund your future retirement lifestyle. If you are a Tasmanian public sector employee and not a member of any of RBF s closed defined benefit schemes your employer is required to pay compulsory Superannuation Guarantee contributions into a super account. Most people have the right to choose which fund their employer should pay the Superannuation Guarantee contributions into. Contributing to your super If you are a Tasmanian public sector employee, your employer will automatically contribute Superannuation Guarantee contributions (currently 9.5% of salary) and an additional personal contribution at the rate of 5% of salary from your after tax income unless you tell us in writing that you do not wish to make this additional contribution. There are different types of contributions that can be made to super including employer Superannuation Guarantee contributions, voluntary contributions (salary sacrifice and personal contributions), spouse contributions and Government super co-contributions. The tax treatment of contributions varies according to the type of contribution. There are limits on the contributions that can be made which are known as contribution caps. If you exceed the contribution caps additional tax may be payable. See How super is taxed on page 6. Members may make additional contributions or spouse contributions using BPAY or cheque. Registered to BPAY Pty Ltd ABN Withdrawing from your super There are limitations that apply to withdrawals from super because your super benefits are intended to provide for your retirement. Generally, your super is preserved which means you cannot access it until you have reached your preservation age (currently between 55 and 60, depending on your date of birth) and retired. There are other limited circumstances where you may be able to meet a condition of release under super law and access your super before your preservation age. You should read the important information about how super works in our Fact sheet: How super works before making a decision. Go to or call the RBF Enquiry Line on to obtain a copy. The material relating to how super works may change between the time when you read this Member Booklet and the day when you acquire the product. Benefits of investing with RBF Tasmanian Accumulation Scheme The RBF Tasmanian Accumulation Scheme offers many benefits and services including: a history of solid, long term investment performance; * a lifecycle Member Choice option the default for the RBF Account, designed to automatically adjust over time to suit members lifestages; a range of Member Choice options allowing you to choose your own investment strategy to suit your needs; flexible insurance cover when you elect RBF to receive your Superannuation Guarantee contributions; no entry or exit fees; state-wide seminars, workshops and interviews; a range of retirement pension options; Spouse RBF Account; access to RBF Superannuation Consultants and Financial Planners from RBF Financial Planning Pty Ltd; and personalised service. * Please note past performance is not a reliable indicator of future performance. You should read the important information about the features and benefits of the RBF Tasmanian Accumulation Scheme in our Fact sheet: Benefits of investing with RBF Tasmanian Accumulation Scheme before making a decision. You should also read the important information about spouse accounts in our Fact sheet: Spouse RBF Accounts before making a decision. Go to or call the RBF Enquiry Line on to obtain a copy of these Fact sheets. The material relating to the features, benefits and spouse accounts may change between the time when you read this Member Booklet and the day when you acquire the product. 2 Member Booklet: RBF Tasmanian Accumulation Scheme

3 Risks of super All investments carry risk. Different investment strategies may carry different levels of risk, depending on the assets that make up the strategy. Generally, assets with the highest long-term returns carry the highest level of short-term risk. Some of the significant investment risks that may affect your RBF Tasmanian Accumulation Scheme include specific asset risk, market risk, investment manager risk, currency risk, inflation risk, legislative risk, credit risk and liquidity risk. Other significant risks are operational risk and the effect of fees and taxes. When investing through your super, it is important to note that: the value of your investments will vary; the level of returns will vary, and future returns may differ from past returns; returns are not guaranteed, and you may lose some of your money; the amount of your future super savings (including contributions and investment returns) may not be enough to provide adequately for your retirement; and super laws may change in the future. The appropriate risk level for each person will vary depending on a number of factors including your age, the investment timeframes, where other parts of your wealth are invested and your risk tolerance. We recommend that you obtain financial advice from a financial adviser such as RBF Financial Planning Pty Ltd and review your investments regularly. You can call to book an appointment with a Financial Planner from RBF Financial Planning Pty Ltd (ABN , AFS Licence No ). You should read the important information about the risks of super in our Fact sheet: Risks of super before making a decision. Go to or call the RBF Enquiry Line on to obtain a copy. The material relating to the risks of super may change between the time when you read this Member Booklet and the day when you acquire the product. How we invest your money All RBF Tasmanian Accumulation Scheme members have access to a range of diversified investment options, plus specific asset class options. If you do not select a Member Choice option(s), you will be placed in our applicable default option. For RBF Account members, the default investment option is. For RBF Account Based Pensions and RBF Transition to Retirement Account Based Pensions, the default investment option is the RBF Balanced option, and this option is also available to RBF Account members. (default) This is the default option for the RBF Account only. is not available to RBF Account Based Pensions and RBF Transition to Retirement Account Based Pensions. uses a lifecycle strategy which provides a well-diversified portfolio that is designed and managed according to your life stage. You will be placed in the strategy for your age group based on your date of birth (see the table below). There is a different target group for each five year age group, designed to suit members born within that age group whose investment needs and approach to risk over time is typical of investors around the same age. How does change with you? automatically adjusts the mix of investment assets in order to target a level of risk and return according to your life stage. For example, younger members usually have more time to withstand ups and downs of investment markets. For these members will invest in a higher percentage of growth assets such as shares and property to target a higher long-term return. For members born between 1955 and 1964 gradually shifts to a more conservative asset mix to focus on wealth protection. The asset mix reduces its allocation to growth assets and increases the allocation to defensive assets such as fixed interest and cash. Please note: members invested in the will have their investments automatically transitioned over time based on the average age of the members in the target group they are in. An overview of is contained in the table below. strategy Growth Transition Conservative target group Designed for Objective , , , , , , , Members born between 1965 to 2004 To deliver strong investment returns that boost your super savings over the long term Members born between 1960 to 1964 To begin reducing the risk of capital losses while maintaining a focus on delivering strong investment returns Members born between 1955 to 1959 To increase the focus on capital protection while still seeking a moderate level of growth. Conservative Members born before 1955 To provide stability in your super savings while seeking a low level of growth. profile 82%/18% 67%/33% 47%/53% 38%/62% (growth/defensive) (1) objective (2) CPI + 4%pa CPI + 3%pa CPI + 2%pa CPI + 1%pa Recommended minimum investment timeframe 6+ years 5+ years 4+ years 3+ years Standard Risk Measure (3) 6 High 5 Medium to high 4 Medium 3 Low to medium Estimated number of negative annual returns over any 20 year period Four to less than six Three to less than four Two to less than three One to less than two (1) The growth/defensive allocations shown above and on the following page are based on the target asset allocation as at the date of this publication. RBF s investment options are managed to their individual benchmark asset allocation in line with their specific investment objectives. Options are not managed to their growth/defensive allocation. As a result, these values may vary according to the structure and valuation of the underlying investments. (2) The investment objective is net of investment fees and taxes (where applicable). (3) The labelling of risk measures and categories outlined above and on the following page has been adopted from the industry guideline called the Standard Risk Measure. The Standard Risk Measure for the option is designed to reduce over time. To understand risk measures you should read the Fact sheet: How we invest your money for more information. This Fact sheet can be found on the RBF website at Member Booklet: RBF Tasmanian Accumulation Scheme 3

4 The asset allocation for is contained in the table below. target group Strategic asset allocation range (Target asset allocation) (4) , , , , , , , Conservative Australian shares 20%-50% (28%) 10%-40% (22%) 5%-30% (14%) 5%-20% (11%) International shares 20%-50% (30%) 10%-40% (24%) 5%-30% (16%) 5%-20% (13%) Property 10%-25% (12%) 5%-20% (10%) 5%-15% (8%) 0%-15% (7%) Infrastructure 5%-20% (12%) 5%-20% (10%) 5%-15% (8%) 0%-15% (7%) Alternative debt 0%-15% (8%) 0%-15% (8%) 0%-10% (6%) 0%-10% (5%) Absolute return 0%-10% (7%) 0%-10% (4%) 0%-10% (2%) 0%-10% (0%) Fixed interest 0%-10% (0%) 0%-20% (8%) 5%-40% (16%) 10%-60% (19%) Cash 0%-10% (3%) 0%-20% (14%) 5%-40% (30%) 20%-60% (38%) (4) The target asset allocations shown on this page are effective as at the date of publication. As we actively manage the asset allocation, the asset allocation of individual options may vary over time within the strategic asset allocation ranges. RBF Balanced (default) This is the default option for RBF Account Based Pension or RBF Transition to Retirement Account Based Pensions. It is also available to RBF Account members. RBF Balanced Designed for Objective Members who seek a diversified portfolio using a range of investment managers to deliver the option s objective. To provide moderate to high level of capital growth over the medium to long term. profile 73%/27% (growth/defensive) (5) objective (6) Recommended minimum investment timeframe Standard Risk Measure (7) Estimated number of negative annual returns over any 20 year period CPI + 3%pa 5 years 5 Medium to high Three to less than four Strategic asset allocation range (Target asset allocation) (8) Australian shares 15%-45% (25%) International shares 10%-40% (27%) Property 0%-25% (10%) Infrastructure 0%-20% (10%) Alternative debt 0%-15% (8%) Absolute return 0%-10% (5%) Fixed interest 0%-25% (6%) Cash 0%-15% (9%) For notes (5), (6) and (7) please refer to notes (1), (2) and (3) respectively on page 3. For note (8) please refer to note (4) on this page Member Choice If you prefer to choose you own investment mix, you can select the Member Choice option(s) that you think is suitable by nominating the percentage of your super (and future contributions) that is invested in each of the following options: Diversified options RBF Growth RBF Balanced RBF Moderate RBF Conservative RBF Socially Responsible s Lifecycle option (available to RBF Account members only) Asset class options RBF Australian Shares RBF International Shares RBF Property RBF Fixed Interest RBF Cash For more information on each of these options and how to change your Member Choice options, please refer to the Fact sheet: How we invest your money. Warning: before you decide on how you want your super to be invested, you must consider the likely investment return, risk and your investment timeframe when choosing an option in which to invest. You should read the important information about Member Choice options and how we have measured the risk of each option in our Fact sheet: How we invest your money before making a decision. Go to or call the RBF Enquiry Line on to obtain a copy. The material relating to Member Choice options may change between the time when you read this Member Booklet and the day when you acquire the product. 4 Member Booklet: RBF Tasmanian Accumulation Scheme

5 Fees and costs Consumer advisory warning DID YOU KNOW? Small differences in both investment performance and fees and costs can have a substantial impact on your long term returns. For example, total annual fees and costs of 2% of your account balance rather than 1% could reduce your final return by up to 20% over a 30 year period (for example, reduce it from $100,000 to $80,000). You should consider whether features such as superior investment performance or the provision of better member services justify higher fees and costs. You may be able to negotiate to pay lower contribution fees and management costs where applicable *. 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 s Commission (ASIC) website ( has a superannuation fee calculator ** to help you check out different fee options. * To help you compare different super products, all super fund trustees are required by law to include this statement. However, at RBF fees cannot be negotiated. ** You can use this calculator to calculate the effect of fees and costs on super account balances. This section shows the 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 RBF Tasmanian Accumulation Scheme as a whole. You can use this table to compare fees and costs with other super products. The fees and other costs for RBF s default Member Choice options are set out below. Type of fee Amount How and when paid fee (9) The following investment fees are charged: an investment management fee, estimated to be between 0.34% and 0.58%pa of your account balance; and Administration fee Buy-sell spread a performance fee, estimated to be between 0.03% and 0.07% of your account balance, depending on the target group applicable to you (as shown in the following RBF MyPath option investment fees table). The following administration fees are charged: a dollar based administration fee of $78pa or $1.50 per week; and an asset based administration fee of 0.29%pa of your account balance (capped at $1,500pa). fees (including any performance fees if applicable) are deducted from the target group applicable to you and reflected in the weekly unit price. The administration fees are deducted directly from your account each week. Between 0.10% and 0.24% The buy-sell spread depending on your applicable is reflected in the unit investment prices and applied to option, as shown in the your account balance following table. or transaction as applicable. Switching fee Not applicable Exit fee Not applicable Advice fees relating to all members investing in a particular Not applicable Member Choice option Other fees See note (10) opposite See note (10) opposite and costs Indirect cost ratio Not applicable option investment fees target group Estimated investment management fee %pa of your super account balance Estimated performance fee %pa of your super account balance Buy-sell spread Conservative RBF Balanced Type of fee Amount How and when paid fee (9) The following investment fees are charged: fees (including any an investment management performance fees fee, estimated to be 0.53%pa if applicable) are of your account balance; and deducted from a performance fee, estimated the RBF Balanced investment option and to be 0.06% of your super reflected in the weekly account balance. unit price. Administration fee Buy-sell spread The following administration fees are charged: a dollar based administration fee of $78pa or $1.50 per week; and an asset based administration fee (capped at $1,500pa) of 0.29%pa of your account balance for RBF Accounts, RBF Account Based Pensions and RBF Transition to Retirement Account Based Pensions. The administration fees are deducted directly from your account each week. 0.22% The buy-sell spread is reflected in the unit prices and applied to your account balance or transaction as applicable. Switching fee Not applicable Exit fee Not applicable Advice fees relating to all members investing in a particular Not applicable Member Choice option Other fees See note (10) below See note (10) below and costs Indirect cost ratio Not applicable (9) The investment management fees and performance fees (Fees) in the tables on this page are the estimated Fees for the period from 1 July 2015 to 30 June Estimated Fees are our best estimates based on recent experience and our current long term expectations for ongoing investment costs. The actual investment costs incurred may differ from our estimates and may vary from year to year. We monitor the ongoing investment costs for each investment option. Each year the actual fees paid for the previous financial year will be disclosed in your annual Member Benefit Statement. Fees will be deducted weekly from investment returns. For note (10) in the tables on this page: other fees and costs may apply. See Additional explanation of fees and costs in the Fact sheet: Fees and costs for further details. Member Booklet: RBF Tasmanian Accumulation Scheme 5

6 Example of annual fees and costs RBF Balanced These tables give examples of how the fees and costs for the RBF Balanced option can affect your super investment over a one year period. You should use these tables to compare this product with other super products. Example RBF Balanced Balance of $50,000 fees PLUS Administration fees PLUS Indirect costs for RBF Balanced EQUALS Cost of product 0.59% (11) For every $50,000 you have in the RBF Balanced investment option you will be charged $295 each year. 0.29%pa of your account balance + $78pa ($1.50 per week) Note: *Additional fees may apply. And, for every $50,000 you have in the fund you will be charged $145 each year PLUS $78 each year. And, indirect costs of $0 each year will be deducted from your investment. If your balance was $50,000, then for that year you will be charged fees of $548 for the RBF Balanced option. This table gives an example of how the fees and costs for the group can affect your super investment over a one year period. You should use this table to compare this product with other super products. The investment management fees vary depending on which group you are in. Example fees PLUS Administration fees PLUS Indirect costs for RBF MyPath EQUALS Cost of product Balance of $50, % (11) For every $50,000 you have in the investment option you will be charged $325 each year. 0.29%pa of your account balance + $78pa ($1.50 per week) And, for every $50,000 you have in the fund you will be charged $145 each year PLUS $78 each year. And, indirect costs of $0 each year will be deducted from your investment. If your balance was $50,000, then for that year you will be charged fees of $548 for the option. How super is taxed Your super is taxed in a number of ways. The following tax rules generally apply: How super is taxed? Concessional contributions Nonconcessional contributions Tax on earnings Tax on withdrawals Description Before-tax contributions such as employer Superannuation Guarantee contributions and employer salary sacrifice are subject to contributions tax at the rate of 15% provided we have your tax file number. Contributions tax is deducted from your RBF Account at the time your concessional contribution is allocated to your account. If your combined assessable income and concessionally taxed contributions exceed $300,000pa, you will pay an additional 15% tax on part or all of the concessional contribution amount that exceeds the $300,000 threshold. There is a cap for concessional contributions. If you exceed the cap, your excess concessional contributions will be taxed at your marginal tax rate (including the Medicare levy) plus an interest charge. Personal after-tax contributions (including spouse contributions), are not subject to contributions tax. There is a cap for non-concessional contributions. If you exceed this cap, you may incur additional tax. returns are taxed up to a maximum rate of 15% on net earnings and are deducted before unit prices are determined. Withdrawals from your super may be taxed if you are aged less than 60 years. Once you turn 60, withdrawals from your super are generally tax free. Warning: You should provide your tax file number as part of acquiring this product. If you do not provide your tax file number, your contributions and withdrawals may be taxed at a higher rate. You should read the important information about contributions and taxation in our Fact sheet: How your super is taxed before making a decision. Go to or call the RBF Enquiry Line on to obtain a copy. The material relating to fees and costs may change between the time when you read this Member Booklet and the day when you acquire the product. Note: *Additional fees may apply. (11) fees in the above tables include estimates of investment management fees and estimates of performance fees. The fees may vary depending on actual costs incurred and performance fees payable. Performance fees are paid to investment managers who deliver investment returns that out perform a predefined target. Warning: Additional fees may be paid to a financial planner if a financial planner is consulted. The Statement of Advice or other written advice provided by the planner will state the fees (if any) that you will pay. Fee changes RBF has the right to change fees at any time, without your consent. We will give you at least 30 days written notice of any increase in fees. You should read the important information about fees and costs in our Fact sheet: Fees and costs before making a decision. Go to or call the RBF Enquiry Line on to obtain a copy. The material relating to fees and costs may change between the time when you read this Member Booklet and the day when you acquire the product. 6 Member Booklet: RBF Tasmanian Accumulation Scheme

7 Insurance in your super The RBF Tasmanian Accumulation Scheme offers insurance cover in the event of illness, injury or death. From 17 December 2012, all insurance cover offered through the RBF Tasmanian Accumulation Scheme is provided by CommInsure (The Colonial Mutual Life Assurance Society Limited ABN , AFSL ). The following information is based on that cover. If you have an injury or illness which occurred before 17 December 2012 you may be eligible for cover under a different insurance product. Please contact the RBF Enquiry Line on to discuss whether you are eligible for the cover outlined in this booklet. Types of insurance cover The following table provides an overview of the types of insurance covers available to eligible RBF Tasmanian Accumulation Scheme members. Warning: All insurance cover is subject to costs, certain limitations, exclusions and conditions for eligibility and cancellation that may affect your entitlements to insurance cover. You should read the information in our Fact sheet: Insurance in your super before deciding whether the insurance is appropriate. Type of cover Member eligibility criteria Insured benefits Basic Death and Total and Permanent Disablement cover Provides a lump sum amount in the event of: Death or Terminal Illness Total and Permanent Disablement Basic cover is automatically provided without having to supply any health evidence. Basic Income Protection cover Provides a monthly benefit if you are unable to work because a sickness or injury causes: Total Disability; or Partial Disability. Basic cover is automatically provided without having to supply any health evidence. Voluntary Death and Total and Permanent Disablement cover (14) Provides a lump sum amount in the event of: Death or Terminal Illness Total and Permanent Disablement Voluntary Death only cover (14) Provides for the payment of a lump sum amount in the event of Death or Terminal Illness. Voluntary Income Protection cover (14) Provides a monthly benefit if you are unable to work because a sickness or injury causes: Total Disability; or Partial Disability. You must be less than age 70 and be: a Tasmanian public sector employee and your public sector employer must pay compulsory Superannuation Guarantee contributions to your RBF Account; or an eligible former RBF defined benefit scheme member and you must have transferred the entire amount of your funded RBF defined benefit to your RBF Account. You must be less than age 65 and be a Tasmanian public sector employee and your public sector employer must pay compulsory Superannuation Guarantee contributions to your RBF Account. An RBF Account member who is less than age 70. All Voluntary cover is subject to acceptance of underwriting by the Insurer. An RBF Account member who is less than age 65. All Voluntary cover is subject to acceptance of underwriting by the Insurer. Your insured benefit is calculated by multiplying the number of units of cover you hold by the value of the unit of cover applicable to your age next birthday. The following table shows how many units you will receive: Age next birthday Up to age 30 Age 31 to 40 (12) Age 41 to 70 (12) Number of units of Basic Death and Total and Permanent Disablement cover 3 units 4 units 5 units The Income Protection monthly benefit is comprised of two components: an income component equal to up to 75% of your predisability income (13) ; a super contributions component equal to the monthly Superannuation Guarantee contributions that would have been paid had you not been disabled. The monthly benefit is payable for up to two years after the completion of a waiting period of 90 days. The insured amount is determined by: the number of units of Basic (if any) and Voluntary Death and Total and Permanent Disablement cover you hold; the number of units of Voluntary Death only cover you hold; your age next birthday; and the underlying value of one unit of Death and Total and Permanent Disablement cover for your age next birthday. Or If accepted by the Insurer, a fixed dollar amount (subject to conditions). The Income Protection monthly benefit is comprised of two components: an income component equal to up to 75% of your predisability income (13) ; a super contributions component equal to the monthly Superannuation Guarantee contributions that would have been paid had you not been disabled. (12) The number of units of cover will automatically increase by one unit on your 30 th and 40 th birthday. (13) Subject to automatic acceptance limit and maximum monthly benefit. (14) To apply for Voluntary insurance cover, please complete the RBF Tasmanian Accumulation Scheme Insurance Application Form with Personal Statement available from or call the RBF Enquiry Line on to obtain a copy. Member Booklet: RBF Tasmanian Accumulation Scheme 7

8 Adjusting your insurance RBF insurance cover is designed to be flexible. In the case of Death and Total and Permanent Disablement cover and/or Death only cover, you may, subject to acceptance of underwriting by the Insurer apply to: increase the number of units of cover you hold; or convert all of your unitised cover to a fixed dollar amount. In the case of Income Protection cover you may, subject to acceptance of underwriting by the Insurer, apply to: increase the benefit payment period from two years to five years or to age 65; and/or reduce your waiting period from 90 days to 60 or 30 days. All Income Protection cover and all payments of Income Protection benefits cease on your 65th birthday. You may also cancel or reduce your insurance cover (including any Basic insurance cover). You can use the RBF Tasmanian Accumulation Scheme Insurance Variation form to vary or cancel your insurance cover available from or call the RBF Enquiry Line on to obtain a copy. Warning: Unless you cancel your Basic cover, premiums will be automatically deducted from your RBF Account. Costs of insurance There are costs associated with insurance, in the form of insurance premiums. The premium that you pay will depend on your level of cover and your risk category. You are automatically assigned to the standard risk category however you may be eligible to apply for a lower risk category by completing the RBF Tasmanian Accumulation Scheme Insurance Variation form. If your application is accepted by the Insurer, your premiums will be reduced. The cost for one unit of Death and Total and Permanent Disablement cover is $52pa ($1 per week), when the standard risk category applies to your cover. The annual premium rates for Income Protection cover varies according to your age next birthday, the benefit payment period and the benefit waiting period. Annual premium rates for a $500 monthly benefit with a benefit payment period of two years and a 90 day waiting period range from $8.14pa to $78.56pa, when the standard risk category applies to your cover. All insurance premiums will be automatically deducted from your RBF Account on a monthly basis. You should read the important information about insurance in our Fact sheet: Insurance in your super before making a decision. Go to or call the RBF Enquiry Line on to obtain a copy. The material relating to insurance may change between the time when you read this Member Booklet and the day when you acquire the product. How to open an account If you elect to join the RBF Tasmanian Accumulation Scheme as your fund of choice via a Tasmanian public sector employer then your employer will arrange to open an RBF Account and pay Superannuation Guarantee contributions on your behalf. You will receive a welcome pack including an application form to update your account details. You can open an RBF Account for your spouse by completing a RBF Tasmanian Accumulation Scheme Application for spouse membership form available at or by contacting us at the RBF Enquiry Line on In all other circumstances, you can contact the RBF Enquiry Line on to check if you are eligible to join the RBF Tasmanian Accumulation Scheme and to obtain an application form. Complaints At RBF, we strive to ensure our members receive the best possible service at all times, but sometimes our service might not meet your expectations. For this reason, RBF has a comprehensive complaint process to address member concerns. Members who may be unhappy with the way RBF has handled a matter are encouraged to contact the RBF Enquiry Line on and explain their concerns. Where the member s concerns have not been addressed, they can write to: RBF Complaints Officer Retirement Benefits Fund Reply Paid 446 HOBART TAS 7001 If you are still not satisfied with our response, you can lodge a complaint with the Tasmanian Ombudsman by calling Privacy Contact RBF if you would like additional information or assistance. The privacy of your personal information is important to RBF. We understand the need for confidentiality. We hold your personal information securely and use it only for the purposes described in the RBF Privacy Policy, available on the RBF website at If you would like a copy or if you would like to access or update the personal information we hold about you, please contact our Privacy Officer on (03) Contacting RBF Contact RBF if you would like additional information or assistance. RBF Enquiry Line: or (international) Visit: Fax: (03) or (international) Write: RBF, Reply Paid 446, Hobart TAS 7001 Office: Ground Floor, 21 Kirksway Place, Hobart Ground Floor, Cimitiere Street, Launceston AL/B/00105 (V16-07/15) Issued by Retirement Benefits Fund Board ABN as Trustee for Retirement Benefits Fund (RBF) ABN RBF19030_TAS Member Booklet_FA_ Member Booklet: RBF Tasmanian Accumulation Scheme