Retirement Savings Account (RSA)

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1 Retirement Savings Account (RSA) Product Disclosure Statement (PDS) Incorporated (by reference) Information Booklet - Superannuation, Rollovers and Pensions. As at 24 September 2014 Issued by the Qantas Staff Credit Union Limited trading as Qantas Credit Union Locked Bag 6747, Hurstville BC NSW 1481 ABN ASFL No Unique Superannuation Identifier (USI)

2 Contents. About the Qantas Credit Union Retirement Savings Account (RSA) 03 How super works 04 Benefits of investing with Qantas Credit Union RSA 10 Risks of super 10 How interest is allocated to your RSA balance 11 Fees and costs 12 How super is taxed 12 Insurance in your super 16 How to open an RSA account 16 2

3 Your Qantas Credit Union RSA PDS. The information in this document forms part of the Qantas Credit Union RSA Product Disclosure Statement ( PDS ), effective 24 September This document provides a summary of significant information. This is important information you should consider before making a decision to invest in this product. A hard copy of this information is available by contacting the Qantas Credit Union (QCU) on The information in this document is of a general nature only, and based on information available at 24 September Any significant changes in relation to your RSA will be advised to you. However, other details may change without notice. The information in this document does not take into account your individual objectives, financial situation or needs. Accordingly, before acting on the contents of the PDS, you should consider whether it is appropriate to you, having regards to your objectives, financial situation and needs. You should read the PDS including this Incorporated (by reference) Information in its entirety before making any decision in connection with this product. You may wish to consult a licensed financial adviser to obtain financial advice that is tailored to suit your personal circumstances. QCU does not make any representation or give any guarantee as to the future performance, rate of income, or the income tax or other taxation consequences of any investment in the RSA whether made on the basis of this PDS or otherwise. The provision of further information may be subject to a charge. Subject to the law, we reserve the right to vary the terms and conditions referred to in this PDS at any time. Financial Services Guide For information on our full range of products and services, see our Financial Services Guide. Details on our rules, constitution and how to join are available on request. You can obtain a Financial Services Guide (FSG) by contacting our Call Centre on , from any QCU office or online at Member Care Statement Please read your PDS carefully. Always retain a copy of the PDS for future reference. Each relevant provision of the Customer Owned Banking Code of Practice will apply to your account. About the QCU Retirement Savings Account (RSA). In 1959 a small group of Qantas Airways employees decided that they and their fellow workers would be better off pooling their funds, saving together and lending to each other - a financial co-operative for competitive loans and savings accounts. So began QCU, which today has over 90,000 Members and provides a competitive range of financial services. QCU is an unlisted public company owned by our Members and run by our Board of Directors (currently 10) who are elected by our Members from our Membership base. No matter how big we grow, a great deal more for your banking is our ongoing commitment to give you a better deal; a better deal on interest rates and fairer fees than you will get from the major banks, for all our products and services. What is an RSA? A Retirement Savings Account (RSA) is a superannuation investment facility enjoying the same concessions as superannuation funds, however it operates in a similar way as a savings/investment account. The capital invested in the RSA is guaranteed by QCU and is backed by the assets of QCU. The capital guarantee means that the total benefit returned to you will not be less than the total amount of contributions made by you or your employer, less any applicable taxes and fees. QCU s RSA is subject to the same legislative rules as superannuation funds, and provides the same tax benefits, with the added protection of being capital guaranteed. The RSA can accept contributions as well as provide the facility of an approved rollover account. The RSA also provides a pension facility. The amount that you can take out each year with a pension is subject to a required minimum amount set by the Government. A pension may not provide an income stream for the rest of your life. Payments will only be made while there is enough money in the account for the pension provided by the RSA. 3

4 How super works. Superannuation is a long-term investment. The Commonwealth Government has placed restrictions on when a person can have access to benefits. Generally a person cannot access benefits until he or she reaches 65 or the preservation age within the meaning of sub regulation 4.01(2) of the Retirement Savings Accounts Regulations and has retired. For more information, including the preservation ages, refer to the Benefits section of this PDS. The RSA is an accumulation account, which means that your account balance is worked out by adding up all your accounts, contributions and transfers into the RSA, applying the amount of any credited investment earnings and deducting any fees, charges, taxes and benefits you claim. This is referred to as your total Account Balance through this document. Contributions to an RSA Eligibility to contribute to the RSA Any person under age 65 may contribute to the RSA, regardless of whether or not they are employed. From age 65 to 74 (inclusive), Superannuation Guarantee (SG) or Industrial Award (Award) contributions are permissible. However, in order to make other contributions, you must have worked at least 40 hours during a continuous 30-day period during the financial year in which the contribution is made ( work test ). From age 75 onwards, mandated Employer contributions can be made to the RSA, but you cannot make personal contributions to the RSA. Employer contributions to the RSA Your employer s concessional contribution may be made in satisfaction of the statutory SG requirements or an Award obligation (i.e. a mandated contribution). Concessional contributions include any SG contributions made by your employer(s) on your behalf, and any additional contributions you choose to make from your pre-tax salary (salary sacrifice contributions). Limits on concessional contributions Concessional contributions are limited to $30,000 per individual for each financial year (subject to indexation). The limit applied across all superannuation funds to which concessional contributions are made. Note, concessional contributions include employer, salary sacrifice and personal contributions in respect of which you are eligible to claim a tax deduction. For people aged 59 years old or over on 30 June 2013, or 49 years old or over on 30 June 2014, a higher limit of $35,000 applies on a temporary basis until the normal limit increases to above $35,000. Concessional contributions made up to the concessional contribution limit will ordinarily be subject to tax by the RSA at the concessional rate of 15%. However, there is an additional tax on concessional contributions made by, or on behalf of, very high income earners. This additional tax is imposed at a rate of 15% on individuals whose income and relevant concessionally taxed superannuation contributions (referred to as low tax contributions) exceed $300,000 for an income year. This tax is levied outside of superannuation but monies can be released from superannuation to meet it. Any concessional contributions made in excess of the concessional contribution limit will attract additional tax. (Note: Excess concessional contributions can be returned by the RSA to a member however additional tax may still apply). Excess concessional contributions (above the concessional contribution limit) attract additional tax. From the financial year onwards, the excess amount will be included in your assessable income and taxed at your marginal rate, including the Medicare levy. You can elect to release monies from the RSA or another superannuation fund to meet this additional tax. In addition, any excess contributions you make above the limit will be counted towards your non-concessional contribution limit (see below). At the time of making your contribution, you must declare to us the amount of each contribution you make that you will be claiming as a tax deduction. Additional tax where you have not provided your TFN If you have not provided your TFN to the RSA, any concessional contributions that you or your employer make, will be taxed at the top marginal rate of 45% plus the Medicare levy regardless of the amount of the contribution. You can provide your TFN by contacting the RSA (contact details on the back page). 4

5 Amounts excluded from the concessional contributions cap Some amounts that can be contributed or transferred to the RSA do not count towards your concessional contribution cap as follows: > > Rollovers (including those from an overseas superannuation fund) subject to some special rules for any untaxed amounts; and > > Government co-contributions. Non-concessional contributions Non-concessional contributions are contributions you make to the RSA from your after tax salary or another source. You can make up to $180,000 of non-concessional contributions to superannuation each financial year. This limit will be maintained at six times the $30,000 (indexed) cap on concessional contributions (see above). If you are under the age of 65, you can average this limit over three years. Specifically, you can make contributions of $540,000 in one year, provided you do not make any additional non-concessional contributions for the following two years. Contributions made up to the $180,000 (or $540,000) limit will not be subject to tax by the RSA. Any excess non-concessional contributions (above the non-concessional contributions cap) attract additional tax at the top marginal rate, including the Medicare levy. You are required to access monies from the RSA or another superannuation fund to meet this tax. Any excess non-concessional contributions you make throughout the year that, in total, are above the limit may remain in the RSA. Where you make a contribution in excess of the 3-year limit (if you are under age 65 on 1 July of the relevant financial year) or, otherwise, the 1-year limit, the amount in excess of the limit will be returned to you, as it cannot be accepted by the RSA. The amount returned may be adjusted for investment fluctuations and reasonable expenses. You can make non-concessional contributions to the RSA on a one off basis at any time, or on a regular basis. You can change your ongoing election to make non-concessional contributions quarterly. Other amounts measured against the non-concessional contributions cap. Other amounts that also count towards your non-concessional contributions cap include: > > Any concessional contributions you make which are in excess of the concessional contributions cap (see above); > > The non-taxable portion of any benefit transferred from an overseas superannuation fund; and > > Contributions made to your account by your spouse. Inability to make non-concessional contributions where you have not provided your TFN The RSA will not be able to accept non-concessional contributions for a Member whose tax file number (TFN) is not held by us. The required refund of contributions in this instance may be adjusted for any investment fluctuations, reasonable costs and insurance premiums for cover provided prior to the refund. Amounts that can be contributed or transferred to the RSA are not counted towards your non-concessional contribution cap. They are as follows: > > Rollovers from within the superannuation system; > > The taxable portion of a benefit transferred from an overseas superannuation fund. Note the untaxed portion will count towards your non-concessional limit; > > Government co-contributions; > > Proceeds from the sale of qualifying small business assets which have been held for 15 years (subject to a lifetime limit which varies from year to year); and > > Settlements for injuries resulting in permanent disablement made to the RSA within 90 days of receiving the payment. Government co-contributions Some members of the RSA may be eligible to receive the Government co-contribution. The Government co-contribution applies to non-concessional contributions made by low and middleincome earners. The Government co-contribution partially matches eligible personal non-concessional contributions made by qualifying low and middle-income earners, up to a specified amount. The Government co-contribution is paid annually to qualifying low and middle-income earners superannuation funds. 5

6 The maximum co-contribution for the 2014/2015 financial year is $500 and is available to people earning an assessable income plus reportable fringe benefits and reportable employer superannuation contributions of $34,488 or less. The maximum co-contribution amount phases out completely for incomes above $49,488. To be eligible for the co-contribution, 10% or more of your total income must come from eligible employment-related activities or carrying on a business, or a combination of both. For this test, your total income is not reduced by your allowable business deductions. This is to ensure self-employed individuals are not disadvantaged if they have low income or low profit margins in a financial year. The Government co-contribution (the amount contributed by the Government) does not count towards either your concessional or non-concessional contribution caps. Refer to to determined eligibility criteria for the Government co-contribution (including income thresholds and the available co-contribution amount) applicable from year to year. Pooling your super over your working life If you have other RSAs or superannuation accounts, you are able to transfer these into your QCU RSA. There are no entry fees applying to these transfers and interest will be credited at the full rate from the day the transfer is credited to your RSA. Not only will this save you multiple administration charges that may apply if you have more than one superannuation account or RSA, it will also be easier for you to manage your growing retirement benefit throughout your working life and into retirement. If you wish to transfer other RSAs and/or superannuation accounts into your RSA, you must complete a Transfer Authority provided with the QCU RSA Application Form at the back of this PDS. You will need to complete a separate form for each RSA or superannuation fund account you wish to transfer into your RSA. Beneficiaries of your RSA Should you die whilst a holder of a QCU RSA, your Account Balance will be paid to your executor or Legal Personal Representative. Legal Personal Representative means an executor or administrator of the estate of a deceased RSA Holder, the trustee of an estate of an RSA Holder under legal disability, or a person who holds a general power of attorney granted by the RSA Holder. It is therefore recommended that all QCU RSA Members consider having a will and updating it with any changes that may occur in your personal circumstances in the future. Family Law Provisions We are required by the Family Law Act 1975 and legislation governing RSA Members, to allow certain payments (splittable payments) in respect of a superannuation interest to be allocated upon breakdown of a marriage between the parties by court order. To this end we may provide information about your RSA superannuation interest to an eligible person or to their legal representative. We are restricted by legislation from informing you of such a request for information by an eligible person. Additionally, we may implement a payment flag on your RSA interest in accordance with the relevant law. We may split your RSA interest and pay, rollover or transfer your benefits to or for the benefit of the non-member spouse. We may apply your benefits to create a new RSA interest for the non-member spouse. We may treat a person as being an RSA Holder, and do anything necessary or incidental to comply with the requirements of Part VIIIB of the Family Law Act 1975 and the legislation governing RSAs. We may charge fees (outlined below) to cover the costs of providing information about (Form 6), flagging or splitting an RSA interest or to cover any legal costs of flagging or splitting an RSA interest or to cover any legal costs incurred by us in responding to matters arising from the flagging and/or splitting of your RSA interest. Type of fees or cost Amount Form 6 Fee $110 Splitting Fee $275 Benefits The benefit usually payable under your QCU RSA will be your Account Balance. Your Account Balance includes any contributions made to your RSA (your own personal contributions and those made by your employer on your behalf), transfers rolled over from other RSAs or superannuation funds, and interest credited less any taxes and fees and charges (if any). 6

7 Withdrawing benefits from the RSA The preserved component of your RSA benefit must remain within the Australian superannuation system, generally until your permanent retirement from the workforce after you reach your preservation age. Your preservation age is determined in accordance with the following: Date of Birth Preservation Age Before 1 July July June July June July June July June After 30 June From 1 July 1999, all RSA/Superannuation contributions (including member contributions) and earnings are preserved. Any component of your benefit that was non-preserved at 1 July 1999 will continue to be non-preserved and can be taken in cash at any time. Your ability to claim preserved benefits other than at retirement (as described above) is restricted, however, the law does allow for the release of benefits where you otherwise satisfy a condition of release, including as follows: > When you reach age 60 and cease an employment arrangement; > When you reach age 65; > When you die; > You have ceased gainful employment with your employer and your account balance is less than $200; > When you suffer from a terminal medical condition as defined in superannuation legislation; > If in our opinion you are permanently incapacitated in accordance with superannuation legislation (similar to being declared Total and Permanently Disabled); > If we approve the early release of Preserved Benefits on the grounds of severe financial hardship; > We may release Preserved Benefits if the Department of Human Services ( DHS ) determines they should be released on pre-defined specified grounds ( compassionate grounds ), such as to cover palliative care or funeral costs; and > Where the law otherwise permits (for example, to satisfy an ATO Release Authority). Different rules apply to temporary residents. Some, but not all, of the above conditions of release apply to temporary residents (e.g. death, permanent incapacity). We may release preserved benefits as a Departing Australia Superannuation Payment ( DASP ) to a former temporary resident whose visa has expired and who has departed the country. We may also allow the payment of your benefit in the form of a Transition to Retirement Pension, once you have reached your preservation age, but choose to continue employment. Partial Payments from the RSA Partial payment of benefits from the RSA must be withdrawn from the exempt (tax-free) and taxable components in proportion. Note: A standard form and proof of identity requirements apply when a benefit is payable from the RSA. The requirements arise under the Government s Anti Money Laundering and Counter Terrorism Financing legislation. If any further information is required from you to enable a benefit to be paid, you will be notified. How long can you leave benefits in the RSA You can leave your benefits in the superannuation system and the RSA indefinitely. There is no requirement to remove benefits from superannuation/rsa once you reach a certain age or retire. Death or total and permanent disablement Should you die or become totally and permanently disabled, the benefit payable will be the Account Balance in your QCU RSA. 7

8 Ceasing service If you cease service with an employer contributing to your QCU RSA, your entitlement will be the accumulated Account Balance in your RSA. When ceasing service the following options are available: > > Your entitlement can remain in your RSA. You will earn the full interest rate. Member Benefit Protection will apply; > > You may transfer your benefits to another RSA or complying superannuation fund; and > > You may be able to withdraw any non-preserved amounts (including non-preserved benefits rolled into your QCU RSA from another RSA or superannuation fund) as a cash benefit. Transfer to another fund The amount in your RSA may be transferred at any time to another RSA provided by another RSA institution, a superannuation entity or regulated exempt public sector superannuation scheme or deferred annuity. If at any time we lose contact with you or you become eligible for payment of your benefit and we cannot contact you, your balance will be transferred to an eligible rollover fund (ERF). If you wish to access your benefit after the transfer takes place, please contact the ERF directly at: AMP Eligible Rollover Fund Administration Locked Bag 5400 Parramatta NSW 1741 The investments, fees and costs of the ERF will be different from those of QCU RSA. The ERF does not offer insurance benefits in the event of death or disablement. Pensions Facility A Pension allows you to receive your RSA benefits as an income stream, as opposed to one lump sum payment. A minimum RSA balance of $100,000 is required to commence a Pension. Eligibility to commence a Pension Members of the QCU RSA are eligible to commence a Pension from the RSA. Spouses of members of the RSA can also join the RSA in order to commence a Pension. To begin a Pension (with the exception of a Transition to Retirement Pension) you must have access to all or part of your RSA benefits i.e. you must have satisfied one of the following conditions of release. Conditions of release The following are the conditions of release that allow you to access your RSA benefits. > You have reached your preservation age as set out in the table on page 7 and permanently retired from the workforce; or > You have reached age 60 and terminated your most recent employment; or > You have reached age 65 and are still working; or > You have become totally and permanently disabled at any age; or > You are a Spouse Member and have never participated in the workforce, and are age 65 or over. 8

9 How your Pension payments are calculated Each financial year, you are able to select the pension amount that you will receive that year. The amount you receive must be equal to or above a certain prescribed minimum level set by the Government, based upon your age. The prescribed minimum percentages of your account balance that must be taken as annual pension payments for the relevant age bands as follows: Age Annual Percentage payment amount (%) Under or more 14 Your age and opening account balance are measured on the day on which the pension begins, or 1 July of the relevant financial year if it is not the first year of your pension. If your pension does not commence on 1 July, the minimum percentage payment amount is applied proportionally for the number of remaining days in the financial year, in order to determine the minimum pension amount. However, no pension payment is required if a pension is commenced after 31 May in a given year. Partial lump sum withdrawals or transfers to another superannuation fund (where permissible) do not count towards meeting the prescribed minimum pension amount. Above this minimum amount, you can select to receive any amount in pension payments that you choose, up to 100% of your account balance (with the exception of a Transition to Retirement Pension, which is limited to 10% of your opening account balance and your account balance as at 1 July). Cooling-off period You have a 14 day period (a cooling-off period) in which you may cancel your Pension and rollover your benefit to another fund, if you are not completely satisfied. The cooling off period commences the date the RSA confirms that your application has been accepted. Any request to cancel your Pension must be in writing. The amount rolled over or paid out of your Pension may be adjusted to take into account any variation in the value of the investment and any tax payable by the RSA as a result of your holding the Pension. Preserved benefits cannot be taken in cash and need to be rolled over to the RSA or another RSA/Superannuation fund. Transition to Retirement Pensions You can start a Transition to Retirement Pension if you have reached your preservation age, but have not yet fully retired from the workforce. The conditions surrounding a Transition to Retirement Pension are the same as those for a Pension taken out upon retirement, with the exception that a maximum of 10% of the account balance (at the start of each year) can be withdrawn in any one year. If you have taken out a Pension under the Transition to Retirement rules, you will be unable to withdraw lump sum amounts, over and above your maximum pension payments until you meet a condition of release (as described above). Once you retire, or satisfy a condition of release, your Pension will continue and become a standard Pension. The restriction outlined above will no longer apply. How long will your Pension last? The ongoing payment of a Pension will cease once you have exhausted your Account Balance. The time it takes to exhaust the balance will be contingent upon the amount you withdraw. Your Pension is therefore not guaranteed to last for a minimum timeframe. Anti-Money Laundering and Counter-Terrorism Financing Legislation A standard form and proof of identity requirements apply when a benefit is payable from the RSA (a lump sum or commencement of a pension). The requirements arise under the Government s Anti Money Laundering and Counter Terrorism Financing legislation. If any further information is required from you to enable a benefit to be paid, you will be notified. 9

10 Benefits of investing with Qantas Credit Union RSA. If you would like to be a member of the QCU RSA, you need to complete the application form attached to this Booklet. Membership eligibility and conditions of membership are governed by our Constitution, which is available at or can be inspected at the Head Office at 420 Forest Road, Hurstville, NSW. RSA is capital guaranteed The capital invested in the RSA is guaranteed by QCU and is backed by the assets of QCU. The capital guarantee means that the total benefit returned to you will not be less than the total amount of contributions made by you or your employer, less any applicable taxes and fees. Low risk/low return nature of RSAs You should consider the appropriateness of the RSA having regard to the effect of the lower-risk/lower- return nature of the product on possible benefits in the long term. There are other superannuation or financial arrangements that may provide a greater return over the long term. You may wish to seek information about the rates of return of those superannuation or financial arrangements. If you need more information about us you should contact us. Member Benefit Protection The statutory Member Benefit Protection guidelines for account balances under $1,000 apply to RSAs. This means that administration levies (if any) applying to an RSA with a balance of less than $1,000 will not exceed the amount of interest earned by the RSA in any one year to 30 June. Administration levies do not include any taxes and government charges that may apply to your RSA. Pensions Facility Pensions are highly flexible. You can select the frequency of your Pension payments as well as the size of the Pension payments you wish to receive, above a required minimum amount. You can commute (end your Pension and take the remaining assets as a lump sum) or take a portion of your account balance underlying the Pension as a lump sum (partial commutation), at any time. Upon your death, a Pension can revert to a Dependant, or be paid to a Non-Dependant as a lump sum. Other significant features and benefits of this product are: > > No annual membership fees; > > No administration fees; > > Contribution splitting with your spouse is available; > > No withdrawal fees on your first four withdrawals in a financial year; and > > Competitive interest rates. Risks of super. Low risk/low return nature of RSAs You should consider the appropriateness of the RSA having regard to the effect of the lower-risk/lower return nature of the product on possible benefits in the long term. There are other superannuation or financial arrangements that may provide a greater return over the long term. You may wish to seek information about the rates of return of those superannuation or financial arrangements. If you need more information about us you should contact us. QCU seeks to minimise this risk by taking into account the best interests of members at all times when making decisions about the RSA and maintaining a risk management and compliance framework in accordance with legislative requirements. 10

11 Other general risks relevant to the RSA are: > > The value of your investment will vary; > > The level of returns will vary, and future returns may differ from past returns; > > Superannuation laws may change in the future; > > The amount of your future superannuation savings (including contributions and returns) may not be enough to provide adequately your retirement; and > > Your level of risk will vary depending on a range of factors including your age, investment timeframe, where other parts of your wealth are invested and your risk tolerance. Managing risk with diversification Diversification, or spreading your money across a number of investments, can mean that you don t have to rely on the performance of any one investment- so if one falls in value, another may perform well to make up for the loss. Risk and return Risk is a measure of how much investment returns are likely to vary up and down in a given period. Return comprises any income an investment earns, and any increase (or decrease) in the capital value of the investment. Rewards and risk You accept the rewards but also the risks of your investment choice. You should talk to a licensed financial adviser before making your choice. Advice when you need it We recommended that you seek advice from a financial adviser, who can help you make a decision based on your individual circumstances. How interest is allocated to your RSA balance. Interest is calculated daily on your RSA balance and is credited at the end of each month. A schedule of the current interest rates applying to QCU RSAs is provided in the Incorporated (by reference) Information Booklet Interest Rates. The rates of interest are net of all administration fees and any government charges and before any applicable taxes. Interest rates are variable and may increase or decrease over time. You should confirm the current rate being offered by Qantas Credit Union before you make your investment. Members will be notified of changes to interest rates by advertisement in a national newspaper, newsletter or other written notice. The QCU offers RSA Members security of assets and stable investment returns over the long term. Your investment is backed by the assets of Qantas Staff Credit Union Limited trading as Qantas Credit Union. Interest rates applying to your RSA may vary upwards or downwards from time to time. Past interest rates applying to RSAs are not an indication of future rates of interest that may apply. A schedule of past interest rates applying to the QCU RSA is provided in the Incorporated (by reference) Information Booklet - Interest Rates. Higher rates of interest as your RSA grows The QCU RSA offers a tiered interest rate arrangement. You will enjoy higher rates of interest on the full balance of your RSA from the day your RSA balance increases to the higher band. Interest Rates Current Interest Rates are set out in the Incorporated (by reference) Information Booklet - Interest Rates. Labour standards, environmental, social and ethical considerations QCU does not take into account labour standards or environmental, social or ethical considerations for the purpose of selecting, retaining or realizing the investment. For more information about interest allocated to your RSA account balance, refer to the Incorporated (by reference) Information Booklet - Interest Rates. You should read this important information about investments before making a decision. The information relating to investments may change between the time you read this PDS and the day when you sign the application form (if applicable). 11

12 Fees and Costs. We do not currently levy an administration fee on your QCU RSA. RSA Holders may make up to four (4) approved withdrawals from their RSA in any financial year (1 July to 30 June). Additional withdrawals will incur a $ 51 fee for each withdrawal over four. This fee is debited to the RSA. We reserve the right to pay out the full RSA balance where the withdrawal reduces the balance of the RSA to less than $1,000. The fee of $ 51 is indexed annually (at 30 June) to movements in Average Weekly Ordinary Time Earnings (AWOTE). You may be charged a fee for providing information requested by you, which will not exceed the reasonable cost to us of giving the information, including all reasonable related costs such as searching for, obtaining and collating the information. Type of fees or costs - fees when your money moves in and out of the RSA Amount Establishment fee Nil Contribution fee Nil Withdrawal fee* $ 51 Termination fee Nil * RSA Holders may make up to four approved withdrawals from their RSA in any financial year. Additional withdrawals will incur a fee of $51 for each withdrawal over four. Service fees Fees relating to splitting or flagging a benefit under Family Law Act We are required by the Family Law Act 1975 and legislation governing RSA Members, to allow certain payments (splittable payments) in respect of a superannuation interest to be allocated upon breakdown of a marriage between the parties by court order. We may charge reasonable fees to cover the costs of providing information about (Form 6), flagging or splitting an RSA interest or to cover any legal costs of flagging or splitting an RSA interest or to cover any legal costs incurred by us in responding to matters arising from the flagging and/or splitting of your RSA interest. Type of fees or cost Amount Form 6 Fee $110 Splitting Fee $275 How super is taxed. Taxation of RSA and other superannuation benefits is complex and may vary according to your individual circumstances. This taxation information is a general summary of the current legislation. You should obtain your own professional taxation advice regarding your individual position. Tax may apply to contributions made to your Account, your Account s investment earnings and withdrawals from your Account, however, generally, any taxes applicable to superannuation are at a concessional (lower) rate. Contributions tax Upon entry to the QCU RSA, all concessional contributions made will be taxed upon receipt by the RSA at 15%. Non-concessional contributions are not taxable upon receipt by the RSA. However additional tax will be levied on you personally by the ATO where either the cap on concessional contributions or the cap on non-concessional contributions is exceeded, as detailed earlier. In the case of a tax liability for excessive concessional contributions, you can choose to nominate the RSA to release monies to pay the additional tax, or pay this additional tax yourself. In the case of a tax liability for excessive non-concessional contributions, you must nominate the RSA to release monies to pay the additional tax. 12

13 Tax rates and the provision of your TFN If you join the RSA, and we do not hold your TFN: > > by the end of the year in which contributions are received, your concessional contributions (called no-tfn contributions) will be taxed at the highest marginal tax rate (plus Medicare levy); and > > we may not be able to accept member contributions from you. We may (but are not obliged to) recover any additional tax paid by us in respect of your no-tfn contributions if we are subsequently provided with your TFN (within 3 years). We will make reasonable endeavours to recover such tax but do not guarantee we will do so in the event that a member has left the RSA prior to receiving the Member s TFN. Any refund of tax will be credited to your RSA upon receipt of the monies from the ATO. Taxation of contributions by self-employed persons If you are self-employed or substantially self-employed, you are eligible to claim a tax deduction for contributions made to your QCU RSA. Self-employed people will be able to claim a full tax deduction for contributions to the RSA for themselves while under age 70. To be eligible, less than 10% of your total income (assessable income plus reportable fringe benefits) must be derived from employment as an employee. Notice of intention to claim a tax deduction must be submitted to QCU at the time of making the contribution. The Government co-contribution scheme has been extended to include the self-employed, provided they satisfy eligibility criteria for the co-contribution. To be eligible, a self-employed person must be under age 71 at the end of the income year and: > > earn 10% or more of their total income (assessable income plus reportable fringe benefits) for that year from running a business, eligible employment, or a combination of both - note that for this definition, income is not reduced by deductions that result from running a business; and > > earn below $49,488 in that income year - this includes assessable income plus reportable fringe benefits less tax deductions for running a business (not including employee deductions). Self-employed persons should ensure that any tax deduction claim is made in accordance with legislative requirements. If you think you may be affected, we recommend you seek appropriately qualified advice. Rollovers: Transfers from most other complying superannuation funds or other RSAs are not taxed. Interest: Interest earnings on to your RSA are taxed at a maximum rate of 15%. The interest credited to your RSA is net of this tax. Spouse contribution rebate A person contributing on behalf of a spouse can claim an 18% tax rebate on eligible spouse contributions of up to $3,000 made on behalf of a low-income or non-working spouse. That is, a rebate of up to $540 can be claimed per annum. You may be entitled to a maximum tax offset of up to $540 each financial year if: > > you did not claim a tax deduction for the contributions; > > both you and your spouse were Australian residents when the contributions were made; > > at the time of making the contributions you and your spouse were not living separately and apart on a permanent basis; > > the sum of your spouse s assessable income, including total reportable fringe benefits amounts and reportable employer super contributions (RESC) for the financial year, was less than $13,800; and > > the contribution was made to a super fund which was a complying fund in the income year in which you made the contribution. The full rebate can be claimed where the recipient spouse s assessable income is less than $10,800. The rebate reduces to zero where the recipient spouse s assessable income is $13,800 or more. Spouse contributions will count towards the recipient s non-concessional contributions cap. A spouse includes a person who, although not legally married to you, lives with you on a genuine domestic basis as your husband or wife. It does not include a person to whom you are married but who lives separately and apart from you on a permanent basis. Taxes upon exit from superannuation Tax payable upon exit from superannuation will depend largely on your age. In general, benefits paid from superannuation to persons aged 60 or over will be tax free whether paid as a lump sum or pension. Tax may still apply to benefits paid to persons under age

14 Lump sum payment if under 60 years of age Lump sum payments from a taxed source will consist of two components: 1. A tax-free component made up of: > Non-concessional contributions made from 1 July 2007 (called the contributions segment ), plus > Non-taxable amounts rolled over from other superannuation products. 2. The taxable component is made up of the total superannuation benefit, less any tax-free component. The taxable component will be taxed at 20% plus Medicare levy if paid to a person under their preservation age or 15% plus Medicare levy on any amount over $185,000 if paid to a person from preservation age to age 59 (amounts under $185,000 will be tax free). The $185,000 threshold is subject to indexation (refer below for details on your preservation age ). The following table outlines the tax rates that will apply in relation to lump sum and pension benefits assuming the RSA holds your TFN: Age/Status Lump Sum Pension Age 60 or more Nil Nil Between preservation age and age 60 Less than preservation age Exempt component tax-free. First $185,000* of taxable component tax-free. Taxable component above $185,000 taxed at 15% plus Medicare levy. Exempt component tax-free. Taxable component taxed at 20% plus Medicare levy. Exempt component tax-free. Taxable component taxed at Marginal tax rate plus Medicare levy less 15% tax Rebate. This tax also applies to Pensions payable in relation to Disability. Exempt component tax-free. Taxable component taxed at marginal tax rate plus Medicare levy (no rebate applies). *The $185,000 threshold may be indexed in line with AWOTE subject to $5,000 increments. Explanation of terms: Exempt component Taxable component Lump Sum Comprises the following components: > > Pre 1 July 1983 component > > Un-deducted contributions > > Any non-concessional contributions from 1 July 2007 > > Capital Gains Tax exempt component > > Post June 1994 invalidity component > > Concessional component The remainder of the benefit above the exempt component. Preservation ages Date of birth Preservation age Before 1 July July June July June July June July June After 30 June Departing Australia Superannuation Payments ( DASP ) If you have been employed in Australia on a temporary resident s visa and you are not an Australian or New Zealand resident, you may be eligible to have your RSA benefits paid directly to you when you permanently depart Australia. The only tax applicable to DASP will be withholding tax. The withholding tax rates are as follows (assuming the RSA holds your TFN): 1. If the DASP application is made to the ATO on or after 1 April 2009: > > Tax free component- Nil > > Taxable component- 35% > > Untaxed element of the taxable component- 45% 14

15 2. If the DASP application was made to the ATO prior to 1 April 2009: > > Tax free component- Nil > > Taxable component- 30% > > Untaxed element of the taxable component- 40% Taxation in relation to death benefits The manner in which benefits paid as a result of your death are taxed depends upon the ultimate recipient of the benefit and, in particular, whether they are considered a Dependant or a Non-Dependant. Benefits paid to Dependants Dependants can receive a death benefit as a pension or as a lump sum. If a Dependant receives a lump sum death benefit it is received tax-free, regardless of the age of the deceased or the Dependant. If a Dependant receives a benefit as a Pension, the tax paid depends upon the age of the deceased and the recipient. Where the deceased was over age 60 at the time of death, the Pension payments will be received by the Dependant tax-free. Where the deceased was under age 60 at the time of death, the Pension payments will be taxed according to the recipients age, until such time as the recipient turns 60, at which time the payments will become tax free. The transfer of pensions to dependant adult children will be restricted where a pensioner dies. A pension can only be transferred to a child aged 18 or under 25 if the child is financial dependent or disabled. A child aged 25 or more can only receive a pension if disabled. Benefits paid to Non-Dependants Only lump sum benefits can be paid to non-dependants. Any taxable component of the benefit will be taxed at 15%. The exempt component will be received tax-free. If you have not provided your tax file number to Qantas Credit Union, a higher tax rate may apply to your contributions and you will be unable to make non-concessional contributions to your QCU RSA. Any non-concessional contributions that you attempt to make to your QCU RSA will be returned where required by law, after taking into account any allowable adjustments for investment fluctuations and reasonable costs. If you have not provided your tax file number to QCU, it will also be more difficult to trace different super amounts in your name so that you receive all your super benefits when you retire. Further information about tax is available from Taxation of Pension payments Your Pension is divided into two components, a taxable component and an exempt or tax free component. Each Pension payment you receive will be proportionately split between the taxable and exempt component of your benefit, based upon this proportion at the time you purchased the Pension or at the time of any commutation. The taxation of Pension payments will depend upon your age at the time you receive the Pension payment and in particular, whether you are over or under the age of 60. Pension payments received when you are over the age of 60 If you are over the age of 60, no tax is payable in relation to the Pension payments you receive. Pension payments received when you are under the age of 60 The exempt component is paid tax free, regardless of your age, such that no tax is deducted in respect of this component. If you are over your preservation age, the taxable component within each Pension payment will be taxed at your marginal rate, plus the Medicare Levy, however, will be subject to a 15% tax rebate at the time you lodge your tax return. If you are at or above preservation age and under 60, the taxable component of each Pension payment will be taxed at your marginal tax rate, plus the Medicare Levy. In this instance, however, no tax rebate is available. Tax on rollover into a Pension As the transfer of a benefit from the RSA to a Pension is treated as a rollover, no tax is deducted at the time your benefit is transferred into a Pension. Tax on assets supporting the Pension Under government regulations, the investment earnings on the assets supporting a Pension are tax-free, such that the full amount earned on these assets (less any applicable investment and administration fees) will be credited to your Pension account. 15

16 Insurance in your super. The RSA does not provide death or disability insurance. How to open an RSA account. You can apply to open a QCU RSA account by simply completing the attached application form and arranging for it to be returned to the Credit Union. If your application is accepted, you can contribute to your RSA and your employer can also make contributions on your behalf. Your employer can also open an RSA on your behalf to make superannuation guarantee, or award related contributions as well as voluntary contributions. There is no minimum initial contribution requirement. Your RSA will be opened on receipt of funds from any of the above. When your RSA is opened, you will be given an RSA Number. You should always refer to this number when contacting us in regards to your RSA as this will help us respond promptly to your requirements. A self-employed person may also apply to open a QCU RSA. You can also open a QCU RSA and rollover superannuation entitlements or other eligible termination payment (ETPs) to it. Applications All applications to open a QCU RSA must be made on the application form attached to this booklet. Application can be made to any office of QCU. We look forward to helping you provide for your financial needs in your retirement. Enquiries and Complaints Any enquiries you may have in respect of your QCU RSA should be directed in the first instance, to us. Request can be made by telephone: , by fax: , or in writing to: Locked Bag 6747 Hurstville BC NSW We have an internal procedure for handling complaints. If you have a complaint, you should call or write to: The RSA Complaints Officer, Qantas Staff Credit Union Limited, trading as Qantas Credit Union Locked Bag 6747 Hurstville BC NSW The RSA Complaints Officer will address your concerns and pursue a quick resolution. We aim to resolve any complaints within 21 days of receipt. If you are not satisfied with our handling of your complaint or the decision, you may contact the Superannuation Complaints Tribunal. This Tribunal is an independent body set up by the Federal Government to assist RSA Holders and their estates to resolve certain types of complaints with an RSA Institution (or RSA Provider). The Tribunal may be able to assist you to resolve your complaint, but only if the parties have made a genuine effort to resolve the dispute through our complaint process. The address of the tribunal is: The Superannuation Complaints Tribunal, Locked Mail Bag 3060, GPO Melbourne VIC 3001, Ph: Keeping you Informed To help you keep track of your RSA, you will receive an annual statement of your QCU RSA as at 30 June each year. This statement will generally be forwarded to you by no later than 31 December annually (i.e. within 6 months of 30 June each year). You may also check your RSA balance with us at any time. Further information is available on request. As a member of the RSA you may view copies of the following RSA documents: Audited Accounts, Audit Report, Statutory Returns and Certificates. To view copies of these documents or if you need more information about your benefits, the RSA Enquiries Officer will be pleased to help. You can contact the RSA Enquiries Officer on You may be charged a fee for providing information requested by you, which will not exceed the reasonable cost to us of giving the information, including all reasonable related costs such as searching for, obtaining and collating the information. 16

17 If a material alteration occurs in any statement contained in this PDS which would make the statement misleading, deceptive or out of date, or if there has been any material omission in this PDS, then the PDS will be withdrawn immediately, or a Supplementary PDS will be issued correcting the statement or omission. Information contained in this PDS that is not materially adverse to you may, if it changes, be updated on our website or be notified by newsletter. If you do not have computer access, the updated information can be obtained by calling us on or in writing to: Qantas Staff Credit Union Ltd trading as Qantas Credit Union Locked Bag 6747, Hurstville BC The provision of further information may be subject to a charge. Cooling Off Period You have 14 days from the date of receipt of your welcome letter during which time you have the right to close your RSA. In this circumstance, you can transfer the balance in your QCU RSA to another RSA or superannuation fund of your choice. If you close your RSA within this period, no fees will be deducted but taxes and government charges may be deducted. If we cannot contact you It is important that you advise any change of address in writing to the RSA Department of Qantas Credit Union (as well as QCU generally), so that we do not lose contact with you. Special change of address forms for the RSA solely are available upon request. If at any time we lose contact with you or you become eligible for payment of your benefit and the fund cannot contact you, your balance may be transferred to an eligible rollover fund (ERF). An ERF is a fund designated by the Australian Prudential Regulatory Authority ( APRA ) to receive and invest the superannuation entitlement of superannuation members and RSA Holders in certain circumstances. We have selected the AMP Eligible Rollover Fund ( AMP ERF ) as the RSA s ERF. Based on information available as at the date of this PDS, the AMP ERF is a capital guaranteed fund. Please refer to a current AMP ERF PDS for further details regarding its investment strategy. Once your benefit has been transferred to the AMP Eligible Rollover Fund, you will have no entitlements to benefits in the RSA. Instead you will become a member of the AMP Eligible Rollover Fund, and be subject to its governing rules. Further details of the AMP Eligible Rollover Fund are given in its PDS, copies of which can be obtained from AMP. The following are the contact details which you may require if your benefit is transferred to AMP Eligible Rollover Fund: AMP Eligible Rollover Fund Administration, Locked Bag 5400, Parramatta NSW 1741 Ph: The investments, fees and costs of the ERF will be different from those of the QCU RSA. The ERF does not offer insurance benefits in the event of death or disablement. Terms referred to in this PDS Dependant means your spouse, your children and any other person who is, in our opinion, wholly or partially financially dependent on you at the time of your death or involved in an interdependency relationship with you. Member or Members means a person or persons who have opened an RSA. Pension means an Account Based or Transition to Retirement Pension. Spouse includes another person (whether of the same sex or different sex) with whom the person is in a relationship with, and either legally married to, or is not legally married but lives with that person on a genuine domestic basis in a relationship as a couple. Transition to Retirement means a Superannuation Pension paid under the transition to retirement legislative provisions. We or Us or Our or QCU means Qantas Staff Credit Union Limited trading as Qantas Credit Union. You or Your means Members with an RSA or any individual that may have an entitlement to a benefit from the RSA. 17

18 Privacy and Confidentiality Our Privacy Policy explains our commitment to the protection of your personal information. You may obtain a copy of our Privacy Policy by: > > Going to Our Privacy Policy on our web site at > > Calling > > Asking at any of our Member Service Centres. In addition to our duties under legislation, we have a general duty of confidentiality towards you, except in the following circumstances: > > Where disclosure is compelled by law; > > Where there is a duty to the public to disclose; > > Where our interests require disclosure; and > > Where disclosure is made with your express or implied consent. Our Details The RSA is provided by: Qantas Staff Credit Union Limited trading as Qantas Credit Union ABN AFSL No Address 420 Forest Road, Hurstville NSW 2220 Unique Superannuation Identifier (USI): For further information about our products and services, or to obtain a hard copy of the PDS, please contact us at any of the following: > > Phone > > - log on to Online Banking, select Other functions and select Send a Secure Message > > Fax > > Mail - Locked Bag 6747, Hurstville BC NSW

19 RSA Application. This Application Form is contained in the Retirement Savings Account (RSA) PDS. Incorporated (by reference) Information Booklet - Superannuation, Rollovers, and Pensions. We are obliged to provide you with this PDS which contains a summary of the important features of the RSA product and will help you understand the product and whether it is suitable to your needs. Applications for an RSA can only be made on this Application Form dated 24 September Please Note: Your account will be opened once we receive monies. Section 1: Personal Details Title: Middle name: First name: Last name: Current Residential Address: State: Postcode: Postal Address (if different from above): State: Postcode: Phone (business): Phone (home): Date of Birth: / / Gender: Address: Occupation: Do you work: Full time (30 hours or more per week) Part time (10-30 hours per week) Retired Are you a current Member of Qantas Credit Union? Yes No If yes, Member No: Section 2: Important Privacy Notice Each applicant must read this notice and indicate your agreement to its terms by signing section 4: Declaration and Signature. You received a Privacy Notice when you applied to become a Member of Qantas Credit Union, which includes: > why and how we collect and use your information > what happens if you do not wish to provide us with information > whether we provide your information to other entities > the availability of our Privacy Policy > when we can disclose certain information to a credit reporting body > how a credit reporting body may use your information > whether we disclose your information overseas and if so, where > how you can contact us. You understand that we will disclose personal information about you to: Financial Synergy Pty Ltd (who provides administration services to us for retirement savings accounts), our other service providers (for services such as mailing, statement production, information technology, payment and deposit processing, debt collection, legal, insurance, banking and auditing), other superannuation or retirement savings account institutions and your employer. Subject to the Privacy Act 1988 and this notice, you consent to such disclosures of your personal information. Our Privacy Policy contains information about: > how you can access your information > how you can seek correction of your information > how you make a complaint and how we will deal with it > in what overseas countries we are likely to disclose your information. Our Privacy Notice and Privacy Policy are available at by calling or visiting a Member Service Centre. You agree that for your spouse and for each other person about whom you provide personal information, you will first ensure that each person has seen our Privacy Notice and Privacy Policy, understood the contents and agreed to their personal information being collected, used and disclosed by us in the same ways and manner that your personal information may be collected, used and disclosed. Qantas Staff Credit Union Ltd trading as Qantas Credit Union Locked Bag 6747, Hurstville BC NSW 1481 ABN AFSL No

20 Section 3: TAX FILE NUMBER NOTIFICATION The collection of tax file numbers is authorised by tax laws, the Retirement Savings Account Act 1997 and the Privacy Act The law requires us to ask for your tax file number. Completing and returning this form enables us to use your tax file number for the purposes contained in the Retirement Savings Accounts Act 1997 and for the purposes of paying eligible termination payments. The purposes that are currently authorised include: > > taxing concessional contributions at concessional rates; > > locating amounts in our records where insufficient information is available; > > passing your tax file number to the Australian Taxation Office but not to any other person or body where you receive a benefit or have unclaimed RSA money after reaching aged pension age; and > > allowing us to provide your tax file number to another RSA provider or the trustee of a superannuation fund receiving any benefits you may transfer. We will not provide your tax file number in those circumstances if you tell us in writing that you don t want us to pass it on. It is not an offence not to quote your TFN. However giving your TFN to your RSA will have the following advantages (which may not otherwise apply): > > your RSA will be able to accept all types of contributions to your account/s; > > the tax on contributions to your RSA will not increase; > > other than the tax that may ordinarily apply, no additional tax will be deducted when you start drawing down your RSA benefits; and > > it will make it much easier to trace different superannuation account/s in your name so that you receive all your superannuation benefits when you retire. We may (but are not obliged to) recover any additional tax paid by us in respect of your no-tfn contributions if we are subsequently provided with your TFN (within 3 years). Any refund of tax will be credited to your RSA upon receipt of the monies from the ATO. The lawful purposes for which your tax file number can be used, and the consequences of not quoting your tax file number, may change in the future as a result of legislative change. Do you agree to provide your tax file number? Yes No Tax File Number: This notification forms a part of the Application Form for the Retirement Savings Account (RSA) with Qantas Credit Union. Section 4: Declaration and Signature You declare that you have received and read the PDS dated 24 September 2014, that this application form was detached from and the Incorporated (by reference) Information Booklet - Interest Rates, and that the details given in the application are true and correct. You apply for an RSA and agree to be bound by the terms and conditions as varied from time to time. You acknowledge that the Credit Union will deduct any applicable taxes, charges and duties from your RSA. You are eligible to contribute to the RSA and will only make further contributions if at the time of those contributions you are still eligible to contribute. You acknowledge that the interest rate applying to the RSA will vary from time to time. Signed Date / / Spouse Contributions I,, declare that my spouse is Name of taxpayer/contributing spouse Name of RSA holder of Address of RSA holder I declare that at the time of making this eligible spouse contribution of $ basis as husband and wife. that we live together on a bona fide domestic Signed Date / / QCU Use Only Membership number.: RSA No.: Has Identity Verification been conducted? Yes No (Identification must be input via AUSTRAC ID system) I confirm that: The Member has been given an RSA PDS and RSA Interest Rate Brochure. The Member is eligible for Membership of QCU. Member has signed the declaration. Tax File Number provided Yes No FSG given Yes No Signature of Credit Union Employee: Name of authorised Credit Union employee: Date / / Issue date 24 September 2014 Qantas Staff Credit Union Ltd trading as Qantas Credit Union Locked Bag 6747, Hurstville BC NSW 1481 ABN AFSL No

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