KPMG Staff Superannuation Plan Product Disclosure Statement

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1 KPMG Staff Superannuation Plan Product Disclosure Statement Prepared: 27 June 2014 Things you should know: This Product Disclosure Statement ( PDS ) is a summary of significant information and contains a number of references to important information called the KPMG Staff Superannuation Plan Incorporated Information. The KPMG Staff Superannuation Plan Incorporated Information forms part of this PDS; You should consider both the information in this PDS and the KPMG Staff Superannuation Plan Incorporated Information before making a decision about the product; This PDS and the KPMG Staff Superannuation Plan Incorporated Information can be obtained on request by phoning (02) ; The information provided in this PDS is general information only and does not take into account your personal financial situation or needs; and You should obtain financial advice tailored to your personal circumstances. Contents: Section 1: About The Executive Superannuation Fund (KPMG Staff Superannuation Plan) Section 2: How super works Section 3: Benefits of investing with The Executive Superannuation Fund (KPMG Staff Superannuation Plan) Section 4: Risks of investing in super Section 5: How we invest your money Section 6: Fees and costs Section 7: How super is taxed Section 8: Insurance in your super Section 9: How to open an account? Attached to this PDS is the KPMG Staff Superannuation Plan Application for Membership Form The issuer and Trustee of The Executive Superannuation Fund (ABN: , RSE Registration R , MySuper unique identifier: ) is Equity Trustees Limited, ABN: , Australian Financial Services Licence ( AFSL ) No: , RSE Licence L , Address: GPO Box 2307 Melbourne VIC 3001 Ph (03) Fax (03) KPMG Staff Superannuation Plan Unique Superannuation Identifier The Administrator of The Executive Superannuation Fund is KPMG Superannuation Services Pty Limited, ABN: , AFSL No: , Address: PO Box 67, Australia Square NSW Ph: (02) address: Plan website: 1

2 Section 1: About The Executive Superannuation Fund (KPMG Staff Superannuation Plan) The KPMG Staff Superannuation Plan ( the Plan ) is a plan in the Employer Sponsored Members Division of The Executive Superannuation Fund ( the Fund ). The Fund was established by a trust deed dated 14 June 1976 and is designed to provide financial security for you in retirement and protection for both you and your family, in the event of your premature death or permanent disablement. The Fund has approximately $730 million of assets under management as at the preparation date of this PDS. The Fund caters for different types of members and products including accumulation accounts for current and former employees of KPMG, personal members who apply for membership and Pension members. The Fund also provides members with four investment options, including the Aggressive Option, Balanced Option (which is the investment strategy for the MySuper MyLife product), Conservative Option and Cash Option. This PDS relates only to accumulation accounts in the Plan for current employees of KPMG, excluding casual employees and Executive Directors (referred to as KPMG staff). KPMG partners are also excluded from the Plan. Individuals (including spouses) wanting to join the Fund and former employees of KPMG who are in the Personal Division should contact the Fund Administrator for the relevant product disclosure statement. Staff who have elected to have their superannuation contributions made to another superannuation fund under Choice of Fund arrangements are registered as insurance only members of the Plan for the sole-purpose of administering the Standard insurance cover provided to them as a result of their employment with KPMG Australia. Insurance only members do not pay administration or other fees from their member accounts and do not have access to all the benefits and features of normal accumulation accounts. KPMG employees who are promoted to Executive Director or admitted to the KPMG partnership will be automatically transferred from the Plan to another section of the Fund called the KPMG Executive Superannuation Plan. The Fund is authorised by APRA to offer a MySuper product, called MySuper MyLife ( ). If you do not choose an investment option when you join the Plan, any contributions will be invested in the Balanced Option (the investment strategy for MySuper MyLife). Information on the product dashboard for the MySuper Mylife product, trustee and executive remuneration and other information or documents that we are required to disclose on the website is available from the homepage of the Plan s website at The Trustee of the Fund is Equity Trustees Limited. The Fund is administered by KPMG Superannuation Services Pty Limited. Newport Investment Consulting (AFSL: ) provides investment management services to the Fund. Insurance cover is provided to eligible Plan members by TAL Life Limited ( TAL ). Section 2: How super works About superannuation Superannuation (super) is a means of saving for retirement on a regular basis, which is (in part) compulsory for most employees. It is a long-term investment. You usually can t access your super until you are aged between 55 and 60, but there are some special circumstances where you can withdraw it earlier than this. Tax concessions and other government benefits generally make it one of the best long-term investment vehicles. Contributions Most Australian employers are required by Government legislation to contribute 9.25% (9.5% from 1 July 2014, increasing to 12% in the future) of an employee s ordinary time earnings to a superannuation fund nominated by the employee or, if an employee does not nominate a fund, to the employer s default fund. These compulsory contributions are referred to as Superannuation Guarantee ( SG ) contributions. You can also make additional contributions towards superannuation. There are different types of contributions available to a person including SG contributions, additional employer contributions (for example, salary sacrifice contributions), voluntary member contributions and government co-contributions. There are limitations on the contributions to superannuation. These limitations apply to all superannuation funds. Unless you are subject to an industrial award or agreement that states otherwise, you are entitled to select an alternative superannuation entity under the choice of fund laws. Where applicable, your employer will provide you with a Standard Choice Form upon commencing employment, or if you request one, and have not requested such a form in the previous 12 months. Therefore, it s important you take an interest in your super and help it grow into a healthy retirement nest egg. Further information about Choice of Fund is available from your employer or For further information about contributions, please refer to section 1, Part A of the KPMG Staff Superannuation Plan Incorporated Information. Withdrawals There are limitations on withdrawals from superannuation, applicable to all superannuation funds. You can access your superannuation savings once you retire on or after reaching your preservation age or in other circumstances permitted by law (for example, death, permanent incapacity and financial hardship), called conditions of release. The conditions of release for temporary residents vary from those applicable to Australian citizens, New Zealand citizens or permanent residents of Australia. 2

3 There are certain circumstances in which superannuation benefits must be transferred by the Trustee to the Australian Taxation Office (for example, lost accounts of unidentifiable members or below a certain amount, unclaimed benefits on or after age 65 and unclaimed benefits of former temporary residents). For further information about withdrawals, please refer to section 1, Part B of the KPMG Staff Superannuation Plan Incorporated Information. General information about super is available from For more information about how super works, refer to Section 1 of the KPMG Staff Superannuation Plan Incorporated Information available by visiting the Plan website at or by contacting the Fund Administrator on (02) You should read this important information about how super works before making a decision. The information relating to benefits and features may change between the time you read this PDS and the day you acquire this product. Section 3: Benefits of investing with The Executive Superannuation Fund (KPMG Staff Superannuation Plan) The Plan is available to all KPMG employees, except casual employees and Executive Directors. We note that KPMG partners are also excluded from the Plan. The Plan includes a MySuper product for members who do not make an investment choice. The MySuper product is invested in the Balanced Option and includes automatic insurance cover for eligible members (as outlined below). Members of the Plan have an accumulation style account, which means any contributions made to the Plan accumulate over time with any investment earnings after taking into account any fees, costs or other charges (e.g. voluntary insurance premiums or taxes). Insurance only members also have an account, however their benefits and features are different because of the nature of their membership. The Plan invests your money. Your super will increase with positive investment returns and decrease if there are negative investment returns. You can choose how you d like your money invested from four investment options. Usually, you can transfer your money to a different investment option within the Plan or to another super fund at any time. There are no minimum contributions or investment amounts required, and the Plan is able to accept contributions from employers other than KPMG. Eligible members enrolled into the Plan by KPMG have automatic ( default or Standard ) cover for Death and Total and Permanent Disablement ( TPD ). Members with Standard cover can also apply for additional voluntary Death only or Death and TPD insurance cover at competitive premium rates. When a member retires, or meets some other legislative condition for payment of their superannuation such as permanent incapacity, death or financial hardship, their account is payable in one or more lump sums or in the form of a pension. The Fund also offers standard account based and transition to retirement pensions. Information about the Fund s pension products is contained in the Pension Division PDS, available by visiting the Plan website at or on request from the Fund Administrator on (02) You should consider the Pension Division PDS when deciding whether to acquire or continue to hold a pension product. For further information about the pension products available from the Fund (and also issued by the Trustee), refer to the Pension Division PDS which is available on request by contacting the Fund Administrator (whose contact details appear on the front page). You should consider the PDS before deciding whether to acquire a pension product. You can transfer superannuation in or out of the Plan. No minimum withdrawal is required, unless you are transferring to another fund and the amount remaining in the Plan is less than $5,000. Other significant features and benefits of this product are: There are no entry or exit fees. Contribution splitting is allowed. Investment earnings are passed on to members, after allowing for relevant fees, costs and taxes, through the monthly declaration of crediting rates by the Trustee. We have an anti-detriment payment policy in relation to the payment of death benefits. We protect the privacy of personal information in accordance with our privacy policy. You have access to a Policy Committee. Binding death benefit nominations are available. Online benefit quotes and member detail updates are available through the Plan website. The Fund is a Qualified Recognised Overseas Pension Scheme for the receipt of UK pension benefits. For more information about the benefits and features of the Plan, refer to Section 1 of the KPMG Staff Superannuation Plan Incorporated Information available by visiting the Plan website at or by contacting the Fund Administrator on (02) You should read this important information about the benefits and features of the Plan before making a decision. The information relating to the benefits and features of the Plan may change between the time you read this PDS and the day you acquire this product. 3

4 Section 4: Risks of investing in super Things you should know: All investments carry risk; Different investment strategies (options) may carry different levels of risk depending on the assets that make up the strategy; Assets with the highest long-term returns (such as shares) may also carry the highest level of short-term risk. The significant risks associated with the Plan include market risk, investment risk, superannuation fund-specific risk, risk of changes to the legal environment and diversification risk. The Trustee seeks to minimise risks by taking into account the best interest of members at all times when making decisions about the Plan and maintaining a risk management and compliance framework in accordance with legislative requirements. The risk associated with any particular investment option will depend on the composition of the assets and underlying investments used in each investment option. Section 5 of this PDS contains the risk profile of the Plan s default investment option - the Balanced Option. Information about the risk profile of the Aggressive, Conservative and Cash options is available in the KPMG Staff Superannuation Plan Incorporated Information. Other general risks relevant to the Plan are: The value of your investment 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. Superannuation and taxation laws may change in the future. The amount of your future superannuation savings (including contributions and returns) may not be enough to provide adequately for your retirement. 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. For more information about risks including the risk profile of other investment options, refer to Section 2 of the KPMG Staff Superannuation Plan Incorporated Information available by visiting the Plan website at or by contacting the Fund Administrator on (02) You should read this important information about risks before making a decision. The information relating to risks may change between the time you read this PDS and the day when you acquire this product. Section 5: How we invest your money Warning: You should consider the likely investment return, the risk and your investment timeframe when choosing a MySuper product or an investment option. The Plan offers the following investment options: The Aggressive Option; The Balanced Option (the investment strategy for MySuper MyLife); The Conservative Option; and The Cash Option. If you do not make an investment choice, your money will be invested in the Balanced Option, the default investment option. 4

5 Suitability Investment Return Objective Asset Classes and Strategic Benchmark Allocations Minimum Suggested Investment Timeframe Risk level Balanced Option This option is intended to be suitable for members seeking long term returns with moderate to high levels of volatility. To achieve returns (net of tax and investment fees) exceeding: - CPI + 3.0% p.a. over rolling 10 year periods; and - The return of the median superannuation fund growth investment option, as surveyed by the Super Ratings 50 Balanced Index over rolling 10 year periods Asset Class Benchmark Allocation Australian Shares 38.4% Overseas Shares 24.7% Property 6.8% Private Equity 0.1% Total growth assets 70.0% Australian Fixed Interest 16.8% Overseas Fixed Interest 3.2% Absolute Return* 4% Cash 6.0% Total interest-bearing assets 30.0% Members should be invested for the long term with a minimum time frame between 5 and 10 years Risk Band Risk Label Estimated number of negative annual returns over any 20 year period 5 Medium High 3 to less than 4 *The Absolute Return asset class includes managers that aim to construct portfolios that typically do not prescribe any pre-set strategic asset allocation parameters. This allows a potentially unrestricted investment universe and, in most cases uses a dynamic asset allocation framework to review the risk premiums and asset allocations as part of their portfolio strategy. On death, whether or not a member has made an investment choice, their account will be invested in the Cash Option. You can switch investment options on a monthly basis by submitting an Investment Choice Form to the Fund Administrator (contact details on the front page). Refer to Section 6 of this PDS for more information about fees and costs. The investment options may be changed from time to time. The Trustee may close, remove or add investment options. For more information about investments including details of all investment options and how to switch investments, refer to Section 3 of the KPMG Staff Superannuation Plan Incorporated Information available by visiting the Plan website at or by contacting the Fund Administrator on (02) 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 you acquire this product. Section 6: Fees and costs 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. Your employer may be able to negotiate to pay lower administration fees. Ask the fund or your financial adviser. TO FIND OUT MORE If you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities and Investments Commission ( ASIC ) website ( has a superannuation calculator to help you check out different fee options. Fees and costs can be paid directly from your account or may be deducted from investment returns or Plan assets. You can use the fees and costs information below to compare costs between different superannuation products. However, bear in mind the nature of the investment option that you are comparing. 5

6 Main fees and costs The fees and costs are the same for all investment options, except for the Indirect Cost Ratio which varies depending on the investment option s underlying indirect investment costs. The fees and costs for the Balanced Option, the Plan s default investment option, are set out below however please note that KPMG meets any direct administration or other fees for insurance only members, where the member s account does not hold sufficient funds from which these fees can be deducted. Additional fees may be paid to a financial adviser if a financial adviser is consulted and you should refer to the Statement of Advice in which details of the fees are set out. KPMG Staff Superannuation Plan MySuper MyLife (Balanced Option) TYPE OF FEE AMOUNT HOW AND WHEN PAID Investment fee Indirect investment fees apply and are included in the Indirect Cost Ratio Nil Not applicable Administration fee Indirect administration fees apply and are included in the Indirect Cost Ratio $63.96 per year Deducted from members accounts annually at 30 June or on a pro-rata basis upon exit from the Plan. Buy-sell spread Nil Not applicable Switching fee Nil Not applicable Exit fee $30.75 Deducted from a member s account for each benefit payment (with some exceptions) Advice fees Nil Not applicable relating to all members investing in a particular MySuper product or investment option Other fees and costs 1 Indirect Cost Ratio 0.99% 2 of assets per year Deducted from earnings before crediting rates are allocated to accounts 1. Other fees may apply, including activity fees relating to splitting or flagging a benefit under the Family Law Act. Please refer to the Additional Explanation of Fees and Costs in Section 4 of the KPMG Staff Superannuation Plan Incorporated Information for further details. 2. The indirect cost ratio is an estimate of indirect administration and investment costs based on the experience of the Plan for the 2012/2013 financial year and is subject to variation from year to year. The Indirect Cost Ratio for the Aggressive, Conservative and Cash options are different. Please refer to the KPMG Staff Superannuation Plan Incorporated Information for further details. Further details of the definitions of the fees and costs for this product can be located at Example of annual fees and costs for the MySuper product (Balanced Option) The table below gives an example of how the fees and costs in the Balanced Option (the investment strategy for MySuper MyLife) for this product can affect your superannuation investment over a 1 year period. You should use this table to compare this product with other superannuation products. EXAMPLE MySuper product BALANCE OF $50,000 Investment fees Nil For every $50,000 you put in, you will be charged $0 each year PLUS Administration fees PLUS Indirect Costs for the MySuper product EQUALS Cost of product $63.96 per year ($1.23 per And, you will be charged $63.96 per year in administration fees regardless of your balance week) 0.99% And, indirect costs of $495* each year will be deducted from your investment If your balance was $50 000, then for that year you will be charged fees of $558.96* for the MySuper product. * Additional fees may apply. And, if you leave the Plan you may also be charged an exit fee of $ Things you should know: The Trustee can change the amount of fees without your consent. Any material increases in fees must be notified at least 30 days in advance. Estimated fees may vary from year to year depending on the experience of the Plan and its underlying investments. The Family Law service fees are subject to indexation from year to year based on movements in the Consumer Price Index ( CPI ). 6

7 In addition to the above fees, insurance costs may apply. When you terminate employment with KPMG if you are transferred to the Fund s Personal Division KPMG will no longer meet insurance costs associated with automatic insurance cover. You will become responsible for meeting insurance costs based on age based premium rates applicable to voluntary cover. For more information about the fees and costs including the Indirect Cost Ratio applicable to all of the Plan s investment options, refer to Section 4 of the KPMG Staff Superannuation Plan Incorporated Information available by visiting the Plan website at or by contacting the Fund Administrator on (02) You should read this important information about fees and costs before making a decision. The information relating to fees and costs may change between the time you read this PDS and the day when you acquire this product. Section 7: How super is taxed Tax may apply to contributions made to the Plan, the Plan s investment earnings and withdrawals from the Plan, however generally, any taxes applicable to superannuation are at a concessional (lower) rate. Warning: concessional tax rates do not apply on contributions which exceed Government contribution limits. Contributions: Concessional contributions (for example, employer contributions and deductible member contributions) are subject to a concessional tax rate provided the Plan holds your Tax File Number ( TFN ). The concessional tax rate may change. Nonconcessional contributions (for example, non-deductible member contributions) are usually not subject to tax. If your concessional contributions and non-concessional contributions in a financial year exceed Government contribution limits, additional (excess) taxes will apply. Where contribution limits are exceeded, it may be possible to withdraw excess amounts, although some taxes and charges may still apply. The Plan deducts contributions tax from member accounts monthly and remits it to the Australian Tax Office quarterly. Any excess taxes for contributions may also be paid out of the Plan. Taxes may apply to transfers of superannuation into the Plan from an untaxed source (for example, certain public sector schemes). Investment Earnings: Net earnings are subject to a tax rate of up to 15% however the rate may be less due to tax credits or other rebates. Withdrawals: If you are under age 60 but have reached your preservation age, the taxable component of lump sum superannuation payments is usually subject to tax at the maximum rate of 15% (plus Medicare levy). A tax free threshold, which varies from year to year, applies. Benefits paid after age 60, death benefits paid to dependants and terminal illness benefits are generally tax-free. (Different taxes apply to superannuation pensions received by persons under age 60). Taxes do not usually apply to transfers to another superannuation fund. Warning: You should provide your TFN when acquiring this product. When you are enrolled into the Plan by your employer, your employer will usually provide your TFN to the Plan. If the Plan doesn t hold your TFN, the Trustee may not accept contributions for you, the tax on superannuation benefits may be higher and it may be more difficult to locate any lost super benefits or consolidate your superannuation. Further information about tax, including tax rates applicable from year to year, is available from For more information about tax matters relevant to superannuation, refer to Section 5 of the KPMG Staff Superannuation Plan Incorporated Information available by visiting the Plan website at or by contacting the Fund Administrator on (02) You should read this important information about tax before making a decision. The information relating to tax may change between the time you read this PDS and the day when you acquire this product. Section 8: Insurance in your super Death and Total & Permanent Disablement ( TPD ) insurance cover is provided to all eligible KPMG staff through the Plan. Temporary residents regarded as permanent employees on KPMG Australia s payroll (e.g. secondees from overseas) are only eligible for insurance cover under the Plan s insurance policy whilst they are working in Australia. Salary Continuance Insurance ( SCI ) benefits are provided by KPMG directly to all eligible employees working 15 hours or more per week, under a policy held outside of the Plan. SCI benefits are not payable from the Plan. For further information, please refer to the Salary Continuance Insurance Benefits Booklet, available by phoning the Fund Administrator (contact details on the front page). Insurance cover via the Plan is provided by TAL ( Insurer ) under insurance policies issued by the Insurer to the Trustee. Insurance cover may be automatic (referred to in this section as Standard cover) or voluntary insurance cover (including Life Events Cover). Standard cover (see below) is available to all eligible KPMG employees without having to complete an application form or submit information to the Insurer. Unless you are eligible for Standard cover, you must submit an application form and any health or other evidence required to obtain cover (voluntary cover), which will be assessed by the Insurer. You can apply for Life Events Cover (which provides additional cover for significant life events) without submitting the usual health or other evidence required. Where you make an application for insurance cover, the cover only commences once the Insurer has accepted your application. Any insurance cover ceases in certain circumstances. There are costs associated with insurance cover. KPMG as your employer covers the cost of your Standard cover. The cost of automatic death and TPD cover depends on the sum insured amount for a particular member. The cost of automatic death and TPD cover is $0.79 for each $1,000 of cover (per annum). Different premium rates apply to different types of voluntary cover based on your 7

8 personal circumstances including your age, occupation, health status and amount of cover. You are responsible for paying your voluntary insurance costs. Insurance premiums for voluntary cover, calculated in accordance with the relevant insurance premium table set out in Section 6 of the KPMG Staff Superannuation Plan Incorporated Information and taking into account any loadings which may apply specifically to you, are deducted from your account on an annual basis and may be adjusted for any changes to your cover during a financial year. The Plan remits premiums to the Insurer quarterly. The level of Standard cover depends on a person s employment position and age as follows: Standard Death and TPD Insured Benefit* Director/Manager 7 x total annual remuneration to a maximum of $800,000 Other Staff (excluding casuals) 5 x total annual remuneration to a maximum of $800,000 *For members over age 60, the insured benefit payable on Total and Permanent Disablement reduces by 20% for each year by which your age exceeds 60. Standard cover ceases when you reach age 70 (for Death) and 65 (for TPD), leave the Plan or in other circumstances specified in the insurance policy. Insured benefits are not payable in certain circumstances such as suicide, attempted suicide or self-inflicted injury. After ceasing employment with KPMG (unless you are an insurance only member ) any Standard cover and/or voluntary insurance held will be transferred to the Personal Division of the Fund as voluntary insurance cover, with insurance premiums becoming your responsibility unless cover is cancelled. You can change the amount and type of insurance cover (automatic or voluntary) at any time (for example, you can cancel, reduce or increase your cover) by notifying the Fund Administrator in writing. Note: if you have elected to have your superannuation contributions made on your behalf by KPMG to an alternative superannuation fund, you (with the exception of casual employees) will have been joined as an insurance only member of the Plan so that your insurance benefits can be administered. If you are an insurance only member and cease or terminate employment with KPMG, your Standard cover will cease. If you would like to continue with your existing insurance cover after leaving employment with KPMG, you will need to notify the Fund Administrator and make a contribution to the Fund which will be sufficient to cover the cost of insurance premiums at the time you cease employment with the firm. For more information about insurance including when cover starts and ends, eligibility criteria for commencement of cover and payment of insured benefits, the level and types of cover available, insurance costs, exclusions, and other important terms and conditions, refer to Section 6 of the KPMG Staff Superannuation Plan Incorporated Information available by visiting the Plan website at or by contacting the Fund Administrator on (02) You should read this important information about insurance before making a decision about whether the insurance is appropriate for you. The information relating to insurance may change between the time you read this PDS and the day when you acquire this product. Warning: Insurance terms and conditions (in particular, eligibility criteria, cover cessation circumstances including cancellation of cover, and exclusions) may affect your entitlement to insurance cover or the payment of insured benefits so you should read Section 6 of the KPMG Staff Superannuation Plan Incorporated Information for more detailed information about these terms and conditions before deciding whether the insurance is appropriate for you. Section 9: How to open an account? If you are an employee of KPMG (excluding casual employees and Executive Directors), you will be automatically enrolled as a member of the Plan and an account will be opened for you, with effect (usually) from the date you commence employment. If you have elected for your superannuation contributions to be paid to an alternative fund, you will be joined as an insurance only member (excluding casual employees, partners and Executive Directors). Upon commencement of your membership, you will receive a letter from the Plan, welcoming you as a member and providing you with information about the Plan. Once you have received this information, you should confirm your full contact details. You can also provide: Your chosen investment option; and Your preferred beneficiaries (whom you nominate to receive your benefit in the event of your death). You can provide these details by completing the Application Form accompanying this PDS. If we are unable to open your account or increase your interest for any reason, monies received for investment in the product may be retained in a separate trust account in accordance with relevant law. Any interest on these monies is retained in the Plan s pool of assets. If you have a complaint relating to this product, contact the Complaints Officer: Equity Trustees Limited GPO Box 2307 Melbourne VIC 3001 (03) (03) For more information about complaints handling refer to Section 7 of the KPMG Staff Superannuation Plan Incorporated Information available by visiting the Plan website at or by contacting the Fund Administrator on (02) You should read this important information about complaints handling before making a decision. The information relating to complaints handling may change between the time you read this PDS and the day when you acquire this product. 8

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10 The Executive Superannuation Fund PDS dated 27 June 2014 Application for membership the KPMG Staff Superannuation Plan ( the Plan ) 1. Applicant Details Title Mr Mrs Miss Ms Surname Given name(s) Residential address Phone (business) Date of Birth address State Phone (home) Postcode 2. Investment choice EXISTING ACCOUNT BALANCE I would like to invest my account balance in the following investment option(s): % Aggressive Option % Balanced Option % Conservative Option % Cash Option Please ensure that the total percentage nominated above equals one hundred percent (100%). Allocations to each option may fluctuate in accordance with market movements. FUTURE CONTRIBUTIONS I would like to invest all future contributions received in the following investment option(s): % Aggressive Option % Balanced Option % Conservative Option % Cash Option Please ensure that the total percentage nominated above equals one hundred percent (100%). 3. Tax File Number You are not obliged to provide your TFN, but if you do not, you may pay additional tax on your benefit or there may be other consequences for you (see the PDS and Incorporated Information for details). 1

11 The Executive Superannuation Fund PDS dated 27 June 2014 Application for membership 4. Declaration I declare that: I understand I will be bound by the Trust Deed governing the Fund as amended from time to time; I have received, read and understood the PDS which accompanies this Application form; I have obtained, read and understood the latest Incorporated Information that is referred to in the PDS; I understand that the payment to a beneficiary of any death benefit under the Plan is at the absolute discretion of the Trustee and that any nomination made by me is not binding on the Trustee, unless I make a valid Binding Nomination. I undertake to advise the Trustee of changes relating to my nominated beneficiaries; I understand that Salary Continuance Insurance benefits are not provided by the Trustee or the Plan; I understand that the Trustee makes no specific recommendation concerning choice between the investment options of the Plan, and I understand and acknowledge that the value of the investments underlying the options may rise and fall and the Trustee does not guarantee their performance or any particular rate of return; I understand that if I do not make any investment choice at all or for my existing account balance or future contributions, the Plan s default investment option will apply; I understand that on written notification of my death to the Trustee, any benefit attributable to me will be invested in the Cash option; I acknowledge that the Trustee cannot provide me with advice about my benefits, investments, insurance and any taxation implications that takes into account my personal circumstances and that I should speak to an appropriately qualified adviser if I require such advice; I acknowledge that the Trustee may be required under taxation and superannuation legislation to deduct additional tax from my benefits and refuse or refund contributions made by or on my behalf and, in doing so, may make any adjustments to my account it considers necessary or appropriate; and I acknowledge having read and understood the privacy statements in the Incorporated Information and consent to my personal information being collected and used in accordance with these statements or as otherwise permitted or required by law. Signed: Date: Equity Trustees Limited (ABN: ; AFSL ) as Trustee for the KPMG Staff Superannuation Plan, a plan in the Employer Sponsored Members Division of The Executive Superannuation Fund (ABN: ). KPMG Staff Superannuation Plan Unique Superannuation Identifier Please return forms to the Fund Administrator, KPMG Superannuation Services Pty Limited, Level 4, 10 Shelley Street, Sydney NSW 2000 or PO Box 67, Australia Square NSW Telephone: (02) Fax: (02)

12 The Executive Superannuation Fund PDS dated 27 June 2014 Nomination of Beneficiaries form Please complete this form if you would like to nominate beneficiaries in respect of your member account in The Executive Superannuation Fund ( the Fund ). This nomination is for lump sum payments only and will apply to any benefits you accrue in any Plan or Division of the Fund until such time as the nomination expires, is revoked or replaced with another valid and effective nomination. 1. Member Details Full Name: Date of Birth: Telephone: Residential address: Suburb: State: Postcode: address: 2. Nomination of Beneficiaries Type of nomination*: Binding (2 witnesses must sign overleaf) Non Binding (no witnesses required) Full name of nominated beneficiary Address Relationship to you Proportion of Total Benefit (%)** * Important note: For information regarding the two types of beneficiary nominations available, please refer to the KPMG Staff Superannuation Plan Incorporated Information. Please consider each type of nomination and, where appropriate, seek qualified estate planning, financial advice or taxation advice, prior to choosing the one which is right for you. A binding beneficiary nomination cannot be made on your behalf under a Power of Attorney. ** 100% of your benefit must be allocated. A binding nomination will be invalid if the proportion of the total benefit allocated to your nominated beneficiaries does not equal 100%. You should also note that death benefits paid to non-dependants must be paid as a lump sum and will be subject to tax (including when the benefit comes via your estate). ` 3

13 The Executive Superannuation Fund PDS dated 27 June 2014 Nomination of Beneficiary form 2A. Witness Signatures (only have this section completed by 2 witnesses if you wish to make a Binding Nomination) I acknowledge that I am over 18 years of age and that I have not been nominated on this form and that the form was signed by the member in my presence. I declare that the information I have provided in this form is true and correct. Signature of Witness 1 Signature of Witness 2 Full Name: Date of Birth: Date: Full Name: Date of Birth: Date: Signature: Signature: 3. Authorisation 1. I confirm that I have read and understand the information in the latest KPMG Staff Superannuation Plan Incorporated Information regarding the nomination of beneficiaries in respect of my member account in the Plan. 2. I confirm that if I make a Binding Nomination each of the above nominated beneficiaries is my dependant or legal personal representative (as defined in superannuation legislation). 3. I acknowledge that if I make a Binding Nomination, it must be renewed every three years, or it will become invalid. If this occurs, I acknowledge that the Trustee may pay my death benefit to any of my dependants or my legal personal representatives if relevant (whether nominated by me or not), then to other person(s) as permitted under superannuation legislation. 4. I acknowledge that I may revoke or amend my nomination at any time by notifying the Trustee in writing. Member signature: Date: / / Equity Trustees Limited (ABN ; AFSL No: ) as Trustee for the KPMG Staff Superannuation Plan, a plan in the Employer Sponsored Members Division of The Executive Superannuation Fund (ABN ). KPMG Staff Superannuation Plan Unique Superannuation Identifier Please return forms to the Fund Administrator, KPMG Superannuation Services Pty Limited at: Level 4, 10 Shelley Street, Sydney NSW 2000 or PO Box 67, Australia Square NSW Telephone: (02) Fax: (02) Plan website: 4

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