Issued ₁ July ₂₀₁₅. Member guide. SuperLeader Fact sheet. AMP Corporate Super Registered trademark of AMP Life Limited ABN

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1 Issued ₁ July ₂₀₁₅ Member guide SuperLeader Fact sheet AMP Corporate Super Registered trademark of AMP Life Limited ABN

2 This is a member guide fact sheet for SuperLeader. It is an important document. You should read it in conjunction with the product disclosure statement (PDS) to understand how SuperLeader works. Contents How to transact How it works Investing and your options Investment options Insurance Fees and other costs Understanding superannuation terms The information in this document forms part of the Product Disclosure Statement for SuperLeader dated 1 July 2015 (PDS). To understand how SuperLeader works, read the PDS and the member guide fact sheet. Information in this document may change from time to time. We may update information which is not materially adverse to you and make it available at amp.com.au/pdsupdates. A paper copy of the update can also be obtained (at no charge) by calling us (details at the end of this document) or from your financial adviser. The information provided in this document is general information only and does not take into account your personal financial situation or needs. You should obtain financial advice tailored to your personal circumstances. If you would like advice on your insurance cover in this super product, contributions to your account or investment options, you can call us on A fee will not be charged for this once-off intrafund advice. If you would like to obtain other financial advice, ongoing financial advice or other information about your account, you should speak to a financial adviser. SuperLeader is part of the AMP Superannuation Savings Trust. AMP Superannuation Limited is the trustee and is referred to as ASL, trustee, we or us in this document. No other company in the AMP group of companies or any of the investment managers of the investment options: is responsible for any statements or representations made in this document guarantees the performance of ASL s obligations to members, or assumes any liability to members in connection with this product. Except as expressly disclosed in the PDS or a fact sheet: investments in the investment options are not deposits or liabilities of ASL, AMP Bank Limited ABN (AMP Bank), any other member of the AMP group or any of the investment managers no person guarantees the performance of this super product or any of the investment options, any particular rate of return or the repayment of capital. The trustee may enter into financial or other transactions with related bodies corporate in relation to this product. That related body corporate may be entitled to earn fees, profits, reimbursements or expenses or other benefits in relation to any such appointment or transaction and to retain them for its own account. SuperLeader is managed and administered in accordance with the PDS and member guide fact sheet. We may change the way SuperLeader is managed and administered at any time with, in the case of an increase in fees, at least 30 days notice. Otherwise, notice will be provided before or as soon as practicable after the change occurs. Changes to investment options We regularly monitor our investment options and investment managers to ensure our range continues to suit the needs of our customers. We may add, close or terminate investment options, add new investment managers, as well as change the aim and strategy and asset range or benchmark of an investment option at any time. We will notify you about any material changes to the investment options which may be after the change has occurred. If you have money in an investment option that is terminated, we will switch your moneys to an investment option with similar risk/return profile. This offer is available only to persons receiving (including electronically) the PDS and member guide fact sheet within Australia. Issued by AMP Superannuation Limited ABN , AFSL No , RSE Licence No. L , the trustee of the AMP Superannuation Savings Trust ABN

3 Section ₁ : How to transact In this section we will discuss: How to make a contribution We clarify the technical terms describing different types of contributions and the caps on how much you can contribute. Ways to boost your super Understand the Federal Government s co-contribution scheme, spouse super, the effect of splitting contributions, UK pensions and how easy it is to consolidate through AMP. How to make a contribution We explain how you can make a contribution.

4 Making contributions Generally, we can accept 1 the following contributions into your account: Contribution type (i) Member (personal) contributions Spouse contributions Transfers/rollovers Government co-contributions Government low income super contributions Super guarantee (SG) and award/industrial agreement contributions Salary sacrifice and additional employer contributions Description Contributions you, as a member, personally make from your after-tax income or from your before tax income (ie which you personally claim as a tax deduction). Contributions your spouse pays into your account. However, for your spouse to be eligible to claim a tax offset, amongst other matters, you must not be entitled to a tax deduction for the contributions and must not live separately from your spouse on a permanent basis. You can transfer or roll over existing super monies into your account at any time no matter how old you are. You may be eligible to receive a co-contribution from the Government (see government co-contribution for more details). You may be eligible to receive a low income super contribution from the Government (see government low income super contribution for more details). Contributions paid by an employer under the superannuation guarantee legislation, and contributions paid to comply with an award/industrial agreement. You may be able to arrange with your employer to make contributions to your account instead of paying you an equivalent amount of pre-tax salary. These salary sacrifice contributions are treated as employer contributions. Your employer can also make employer contributions to your account in addition to SG, award/industrial agreement and salary sacrifice contributions. (i) Non-concessional contributions cannot be accepted if we don't have your tax file number (see heading collection of tax file numbers on collection of tax file numbers. There are also certain limits on the amount that can be paid as a single non-concessional contribution. If contributions made in a year exceed the contributions cap, you may be taxed on the excess contributions (see the contributions caps and tax on excess contributions section). There are also certain limits on the amount that can be accepted as a single non-concessional contribution. How contributions can be made You, your family, spouse or your employer can make contributions using the following payment methods: biller codes: Member contributions: Spouse contributions: You will also need your customer reference number (CRN) which can be found in your member statement. cheque 2 esuper (for employers only). Registered to Pty Ltd ABN Non-concessional contributions cannot be accepted if we don't have your tax file number (see heading collection of tax file numbers on Page 24. There are also certain limits on the amount that can be paid as a single non-concessional contribution. 2 By law, payment by cheque is a non-compliant way of making contributions for large employers (20 or more employees) and from 1 July 2016 will be non-compliant for small employers (19 or less employees). 4

5 When can we accept contributions? There are restrictions on the types of contributions we can accept into your account depending on your age, the number of hours you are working and other factors. These are set out in the table below: Type of contribution You are under age 65 You are age 65 to 69 You are age 70 to 74 You are age 75 or over (i) Member contributions (ii)(iii) At any time Only if you have been gainfully employed on at least a part-time basis during the financial year in which the contributions are made. (iv) Only if you have been gainfully employed at least on a part-time basis during the financial year in which the contributions are made. (iv) Cannot be accepted Spouse contributions (ii) At any time Only if you have been gainfully employed on at least a part-time basis during the financial year in which the contributions are made. (iv) Cannot be accepted Cannot be accepted Compulsory employer contributions SG and award/industrial arrangement At any time At any time At any time At any time Salary sacrifice and additional employer contributions (v) At any time Only if you have been gainfully employed on at least a part-time basis during the financial year in which the contributions are made. (iv) Only if you have been gainfully employed on at least a part-time basis during the financial year in which the contributions are made. (iv) Cannot be accepted CGT exempt contributions and overseas transfers At any time Only if you have been gainfully employed on at least a part-time basis during the financial year in which the contributions are made. (iv) Only if you have been gainfully employed on at least a part-time basis during the financial year in which the contributions are made. (iv) Cannot be accepted Government co-contributions At any time At any time In limited circumstances (vi) n/a Government low income super contributions (vii) At any time At any time At any time At any time Transfers/rollovers At any time At any time At any time At any time (i) (ii) (iii) (iv) (v) (vi) (vii) Personal and non-mandated contributions can be accepted after age 75 if made in the 28 days following the end of the month you turn age 75. You must also have been gainfully employed on at least a part-time basis in the financial year that the contributions are made. Member and spouse contributions cannot be accepted (and therefore no government co-contributions can be received) if we don t have your tax file number (TFN). The ATO treats all member contributions, in the first instance, as non-concessional, and adjusts the contributions to concessional if a tax deduction is claimed in your income tax return. Payments from a first home saver account into super will be treated as a member contribution and are subject to the non-concessional contributions cap. They are not eligible for the government co-contribution. Such payments can be made after age 65 (but before 70,when the payment ends) without the need to be working on at least a part-time basis. You are considered to have been gainfully employed on at least a part-time basis during a financial year if you are gainfully employed for at least 40 hours in a period of no more than 30 consecutive days in that financial year. If we don t have your TFN an additional tax called the No-TFN tax will be deducted from your account. You must be under age 71 at the end of the financial year in which an after-tax contribution is made to receive a government co-contribution. A government low income super contribution of up to $500 per year may be paid for a member who had a concessional contribution made in respect of the member, and the member s adjusted taxable income for the financial year does not exceed $37,000 pa. The Government has abolished the low income super contribution in respect of contributions made after 1 July

6 Government co-contribution The Federal Government provides a co-contribution to your personal member after-tax contributions, up to a maximum co-contribution limit per year. It applies if you: earn at least 10% of your total income 3 (gross assessable income plus reportable fringe benefits plus reportable employer superannuation contributions) from carrying on a business, eligible employment (as defined for co-contribution purposes) or a combination of both. earn less than $50,454 in total income 4. are not a temporary resident at any time during the financial year (unless you are a New Zealand citizen or the holder of a prescribed visa). are under 71 years of age at the end of the financial year in which your contribution was made, and lodge an income tax return with the Australian Tax Office for the financial year. Your entitlement For the 2015/2016 financial year, if your total income 5 is more than $35,454 5 but less than $50,454 (set at $15,000 above the lower income threshold) in the financial year, the Government co-contribution is $500 reduced by cents for each dollar your total income is over $35, If your total income 5 is more than $50,454 in the financial year, you are not entitled to a government co-contribution. When received, the co-contribution forms part of the tax-free component and is subject to preservation. However, the government co-contribution is not counted towards the non-concessional contribution caps. Government low income super contribution The Government will make a contribution of up to $500 in a financial year in respect of a member where: The member s adjusted taxable income for the financial year does not exceed $37,000. A concessional contribution for the member was made in the financial year. The member earns at least 10% of the member s total income (gross assessable income plus reportable fringe benefits plus reportable employer super contributions) from carrying on a business 4, eligible employment as defined for co-contribution purposes or a combination of both, in the financial year. The member is not a temporary resident at any time in the financial year (unless you are a New Zealand citizen or the holder of a prescribed visa). The amount of the government low income super contribution that will be made in respect of an eligible member in a financial year is determined as the lesser of: 15% of the total concessional contributions made in respect of the member in the financial year, or $500. However, if you are eligible for a government low income super contribution that is less than $10, your government low income super contribution will be rounded up to $10 for that financial year. The Government has abolished the low income super contribution in respect of contributions made after 1 July Choice of Fund Many employees have the right to choose the super fund to which their Superannuation Guarantee (SG) contributions are to be paid. This is known as Choice of Fund. You should seek advice from your human resources area or from your financial adviser as to whether Choice of Fund applies to you. If Choice of Fund does apply to you, and you would like your employer to make all future SG contributions to your SuperLeader account, then complete section A of the standard choice form which you will receive from your employer. That employer may contribute to your SuperLeader account by sending in their contribution by cheque, made out to AMP Life Limited SuperLeader. Please ensure that your member number and the type of contribution are included with their cheque. If your SuperLeader employer has offered you Choice of Fund, but you don t want to change where your SG contributions are contributed, then you can simply do nothing, as Choice of Fund is not compulsory. 3 For the purpose of the 10% eligible income test, your total income is not reduced by amounts for which you are entitled to a deduction for carrying on a business. 4 Reduced by amounts for which the person is entitled to a deduction for carrying on a business. 5 Indexed annually 6

7 The impact of Choice of Fund on insurance Your insurance cover in SuperLeader could be affected if you make a choice. If you decide to direct your future SG contributions away from SuperLeader to another fund, the terms and conditions of your current insurance arrangements under SuperLeader may change. If you choose to transfer (rollover) your existing balance in your SuperLeader account to another fund, your SuperLeader account will close and your insurance cover in SuperLeader (if any) will cease. You should talk to your financial adviser before making any decisions that could affect your insurance cover. Your default investment option and switching If you don t make a choice, your investment will be automatically invested into the AMP MySuper investment option. However if you would like to choose particular investment options according to your needs and individual circumstances, we also have a range of Choice investment options available. If you would like to remain in the AMP MySuper investment option, you don't need to take any action. If you would like to choose to invest in the AMP MySuper investment option for part of your account balance and invest the rest of your account balance in the Choice investment options, you will need to provide us with instructions to change your investment options. Also, to switch from Choice investment options in which you may be invested into the AMP MySuper investment option, you will need to provide us with instructions to change your investment options. You can change your investment options any time by logging onto My Portfolio at amp.com.au/myportfolio. You can also download the membership options form or the investment options selections form on amp.com.au/forms and submit your instructions to us. There is currently no fee for switching between investment options. You can change investment options for your current account balance, for your future contributions, or for both. We recommend that you consider obtaining advice from a qualified financial adviser before changing your investment option(s). Switches or withdrawals can be delayed We may delay or suspend switches or withdrawals if: a switch or withdrawal would adversely affect the interests of, or if we do not consider it in the best interests of, members in the relevant investment options offered through SuperLeader as a whole we have not received all the information required to confirm your request (eg identification requirements), or we are unable to realise sufficient assets to satisfy your payment due to circumstances outside our control for example, restricted or suspended trading in the market for an asset. We may also delay or suspend switches or withdrawals due to delays by investment managers for example, the investment manager may delay issuing unit prices for the underlying investment or the investment option may have minimum investment limits or if the manager delays or suspends transactions. The delays or suspensions could be for weeks, months, or even years. When a delay or suspension of payment from the investment option occurs, it will affect a number of transactions and features of this product, including, but not limited to: switches and withdrawals, including rollovers, transfers and the payments of Death and Total and Permanent Disablement (TPD) benefits may occur in more than one payment, and on death, the transfer of money from the affected investment option to AMP Secure Growth Plus may be delayed. We are not responsible for any losses caused by such delays. Maintaining your account If you decide to direct future Superannuation Guarantee (SG) contributions to another super fund or, if you cease to be employed by your SuperLeader employer, you can still retain your account balance in SuperLeader. However, your membership will be transferred to the personal category of SuperLeader. If your SuperLeader employer was paying your fees, including any insurance premiums, your SuperLeader employer will stop meeting these costs, whereby all fees, including any insurance premiums, will be paid by you. If you retain your insurance cover in SuperLeader and redirect your SG contributions elsewhere, you should check whether you are able to acquire automatically accepted insurance in the new superannuation fund and whether you are entitled to claim such benefits in the future. 7

8 Contributions splitting You may generally be able to split to your spouse s super up to 85% of your annual: employer contributions member contributions you claim as a tax deduction. The amount that can be split cannot exceed the concessional contributions cap. Member contributions from your after-tax income cannot be split. Each year you can only make one application to split contributions. This application can be made at any time during the financial year that immediately follows the financial year in which the contributions were made. Also, if you close your super account, then you can split the contributions made during the year in which you close the account. Please contact us on for further information on how to apply. How we invest your money We invest all the assets of the fund in group super policies held with AMP Life. The assets underlying the policies are held in AMP Life s No.1 and No.2 Statutory Funds, the assets of which are managed by AMP Capital. We regularly review the investment strategies and target asset mixes of the investment options to ensure that they are in line with current market trends and the needs of our members. Under the policies, AMP Life can change the fees, the insurance arrangements and the investment options. If any dispute arises about your benefits in, or any other aspect of SuperLeader (or in the event of any inconsistency between the trust deed, policy document, and the terms of the PDS/member guide fact sheet), then the trust deed and the relevant policy document will prevail. You can contact us to request a copy of the trust deed or relevant policy document (contact details are on the back cover). You can also obtain a copy of the trust deed online at amp.com.au/trusteedetails. By investing in a specific investment option you do not receive any entitlement to the assets underlying the investment option. Investment options in SuperLeader are unitised investment options except for AMP Secure Growth Plus which is a crediting rate option. For more information on the investment options available please refer to the investing and your options section of this member guide fact sheet. Unitised investment options The best way to allow many different investors to invest at the same time is to issue units, which represent a proportion of the underlying assets of the total investment. This also allows people to withdraw at a time that suits them. The value of the investment will change over time and unit prices will vary in line with this. When you invest in a unitised investment we allocate units to you based on the investment amount and unit price. Value of your investment option = Number of units held in the option x Unit price 8

9 Setting unit prices AMP Life values the assets in each investment option at market prices and makes allowances (based on estimates) for: Investment income and capital gains provision for tax on investment income and capital gains the costs of transacting operational costs incurred in maintaining property and other direct investments any administration fee, MySuper administration fee, investment fees, MySuper investment fees, and performance based fees. The result of this valuation is then divided by the total number of units allocated. This gives the unit price. Unit prices will generally rise and fall with movements in the value of the underlying assets. Listed assets are valued at the end of each day using the price at that time. Other assets are valued in accordance with our valuation policy. If new investments are expected to exceed withdrawals from an investment option, then asset values may be adjusted by adding an allowance for some or all of the costs of buying assets. This will increase the unit price. If new investments are expected to be less than withdrawals from an investment option, then asset values may be adjusted by subtracting an allowance for some or all of the costs of selling assets. This will decrease the unit price. Calculating unit prices AMP Life calculates unit prices each Sydney business day and generally, makes this price available the following Sydney business day. The unit price you will receive You will receive the latest unit price calculated as at the date we receive all relevant information at an AMP processing centre, provided it is received before 3pm Sydney time on a Sydney business day. Otherwise, it will be the unit price applicable for the next Sydney business day. If we need to delay switches or withdrawals you will receive the unit price available at the time the transaction occurs. Monitoring unit prices AMP Life has processes in place to check the accuracy of unit prices. You will be compensated directly into your account for any errors equal to or greater than 0.30% that affected the value of your transaction. If you have closed your account, AMP Life will: pay compensation directly into another of your AMP accounts if your benefit is not preserved, send you a compensation payment if the payment is above a dollar minimum set by the trustee, or roll the compensation into the AMP Eligible Rollover Fund. If we are unable to contact you or the payment is below a dollar minimum, the compensation will be paid into the fund on an unallocated basis. The trustee, acting in members interests, and AMP Life may agree to make other adjustments, as appropriate. 9

10 Section ₂ : How it works In this section you ll learn more about super and how it works: When you can access your super We explain the rules around accessing your super. What is preservation age, a retirement age and what are conditions of release. Your beneficiaries Making the transition to retirement What is a transition to retirement and what is involved? Keeping you informed What information we ll send you. Superannuation (super) is a tax-effective way of investing for your retirement. Insurance cover through your super may also be available. Your super is your money and your investment for the future. SuperLeader is an employer-sponsored super product provided by AMP.

11 The value of your account The value of your account is made up of: Credits (+) to your account Contributions Transfers/rollovers Any positive investment performance Any insurance benefits paid in Debits (-) from your account Fees and other costs Tax and any other government charges Any negative investment performance Any insurance premiums and stamp duty (if applicable) Any withdrawals Any fees agreed with a financial adviser (if applicable) Accessing your super When you can access your super Super benefits consist of three components: Unrestricted non-preserved: You can access this amount at any time. Restricted non-preserved: Generally, you can access this amount when you stop working for the employer who has contributed to your account. Preserved: You can access this amount only in certain circumstances set by superannuation law. All contributions and investment earnings since 1 July 1999 are preserved. Any non-preserved amounts you have accumulated before this date remain as non-preserved. Conditions of release Generally, the circumstances in which you can access your preserved super include: you are permanently retiring after reaching your preservation age (see the permanent retirement after reaching your preservation age section) you stop employment at age 60 or over you reach age 65 you have a terminal medical condition you become permanently incapacitated If you were a temporary resident of Australia, when you permanently leave Australia and you request in writing for the release of your benefits. (This option is not available to holders of subclasses 405 and 410 visas, Australian or New Zealand citizens, or Australian permanent residents) 1 you reach preservation age, but you do not retire or stop working, and you purchase a transition to retirement income stream 2 you stop working for the employer who has contributed to your account and purchase a non-commutable life pension or annuity, or your employment with an employer-sponsor has been terminated, and the value of your preserved benefits in that fund is less than $ Super funds are, under certain circumstances, required to transfer a temporary resident's super to the ATO following their departure from Australia. Such a transfer would only occur when at least six months have passed since the temporary resident's visa had ceased to be in effect, they had left Australia and not taken their benefit. Former temporary residents can subsequently access their benefit from the ATO. The ATO can be contacted on Please note: There are limited conditions of release available to a member who is or was a temporary resident. Accounts in respect of all temporary resident members (irrespective of whether or not they have left Australia) will only be released under the following conditions: health, terminal medical condition, permanent incapacity, departing Australia permanently and applying in writing for release of their benefits, trustee payments to the ATO under the Superannuation (Unclaimed Money and Lost Members) Act 1999, temporary incapacity, release authorities under the Income Tax Assessment Act 1997, and if you met a condition of release allowed under a superannuation law before 1 April Where a member is or was a temporary resident, they will generally not be able to access their benefit under the following conditions of release: on retirement, or on attaining age 65. Relying on relief provided by the Australian Securities and Investments Commission (ASIC), we are not obliged to notify or give an exit statement to a member who was a temporary resident where we transfer their super to the ATO following their departure from Australia. 2 A transition to retirement income stream is an annuity or pension from which lump sum withdrawals are generally not permitted and there is a maximum limit on the amount of income you can receive each year. 11

12 You may need to meet additional identification requirements prior to accessing your super. See the additional identification requirements section of this member guide fact sheet for more details. Permanent retirement after reaching your preservation age You are permanently retired if: you have reached your preservation age, stopped employment, and if you are under age 60, we are reasonably satisfied that you have no intention of returning to work for 10 or more hours a week. Your preservation age depends on when you were born and is shown in the following table: Date of birth Before 01/07/ /07/1960 to 30/06/ /07/1961 to 30/06/ /07/1962 to 30/06/ /07/1963 to 30/06/ /07/1964 and after Preservation age Permanent incapacity, terminal medical condition, compassionate grounds and severe financial hardship You can access some or all of your super benefits at any age in certain circumstances for example, if you have a terminal medical condition, retirement due to permanent incapacity, severe financial hardship or compassionate grounds. There are specific conditions for the release of benefits and, in the case of compassionate grounds, release is also subject to approval by the Department of Human Services and the Trustee. You are permanently incapacitated if the Trustee is reasonably satisfied that your ill health (whether physical or mental) makes it unlikely that you will engage in gainful employment for which you are reasonably qualified by education, training or experience. You suffer a terminal medical condition if the following circumstances exist: Two registered medical practitioners have certified, jointly or separately, that you suffer from an illness, or have incurred an injury, that is likely to result in your death within a period (the certification period) that ends not more than 24 months after the date of the certification. At least one of the registered medical practitioners is a specialist practising in an area related to the illness or injury suffered. For each of the certificates, the certification period has not ended. Moving towards retirement If you have reached your preservation age and are still working, you can access your benefits (including preserved and restricted non-preserved components) to purchase a transition to retirement income stream. An example of a transition to retirement income stream is an account-based pension which does not permit lump sum withdrawal until actual retirement or once you are 65 years of age, except in limited circumstances. You can turn your super into a regular income When you access your super, you generally have the option to turn your super into a regular income for example, through an account-based pension. When you must take your super benefit Super rules do not require you to take your benefits at any maximum age. This allows you to keep your investment in your account indefinitely. Your benefit must be paid out on your death. Current unclaimed monies legislation for members over age 65 requires us to transfer your benefit to the Australian Tax Office (ATO) if all of the following conditions are met: 12

13 you have not contributed to your super in the last two years it has been five years or more since you have transacted on your account or we last had contact with you, and we are unable to contact you after reasonable efforts have been made. Rollovers/transfers If you consolidate your total super benefits into one account, such as your SuperLeader account, you may be able to reduce the total fees you pay. It may also be easier for you to keep track of your super if it's under the one account. If you decide to transfer your existing super benefits to SuperLeader, you can do this online at amp.com.au/consolidate or call us and complete: Rollover initiation request to transfer whole balance of superannuation benefits between funds form, or Request to transfer superannuation benefits from an external fund to AMP form. Trans-tasman retirement savings portability Individuals may transfer retirement savings between Australia and New Zealand after their permanent migration from one country to the other. The transfer of retirement savings is voluntary for members. You may only transfer the superannuation balance in your AMP plan to a New Zealand KiwiSaver scheme. Once the superannuation monies are in a KiwiSaver scheme, there are restrictions on when these funds can be accessed. For example: it cannot be used to purchase your first home it cannot be moved to a third country it can be accessed when the member reaches 60 years of age and satisfies the Australian definition of retirement at that age. We recommend you see your financial adviser or taxation advisor before transferring all or part of your retirement savings from your AMP plan to a KiwiSaver scheme as there may be currency risks and tax consequences. You should also consider what effect this will have on any insurance cover you have in your AMP plan. At this time, we do not accept transfers from KiwiSaver schemes. Continuing in the personal category of SuperLeader Once your SuperLeader employer notifies us that you have ceased employment or we have not received contributions from your employer for more than six months, your total benefit will be transferred to the personal category within SuperLeader (as a personal member) and we will write to you outlining the options available. On transfer to the personal category, your existing amount of Death and TPD insurance cover or Death only insurance cover will continue (up to age 70 for death cover and up to age 65 for TPD cover) with no changes to premiums. If the SuperLeader employer pays an employee member's fees, including any insurance premiums, this will stop at the date you leave employment. With your automatic transfer to the personal category, any further fees, including any insurance premiums, (if applicable) will be deducted from your new super arrangement. To the extent your account balance was invested in the AMP MySuper investment option, it will remain invested in that option. Further, your investment choice(s) under SuperLeader will continue with the relevant cost continuing to apply. You can continue to make personal contributions to your account if you wish. If you are transferred to the personal category, you will belong to the super category of the AMP Superannuation Savings Trust SST. Fees will not change as a result of the transfer. Your binding or non-binding nomination will continue as a personal member, unless you advise otherwise. The payment process It is usual practice for SuperLeader employers to advise us when a member ceases employment, including when a non-executive director ceases to be a director, and to pay final contributions in the month after that member finishes work. Transfer to an AMP Flexible Super retirement account Did you know that you can transfer your super savings to receive a regular income? If you meet the eligibility criteria, you can transfer your super account in SuperLeader to an income stream with AMP Flexible Super, which pays you a regular income in retirement or whilst you are still working (after reaching your preservation age). To obtain the product disclosure statement (PDS) and further information about AMP Flexible Super 13

14 retirement account, contact your financial adviser, or us, on You should read the PDS for AMP Flexible Super before deciding whether to acquire the product.fees and charges may change if you transfer part or all of your SuperLeader account into an account-based pension in AMP Flexible Super. Talk to your financial adviser to determine if an AMP Flexible Super retirement account is right for you. The issuer of AMP Flexible Super is AMP Superannuation Limited ABN , AFSL No , the trustee of the AMP Retirement Trust, ABN Before making an investment decision in relation to this product you should read its product disclosure statement, available from AMP or your financial adviser. Tax and social security This tax and social security information is of a general nature only and only considers Australian commonwealth laws. Tax and social security laws are complex and can change. We recommend you discuss your own circumstances with your financial adviser or tax adviser before you decide to invest. Tax Super is a long-term, tax-advantaged way of saving to help you achieve the income and lifestyle you want in retirement and (if you have insurance) protecting you and your family if you die or become disabled. Generally, your super may be taxed: when contributions are made while your money is invested, and when you withdraw money from super under age 60. When contributions are made A contributions tax of up to 15% applies to employer contributions such as super guarantee, award, salary sacrifice, additional employer contributions, and member contributions for which a tax deduction is claimed. The contribution amount on which the tax is applied is reduced by a tax deduction for any death and disability insurance premiums you pay as part of your super. Currently, contributions tax is calculated and deducted from your plan quarterly and when you leave SuperLeader before the end of the relevant quarter. The frequency may change to meet legislative requirements. Insurance premiums paid as part of your super are tax deductible to the trustee. Providing that we reasonably expect full value for this tax deduction in the relevant tax year, we will pass on the value of this benefit and it will be shown as a reduction in the contributions tax allowance payable on your account. If your income and certain contributions exceed $300,000 pa you will be liable for an additional 15% tax on the lesser of the excess over the $300,000 and the contributions. If you make after-tax member contributions or a spouse makes a contribution to your plan, then contributions tax will not be deducted from these contributions. If you exceed your contributions caps, you will be required to pay additional tax of up to 47% (plus Medicare levy) of the excess (refer to contributions caps). This tax is levied on you personally and is in addition to income tax. The Government has changed the treatment of excess non-concessional contributions to allow individuals to withdraw excess contributions and associated earnings. A further tax (called the no-tfn tax) of 34% applies to employer contributions if you do not give us your tax file number (TFN). There is no reduction to this taxable amount for insurance premiums. This tax is calculated and deducted at the earlier of 30 June each year and when you leave SuperLeader. The no-tfn tax may be offset if the TFN is supplied within four financial years from the start of the financial year when the contribution is made. Any refund will be added to your super benefit and will be subject to the usual cashing and taxing rules. 14

15 When you rollover or transfer money from another fund Generally, rollovers and transfers from taxed sources are not taxed when added to your super. However, any remaining super surcharge liability arising in your previous fund may be transferred to your new plan with us. We will subtract any surcharge liability from your account, as the law requires us to. The taxable component that you rollover or transfer from an untaxed superannuation source will be taxed at up to 15%. While your money is invested A maximum of 15% tax is applied to the investment earnings of your super. Capital gains on some assets within a super fund that are held for at least 12 months are taxed at an effective rate of up to 10%. This tax is deducted before we declare investment returns (that is, unit prices and crediting rates are net of tax). When you withdraw money from super No lump sum tax for 60 and over All lump sum and pension benefits received by you on or after age 60 are tax-free. Lump sum tax rates for under 60s If you are under age 60, withdraw your money and: don t transfer that money directly to another super fund, then generally you are subject to lump sum tax based on the components of your withdrawal benefit (see table below). transfer this money directly to another super fund, an account-based pension, or other product designed to provide you with an income stream, then you will not need to pay any lump sum tax on this transfer. Remember, because super enjoys tax advantages, the law restricts when you can access your super see section on accessing your super. Component Tax-free component Taxable component taxed element Tax treatment Completely tax-free Under age 55 (i) Maximum = 20% (ii) Age 55 (i) to 59 First $195,000 (iii) = 0% Maximum tax on amounts in excess of $195,000 (iii) = 15% (ii) Age 60 or over: completely tax-free (i) (ii) (iii) This age is calculated by reference to preservation age (see preservation age). Plus Medicare levy. For the 2015/16 financial year, you are only allowed one low rate cap amount regardless of how many funds you are invested in and whether they are taxed or untaxed. The low rate cap amount may be reduced by previous lump sum withdrawals of low rate amounts. The low rate cap amount is indexed annually in accordance with average weekly ordinary time earnings. This list is not exhaustive. For more details, contact your financial adviser or AMP. Super lump sum less than $200 A member who withdraws their entire super as a lump sum will receive it tax-free provided the following criteria are met: you have terminated employment with your sponsoring employer and the entire amount of your preserved benefit at the time of termination is less than $200, or you are a lost member who is found and the entire amount of your benefit in the fund when released is less than $200 and results in the closure of your account. 15

16 A lost member is a member who is: uncontactable (ie the fund has never had an address for the member or two written communications have been sent, or, if the trustee so chooses, one written communication has been sent by the fund to the member s last known address and returned unclaimed; and no contributions or rollovers have been received in respect of the member within the last 12 months of the member s membership of the fund), or inactive (ie where a member joined the funds as an employer-sponsored member, the member has been a member of the fund for longer than two years, and no contributions or rollovers have been received in respect of the member within the last five years of the member s membership of the fund), unless within the last two years of the member s membership, the trustee has verified that the member s address is correct and has no reason to believe that the address is now incorrect or the member is permanently excluded from being a lost member. Lump sum death benefits Generally, lump sum death benefits are tax-free, where the benefit is paid to a dependant under tax law. See definition in understanding superannuation terms. The taxable component of lump sum death benefits paid to a non-dependant under tax law will incur 15% tax (on the taxed element) plus Medicare levy and 30% tax (on the untaxed element) plus Medicare levy. Non-dependants of defence and police force personnel killed in the line of duty are defined as tax dependants. Lump sum disability benefits Disablement benefits are subject to tax but usually receive favourable tax treatment if specific requirements are met. Your financial adviser can provide more information. Terminal medical condition Lump sum benefits received because of a terminal medical condition are totally tax-free as long as the certification requirements are met. See definition under general definitions in the section understanding superannuation terms. Other information Spouse contributions possible tax benefit You or your spouse may be able to benefit from a tax offset for making contributions to your spouse s super or by having them make contributions to your super. Your financial adviser can provide you with more details. Tax deductions for employers and the self-employed If your employer makes a contribution on your behalf (including salary sacrifice contributions) then, generally, that contribution is fully tax deductible to the employer. You may be eligible to claim a tax deduction for all your member contributions if you re self-employed, or substantially self-employed, or don t receive more than 10% of your income plus reportable employer super contributions plus any reportable fringe benefits from an employer. Different rules apply if you are under 18. Contributions chosen to be excluded from the non-concessional contributions caps (refer below) by reason of an eligible CGT exemption cannot be claimed as a personal tax deduction. Contributions caps and tax on excess contributions Because super benefits you receive from age 60 are tax-free, and employer contributions and member-deductible contributions have no limit, there are constraints on the level of contributions made to a super fund for your benefit that receive tax concessions in super funds. These constraints are referred to as contributions caps as shown in the table below. The contributions caps are applied to two types of contributions: concessional contributions, and non-concessional contributions. Concessional contributions are generally those contributions or payments that have received some form of tax concession, such as employer contributions that are deductible to the employer and not included in the assessable salary of the employee. 16

17 Concessional contributions include: employer contributions (including salary sacrifice contributions) defined benefit notional contributions member contributions you claimed as a tax deduction, and certain allocations of surplus. Non-concessional contributions are generally after-tax or post-tax contributions or payments and include: member non-deductible contributions (personal after-tax contributions) spouse contributions (including same sex couples) tax-free part of overseas transfers, and excess concessional contributions. There are exclusions from the contributions caps, such as: rollovers from taxed super funds proceeds from certain small business capital gains concessions, collectively capped at $1,355,000 in the 2014/2015 financial year (indexed) covering the: small business retirement exemption ($500,000 maximum) small business 15-year exemption proceeds proceeds from certain personal injury settlements, and taxable amount of overseas transfers. Type of contribution Concessional contributions cap Non-concessional contributions cap Cap ($) (i) 30,000 pa (ii) 180,000 pa (iii) Special arrangement A $35,000 pa (not indexed) concessional contributions cap applies to people aged 50 and over. If under age 65, you can bring forward two years of caps. That is, you can make non-concessional contributions of up to $540,000 in one financial year. However, you will not be able to make any further non-concessional contributions for the next two years. (i) (ii) (iii) This cap is also used to limit the amount of contributions a super fund can accept in some circumstances. Indexed annually in line with average weekly ordinary time earnings in increments of $5,000 (rounded down). This cap will be calculated as six times the standard concessional contributions cap. Excess contributions tax This is a penalty tax applicable when you exceed the non-concessional contributions cap and concessional contribution cap (applies to excess concessional contributions made before 1 July 2013). Your income automatically includes the amount of any excess concessional contributions made in the year and a new excess concessional contributions interest charge calculated by the ATO will be payable. In addition, you will have the option of withdrawing up to 85% of your excess concessional contributions from your super. Please note: The excess concessional contributions also count towards the non-concessional cap. Contributions in excess of the non-concessional caps are taxed at up to 47% (plus Medicare levy). This is called the excess non-concessional contributions tax and must be paid from your account balance. Please note: The excess contributions tax rates are applied to the gross amount of the contribution or payment and there is no reduction for death and disability premiums, unlike the standard 15% contributions tax allowance on concessional contributions. The Government has changed the treatment of excess non-concessional contributions to allow individuals to withdraw excess contributions and associated earnings. The Government has introduced a temporary budget repair levy which raises the top marginal tax rate to 47%, impacting a number of tax rates that are aligned to the top marginal tax rate. 17

18 Release Authority from the Australian Taxation Office If the Australian Taxation Office (ATO) makes an excess non-concessional contributions tax assessment, a release authority (RA) is issued to you. If the assessment and RA is in relation to excess concessional contributions tax, you may either pay the tax directly within 21 days after the date of the notice of assessment or send the RA to us within 90 days of the date of the RA for AMP to pay the tax liability or pay an amount to you. This RA is referred to as a voluntary release authority (VRA). Please note: Excess concessional contributions tax is abolished for contributions made from 1 July See below for comments on refunds of excess concessional contributions. If the RA is in relation to excess non-concessional contributions tax, you must forward the RA to us within 21 days of notice of the assessment. We must then pay the release amount (see below) from your account. This RA is referred to as a compulsory release authority (CRA). If you do not forward the RA to us within 21 days of receipt of the assessment, the ATO may issue a CRA directly to the trustee. The release amount is equal to the lesser of: the amount specified in the RA the amount requested to be paid by you or the ATO, or the total value of every superannuation interest (other than a defined benefit interest) held on your behalf by the trustee. Please note: The fund will not pay the full tax liability if your account balance is less than the liability. Release authority for refund of excess concessional contributions Where you make an election to the ATO to release up to 85% of your excess concessional contributions, the ATO will issue a RA directly to us. We will pay the amount in the RA directly to the ATO. Where the RA relates to contributions in 2011/2012 and 2012/2013, it is payable within 30 days. Where it relates to the 2013/2014 and later years, SuperLeader must pay the ATO within seven days of receiving the RA. Release authority for the additional 15% tax on high income earners If the ATO makes an assessment for the additional 15% tax on you as a high income earner, a RA is issued to you. The tax will generally be due and payable within 21 days. You may either pay the additional tax personally or send the RA to us for us to pay the tax liability from the plan. This RA is referred to as a voluntary release authority (VRA). If self-employed, how do you claim a tax deduction for your member contributions? To claim a tax deduction for your member contributions you will need to complete a notice of intent to claim or vary a deduction for personal super contributions form, specifying the amount of contributions that you intend to claim as a tax deduction and return it to AMP on or before the day you lodge your tax return or, if earlier, the end of the next financial year. At the end of July each year, we send a notice of intent to claim or vary a deduction for personal super contributions form to you if you are: a new member who has made member contributions into your SuperLeader account in the previous financial year, or an existing member who has made member contributions into your SuperLeader account in the previous financial year and claimed a tax deduction in either of the last two financial years. If you don t receive a form in the mail, you can also call us and ask for a form. To be valid, your notice of intent to claim or vary a deduction for personal super contributions form must be lodged with us before the earliest of the following dates: the day that you lodged your income tax return for the year(s) for which you are claiming a tax deduction, or the end of the income year after the year for which you are claiming a tax deduction, whichever is the earlier, the date you ceased to have your contributions in your accumulation account, and the date part or all of your contribution was used to commence a pension. Once we receive a completed notice of intent to claim or vary a deduction for personal super contributions form, we will send you a super fund acknowledgement. You should keep this for your tax records. 18

19 Death benefits The taxation of death benefits is generally concessional and depends on the form of payment and the dependant status of the beneficiary. Please refer to Page 19 for more information. Death benefit lump sums Death benefit lump sums are tax-free if paid to a dependant under the tax laws. This also applies for the executor/legal personal representative of the deceased s estate to the extent that dependants are expected to benefit from the estate. Death benefit lump sums paid to a non-dependant under the tax laws, which includes adult children, are currently taxed at 15% (plus Medicare levy) of the taxed element of the taxable component and 30% (plus Medicare levy) of the untaxed element of the taxable component whilst the tax-free component is tax-free. Continuing an income stream with a Death benefit A dependant under the tax laws may have the option of commencing an account-based pension upon the death of a member. Refer to Page 21 for details. The tax treatment of the income payments are as follows: If the deceased was age 60 or over at the date of death, the income payments are tax-free regardless of the beneficiary s age. If the deceased was under age 60 at the date of death and the beneficiary is age 60 or over, the income payments are tax-free. If the deceased was under age 60 at the date of death and the beneficiary is under age 60, the tax treatment of the income payments will continue using the same proportion of taxable and tax-free components on which the PAYG tax will be calculated until the beneficiary turns age 60, when the income payments become tax-free. The 15% tax offset applies to all taxable income payments paid from an account-based pension commencing with a death benefit. Social security Centrelink may count your investment in this financial product under the means test in certain circumstances. As the rules are complex, you should seek the advice of your financial adviser or seek information from the Financial Information Service provided by Centrelink, or the Veterans Affairs Financial Information Service. Nominating your beneficiaries If you die while you are a member of SuperLeader, your nominated beneficiaries can claim a Death benefit. Your death benefit is equal to your account value plus any insured Death cover. If you are age 18 or older, you can nominate one or more beneficiary(ies) to receive your Death benefit. Generally, all beneficiaries must be your dependant(s) (the definition of dependant is under general definitions). You can also nominate your estate (we call this your legal personal representative). Under superannuation law, you cannot nominate anyone else as a beneficiary. If you are under age 18, you or your guardian cannot make a death benefit nomination. Who is a dependant? A dependant under superannuation law includes: your spouse (including a de facto spouse whether of the same or opposite sex spouse) 3, your children (including an adopted child, a stepchild, or ex-nuptial child) 4, any person who is financially dependent on you, and any person with whom you have an interdependency relationship. A person must be a dependant on the date of your death to be a beneficiary. 3 For tax purposes, a former spouse is also a dependant. 4 For tax purposes, only a child under 18 years of age is a dependant unless the child is a financial dependant. 19

20 What is an interdependency relationship? Two persons (whether or not related by family) have an interdependency relationship if: they have a close personal relationship, and they live together, and one or each of them provides the other with financial support, and one or each of them provides the other with domestic support and personal care. An interdependency relationship also includes two persons (whether or not related by family): who have a close personal relationship, and who do not meet the other four criteria listed in the paragraph above because either or both suffer from a physical, intellectual or psychiatric disability. Paying your Death benefit You can choose how you want your death benefit paid. You have a choice of: Binding nomination Non-lapsing nomination Non-binding (or preferred) nomination No nomination These options are discussed in detail below. Before you consider making a nomination, there are a number of factors that you should keep in mind, for example, the type of beneficiary you nominate can have tax implications for your dependent(s) when they receive your Death benefit. For this reason, we strongly recommend that you discuss your nomination with your financial adviser. Binding nomination Binding nominations are valid for a period of up to three years, and must be renewed on expiry. In most circumstances we must pay your benefit to the beneficiaries you have nominated in a valid binding nomination and in the proportions you have specified. You must be aged 18 or over to make a binding nomination. For a binding nomination to be valid: the total allocation must equal 100% and must be in whole numbers you can only nominate a dependant and/or your estate/legal personal representative (LPR) your nomination must be signed and dated in the presence of two witnesses who are over age 18 and who are not nominated beneficiaries. When we receive your nomination we will not check if your nominated beneficiaries are your dependants or your legal personal representative. Details of what will make a binding nomination invalid and treated as a non-binding nomination are outlined under the heading when will my binding or non-lapsing nomination be treated as a non-binding nomination?. Non-lapsing nomination From November 2015, non-lapsing nominations which do not expire (and so do not need to be renewed) will be available. A non-lapsing nomination is a request by you to the trustee to pay your benefit to the beneficiaries you have nominated and in the proportions you have specified. If the trustee consents to the nomination and it is valid at the time of your death, the trustee is bound to pay your death benefit in accordance with the nomination. A non-lapsing nomination will continue to apply until you revoke an existing nomination or make a new nomination. In certain circumstances a non-lapsing nomination will be treated as a non-binding nomination - see when will my binding or non-lapsing nomination be treated as a non-binding nomination? in this fact sheet. It is important that you review your non-lapsing nomination regularly to ensure that it is still appropriate for you. You must be aged 18 or over to make a non-lapsing nomination. For a non-lapsing nomination to be valid: the total allocation must equal 100% and must be in whole numbers 20

21 you can only nominate a dependant and/or your estate/legal personal representative (LPR) your nomination must be signed and dated in the presence of two witnesses who are over age 18 and who are not nominated beneficiaries. When we receive your nomination we will not check if your nominated beneficiaries are your dependants or your legal personal representative. Details of what will make a binding nomination invalid and treated as a non-binding nomination are outlined under the heading when will my binding or non-lapsing nomination be treated as a non-binding nomination? When will my binding or non-lapsing nomination be treated as a non-binding nomination? We will automatically treat your nomination as though it was a non-binding nomination if: you and/or your witnesses do not sign or complete the binding nomination correctly if you have a lapsing binding nomination, three years have passed from the date you signed the binding nomination form (you will need to reconfirm your nomination every three years if you want to continue to have a binding nomination) any nominated beneficiary dies before you die any nominated beneficiary (other than the legal personal representative (LPR) ) is not a dependant at the date of your death your relationship changes after signing the Binding Nomination form or the non-lapsing nomination form, eg you get married, enter into a de facto relationship, get divorced or your de facto relationship ends. If you revoke your binding nomination or your non-lapsing nomination in writing without making another nomination, then we must pay your death benefit in accordance with the no nomination option. Nominating a beneficiary under Power of Attorney You can nominate a person or persons under a power of attorney to operate your membership. To do so, send us a certified copy of a valid power of attorney together with a declaration that the appointment has not been revoked. The legislation is different for each state and further information can be found online at australia.gov.au/content/powers-of-attorney. You must explicitly state in the power of attorney document that you allow the person you have nominated as your attorney to nominate themselves as a beneficiary of your super, if this is your desire. If you don't explicitly state that the appointed attorney can nominate themselves as a beneficiary the trustee will not implement any direction from the attorney to do so. Non-binding death benefit nomination With a non-binding (or preferred) nomination the trustee must pay your death benefit to one or more of your dependants or LPR in proportions that the trustee determines. If no dependant or LPR is appointed within a reasonable time, the trustee must pay your death benefit to any other person or persons in proportions which the trustee determines. A non-binding nomination will continue to apply until you cancel an existing nomination or make a new one. No nomination If you do not make a nomination or you cancel your existing nomination, we must pay your death benefit to your estate. However, if your estate is insolvent or if an LPR has not been appointed within a reasonable period of time, then we will look to pay your dependants; or, if none, other persons in proportions which the trustee determines. If you do not have a death benefit nomination you should consider making a will. It is important to review your nomination regularly and update it if your circumstances change. When and how we pay your Death benefit When you die, your account balance at the date an AMP processing centre receives notification of your death will be transferred to the AMP Secure Growth Plus investment option. This protects the value of the benefit. Any investment earnings between the date we are notified of your death and the day we pay the benefit will be added to your benefit using a crediting rate. The benefit will be credited with the applicable crediting rate for the AMP Secure Growth Plus option from the date you are invested in AMP Secure Growth Plus to the date the benefit is paid. Your dependant(s) may receive your Death benefit as a lump sum payment or, depending on the amount, as an account-based pension, or a combination of both. For a child to commence an account-based pension with your Death benefit, the child must be either under age 18, or under age 25 but still financially dependent, or have an eligible permanent disability. 21

22 Legislation may restrict who can receive a Death benefit as an income stream. Death benefits paid to a child as a pension must be converted and then paid as a lump sum when the child turns age 25 and the pension ceases when we pay the lump sum. The lump sum paid at age 25 is non-assessable and tax-free. If the child has an eligible permanent disability, the pension does not have to be paid as a lump sum and therefore can continue. Your legal personal representative/estate, or a person who is not considered your dependant, can only receive your Death benefit as a lump sum. Anti-detriment payments on beneficiary payments Tax laws allow us to pay an extra amount (known as an anti-detriment payment) if we pay your death benefit directly to your dependant(s) (or indirectly to them via your legal personal representative/estate). However, the definition of dependant used for this purpose includes a spouse, a former spouse and children of any age, but does not include those with whom you have an interdependency relationship or financial dependants other than those specified in the definition. Contact your financial adviser if you need more details. How to advise us of your nomination You can nominate, cancel or change your nominated beneficiary(ies) at any time by completing the nomination form by visiting amp.com.au/superleader/forms or calling AMP Corporate Super Customer Service. It is very important that you keep your nomination up-to-date in line with your personal circumstances. Your member statement provides details of any nominations you have made. Other important information The trustee, trust deed, and super policies SuperLeader is part of the AMP Superannuation Savings Trust (SST or the fund). AMP Superannuation Limited is the trustee of the SST and is a wholly owned subsidiary of AMP Life. The trustee has been granted a Registrable Superannuation Entity (RSE) licence by APRA. The trustee: is responsible for all aspects of the operation of your account, is responsible for ensuring that the SST is properly administered in accordance with the fund s trust deed and policy documents, and ensures that the fund complies with relevant legislation, that members benefits are calculated correctly and that members are kept informed of the operations of the fund. The trustee has professional indemnity insurance. The trust deed establishes the SST. It also contains your rights and obligations relating to SuperLeader and our rights and obligations as the trustee, such as the right to charge fees, the right to be indemnified out of the fund assets for costs and expenses incurred in acting as the trustee of the fund, the right to terminate the trust, and the limits on our liability. The rights and obligations of a trustee are also governed by laws affecting superannuation and general trust law. We may amend the trust deed from time to time. We can only amend the trust deed with the consent of AMP Life. Superannuation policies (policy documents) issued to us by AMP Life set out the fees, insurance and investment arrangements in relation to SuperLeader. By investing in a specific investment option, you do not receive any entitlement to the assets underlying that investment option. If any dispute arises about your benefits in, or any other aspect of SuperLeader (or in the event of any inconsistency between the trust deed, policy documents, and the terms of the PDS or this member guide fact sheet), then the trust deed and the policy documents will prevail. You can contact us for a copy of the trust deed or the policy documents. Refer to the contact details on the back cover of this document. The trust deed is also available online at amp.com.au/trusteedetails. The relationship between the trustee and service providers From time to time, we may engage companies in and outside the AMP group to provide services in relation to SuperLeader. We may change these service providers at any time without notifying you. The companies in the AMP group we use are AMP Life, AMP Capital and AMP Bank. AMP Life, AMP Capital and AMP Bank have given and not withdrawn their consent to the statements in relation to themselves (including their names) being included in the PDS and the fact sheets in the form and context in which they appear. These and other companies in the AMP group may receive information about you. Please refer to the section on AMP and your privacy. 22

23 AMP Life The life policies we currently hold with AMP Life are issued to us by AMP Life from its No. 1 and No. 2 Statutory Funds. Under these policies, AMP Life administers SuperLeader, provides insurance for plans and invests contributions received from SuperLeader with AMP Capital, AMP Bank, or in managed investment schemes outside the AMP group. AMP Capital AMP Capital is the investment manager appointed by AMP Life under an investment management agreement with AMP Life. AMP Bank AMP Bank is a direct banking business that manufactures, distributes and services lending products and deposit accounts both to retail and wholesale customers. AMP Life, AMP Capital and AMP Bank are subsidiaries of AMP Limited, and therefore, are companies related to us. Regulated super fund certification from the trustee (May be shown to any contributing employer.) AMP Superannuation Limited (ASL) has been granted a Registrable Superannuation Entity (RSE) licence. Our RSE licence number is L ASL has registered the AMP superannuation savings trust (SST) with the Australian Prudential Regulation Authority (APRA) as an RSE. The registration number for the SST is R The SST: is a resident regulated super fund within the meaning of the Superannuation Industry (Supervision) Act 1993 (SIS), is not subject to a direction under section 63 of SIS, and has never previously been subject to a direction under section 63 of SIS. ASL therefore confirms that the SST is a complying super fund under Part 3 30 of the Income Tax Assessment Act AMP and your privacy We may collect personal information directly from you, your employer or your financial adviser. The main purpose in collecting personal information from you is so that we can establish and manage your account. If we are not provided with the information necessary to process your application, then we may not be able to process it. We may collect personal information if it is required or authorised by law including the Superannuation Industry (Supervision) Act 1993, the Corporations Act 2001 and the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act We may use your information for related purposes for example providing you with ongoing information about financial services that may be useful for your financial needs through direct marketing. These services may include investment, retirement, financial planning, banking, credit, life and general insurance products and enhanced customer services that may be made available by us, other members of the AMP group, or by your financial adviser. Please contact us if you do not want your personal information used for direct marketing purposes. We may need to disclose your personal information to other parties, such as: to other members of the AMP Group if you are part of an employer sponsored plan, to the employer sponsor and the financial adviser or broker (if any) responsible for the plan to your financial adviser or broker (if any) if you are under age 18, to your parent or guardian if you are part of an employer-sponsored plan, to members of the policy committee for the plan (if any) to external service suppliers who supply administrative, financial or other services to assist the AMP Group in providing AMP financial services, both here and overseas (a list of countries where these providers are likely to be located can be accessed via our privacy policy) to the Australian Taxation Office (ATO) to conduct searches on the ATO s lost member register for lost super to your spouse or another person who intends to enter into an agreement with you about splitting your super as part of a marriage separation or a de facto (including same sex) separation (the law prevents us from telling you if we received one of these requests for information about your account), and to anyone you have authorised or if required by law. 23

24 If information about your health is collected in relation to this product, then additional restrictions apply. The primary purpose for obtaining this health information is for the insurer, AMP Life, to assess your application for new or additional insurance. AMP Life may also use this information for directly related purposes for example, deciding whether more information is needed, arranging reinsurance, assessing further applications and processing claims. Your health information may be disclosed to: the financial adviser or broker responsible for the account or employer plan if you're under age 18, to your parent or guardian your employer (if you're part of an employer sponsored plan), only to the extent necessary to process any claim you make AMP Life (as administrator) AMP Life s reinsurers medical practitioners any person AMP Life considers necessary to help either assess claims or resolve complaints the trustee anyone you have authorised, or anyone if required by law. Under the AMP privacy policy you may access personal information about you held by the AMP Group. The AMP privacy policy sets out the AMP Group's policies on management of personal information, including information about how you can access your personal information, seek to have any corrections made on inaccurate, incomplete or out-of-date information, how you can make a complaint about privacy and information about how AMP deals with such complaints. The AMP privacy policy can be obtained online at amp.com.au or by contacting us on Information about other individuals Where you provide any information about one or more other persons, you agree to obtain any such person s consent to the disclosure and to inform them: of our identity, why their information is collected by us and how it will be used and to whom it may be disclosed by us, and that they may obtain access to their information from us and how to contact us. Additional identification requirements To protect your money and to comply with legislative requirements (such as the Anti-Money Laundering and Counter-Terrorism Financing Act 2006) we will need on occasion to verify your identity. This means that we may need to obtain identification information when you make a withdrawal from your account, when we change your account details or when undertaking transactions in relation to your account. For more information about when you can access your super please refer to the section accessing your super. We will need to identify: a member prior to allowing the member to access their super (full or partial withdrawal). We will only process the withdrawal once all relevant information has been received and your identity has been verified. a member and their self-managed super fund (SMSF) prior to processing a rollover to the SMSF. We will only process the rollover once all relevant information has been received and your identity and that of the SMSF has been verified. your estate and/or your dependants if you die while you are a member. We will have to verify the identity of any person(s), including your estate, prior to the payment of any death benefit. anyone acting on your behalf, including your nominated representative. If you nominate a representative, we will identify the nominated representative before adding them as a signatory to your account. You also acknowledge that we may decide to delay or refuse any request or transaction, including by suspending a withdrawal application, if we are concerned that the request or transaction may breach any obligation, or cause us to commit or participate in an offence under any law, and we will incur no liability to you if we do so. In limited circumstances, we may need to re-verify your identity. Collection of tax file numbers Under the Superannuation Industry (Supervision) Act 1993, your super fund is authorised to collect your TFN, which will only be used for lawful purposes. These purposes may change in the future as a result of legislative change. The trustee of your super fund may disclose your TFN to another super provider, when your benefits are being transferred, unless you request the trustee of your super fund in writing that your TFN not be disclosed to any other super provider. 24

25 It is not an offence not to quote your TFN. However, giving your TFN to your super fund will have the following advantages (which may not otherwise apply): your super fund will be able to accept all types of contributions to your account/s the tax on contributions to your super account/s will not increase other than the tax that may ordinarily apply, no additional tax will be deducted when you start drawing down your super benefits, and it will make it much easier to trace different super accounts in your name so that you receive all your super benefits when you retire. Super searches AMP can conduct SuperMatch searches through the ATO with your authorised consent. The search requires the use of your TFN, first name, surname and date of birth to locate details of any super held on your behalf by the ATO and/or the details of any other super accounts you may have with any other institutions. AMP will notify you if the search has been successful in finding other super or if not. We can also assist you in consolidating all your super into your AMP super account(s) should you consent to us doing so. Consolidation of multiple accounts Each year the trustee will identify and review members who have multiple accounts within the fund. Where the trustee reasonably determines that it is in the best interest of the member, the member s accounts will be consolidated and the member will receive an exit statement. Members may be provided the opportunity to choose not to consolidate their accounts. Policy committee A SuperLeader employer-sponsored plan may have a policy committee. The role of the policy committee is to help a member (or the SuperLeader employer) enquire about the investment strategy, performance and operation of their SuperLeader plan. The policy committee may also assist the trustee to obtain the views of members on these issues and in dealing with any enquiry or complaint. We are required to take all reasonable steps to set up a policy committee where an employer has 50 or more members, or an employer has at least five but less than 50 members and the trustee has received a written request to do so on behalf of at least five of those members. There must be equal numbers of employer and member representatives on the policy committee. Employer representatives are appointed or removed by the SuperLeader employer for the plan. Employer representatives can also be removed as a result of specific events under superannuation law. Member representatives are generally elected and removed by members except where they are removed as a result of specific events under superannuation law (for example, when a member representative resigns from their appointment as a member representative). Details of the policy committee arrangements (if any) for the employer plan are shown on your annual member statement. For more details of the policy committee arrangements (if any) for the plan, including obtaining a copy of the election rules how to set up a policy committee, please contact us. Note that there are no policy committees in the personal category of SuperLeader. Family law and your super If you separate or divorce from your spouse, then your interest in your super may be split. Currently, in all states and territories (apart from Western Australia), your interest may also be split if a de facto relationship (including a same sex relationship) breaks down. Your account can also be flagged as part of a separation or divorce this prevents us from making most types of payments. The law sets down how super interests will be valued and split for these purposes. Splitting or flagging can be achieved by agreement between the separating or divorcing couple or by a court order. If your SuperLeader account is split, then your spouse will not automatically have a SuperLeader account of their own. Your spouse can apply to have a personal super account with AMP, transfer the benefit to another super fund or take the benefit in cash if they satisfy a condition of release. If your interest is split, then your spouse s interest may be transferred to the AMP Eligible Rollover Fund. Because the laws regarding splitting your account on separation are complex, we recommend that you seek legal advice. 25

26 Keeping you informed Type When you join Regular communication Online account management Description A welcome letter (which includes the PDS) is issued to you when you join, which provides you with personalised details about your account. We will provide you with: Member statements showing your account details, including the balance of your investment, insurance details and fees and transactions made since your last statement. Annual product update to inform you about any changes to your product. An annual report containing a review of the operations of SuperLeader and an update on the performance of the SuperLeader investment options. If you d like a copy of the current annual report, call AMP Corporate Super Customer Service. The annual report is also available at amp.com.au/superleader. My Portfolio online information about your super and financial future. My Portfolio allows you to view your AMP super accounts, bank accounts, shares, insurance and other financial assets and liabilities all in the one place, online. Log into My Portfolio to: manage your finances see a complete picture with immediate unit pricing details see your individual contract holdings and view transaction summaries view your online statement check your super contributions and download reports use the my super future report to see how your super is projected to grow access Morningstar investment research update your personal information perform investment switches, update beneficiaries and provide your tax file number. Access My Portfolio at amp.com.au/myportfolio. The AMP app It s the first app in Australia where you can access your banking, insurance, investments and super accounts all from one place. The AMP app helps you get things done, like accessing your AMP Bank accounts to make payments or getting help to start consolidating your super. Get started in three easy steps: 1. Have your BankNet (AMP Bank s internet banking service) and/or My Portfolio (super/insurance/investments) login details handy. 2. Download the app from the App Store or Google Play TM Store app. 3. Follow the set-up instructions and you re good to go. Available from the Apple (i) App Store and Google Play Store (ii) now. (i) (ii) Apple is a trademark of Apple Inc. Google Play is a trademark of Google Inc. Electronic communications This product is moving to electronic communications. By joining this product, you agree to receive or access all of our communications, such as confirmation of transactions, annual statements and other correspondence, by an electronic means (such as from our secure website, MyPortfolio). We will notify you when this occurs. 26

27 Enquiries and complaints process If you need any additional information about the operation or management of your account, or if you have a concern or complaint, then please contact your financial planner or contact AMP Customer Service. Our customer service officers are available to answer your enquiries and complaints. We will try to resolve your enquiry or complaint as quickly as possible. To help us do this, please give us as much information about your complaint as possible. We have established procedures to deal with any complaints. If you make a complaint, we will: acknowledge its receipt and ensure an appropriate person properly considers the complaint, and respond to you as soon as we can. If your complaint cannot be resolved at first contact, then we will keep you informed of the progress and aim to give you a response to your complaint within 10 business days. If the complaint is not resolved by that time, then we will keep you advised at regular intervals of the status of your complaint. If we cannot resolve your complaint to your satisfaction within 90 days, then you may have the right to lodge a complaint with the Superannuation Complaints Tribunal (SCT) contact details listed below. The SCT reviews the decisions of superannuation trustees as they affect an individual member. It is independent from us. Even so, please try to resolve your complaint directly with us before contacting the SCT. Superannuation Complaints Tribunal Web Phone Postal address sct.gov.au Locked Bag 3060 GPO MELBOURNE VIC Time limits on making complaints to the SCT Time limits apply to certain complaints to the SCT, for example in respect of total and permanent disablement claims. If you have a complaint, you should contact the SCT immediately to find out if a time limit applies. 27

28 Section ₃ : Investing and your options In this section we will discuss: What style of investor you are Everybody has a different investment goal, timeframe and attitude to risk which will likely change over time, depending on circumstances and life stage. Risk of investing All investments have risk and you may not get back the same amount you invested, so it s important to understand what the risks are. Switching between investment options You can switch between investment options at any time.

29 Choosing investment options As this investment may be your major source of savings, we suggest that you take a few minutes to read this section. It is intended to help you understand your attitude to investment risks and returns. It is important for you to consider your investment decisions carefully and be comfortable with the level of risk that may be needed to reach your investment goals. Here are three things to consider when selecting investment options: 1. Your investment goals: Will your investment goals require a high return or will a moderate, stable return be enough? Once you have settled on your personal investment goals, you need to see how well various investment options match your goals. The information provided for each investment option covers issues like the returns the option aims to achieve and the level of risk to which you would be exposed. 2. Your timeframe: The amount of time you intend to invest for is a key factor when making your investment decisions. Investment markets move up and down over time, and the value of your investment will move with them. For example, if you want to access your money in the near future, you might prefer investment options whose returns are expected to be less variable (or less volatile). This will give you greater protection against capital loss in the short term. The reverse is also true. If you are looking for a long-term investment in this case, the higher returning investment options usually come with the potential for much more volatility in capital values in the short term. 3. Your attitude to risk: Are you comfortable with receiving low or negative returns in the short term with the aim of obtaining higher returns in the long term? Or, would you be more comfortable with receiving moderate but consistent returns? Your attitude to risk is one of the most important factors to consider before investing. To learn more about the risks of investing and how they are managed, please refer to the section risks of investing. This document provides general information on investing and investment options. It is not a substitute for personal financial advice and we recommend that you consider obtaining advice from a qualified financial adviser before selecting investment options. What it means to invest It is important to remember that when you invest in a particular investment option(s), you do not receive any direct entitlement to the assets underlying the investment option(s). Rather, you are selecting an exposure to certain types of assets such as cash, fixed interest, property, alternative assets, or shares. Changes to investment options and managers We regularly monitor our investment options and investment managers to ensure our range continues to suit the needs of our customers. We may add, close or terminate investment options, add new investment managers, as well as change the aim and strategy and asset range or benchmark of an investment option at any time. We will notify you about any material changes to the investment options which may be after the change has occurred. If you have money in an investment option that is terminated, we will switch your money to an investment option with a similar risk/return profile. Environmental and socially responsible considerations Unless specifically stated, neither AMP Capital nor any of the underlying investment managers actively takes into account labour standards, environmental, social, or ethical considerations in relation to the investment decision making. They may, however, take into account these considerations if they become aware of them, but only to the extent that they financially affect the investments. The primary focus of AMP Capital and the investment managers in relation to these options is on economic and financial outcomes. Investment performance If you are interested in up-to-date information on an investment option s performance history, visit our website or call us. While historical performance shows how an investment option has performed in the past, it is not a reliable indicator of how it may perform in the future. Performance of an investment option may vary over time. Deciding what type of investor you are Everybody has a different investment goal, timeframe and attitude to risk which will likely change over time, depending on circumstances and life stage. To help decide what type of investor you are, you may decide to consult with a financial adviser. AMP provides online tools and information which can help get you started. Visit amp.com.au/investments. 29

30 Not all investment options suit everyone. The AMP risk simulator what investor style am I? is a quick way to help you work out your investment style and what types of investments you might consider. It demonstrates the relationship between risk and return as well as the impact of your time horizon. Visit amp.com.au/investorstyle. There are a number of other calculators available from AMP which you may also find useful. Just visit amp.com.au/calculators. Alternatively we have educational videos you may find helpful on amp.com.au/videos. Risks of investing In this section we look at some risks of investing. All investments have risk and you may not get back the same amount you invested, so it s important to understand what the risks are. Type of risk Investment risk Inflation risk Timing risk Market risk Systemic risk Liquidity risk Interest rate risk International investment risk Description The value of your investment can rise and fall. Even if the investment rises, it may not perform according to your expectations, or the investment managers may not be able to achieve their stated aims and objectives. Your money may lose its purchasing power with inflation. When prices go up, your investment also needs to go up by at least the rate of inflation or the real value of your investment will decline. The risk your funds are invested at an unfavourable point in the investment cycle. For instance, buying into a market at higher market prices than those available soon after. Changes in market conditions which may adversely impact your investments, such as inflation, interest rates and global events. Systemic risk refers to major movements across several asset classes, or to the entire system simultaneously. This is generally due to some event affecting the economic system, eg global financial crisis. Liquidity risk refers to how quickly an asset can be bought and sold in the market place. eg direct property, hedge funds and unlisted equity investments. Interest rates affect all markets, particularly cash, cash-like securities and fixed interest investments. For instance, bonds will generally lose value if market interest rates are higher than the bond s fixed rate. International investments are subject to the normal market risks, currency risk (exchange rate losses) and the legal risk that the laws of other countries may not provide adequate protection. 30

31 Individual asset class risk Each type of market also known as an asset class has its own risks. Asset class Shares Property Fixed interest Cash Alternative assets Description Shares are generally classified as a growth asset and include Australian shares and international shares (which may be hedged or unhedged to the Australian dollar). Specific risks include: industry risk factors disappointing profits and dividends management changes reassessment of the outlook for the company or industry currency risk for any investment in unhedged global shares. Property is generally classified as a growth asset and covers listed and direct property, and global and Australian property. Risks of property include: vacancies location unprofitable property development activities declining values share market volatility delays in approvals liquidity international investment risk (global property). Fixed interest is generally classified as a defensive asset and covers both Australian fixed interest and international fixed interest. Risks include: changes in interest rates generally, the investment value falls if yields rise default liquidity international investment risk (for global fixed interest investments) credit risk the risk that a a borrower will default on either the payment of interest or the return of principal. Cash is generally classified as a defensive asset and may include corporate bonds and derivatives. Historically, long-term returns have been generally lower and have not kept up with inflation over the long term. Alternative assets can be broadly classified into growth and defensive asset classes. They include non-traditional liquid investments that target positive and uncorrelated returns by using short selling, gearing and derivatives. Investments such as private equity, venture capital, mezzanine finance and other private placement debt often present higher risks. 31

32 How markets move These two graphs show how markets, which historically have provided the best returns also involve the greatest risk. Historical performance is not a reliable indicator of future performance. 32

33 Risk of particular investment strategies Some investments and investment managers use particular strategies which may change the risks of investing. Such strategies may include: Strategy Gearing Short selling Derivatives Description This is the process of borrowing money to purchase assets. Gearing can magnify an investment s potential gains or losses. There is also a risk the assets will be exposed to increases in interest rates, which increases the borrowing cost and may reduce the potential returns of the investment. Short selling is a technique used by investors in order to profit from the falling price of an asset. The aim of short selling is to sell at a higher price and buy the asset at a later time, at a lower price. This form of active management can increase an investor s ability to generate additional returns. Due to the nature of short selling, the potential amount of loss to the relevant investment option may be greater than for more traditional purchase and sale transactions, as the potential increase in price of the asset sold (and hence the potential loss) is unlimited. Furthermore, the lender of the borrowed stock may recall it prior to the period deemed optimal by the investment manager, and this may result in the inability to achieve the targeted profits on the trade. Derivatives can be used for many purposes, including hedging to protect an asset against market fluctuations, reducing transaction costs, achieving a desired market exposure and maintaining benchmark asset allocations. Derivatives can also be used to implement the investment objective of the investment option. Risks of using derivatives include: price or basis risk: The risk that a price change in the market underlying a derivative contract, or in the derivative contract itself, is not matched by the price change in the derivative position held. leveraging risk: The risk that any losses will be magnified by creating greater exposure to a market than that of the assets backing the position. liquidity risk: The risk that a derivative position cannot be reversed. default risk: The risk that the party on the other side of a derivative contract defaults on payments. Investment managers may use derivatives such as options, futures, swaps or forward exchange rate agreements. The use of derivatives by investment managers is in accordance with the guidelines of the investment strategy, the objectives of the investment option, and the relevant risk management processes on the use of derivatives. Switching You can switch between investment options at any time. There is currently no fee for switching between investment options. Once we have received an investment option switch request it cannot be cancelled. On occasion there may be circumstances beyond our control that could delay the processing of your request. You may change your investment options at any time online through My Portfolio or by completing the investment options selection form, which can be obtained by visiting amp.com.au/forms or by contacting us. Before you decide to switch, we recommend you speak to a financial adviser. Managing your risks The following steps are important in managing your risks associated with investing in the investment options we offer: 1. Obtain professional advice to determine whether the investment option(s) suit your investment objectives, financial situation and particular needs. 2. Carefully read all the information in the PDS, the welcome letter and this this member guide fact sheet before investing, including any updates provided through PDS updates. Visit amp.com.au/superleader for details. 3. Consider investment options along with your preferred investment timeframe and risk appetite. Please note that investing for any suggested minimum investment timeframe for an investment option does not eliminate the risk of loss. 4. Regularly review your investments in light of your investment objectives, financial situation and particular needs. 33

34 Diversification Diversification in simple terms means not putting all your eggs in one basket. It s a way to spread risk by investing in different markets as these rise and fall at different times. This can also include using a range of different investment managers, as well as different investment styles. Review your choices While it is important to think carefully about which investment options you select, the appropriate selections can change over time. As your personal preferences, financial situation and long-term goals change, you should rethink your investment strategy and adjust the mix to meet your new needs. In any case, an annual review of your investment choices is usually worthwhile. Standard risk measure The Standard Risk Measure is based on industry guidance to allow investors to compare investment options that are expected to deliver a similar number of negative annual returns over any 20 year period. Each investment option described in this document includes a Standard Risk Measure. The table below sets out the Standard Risk Measure bands/labels used for each investment option based on the estimated number of negative annual returns that an investment option may experience over any 20 year period. Negative annual returns may not occur in consecutive years. Risk band Label Very low Low Low to medium Medium Medium to high High Very high Estimated number of negative annual returns over any 20-year period Less than to less than 1 1 to less than 2 2 to less than 3 3 to less than 4 4 to less than 6 6 or greater The Standard Risk Measure is not a complete assessment of investment risk. For instance, it does not detail what the size of a negative return could be or if a positive return is less than an investor may need to meet their objectives. And it doesn t take into account the impact of administration fees and tax on the likelihood of a negative return. Members should still ensure they are comfortable with the risks and potential losses associated with their chosen investment option/s. Further information on the methodology used to establish the standard risk measure, please visit amp.com.au. 34

35 Reading the investment option profiles Each investment appears under a category which classifies each investment based on its strategy or the market in which it invests. The following illustration explains the information provided for each investment shown on the following pages. 35

36 Section ₄ : Investment options In this section we will discuss: The default investment option An overview of the AMP MySuper investment option and how it works Choice investment options An overview of the choice investment options available in this product

37 AMP MySuper investment option The AMP MySuper investment option gives you access to an investment solution that takes you all the way through your superannuation savings journey. This approach, known as lifecycle investing, delivers an investment strategy that continuously evolves to align with the changing stages of your life. Your super contributions will be invested in the AMP MySuper investment option specific to your decade of birth. In this investment, the investment strategy and asset allocation changes as the investment risk profile of your age group changes. This means that younger investors will have higher-growth investment strategies because they have a longer period to retirement and can afford to take more risk. However, for investors approaching retirement, investments will focus more on preserving the capital built up and reduce risk. Most importantly, your investment will be actively managed as you get older even if you haven t told us how to invest your super. The following table shows the different decades of birth and the name of the applicable AMP MySuper investment option. Decade of birth 1990s or later 1980 s 1970 s 1960 s 1950 s Prior to 1950 AMP MySuper investment option AMP MySuper 1990s AMP MySuper 1980s AMP MySuper 1970s AMP MySuper 1960s AMP MySuper 1950s AMP MySuper Capital Stable How will AMP's lifecycle investing work? Using the AMP MySuper 1990s investment option as an example the following diagram shows how the lifecycle investment will work. 37

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