Your Health and Community Services Industry Fund

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1 Your Health and Community Services Industry Fund Join more than 650,000 of your colleagues Product Disclosure Statement - Issued 1 December 2008 An Industry SuperFund INSIDE How HESTA takes care of you Quick and easy application: turn to centre spread PLATINUM

2 An Industry SuperFund = No commissions An Industry SuperFund = Low fees An Industry SuperFund = Run only to profit members HESTA is your industry super fund for health and community services. You should consider whether or not an industry super fund is appropriate for you.

3 Contents It s so easy to join HESTA 1 read this PDS to find out what HESTA offers you 2 3 complete the member application form in the centre of this PDS (to join the Industry Super Plan) give the completed form to your employer or mail it to HESTA Application forms: where are they? Please open this PDS to the centre to find the: choice of fund letter for your employer Industry Super Plan member application form (if you re joining the Personal Super Plan see page 47) transfer/rollover form change of member details form Welcome to HESTA 4 About your HESTA super 5 How HESTA supports you 6 How does your HESTA super account work? 7 Easy ways to help your HESTA super grow 7 When can you access your super? 11 What happens to your super if Choosing how your super s invested 13 Your insurance cover through HESTA 21 Your duty of disclosure 32 How to join HESTA S Industry Plan Centre spread Choice of fund letter for your employer Member application form 3 Transfer/rollover form Change of member details form Fees and other costs 33 Fee summary 34 Contents Fees paid from your account 35 Fees paid from HESTA s assets 37 This Product Disclosure Statement (PDS) for HESTA Super Fund ABN Superannuation Product Identification Number HST0100AU has been prepared and issued on 1 December 2008 by the Trustee of the Fund, H.E.S.T. Australia Limited ABN , AFSL No , Level 20, 2 Lonsdale Street, Melbourne, Vic Telephone (03) HESTA Super Fund is a public offer industry superannuation fund that is open to employees of participating employers in any industry as well as any other person eligible to contribute to a superannuation fund. This PDS sets out the main services, features, benefits and risks of HESTA Super Fund. Please refer to this PDS before making a decision about the products being offered. This information is about the Fund and is of a general nature. It does not take into account your objectives, financial situation or specific needs so you should look at your own financial position and requirements before making a decision. You may wish to consult an adviser when doing this. You should be aware that the value of your investment may rise or fall. If you leave the Fund, you may get back less than the amount of contributions paid because of the level of investment returns earned by the Fund, the Fund s charges and the impact of tax. Third-party services are provided by parties other than the Trustee and terms and conditions apply. The Trustee accepts no responsibility for the products and services offered by third parties or any liability for any loss or damage incurred as a result of services provided by third parties. You should exercise your own judgement with respect to any products and services being offered and obtain a copy of the relevant PDS. Tax on super 39 Staying with HESTA in retirement 41 HESTA FAQs 43 What if I have concerns about my super? 44 Privacy statement 45 Extra services for HESTA members 46 How to join HESTA S Personal Super Plan 47 Personal Super Plan application form 49 All persons who have given statements in this PDS have consented to those statements being used in the published form and context. Contact HESTA PO Box 600, Carlton South, Vic 3053 Free call Fax

4 4 Welcome to HESTA Welcome to HESTA HESTA is your health and community services industry super fund Congratulations on choosing one of Australia s largest super funds for your industry. We value your work in supporting Australians when they need it most, and we re proud to play a key role in helping you create the future you want. No matter what health or community service you provide, HESTA is here to help support you. We care about your industry and all the people who work in it. With more than 650,000 members, 60,000 employers and $13 billion in assets, HESTA can keep its fees low, which could save you thousands over time. And with our solid history of strong long-term returns, we aim to help you reach your retirement goals. What s an industry super fund? As an industry super fund, HESTA is run only to profit members not to make profits from them. Unlike many retail funds, we don t pay commissions to financial advisers. And that enables us to offer you real value for your super dollar. We re committed to working closely with your industry, bringing more than 20 years experience in the health and community services industry to our financial, education and advice services. Run by people like you Founded in 1987, HESTA (Health Employees Superannuation Trust Australia) has grown into a leading super fund for the health and community services industry. Run by a board of 14 Trustee Directors made up of equal numbers appointed by industry employer and employee organisations, HESTA is a regulated industry super fund open to anyone eligible for super. The Trustee of HESTA is a company called H.E.S.T. Australia Limited ABN Visit the About HESTA section of for the most up-to-date information on HESTA s Trustee company and our current Board members. How HESTA takes care of you At HESTA, your needs are paramount. We re committed to providing you with access to outstanding member benefits. Read through this guide to find out about them. HESTA has always proudly supported your industry with key health and community services programs, events and awards. What is this guide for? This guide is HESTA s Product Disclosure Statement (PDS). It provides important information about the features, costs, benefits and risks of investing your super in HESTA. It will help you compare the features of HESTA with those of other funds. The information in this PDS is current at the time of printing. It may change due to amendments to legislation or regulations, Fund rules or other causes. For the most up-to-date information visit or free call Who is this PDS for? Industry Super Plan members If you re joining through an employer, you ll be in the Industry Super Plan. All the information in this PDS is for you. Use the purple New member application form in the centre section of this guide to join. Personal Super Plan members If you re not joining through an employer (for example, if you re self-employed) you ll be in the Personal Super Plan. Some of the information you need will be different than for Industry Super Plan members. After you have read through the PDS, turn to page 47 for an explanation of the differences. Then use the blue New member application form at the back of this guide to join. Already a HESTA member? You don t need to re-apply. Just read through this PDS to make sure you understand your super plan, then give your membership number to your employer (free call if you don t know your number). If your details have changed, send us a Change of member details form (see the forms section in the centre of this PDS). Remember, you can request a change to your insurance or investment options at any time see inside for details. More information This PDS incorporates information from other HESTA publications, which are also available to you at no cost. You can download free copies of all our publications from the Brochures and Forms section of or free call

5 About your HESTA super How HESTA supports you 6 How does your HESTA super account work? 7 Easy ways to help your HESTA super grow 7 When can you access your super? 11 What happens to your super if... 12

6 About your HESTA super How HESTA supports you HESTA exists solely to benefit members. Because we don t pay commissions to financial advisers, more of your money stays invested for your future. Discover why HESTA is the super fund of choice for more than 650,000 people in health and community services apply today! Just read through this PDS, send in the New member application form and start receiving the benefits of HESTA membership. Your HESTA member benefits Help to build more money for your retirement with our low fees and history of strong returns* Low administration fees No entry or exit fees No switching fees No commissions paid to financial advisers History of strong long-term returns See pages See page 20 6 About your HESTA super Freedom to choose where and how your money s invested (or leave it in Core Pool) Choose from: six Ready-Made Investment Pools OR eight Your Choice Asset Classes OR mix and match these to create your personal investment option If you prefer not to choose, that s OK too your money will automatically be invested in Core Pool. Less paperwork when you change jobs Even if you change jobs or industries, you can generally take your HESTA super with you. And you can use HESTA if you re self-employed or unemployed. Freedom and flexibility in retirement The HESTA Super Income Stream offers you a flexible way to use your hard-earned super when you partly or fully retire. Benefits today as well as in retirement with access to extra services Low-cost optional disability and death insurance Free personal advice about your super Free financial planning workshops Commission-free financial planning services Low-cost banking products including housing loans, credit cards and more Discount health insurance Commission-free managed investment funds Support for your industry We re proud to support a range of activities in the health and community services industry, helping to recognise your achievements and promote the importance of your work. Regular updates We ll keep you in touch via: the Annual Report, featuring HESTA s annual financial statements the Member Magazine/record of contributions your annual statement Plus you ll have round-the-clock access to Member Online at including: your account balance your member details your investment choices regular super updates You can also choose to get updates direct to your inbox with our free newsletter, Super E-Tips. See pages See page See pages See page See pages * Returns are before administration fees and after the deduction of investment management and member benefit protection costs and the Trustee operating fee. Past performance is not a reliable indicator of future performance.

7 How does your HESTA super account work? 4 Employer contributions Once you ve joined HESTA, we ll set up an account in your name. Into this will go all contributions (money paid into your super by you and/or your employer) plus any money you transfer into HESTA from other super funds (less government taxes see ). You ll receive a HESTA welcome pack with important information about your membership. Your money is then invested in line with the investment option you choose (see for your options). We ll apply any net returns (earnings after costs and taxes) from your investments to your account. We ll deduct our low administration fee ( ) and premiums for any insurance cover you have through us ( ). You can easily track the progress of your super all year round via regular statements and Member Online at (you ll need a PIN complete section 9 of the New member application form). You can also top up your account whenever you like (subject to government regulations and participating employers see ). Your contributions Govt co-contributions Earnings on your investment options* Interest Your super Easy ways to help your HESTA super grow Building up your super now can make a huge difference to your final balance. Here s how your HESTA super account can grow and some easy ways to boost your savings. Certain contribution limits apply (see ); make sure you also check that you ve supplied your tax file number so we can accept your after-tax contributions (see ). If you d like more information on boosting your super, download your free copy of our Topping up your super guide at or free call Your employer s compulsory contributions Compulsory contributions lay the foundation for your super savings. Contributions from your employer (compulsory and salary sacrifice see ) are known as concessional contributions. Employers must contribute money to accounts set up for employees retirement. The minimum required under the Superannuation Guarantee (SG) is currently 9% of your earnings base. This amount must be calculated on your ordinary time earnings. The super contribution may be more depending on your award or workplace agreement. Your employer is required to pay this amount into your super account at least quarterly. It does not come out of your salary. For employees over 65, certain restrictions apply. These are set out in the table overleaf. You can check how much your employer contributes at Member Online or on your annual statement, issued in September/October. 7 About your HESTA super Your contributions balance Employer contributions Fees & costs *Earnings may be negative.

8 Who can contribute to superannuation? Age Can my employer contribute? (compulsory contributions and salary sacrifice) Under 65 Yes Yes Can I contribute? (personal after-tax contributions) Yes, if: the contributions are mandated employer contributions (or SG amounts required under an industrial award or agreement), or you ve been gainfully employed for at least 40 hours in a period of not more than 30 consecutive days during the same financial year in which the contributions are made Yes. The same rules apply as for those aged 65-69, except SG contributions are not payable for those aged 70 and over. Yes, if you ve been gainfully employed for at least 40 hours in a period of not more than 30 consecutive days during the same financial year in which the contributions are made. Over 75 Yes, but only if the contributions are mandated employer contributions. No, you cannot contribute to your fund. For more information on super contributions, visit 8 Salary sacrifice About your HESTA super Salary sacrificing while you re working can make a real difference when you retire. You and your employer may agree to reduce your salary by a nominated amount, which your employer uses to increase before-tax super contributions to your account. This can reduce your taxable income as well as increasing your super balance. If you work under an industrial award or agreement, make sure your salary sacrifice meets its requirements. You should consider getting financial advice about whether salary sacrifice is right for you. Also check that your employer will continue to calculate their SG contribution and your other entitlements on your pre-sacrifice salary. On top of saving more super, with salary sacrifice you may also be able to save on personal tax. See for more details. Rollovers Combining all your super into one account can mean more money goes towards your savings not into extra fees! If you re one of the many Australians who change jobs every five to six years, you could end up with several super accounts. Each one could cost you a significant amount in administration fees over time. By transferring (rolling over) all your super accounts into HESTA, you may save money by paying only one set of low administration fees. Rolling your other super into HESTA is easy. As soon as we receive your form, we ll contact your previous fund, arrange the rollover and tell you when it s done. There are no fees to roll your super into HESTA. Some other super funds charge entry and exit fees, so you should think about whether rolling over is right for you. Check any benefits you may lose by rolling over, including any earnings differences between the two funds and insurance held through your previous fund. Remember you may receive low-cost insurance through HESTA when you join (see ). Use the transfer/rollover form in the centre section of this PDS to roll your other super into HESTA and cut out extra fees. Other types of payments you can roll in In limited circumstances, you can roll certain Employment Termination Payments (ETPs) into your super. The only ETPs you can roll in are those specified in existing employment contracts (as at 9 May 2006) and they must be paid in before 1 July You can also roll in proceeds from the sale of assets that qualify for the small business capital gains tax retirement exemption ($500,000 cap) or have been held for 15 years ($1,000,000 cap). Both types of roll-ins are subject to a single lifetime $1,000,000 indexed cap.

9 After-tax (non-concessional) contributions contributions can help your super grow faster. With HESTA, it s easy to make contributions to your super from any after-tax income you have. Check the table on to see whether you can make after-tax contributions to your super. Remember: you must supply your tax file number (TFN) to enable us to accept your after-tax contributions. Use the New member application form in this PDS to supply your TFN to HESTA (or free call if you re already a member). For more information on why it s important to provide your TFN see. You can make after-tax contributions with: regular direct debit payments from your bank account payroll deductions via your employer out of your after-tax pay (check with your employer) one-off contributions using HESTA deposit slips (print them from the Brochures and Forms section of or BPay (visit Member Online for the biller code and reference number) Use our calculators at calculator to see how making after-tax contributions could work for you. Government co-contributions (in assessable income plus fringe benefits) to a If you earn between $30,342 and $60,342 the $1,500 co-contribution reduces progressively to $0. The lower income threshold of $30,342 is indexed on an annual basis and the maximum threshold will also increase each year. *For 2008/2009. For more information on co-contributions visit Contribution splitting Splitting your super with your spouse means you can both have super to draw on when you spouses to build up their own super. The maximum splittable amount for any financial year is the lesser of 85% of concessional contributions for that financial year and/or the concessional contributions cap for that financial year. You cannot split non-concessional contributions and government co-contributions made to a super fund after 5 April For more information visit or Spouse contributions Making contributions into HESTA on your spouse s behalf can help you share more in retirement. You can contribute for a spouse under the age of 65 years, even if they re not employed. If your spouse is aged 65 to 69 years, you can make contributions on their behalf provided they ve worked at least 40 hours in a period of not more than 30 consecutive days in the financial year. If you d like more information on spouse contributions, download a free copy of our Spouse contribution form at spousecontribution or free call Limits on contributions Concessional contributions A limit of $50,000 per year (indexed) generally applies to concessional contributions (usually those made by your employer). Indexation will only occur in $5,000 increments. A transitional period applies between 1 July 2007 and 30 June 2012 for people aged 50 and over, who can make concessional contributions of up to $100,000 per year without exceeding the cap. Contributions over the cap will be taxed at the top marginal rate (plus Medicare Levy). Personal contributions that are not tax deductible (known as non-concessional) are limited to $150,000 per year. People under age 65 can bring forward two years of contributions and make a larger contribution of $450,000. HESTA can t accept contributions over that cap. If you make contributions over the cap because you contribute to more than one fund, any excess contributions will be taxed at the top marginal rate (plus Medicare Levy). The non-concessional contributions cap will always be three times the concessional contributions cap. The Australian Tax Office (ATO) will have only limited powers to reduce tax payable on excess contributions made inadvertently. For more information visit 9 About your HESTA super

10 10 About your HESTA super The secret to healthy super: start saving now! The earlier you start topping up your super savings, the more the snowball effect of compound interest can help you reach your goals. The illustration below shows how this can work. Not sure how much extra to put in? Visit and click on our Super Calculator to see how much super you may receive by topping up your account now. Jill s super formula Jill starts contributing $20 per week to her super immediately. Jack wants to enjoy himself a bit first and waits until he is 40 before beginning to contribute $40 a week. They both stop contributing when they retire at age 65. Q A JILL STARTS SAVING JILL PUTS IN ONLY $41,600 If Jack and Jill earned the same interest rate* who would have the most money at age 65?** At age 65, Jill has $78,282 more than Jack does. Jill actually earned $88,682 more interest than Jack even though Jack contributed $10,400 more than Jill. Jill s end balance Jack s end balance COMPOUND INTEREST WORKS FOR JILL Age Age JACK STARTS SAVING JILL S TOTAL PAYOUT $213,903 JACK S TOTAL PAYOUT $135,621 JACK PUTS IN $52,000 * Interest assumed at 7% effective per annum after deduction of any fees and costs. Source: IFFP (a division of Industry Fund Services; ABN AFSL ). ** Doesn t include employer contributions or government co-contributions. This example is only an illustration and not a guarantee of actual final balances. Earnings may be negative. Investment returns If you have super, you re an investor. Investment returns are one of the key contributors to your super s growth. HESTA brings a wealth of experience in effective investing to managing our members super. You can check our history of strong long-term investment returns on.* Any returns on your super investments are applied to your account at 30 June each year. HESTA s investment options allow you to choose how much involvement you want in where your money s invested. Our wide-ranging investment menu gives you plenty of flexibility. Here are your two main investment choices in brief. Leave all the work to our default investment option, Core Pool (investment option 1). If you don t choose from the investment options shown on the New member application form, all your super will automatically be invested in HESTA s Core Pool (see ). If you re happy with this option you don t need to do anything else (though you should review your investment choice regularly). OR Choose how your super s invested (investment options 2, 3 or 4). Take a more active role in how your super s invested by choosing from Your Choice Asset Classes and Ready-Made Investment Pools, or mix and match your own blend (see ). Read through the investment choice section, decide which option suits your needs, and record your choice on the New member application form. You can change your investment choice up to 12 times per year, FREE. Find out more about your investment options with HESTA on. *Past performance is not a reliable indicator of future performance.

11 When can you access your super? Because your super s designed to help support you when you retire, the government generally requires you to keep it preserved (held) in a super fund until you reach preservation age. That age depends on when you were born (see the table below). Your date of birth Preservation age Before 1 July July June July June July June July June After 30 June By law all contributions to members accounts and investment earnings accruing after 1 July 1999 are preserved. Under current law, all or part of your super may generally only be paid out if: you reach age 65 you permanently retire or commence a transition to retirement income stream on or after your preservation age you reach age 60, your employment arrangement has ended and you meet certain conditions you become self-employed or unemployed and you have money in your account that doesn t have to be kept until you reach your preservation age (contributions paid in before 1 July 1999) you become permanently incapacitated you have a terminal medical condition you die you meet government criteria and receive government approval for the release of some of your super on compassionate grounds or due to severe financial hardship you change jobs and your account balance is $200 or less, or you are a lost member who is found and you have less than $200 in your account on its release you re an eligible temporary resident who has permanently left Australia (in this situation a higher tax rate than those outlined on may apply) it s necessary to enable a payment under a release authority in accordance with the Income Tax Assessment Act 1997 When you reach preservation age you can transfer your super benefit to the HESTA Super Income Stream under the transition to retirement rules, even if you re not permanently retired. Paid like a regular income (instead of a lump sum), income streams enable people who are partly or fully retired to work part time while using part of their super to supplement their income. See for details. Alternatively, you can leave your super in your current HESTA account (however, your balance must be paid out in the event of your death). ID you ll need when you access your super The Federal Government has introduced laws to help detect and prevent money laundering and terrorism financing and to bring Australia into line with international standards. Many of these changes took effect from 12 December The Anti-Money Laundering and Counter Terrorism Financing Act 2006 (AML/CTF) affects customers of banks, credit unions and other financial services, including super funds. Members (including their beneficiaries or agents) must provide identification when receiving certain services, such as the payment of super benefits or income streams. Funds must collect certain basic information (including the member s full name, date of birth and residential address) and be able to verify this through the use of reliable and independent documentation. Verification documents may include photographic ID (such as a driver s licence or passport) or multiple other documents (such as a Centrelink pension card, birth extract or Australian Taxation Office notice). We will advise you of these requirements when you seek benefit payments. For more information visit 11 When can you access your super?

12 What happens to your super if 12 What happens to your super if... You retire Your super (less any taxes that may apply) may be paid as a lump sum or income stream when you reach your preservation age. You now have the option to transfer the pre-tax portion into a HESTA Super Income Stream (see ). You die before you retire HESTA s Trustee has a legal responsibility to make sure your super goes to your legal personal representative or your dependants: your spouse (including de facto), your children or anyone who depends on you financially or with whom you have an interdependent relationship. An interdependent relationship is defined as: a close personal relationship between two people who live together, where one or each provides the other with financial support, and one or each provides the other with domestic support and personal care a close personal relationship that does not satisfy the other criteria because one or both people suffer from a physical, intellectual or psychiatric disability Government regulations require that the Trustee takes into account the following criteria when assessing interdependency: a) all of the circumstances of the relationship between the persons, including (where relevant): i) ii) iii) iv) v) vi) vii) viii) ix) the duration of the relationship, and whether or not a sexual relationship exists, and the ownership, use and acquisition of property, and the degree of mutual commitment to a shared life, and the care and support of children, and the reputation and public aspects of the relationship, and the degree of emotional support, and the extent to which the relationship is one of mere convenience, and any evidence suggesting that the parties intend the relationship to be permanent b) the existence of a statutory declaration signed by one of the persons to the effect that the person is, or (in the case of a statutory declaration made after the end of the relationship) was, in an interdependent relationship with the other person Your dependants or your estate can be paid all the money in your account plus any death benefit paid by HESTA s insurer, less any taxes that apply. You can advise HESTA of your preferred beneficiaries (the people you have chosen to receive your death benefits) on your New member application form. HESTA s Trustee has the final decision on who receives your benefits, but will consider your preferred beneficiaries. For more information visit or free call It s a good idea to keep information about your preferred beneficiaries up to date, and to make a will as a guide for the distribution of your estate. This is important even if you have no dependants, or to show dependency (for example, within a same-sex relationship). You become disabled If you have insurance through HESTA, you may be eligible to receive a regular or lump-sum disability insurance benefit. Your account balance may be paid if your incapacity is permanent or you have a terminal medical condition. See for more details. You want to stay with HESTA when you retire HESTA can continue to look after your super when you retire with these flexible options. Leave your money in your current HESTA account, giving you ongoing access to HESTA s low fees, insurance cover and investment options and access to your money when you need it (subject to conditions). Transfer your super to the HESTA Super Income Stream. This provides a regular income stream from your super with the added bonus of tax-free investment earnings. See for details.

13 Choosing how your super s invested Choosing how your super s invested 14 Ready-Made Investment Pools 16 Your Choice Asset Classes 18 FAQs about investing with HESTA 20

14 14 Choosing how your super s invested Choosing how your super s invested No matter what life stage you re in, HESTA s flexible investment options can help you reach your super goals. Whether you re a new or an experienced investor, we re here to make it easier to choose an investment option that can help fund the retirement lifestyle you want. This section gives you an overview of your investment options with HESTA. If you d like more information on: asset classes investment risk and return socially responsible investing download a free copy of Your investment choice guide from or free call Each option has its own aims, strategies and level of risk and expected return, which can affect your final retirement benefit. Risk simply means the chance that the actual investment return (amount of money earned on your investment) will be different (higher or lower) than the expected investment return. All investments can have both high and low-risk tendencies and returns can be negative, so it s important to take a long-term view when making your choice. One way to lower your investment risk is to diversify (spread) your investments across different asset classes. Many of our Ready-Made Investment Pools are diverisfied (see ). What should you consider when choosing your investment option? Think carefully about your financial situation, goals and preferences. Ask yourself: how comfortable am I with taking greater risks for potentially greater returns? how much control do I want over my investments? (With HESTA, you can leave the work to Core Pool, our default investment option see ) what level of income do I want when I retire? how many years until I expect to withdraw my super? how much have I already saved? what other investments do I have? how important to me are consistent investment returns? How do you choose? Read through this section. Think about whether you need professional financial advice before you choose. If you do, we can help you find it (see Where to find help below). Record your choice of options on part 7 of the New member application form. Your chosen options must add up to 100% or, if you re happy to leave your super invested in our default investment option, Core Pool (see ), simply write 100% next to Core Pool. If you don t want to choose another option, all your super will be invested in Core Pool until you decide to make a change. Where to find help HESTA s Superannuation Service Advisers You should consider seeking professional financial advice to help you choose an option that suits your personal circumstances. One of your membership benefits is access to free personal advice about your super, including help with making your investment choice. See page 44 for details. Industry Fund Financial Planning (IFFP) You can access more in-depth financial planning services through Industry Fund Financial Planning (IFFP). See for details. Or you can contact another person or organisation licensed or authorised to provide personal advice under an Australian Financial Services Licence. Your employer or union must not give financial advice or recommend any financial product unless they hold this licence. We recommend you seek advice if you need any help with making your investment choice. What if you need to make a change? You can change your investment option up to 12 times per year FREE by: using Member Online at (to register, complete part 9 of the New member application form or free call us on ) using the form at the back of Your investment choice guide; download your free copy from or free call Changes received by the end of the month will take effect at the beginning of the following month. If you provide multiple instructions in one month, only the latest will actioned.

15 What are your investment options with HESTA? You can decide how much control you want over your investments with HESTA. you (our default investment option) If you don t make a choice, all your super will automatically be invested in HESTA s default option, Core Pool. This is HESTA s balanced option if you re happy with this option you don t need to make a choice (but remember to review your investment choice regularly). Your money will stay in Core Pool unless you decide to change your investment choice (see ). You can choose from six professionally managed Ready-Made Investment Pools, each with a different performance goal and asset mix (see ). (YC) option If you prefer to design your own asset mix, you can choose how much you want invested in one or more of HESTA s eight Your Choice Asset Classes (see ). You can mix and match any combination of Your Choice Asset Classes and Ready-Made Investment Pools. Changes to our investment options HESTA uses a range of professional investment managers to invest members savings according to specific objectives and strategies set by the Board. The Board has discretion to change its managers and asset allocations at any time in accordance with its investment strategy. You ll find the most up-to-date investment information at When is interest applied to your account? Interest is based on your daily balance and is applied to your account on withdrawal or at 30 June each year. Interim interest rates will be used for calculations of full withdrawals during the year. In times of poor investment performance, rates may be negative. The final investment return applied to your account is net of member benefit protection costs, Trustee operating fee, taxes and investment management costs. Can you predict future returns? No. Previous returns on investments don t necessarily indicate future performance. This is because over time your investments may be affected by changing economic conditions, currency fluctuations or other variables. For example, there are irregular cycles of bull (rising) and bear (falling) share markets. Reserve policy HESTA retains a small investment reserve for the purpose of rounding the Core Pool interest rate applied to members accounts. These reserves are targeted to be at least 0.2% of total assets. How to read the asset allocation graphs You can check the current asset mix of each HESTA investment option at a glance, using the colour-coded graphs on. Check the current asset allocation guide at the top of and to see which colour corresponds to each asset class. Then, check the colours in the pie graph beside each option s description. This shows you how much of each asset class makes up that option. HESTA s investment consultant Frontier Investment Consulting (Frontier) advises HESTA s Trustee on investment objectives, strategies and investment managers. It s licensed by ASIC (AFSL No ). The Trustee owns shares in Frontier Investment Consulting Pty Ltd. Frontier is contracted to provide investment advisory services to HESTA s Trustee and is paid a fee for this service. HESTA s investment managers HESTA uses a number of professional investment managers to invest your savings according to specific objectives and strategies set by the Trustee Board. Each manager specialises in a distinct investment area and is measured against a performance target. HESTA also uses Frontier Investment Consulting to research and recommend how and where to invest HESTA s funds to meet each investment option s objectives. Our current investment managers are listed at 15 Choosing how your super s invested

16 Ready-Made Investment Pools Objective (Shows the percentage long-term return above the Consumer Price Index (CPI) that each option aims to achieve. This may help give you an idea of return goals.) Cash Plus Strategy Strategic asset allocation** as at 1 December 2008 Cash Plus aims for the lowest year-to-year variation in returns of all HESTA s Ready-Made Investment Pools, although with the expectation of lower rates of return than Core Pool over the long term. It s the most conservative of all HESTA s pools and is specifically designed to offer a low-risk investment. It aims to provide stable returns slightly greater than those achieved by investing in cash alone. Cash Plus aims to achieve CPI + 3%. Cash Plus has an asset allocation with more exposure to cash and fixed-interest markets than other Ready-Made Pools. It was designed to offer members a low-risk investment seeking greater returns than cash alone. Almost 30% of its investment is in shares. This is because shares tend to have a low correlation, or relationship, with cash and as one rises in value, the other may be expected to slow. So, by investing a proportion in shares, we help reduce the risk while enhancing the potential return over the longer term. International Direct Property 1.5 % Australian Infrastructure 2.9 % Australian Direct Property 3.5 % Absolute Return Strategies-Defensive 4 % International Infrastructure 4.1 % International Fixed Interest 9 % International Shares 12 % Australian Fixed Interest 14 % Australian Shares 15 % Cash 34 % Core Pool (Our default option) 16 Core Pool aims to optimise returns while in the short term achieving consistently better returns than the 90-day bank bill rate (adjusted for tax) and rarely having an interest rate less than zero. Core Pool aims to achieve CPI + 4%. Shares Plus Shares Plus aims to provide higher long-term returns than Core Pool. This recognises that there is likely to be a substantial year-to-year variation in returns and even in the longer term Shares Plus may not outperform other pools. It has a diversified portfolio that includes assets other than shares. Shares Plus aims to achieve CPI + 5%. Core Pool uses the strategy of investing in a diversified but balanced mix of assets to provide a consistent return. The asset mix may vary during the year in accordance with market conditions to help achieve this consistency of return. It s the only pool that holds a reserve, which may be used for rounding purposes. These reserves are targeted to be at least 0.2% of total assets. Shares Plus has a mixed asset allocation, with more exposure to the share market than Core Pool. However, its diversification means that it has a lower risk profile than an investment in shares alone (such as Australian Share Pool or Overseas Share Pool). Australian Private Equity 1 % International Private Equity 3 % Absolute Return Strategies-Growth^ 3 % Absolute Return Strategies-Defensive 3 % International Direct Property 3 % Cash 4 % International Fixed Interest 4 % Australian Infrastructure 5 % Australian Fixed Interest 6 % International Infrastructure 7 % Australian Direct Property 7 % International Shares 23 % Australian Shares 31 % Other Assets 0 % Australian Private Equity 1 % Cash 2 % International Direct Property 2.1 % International Private Equity 3 % Australian Infrastructure 3.8 % Australian Direct Property 4.9 % Absolute Return Strategies-Growth^ 5 % International Infrastructure 5.2 % International Shares 33 % Australian Shares 40 % Your investment options in detail Eco Pool Eco Pool aims to optimise long-term returns while investing in companies that demonstrate best practice environmental/sustainability performance within their industry sector, relative to their peers. Its high allocation to shares means there is likely to be significant year-to-year variation in returns, and although we expect long-term returns similar to Core Pool, Eco Pool may not outperform other pools, even in the long term. Eco Pool aims to achieve CPI + 4%. Overseas Share Pool By investing purely in international shares, Overseas Share Pool aims to achieve higher long-term returns than Core Pool and Shares Plus. However, with the prospect of increased returns comes a high level of risk and more year-to-year variations in performance are likely. Overseas Share Pool aims to achieve CPI + 5%. Eco Pool invests in Australian shares, international shares, Australian direct property and cash investments. The Australian shares component is selected via an environmental screen, while the international shares component is screened according to economic, environmental and social criteria. Companies are then evaluated and rated for environmental management/sustainability practices within their sector. After being assessed for their financial performance, investments are made in the best-rated companies in each sector. The property investment is expected to be rated a minimum four green stars under the Green Building Council Australia s guidelines and is considered a defensive asset. Overseas Share Pool invests purely in international shares, including small companies and emerging markets. It therefore has a higher exposure to overseas share markets than other pools. However, diversification is achieved by investing across many different markets and countries. It s also more aggressively managed than most other HESTA options (including Your Choice share options) and therefore has a higher risk profile than the Your Choice International Shares asset class. It may include managers who also short sell shares. Cash 10 % Australian Direct Property 10 % International Shares 35 % Australian Shares 45 % International Shares 100 % Australian Share Pool Australian Share Pool aims to achieve higher long-term returns than most pools. It is not widely diversified and accepts that the prospect of increased returns means a high level of risk, with more year-to-year variations in performance. Australian Share Pool aims to achieve CPI + 5%. Australian Share Pool invests in Australian shares, including small companies. This impacts on the diversification of the Pool and, combined with an aggressive management strategy, means it has the highest risk profile of all Pools (including Your Choice share options). This product may at times hold a small percentage of its assets in shares of companies not listed on the Australian Stock Exchange. It may include managers who also short sell shares. Australian Shares** 100 % * Long-term probabilities of negative returns are based on capital market assumptions and actual outcomes may vary. See page 20 for details. Source: Frontier Investment Consulting. ** Each manager will hold a small percentage of their mandate in cash for portfolio management purposes. Some assets within the property and infrastructure asset classes have a mix of higher and lower risk investments. From time to time the Core Pool will invest in assets that do not fit into the asset class descriptions above and do not have a strategic asset allocation. Generally these other assets will be substitutes for unlisted assets (such as property, infrastructure or private equity) where Core Pool is, at the time, unable to fully invest to the strategic asset allocation. ^ Core Pool and Shares Plus: the strategic weights to Absolute Return Strategies-Growth will be implemented over time. In the interim the weighting to international shares will be commensurately higher than the strategic asset allocation above.

17 Other Assets Australian Private Equity International Private Equity Australian Infrastructure International Infrastructure Australian Shares International Shares Australian Direct Property International Direct Property Australian Fixed Interest International Fixed Interest Cash Absolute Return Strategies-Defensive Absolute Return Strategies-Growth^ Probability of a negative annual return* Expected risk/return profile (long-term)# Performance ## ### 1 in 36 years Lowest risk/ lowest return Return (%) to 30 June year average Cash Plus -0.8% 10.7% 8.9% 9.0% 9.6% 7.3% Cash Plus returned an average of 7.1% p.a. since inception at 1/7/1995 to 30/6/ in 11 years Moderate risk/moderate return Return (%) to 30 June year average Core Pool -5.4% 16.7% 14.4% 13.4% 15.5% 10.5% Core Pool returned an average of 9.7% p.a. since inception at 1/8/1987 to 30/6/ in 8 years High risk/ high return Return (%) to 30 June year average Shares Plus -9.2% 18.8% 16.1% 13.0% 18.1% 10.8% Shares Plus returned an average of 9.4% p.a. since inception at 1/7/1995 to 30/6/ in 7 years High risk/ high return Return (%) to 30 June year average Eco Pool -12.7% 18.2% 14.3% 10.5% 15.5% 8.5% Eco Pool returned an average of 3.8% p.a. since inception at 1/2/2000 to 30/6/2008. Your investment options in detail 1 in 5 years Highest risk/highest return Return (%) to 30 June year average Overseas -14.8% 15.3% 14.4% 0.1% 19.9% 6.1% Share Pool Overseas Share Pool returned an average of -0.3% p.a. since inception at 1/7/2001 to 30/6/ in 4 years Highest risk/highest return Return (%) to 30 June year average Australian -12.6% 30.3% 19.9% 24.2% 22.4% 15.7% Share Pool Australian Share Pool returned an average of 11.4% p.a. since inception at 1/7/2001 to 30/6/2008. #On average, more than seven years. ##Returns figures are declared and interest is paid after deduction of investment management costs, taxation, member benefit protection cost and the Trustee operating fee. ###Past performance is not necessarily indicative of future performance.

18 Your Choice (YC) Asset Classes Objective (Includes the percentage long-term return above the Consumer Price Index (CPI) that each option aims to achieve. This may help give you an idea of return goals.) Strategy Strategic asset allocation** (in bold) and asset allocation range as at 1 December 2008 Cash Your Choice Cash aims to produce a return equivalent to or higher than the Overnight Cash Rate. It s the most conservative of the Your Choice options. YC Cash aims to achieve CPI + 1%. Your Choice Cash is 100% invested in cash and enhanced cash products. It s updated with investment earnings and movements in values. 100% Cash (including enhanced cash) Fixed Interest Your Choice Fixed Interest aims to produce a return that is higher than the UBS Composite Bond Index. It s less conservative than cash, in that it may produce a negative return, but is more conservative than the other Your Choice options. YC Fixed Interest aims to achieve CPI + 2%. Your Choice Fixed Interest is 100% invested in fixed income products. It will have investments in both Australian and international fixed interest, including products that specialise in investing in corporate bonds (known as credit ). Investments are managed in a style similar to that used by Core Pool for this asset class. The currency exposures in international bonds are fully hedged by the manager. 100% Fixed Interest (Australian and international) Absolute Return Strategies Your Choice Absolute Return Strategies invests in hedge funds. It aims for returns considerably above cash returns, however it may produce a negative return from time to time. YC Absolute Return Strategies aims to achieve CPI + 4%. Your Choice Absolute Return Strategies are 100% invested in absolute return strategy products and sometimes commodities, primarily through international managers, although they may include Australian managers. Investments are managed in a style similar to that used by Core Pool for this asset class. Its currency exposures are fully hedged by the manager. 100% Absolute Return Strategies (Defensive) Property 18 Your Choice Property aims to produce a return equivalent to or higher than the Mercer Direct Property Index. It s less conservative than cash or fixed interest, in that it has a high possibilty of producing a negative return, but is more conservative than the remaining Your Choice options. YC Property aims to achieve CPI + 4%. Your Choice Property is 100% invested in unlisted property products. It will have investments in both Australian and international property. Investments are managed in a style similar to that used by Core Pool for this asset class. The currency exposures in international property are managed under the HESTA strategic hedge policy. 100% Property (Australian and international) Your investment options in detail Infrastructure Your Choice Infrastructure aims to produce a return that is significantly higher than the UBS Composite Bond Index. It has holdings in unlisted companies and, although these are not considered speculative, is likely to produce negative returns from time to time. Returns should be less volatile than other equity investments. YC Infrastructure aims to achieve CPI + 4%. International Shares Your Choice International Shares invests in international shares. It aims to produce high long-term returns, however it is very likely to produce negative returns from time to time. YC International Shares aims to achieve CPI + 5%. Your Choice Infrastructure is invested primarily in unlisted infrastructure products. It will have investments in both Australian and international infrastructure. Investments are managed in a style similar to that used by Core Pool for this asset class. The currency exposures in international infrastructure are either hedged by the manager or under HESTA s strategic hedge policy. Your Choice International Shares is invested in listed international shares. Investments are managed in a style similar to that used by Core Pool for this asset class. The currency exposures in international shares are managed under HESTA s active currency overlay program policy. It may include managers who also short sell shares. 100% Infrastructure (Australian and international) % International Shares 0 25% Cash Australian Shares Your Choice Australian Shares invests in Australian shares. It aims to produce high long-term returns, however it is very likely to produce negative returns from time to time. YC Australian Shares aims to achieve CPI + 5%. Your Choice Australian Shares is invested in listed Australian shares. Investments are managed in a style similar to that used by Core Pool for this asset class. It currently has an overweight position to small company managers that is lower than the exposure in the Australian Share Pool. It may at times hold a small percentage of its assets in shares of companies not listed on the Australian Stock Exchange. It may include managers who also short sell shares % Australian Shares 0 25% Cash Private Equity Your Choice Private Equity invests in Australian and overseas private equity. It aims to produce high long-term returns, however it is very likely to produce negative returns from time to time. YC Private Equity aims to achieve CPI + 7%. Your Choice Private Equity is 100% invested in private equity products. It will have investments in both Australian and international private equity. Investments are managed in a style similar to that used by Core Pool for this asset class. The currency exposures in the international private equity are managed under the HESTA strategic hedge policy. 100% Private Equity (Australian and international) Please note Your Choice Asset Classes may be excluded from having exposure to certain investments while the value of HESTA s investment is built up to a critical mass. All options are updated with investment returns and no reserves are kept. Risk/return profiles are based on capital market assumptions including past performance. Actual outcomes and relative risk and return may vary. * Long-term probabilities of negative returns are based on capital market assumptions and actual outcomes may vary. See page 20 for details. Source: Frontier Investment Consulting. ** Each manager will hold a small percentage of their mandate in cash for portfolio management purposes. Some assets within the property and infrastructure asset classes have a mix of higher and lower risk investments.

19 Other Assets Australian Private Equity International Private Equity Australian Infrastructure International Infrastructure Australian Shares International Shares Australian Direct Property International Direct Property Australian Fixed Interest International Fixed Interest Cash Absolute Return Strategies-Defensive Probability of a negative annual return* Risk/return profile (long term)# Performance## ### ^ Negligible Lowest risk/ lowest return Return (%) to 30 June year average Cash 3.6% 5.3% 4.7% 4.6% 4.0% 4.4% Cash returned an average of 4.2% p.a. since inception at 1/7/2001 to 30/6/ in 32 years Moderate risk/ moderate return Return (%) to 30 June year average Fixed Interest 3.7% 4.1% 2.2% 8.0% 3.6% 4.3% Fixed Interest returned an average of 5.3% p.a. since inception at 1/7/2001 to 30/6/ in 11 years Medium risk/ medium return Return (%) to 30 June year average Absolute 4.8% 11.9% 10.4% 5.3% 7.1% 7.8% Return Strategies Absolute Return Strategies returned an average of 7.8% p.a. since inception at 1/7/2003 to 30/6/ in 19 years Medium risk/ medium return Return (%) to 30 June year average Property 5.5% 13.9% 12.5% 10.2% 9.9% 10.3% Property returned an average of 10.1% p.a. since inception at 1/7/2001 to 30/6/ in 7 years High risk/high return 1 in 5 years Highest risk/ highest return Return (%) to 30 June year average Infrastructure 10.1% 13.4% 10.2% 17.1% 7.6% 11.6% Infrastructure returned an average of 9.5% p.a. since inception at 1/7/2001 to 30/6/2008. Return (%) to 30 June year average International -15.4% 13.8% 14.6% 5.1% 20.7% 6.9% Shares International Shares returned an average of 1.0% p.a. since inception at 1/7/2001 to 30/6/2008. Your investment options in detail 1 in 4 years Highest risk/ highest return Return (%) to 30 June year average Australian -12.2% 29.5% 20.7% 23.1% 22.2% 15.6% Shares Australian Shares returned an average of 11.1% p.a. since inception at 1/7/2001 to 30/6/ in 7 years Highest risk/ highest return Return (%) to 30 June year average Private 7.1% 12.1% 19.0% 0.0% 19.9% 11.3% Equity Private Equity returned an average of 6.3% p.a. since inception at 1/7/2001 to 30/6/2008. #On average, more than seven years. ##Returns figures are declared and interest is paid after deduction of investment management costs, taxation, member benefit protection cost and the Trustee operating fee. ###Past performance is not necessarily indicative of future performance. ^ Your Choice Cash is 100% invested in cash and enhanced cash products. It s updated with investment earnings and movements in values.

20 20 FAQs about investing with HESTA FAQs about investing with HESTA How are investment returns calculated? How much interest you earn depends on the investments you choose and how they perform each year. The rate of return for each investment option, whether positive or negative, reflects the net return for each asset class (ie after tax, investment management costs, member benefit protection cost and the Trustee operating fee are deducted). How have HESTA s investments performed? HESTA s default option, Core Pool, has achieved Your returns will depend on the asset mix you choose. The table below shows the net earnings over five years for each of HESTA s investment options. For latest performance figures go to Cash Plus Core Pool Shares Plus Eco Pool Overseas Share Pool Australian Share Pool Your Choice Asset Classes Cash Fixed Interest Absolute Return Strategies Property Infrastructure International Shares Australian Shares Private Equity % -5.4% -9.2% -12.7% -14.8% -12.6% 3.6% 3.7% 4.8% 5.5% 10.1% -15.4% -12.2% 7.1% % 16.7% 18.8% 18.2% 15.3% 30.3% 5.3% 4.1% 11.9% 13.9% 13.4% 13.8% 29.5% 12.1% How is the probability of a negative return calculated? Each year HESTA s asset consultant, Frontier Investment Consulting (see ), reviews the return, risk and correlations outlook for each major asset class. Expected return assumptions are based on: 8.9% 14.4% 16.1% 14.3% 14.4% 19.9% the expected returns from investing in cash (the nominal risk-free rate) additional returns for holding assets that cannot be easily sold (illiquidity premium) additional returns for accepting equity (or similar) risk Risk and correlation assumptions are based on historical data for each asset class, adjusted to reflect Frontier s views of the changing relationships among asset classes. Adjustments are made for the impact of tax on both the risk and return assumptions for each asset class. Frontier uses a statistical model which combines the return, risk and correlation assumptions with HESTA s strategic asset allocation weights to determine expected total portfolio risk and return characteristics, including estimating the likelihood of a negative return (eg Frontier used this model to estimate that Core Pool has a one-in-ten-year chance of a negative annual return). Please note: Your investment in HESTA is not guaranteed. The value of your investment may rise or fall. Interest rates are set for each month. Figures above represent the movement during the full financial year and should not be taken as predictions of future returns. Past performance is not necessarily indicative of future performance. Your returns will depend on the asset mix you select % 2.2% 10.4% 12.5% 10.2% 14.6% 20.7% 19.0% % 13.4% 13.0% 10.5% 0.1% 24.2% 4.6% 8.0% 5.3% 10.2% 17.1% 5.1% 23.1% 0.0% % 15.5% 18.1% 15.5% 19.9% 22.4% 4.0% 3.6% 7.1% 9.9% 7.6% 20.7% 22.2% 19.9% 5-year average 7.3% 10.5% 10.8% 8.5% 6.1% 15.7% 4.4% 4.3% 7.8% 10.3% 11.6% 6.9% 15.6% 11.3% 10-year average 6.4% 8.3% 8.1% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Your investment options with HESTA

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