Workforce Superannuation. Product Guide

Transcription

1 Workforce Superannuation Product Guide Issued 31 December 2013

2 Contents Welcome to Workforce Superannuation 1 Product Summary 2 Contributions 4 Managing your account 7 Accessing your benefits 10 How we invest your money 12 Insurance 24 Fees and costs 30 Taxation information 34 Keeping in touch 36 What happens when you leave your employer? 37 Other things you need to know 38 How to contact us back cover Suncorp Portfolio Services Limited (Trustee) (ABN , AFSL , RSE Licence No L ), Suncorp Life & Superannuation Limited (Insurer) (SLSL) (ABN , AFSL ) and Suncorp-Metway Limited (SML) (ABN , AFSL ), are related bodies corporate of Suncorp Group Limited (Suncorp Group) (ABN ). The information contained in the PDS, this Product Guide, and any other material incorporated by reference, is of a general nature only and doesn t constitute financial advice. It has been prepared without taking into account your particular objectives, financial situation or needs. Before deciding to open an account or continuing to hold an interest, you should consider how the information contained in the PDS, this Product Guide, and any other material incorporated by reference, relates to your own situation. We recommend that you speak to an adviser who will be able to help you with your investment and insurance decisions. Various products and services are provided by different entities of the Suncorp Group. The different entities of the Suncorp Group are not responsible for, or liable in respect of, products or services provided by other entities of the Suncorp Group. The obligations of the Trustee and the Insurer aren t guaranteed by any other company within the Suncorp Group. Except as otherwise stated, Suncorp and its subsidiaries and related bodies corporate don t guarantee the repayment of capital invested in or the investment performance of this product. This product is not a bank deposit or other liability and is subject to investment risk including possible delays in repayment and loss of the interest and principal invested. The Trustee is authorised by the Australian Prudential Regulatory Authority to offer a MySuper product under section 29T of the SIS Act in relation to the Suncorp Master Trust, Suncorp Lifestage Fund. Unique identifier The Product Disclosure Statement (PDS), the Product Guide, and any other material incorporated by reference, were prepared on 31 December The Trustee is the issuer of the PDS, the Product Guide and any other material incorporated by reference, and takes responsibility for its contents. Investment option information is provided by the investment managers which includes their objectives, strategies, asset allocations, fees and buy-sell spreads. The investment managers have consented to the publication of this information in the PDS and Product Guide and haven t withdrawn their consent at the time of its preparation. They take no responsibility for any other information in the PDS, the Product Guide, and any other material incorporated by reference. Workforce Superannuation (Workforce) (SPIN and Unique Superannuation Identifier RSA0001AU) is part of the Asteron Life Superannuation division of the Suncorp Master Trust (Fund) (ABN , RSE Fund Registration No. R ). Applications can only be accepted from persons receiving the PDS (including electronically) within Australia. If you print an electronic copy, please ensure you print all pages of the PDS and the Product Guide. If you would like a printed version, free of charge, just call us on or us at [email protected] Administration services are provided by Suncorp Life & Superannuation Limited, a wholly owned subsidiary of the Suncorp Group. We reserve the right to refuse or reject an application for membership or insurance. Insurance cover offered through Workforce is provided by the Insurer in a policy issued to us. This policy is a non-participating policy. Throughout the PDS, the Product Guide, and any other material incorporated by reference, unless otherwise specified, references to: we, us, our and Trustee mean Suncorp Portfolio Services Limited adviser means a qualified financial adviser Insurer and Suncorp Life and SLSL mean Suncorp Life & Superannuation Limited bank account means an Australian bank, building society or credit union account business day means a Sydney business day other than a Saturday, Sunday or public holiday in Sydney licensee means an organisation that has obtained an Australian Financial Services Licence (AFSL) for the provision of financial services Workforce means Workforce Superannuation plan means your employer superannuation plan within Workforce employer means your employer plan s adviser means the qualified financial adviser for your employer superannuation plan you and member means a member of Workforce (an employee) Suncorp Lifestage Fund means a MySuper product MySuper member means any member who has an investment in the Suncorp Lifestage Fund.

3 Welcome to Workforce Superannuation Welcome to Workforce Superannuation Workforce Superannuation (Workforce) is part of the Suncorp Master Trust. Your employer has chosen Workforce as your superannuation fund to help you invest and save for your retirement. We d like to welcome you to the plan and invite you to get to know your super account. After all, your super s going to play a big role in your family s financial security, and even small decisions now could make a big difference later. What you can expect from us We take the responsibility for your investment very seriously. That s why we ll do all we can to support you and help you make the most of your super account. How will we do this? We ll keep things simple. If you re unsure about where your super should be invested, we ll help you with information about how to match your attitude to risk with your investment choice. Additional information This Product Guide forms part of the Workforce Superannuation Product Disclosure Statement (PDS), issued 31 December You should read the PDS, this Product Guide, and any other material incorporated by reference, before making any investment or insurance decisions. You can get a copy of the PDS, this Product Guide and any other material incorporated by reference from our website. Or if you would like a printed version, free of charge, just call us on We ll be happy to help. Changes to the PDS and Product Guide The information in the PDS, and any other material incorporated by reference, such as this Product Guide and its underlying Trust Deed, may change. Where the change isn t materially adverse, we may update the information on our website at asteronlife.com.au We ll give you a printed version of the updated information, free of charge, on request. We ll help you protect what s important with insurance within your super. We ll make it easy for you to manage your account, by giving you a range of contact options from online, telephone, fax or post. With Workforce, you re on the way to a better future for you and your family. Workforce Superannuation Product Guide 1

4 Product Summary The following sets out key features of Workforce. Take a few moments to get to know your account. The choice is yours Where you invest your superannuation is your choice. Super Choice is legislation that allows you (if you re eligible) to choose where you want your compulsory employer contributions paid. If your compulsory employer contributions are currently being paid into another account and you d like them to be paid into your Workforce account, fill in a Standard Choice Form, available from our website. Your super account at a glance Features Refer to page Investment minimums Initial investment No minimum Ongoing account balance No minimum Regular contribution plan No minimum Investment choice Single sector investment options Diversified investment options Maximum number of investment options Default investment option Suncorp Lifestage Fund 12 General features Investment switching Super consolidation service Lost super service You have the flexibility to switch between investment options at any time Consolidating your super accounts could reduce the amount of fees you pay and the amount of paperwork you receive We can help you transfer all your super balances into the one account, or, if you d prefer to do it yourself, we also have an online super rollover wizard We can help you find your missing super benefits by conducting searches on the Australian Taxation Office (ATO) databases on your behalf Binding or non-binding death benefit nomination You can have a binding or non-binding death benefit nomination 9 Contribution methods Insurance options Making contributions to your Workforce account is easy, and you can choose from the following methods: cheque transfer from another super fund Workforce gives members the option of having Death & Total and Permanent Disability (TPD) insurance Asteron Life

5 Features Refer to page General features continued Online access communications Fees and costs Log on to WealthSolutions at asteronlife.com.au to access your super account at any time By providing us with your address, you can choose to receive many of the more important communications, such as annual statements, transaction confirmations and confirmations of changes to your account details via . If your employer gives us your address, we ll use this to communicate with you whenever possible 36 Contribution fee 1 Up to 5% of contributions and transfers 31 Administration fee and Investment fee $78 per year 2 plus Suncorp Lifestage Fund 0.85% pa Other investment options Depends on the investment option you choose and ranges from 2.80% pa to 3.00% pa 30 Switching fee Nil 30 Exit fee Nil 30 1 This fee includes an amount paid to your plan s adviser and is not deducted from the Suncorp Lifestage Fund. Please see Fees and costs on page 30 of this Product Guide. 2 This fee is deducted from any investment in the Suncorp Lifestage Fund providing there is sufficient balance to do so. See Fees and costs on page 30 of this Product Guide. All fees in this Product Guide are quoted after the expected effect of income tax and inclusive of GST (less any available reduced input tax credit). This means the fees you see are the fees you ll actually pay. In some cases the Trustee may be able to claim a further tax benefit in relation to these fees. If so, it may pass this benefit on to you. Continued flexibility, even when you leave your employer If you leave your employer, you can still keep your super account in Workforce. We ll also provide you with the information you need so that your new employer can contribute to your Workforce account on your behalf. For more information, see What happens when you leave your employer? on page 37 of the Product Guide. Workforce Superannuation Product Guide 3

6 Contributions Get off to a super start Your super is your key to a life of financial independence. But it s easy to forget about your super you probably don t see the money going in, and for most people there s no way of getting it out. Until you retire that is. The fact is that your super is likely to be the second largest asset you build in your lifetime, after the family home. Workforce can help you reach your financial goals and achieve the retirement lifestyle you want. By taking advantage of the tax-effective nature of the superannuation environment and investing regularly in Workforce now, you can make saving for your retirement easier. How much is your employer contributing for you? Did you know that unless you are an exempt employee, your employer must make superannuation guarantee (SG) contributions to your account on a quarterly basis? This is the minimum amount your employer must contribute on your behalf (unless you have a specific agreement in place with your employer to contribute more). The SG contribution amount is currently equal to 9.25% of most employees salary, and will gradually increase to 12%. To find out how much is expected to be contributed to your super account on your behalf, check your payslip. Super strategies to boost your savings for your retirement The current level of SG contributions to your super account by your employer is a great start, but the truth is it probably won t be enough to provide you with the lifestyle you want in retirement. To help you boost your savings for retirement, the Government has put in place a number of initiatives to encourage you to save more for your retirement. Salary sacrifice Putting a portion of your pre-tax salary into your super is one of the most powerful and tax-efficient ways to boost your Workforce account. Rather than paying income tax which can be up to 46.5%, you ll generally only pay 15% tax on these contributions. And because these contributions aren t considered salary for tax purposes, salary sacrificing can potentially reduce your overall taxable income. Government co-contributions If you make a personal contribution from after-tax money (that s money you ve paid income tax on - ie. your take-home pay), you may be eligible to receive an additional contribution into your account from the Government. This is known as the Government co-contribution scheme. If you earn less than $33,516 a year (in the 2013/14 financial year) and you make a $1,000 after-tax contribution, the Government may contribute the maximum $500 to your retirement savings. The Government s co-contribution amount decreases for those on higher incomes, but you can still benefit from the co-contribution scheme if you earn less than $48,516 a year (proposed for the 2013/14 financial year). Spouse contributions Contributions to your account If you earn less than $13,800 a year you could benefit from the spouse contribution scheme. By making a contribution on your behalf, your spouse may be entitled to a tax offset of up to $540 which can be claimed through their personal tax return. The offset is equal to 18% of a maximum contribution of $3,000 a year - ie. $540. This maximum rebate applies when the recipient spouse has a total income of less than $10,800 a year. The rebate gradually reduces up to the $13,800 a year earnings limit. The following points give you a flavour of these super boosting strategies. For more information on how these strategies can work for you, speak to your adviser or call us. 4 Asteron Life

7 Contributions to your spouse You can direct up to 85% of any pre-tax contributions made in the previous financial year from your account to your spouse s account. However, to do this your spouse must be under age 65, and not retired if age 55 to 64 (ie. must not yet be eligible to get access to their super). Self-employed? If you re self-employed, you don t receive SG contributions from an employer to help you save for your retirement. The good news is if that you re self-employed or substantially self-employed and under age 75, you may be able to claim a tax deduction for personal contributions. You can claim a tax deduction on all contributions you make as long as less than 10% of your income comes from an employer and you do not create a tax loss. If you ve made personal contributions into your account, we ll send you a notice at the end of the financial year. This is known as a s notice of intent to deduct (formerly a s82aat notice). To claim a tax deduction, simply complete the notice and send it back to us. You should consult with your adviser to ensure you are eligible to claim a tax deduction on personal contributions to super. Who can contribute? Personal circumstances, such as your age and employment status, determine who can open an account and contribute to super. You can only open a Workforce account if you re: an eligible employee of an existing Workforce corporate super plan and receiving SG or certain Award employer contributions at any age. You can make contributions into your Workforce account if you re: What types of contributions are accepted? Contributions made to your super account fit into one of two categories, known as: Concessional contributions or Non-concessional contributions. Both of these contribution categories are subject to caps on the amount you may contribute in a financial year (from 1 July to 30 June). The table below shows what category each type of contribution made into your super account falls into and the contributions caps for the 2013/14 financial year: Concessional contributions Types accepted Compulsory employer (SG and Award) Personal (deductible) Salary sacrifice Voluntary employer Contributions caps for the 2013/14 financial year $25,000 per year. $35,000 per year (for individuals age 60 or older). Nonconcessional contributions Spouse Personal (after-tax) $150,000 per year. If you re under age 65, you can contribute up to three times the cap in one or two financial years by combining some future years caps. under age 65 or age 65 to 74 and have worked at least 40 hours in a consecutive 30-day period within the current financial year. Workforce Superannuation Product Guide 5

8 Contributions (continued) What happens if you contribute amounts above the caps? Depending upon the circumstances, you may pay additional tax or the contributions will be rejected. Excess concessional contributions made from 1 July 2013 are taxed at the marginal tax rate and you can request the release of up to 85% of these contributions from super. An additional interest charge applies. Contribution methods It s easy to contribute to your super account, with a range of flexible methods. Direct debit You, your spouse and your employer can conveniently contribute to your Workforce account on a regular basis by setting up a direct debit facility. There s no minimum for direct debit contributions. Deductions from the nominated bank account are made on or around the 15 th of the relevant month. You can change or cancel this arrangement at any time and we must receive your request on or before the 1 st of the month for it to be effective for the next scheduled direct debit. Cheque Please make cheques payable to Suncorp Portfolio Services Limited <your account name> and send it with an Additional investment form to us at: Customer Service Centre GPO Box 1576 Sydney NSW Asteron Life

9 Managing your account It s easy to manage your Workforce account via the following transaction options The table below answers some questions you may have and helps you identify the choice of options available for each transaction. All forms are available from our website at asteronlife.com.au How do you? What form do you need to use? Transaction options Apply for insurance cover Insurance application form Change your investment options Set up or change a regular contribution plan Investment change form Direct Debit Request form Change your address Change of details form Change your name Change of details form Change your bank account details Transfer money from another super fund Direct Debit Request form Transfer authority form Make a withdrawal Withdrawal form Nominate or change your death beneficiary Death benefit nomination form Provide your TFN Change of details form Appoint an authorised representative Set up a personal advice fee payment Cancel a request Authorised representative form Advice fee form No form put your request in writing By mail Customer Service Centre GPO Box 1576 SYDNEY NSW 2000 By phone By fax Original signature required We must receive an original ink signature Workforce Superannuation Product Guide 7

10 Managing your account (continued) Default investment option Our default investment option for Workforce members is the Suncorp Lifestage Fund. When you join Workforce, you ll automatically be invested in our simple, cost effective and MySuper compliant Suncorp Lifestage Fund It s a diversified investment option that automatically changes its investment mix as you grow older. More about MySuper On 1 January 2014 the Australian Government introduced the MySuper reforms which have been designed to improve the way superannuation works in Australia. MySuper is a simple, cost effective superannuation investment. At Workforce, our MySuper investment option is the Suncorp Lifestage Fund. The PDS and this Product Guide provides all the information you need to know about the Suncorp Lifestage Fund. Fees and costs for the Suncorp Lifestage Fund By law we are required to offer all members invested in the Suncorp Lifestage Fund (MySuper) a standard set of fees and costs. Fees and costs associated with any investment in the Suncorp Lifestage Fund will be separate from your other investment options. You ll find fees and costs associated with each of these separated on your online account and on any account statements issued, including your annual statement. Our service standards We re committed to delivering consistent, superior service. Our service standards apply from when we receive your complete instructions. If we receive a complete investment transaction request from you by 12pm (Sydney time) on a business day, you ll receive the unit price effective for the investment option for that day. If we receive a completed investment transaction request after 12pm on a business day, we ll process the request using the investment option unit prices for the following business day. The 12pm cut-off applies to all contributions, switches and withdrawal requests. Generally, we aim to process requests within five business days. We process switches on the third business day following receipt of a complete Investment change form. We apply the unit price of the day we complete the switch. We strive to consistently meet our service standards, however the unit price used to process your transactions may differ from the effective unit price for that day or processing your transactions may be delayed in some circumstances including: incomplete or incorrect information from you a delay in confirmation or payment from an external investment manager carrying out the transaction may materially impact other members us receiving a direction from a lawful authority to suspend or amend the transaction the investment manager suspending redemptions from your underlying investment the proximity to the end of the financial year and any other delays in redeeming assets. 30 days notice should be provided to us if you wish to withdraw more than $250,000. We may from time to time review our service standards. Please also refer to Unit pricing delays on page 16 of this Product Guide. 8 Asteron Life

11 Terms and conditions for accepting faxes We ll accept faxed instructions on our relevant forms. Before using this option, there are a few things you need to know, like: we re not responsible to you for any loss resulting from any fraudulently completed request we re not responsible to you for any loss suffered by you because we process a fax that has been corrupted during transmission we won t compensate you for any losses arising from the use of this facility and we ll be released and indemnified by you against any liabilities as a result of acting on any faxed communication received in relation to your account. Nominating your beneficiaries Have certainty over who will receive your death benefits by nominating a dependant. Who is a dependant? You can only nominate your estate or your dependants to receive your death benefits. A dependant under super law includes: spouse (legal, de facto, same-sex) child (any age) person in an interdependency relationship with you and financial dependant. For your nomination to be valid: each beneficiary must be a dependant and/or your legal representative at the time of your death if there is more than one beneficiary, the apportionment of your benefit must be clear and add up to 100% and the nomination must be made, confirmed or amended every three years two adult witnesses who aren t beneficiaries must witness and sign the nomination. Where a dependant you have nominated as a beneficiary dies before you and your binding nomination is still valid, on your death, the Trustee will divide that dependant s share equally among your surviving nominated dependants. Where there are no remaining dependants, your binding nomination is invalid or you do not make a binding nomination, the Trustee can use its discretion and will generally pay the death benefit to your dependants and/or to your estate. Non-binding death benefit nomination If you make a non-binding death benefit nomination, the Trustee will consider your nomination and use its discretion to pay any death benefit, generally to your dependants and/or your estate. Unlike a binding nomination, a non-binding nomination does not have to be renewed every 3 years. We recommend you review your nomination whenever you experience a change in circumstances such as marriage, divorce, birth of a child or when a beneficiary ceases to be a dependant. Choice of binding or non-binding death benefit nomination Workforce offers you the choice of either a binding or a non-binding death benefit nomination. Binding death benefit nomination A binding death benefit nomination allows you to nominate your dependants and/or your estate to receive part or all of your death benefit (including any insurance benefit). We must pay the benefit to your beneficiaries when you die (provided your nomination is valid at the time). Workforce Superannuation Product Guide 9

12 Accessing your benefits When can you withdraw from your Workforce account? Super is a long-term investment designed to help you save for your retirement and government legislation defines when you can access your super benefits. While you can only access your super benefits before your preservation age under certain circumstances, you can transfer to another complying super fund at any time. What can you access? Preserved benefits Restricted non-preserved benefits Unrestricted non-preserved benefits These benefits can only be accessed once you have satisfied a condition of release. These benefits can be accessed under the same conditions of release as your preserved benefits, but can also be paid to you when you leave the employer who made the contributions for you. Generally, restricted non-preserved benefits arise from personal contributions made to an employer fund from 1 July 1983 up to 30 June 1999, and for which you couldn t claim a tax deduction. These benefits are fully accessible at any time. When have you met a condition of release? You ll be able to access your preserved benefits if you satisfy one of the following conditions of release: Condition of release Permanent retirement from the workforce (after reaching your preservation age) Leaving your employer after turning age 60 Reaching age 65 Permanent incapacity Severe financial hardship Compassionate grounds Temporary residents departing Australia Termination of your employment with the employer who contributed for you Lost member who is found and have less than $200 in your account Reaching preservation age and using your benefits to start a non-commutable pension (transition to retirement) Terminal illness Temporary incapacity Death What you can access All All All All You may be limited to one lump sum payment between $1,000 and $10,000 within a 12-month period depending on your circumstances. You ll need to make an application to the Department of Human Services to have your benefits released. The amount you receive is determined by the Department of Human Services. All You can access all your restricted non-preserved benefits. You can access your preserved benefits if the amount is less than $200. All You ll need to commence a non-commutable income stream that is limited to a maximum pension payment of 10% of the account balance. All You can access an amount as long as it doesn t exceed your income level before becoming temporarily incapacitated. You can only receive payments as a non-commutable income stream. All 10 Asteron Life

13 Your preservation age Your preservation age is based on when you were born and determines when you can access some of your benefits. Once you have reached age 60 and retired, your money can be taken out of your super tax free as a pension or a lump sum. Date of birth Preservation age Before 1 July July June July June July June July June After 30 June Workforce Superannuation Product Guide 11

14 How we invest your money Make the right investment choice. A few small decisions now could make a big difference to where you ll end up. Our investment menu Workforce makes it simple for you to choose an investment option that s right for you. As a member of Workforce, you have a choice of five investment options, including two single sector and three diversified investment options. Suncorp Lifestage Fund Suncorp Traditional Capital Stable Fund Suncorp Traditional Balanced Fund Suncorp Guaranteed Cash Fund Suncorp Australian Shares Value Fund. Workforce gives you the flexibility to switch between your investment options at anytime. You can also have your current account balance invested differently from how your future contributions are invested, if you want. Default investment strategy If you don t make an investment selection, your super contributions will be automatically invested in the Suncorp Lifestage Fund. This means you will be invested in the Suncorp Lifestage Fund for your year of birth. For example, if you were born in 1982 you will be invested in the Suncorp Lifestage Fund This could be a perfectly reasonable investment option for you. But no single investment option suits everyone. And the risk you take is that the default investment option won t deliver what you want, or need, from your investments. Matching your investments to your risk profile, and to your long-term lifestyle goals, is a good start to achieving your retirement goals. With so much choice there s sure to be an investment option, or a combination of investment options, to suit you. It s just a matter of finding out what they are and discussing with your adviser the investment strategy that s right for you. Details of your investments are included in your welcome pack. Risks of super Even though the government makes it partly compulsory, investing in super carries certain risks. One of the biggest is that you won t end up with enough money to meet your retirement needs. This could happen: when an investment decreases in value where money is invested conservatively in assets which provide more stable but lower long-term returns. General risks that could affect your Workforce account Some of the risks that could affect your investments in your Workforce account are shown below. We regularly monitor these risks for their impact on the investment menu as a whole, but it s a good idea for you and your adviser to consider what they might mean for you. Risk type Market risk Investment options risk Liquidity risk Credit risk What is it? This can arise due to changes in government or economic policy, interest rates and exchange rates, market sentiment, global events, technological change, environmental conditions or changes in legislation. All these things can adversely affect the financial markets in which your super may be invested. Investment managers and the strategies they adopt may change, which may not be in line with your expectations when you first invested. They may also fail to meet their stated investment objectives. It s also possible an investment option may be terminated. This arises where an investment can t be easily converted into cash or sold at fair value, at a time when you need it. This is where someone doesn t meet their obligations in, or relating to, an investment option. For example, it includes the risk that we or an underlying investment manager are unable to make payments. 12 Asteron Life

15 Risk type Inflation risk Currency risk Derivatives risk Gearing risk Changes in law What is it? If inflation exceeds an investment s return, it will reduce the investment s purchasing power. Inflation risk is more common in low-risk investments, such as cash, which generally fluctuate less, but potentially provide lower long-term returns. The value of international investments will change with the rise and fall of the Australian dollar. An investment manager can manage currency risk via a strategy referred to as currency hedging. Generally, if the Australian dollar s value rises, the value of unhedged investments (those not currency hedged) held in other countries will fall and vice versa. Derivatives are securities that derive their value from another security. Commonly known derivatives include futures and options. Investment managers may use derivatives to manage risks in a portfolio or to leverage a portfolio in the hope of generating additional returns. The risks of using derivatives include that they may be costly or difficult to reverse and their value may not move in line with that of the underlying security. Gearing involves borrowing money to invest in an asset. Geared investment options are internally geared, meaning the investment option borrows the money, rather than you. The cost of borrowing, including interest rates, and the level of gearing, influence returns on a geared investment. Gearing magnifies both the gains and losses of an investment option. Super and tax legislation changes frequently. These changes could affect when you can access your benefits and how they ll be treated upon withdrawal. We ll tell you about any changes we think are likely to affect your investment. Generally, we do this through the annual report. How can you reduce risk? The most common way to reduce your risk is by diversification, or not putting all your eggs in the one basket. Workforce can help you diversify your investments: How we can help you diversify your super investment Across asset classes Within an asset class Our diversified investment options are invested across a range of investments, including Australian and international shares, Australian and international fixed interest, Australian and international property, cash and alternative assets. You can also create your own investment mix from our five investment options. You can invest in different markets, different industries or different investment styles, within the one asset class. Workforce Superannuation Product Guide 13

16 How we invest your money (continued) The relationship between risk and return As a general rule, investments with a higher level of risk will provide a higher potential return. By the same token, the smaller the risk an investment poses, the smaller the potential return it will provide. This is illustrated below: High Shares Property Fixed interest Return Cash Growth assets Income assets Low Risk High Balancing this relationship can be tricky. That s why it s important to speak to your adviser before making any investment decisions. Your adviser can recommend an investment option or a combination of investment options that suits your own risk tolerance level. Standard Risk Measure The Standard Risk Measure (SRM) is a calculation we do to make it easier for you to compare the riskiness of investment options. Technically it tells you how many negative returns an investment option can be expected to deliver over any 20 year period. The SRM is not a complete assessment of all forms of investment risk. For instance it doesn t detail what the size of a negative return could be or the potential for a positive return to be less than you may require to meet your objectives. Further, it doesn t take into account the impact of any part of the administration fee that is not paid to an investment manager, and tax on the likelihood of a negative return. You should still ensure you are comfortable with the risks and potential losses associated with your chosen investment option(s). You can find more information on the methodology we use to calculate the SRM in the Understanding Investment Risk flyer on our website. A description of the SRMs are shown below: Risk band Risk label Estimated number of negative annual returns over any 20 year period 1 Very low Less than Low 0.5 to less than 1 3 Low to medium 1 to less than 2 4 Medium 2 to less than 3 5 Medium to high 3 to less than 4 6 High 4 to less than 6 7 Very high 6 or greater 14 Asteron Life

17 You ll find a SRM for each of our investment options either in the PDS or later in this Product Guide. The actual measure for each investment option can change at any time, for example because of market conditions. You should always check the most up-to-date information before you make a decision. You can find any updates in the Understanding Investment Risk flyer on our website. Understanding the asset classes Each investment option is invested into what are called underlying assets. These underlying assets have different characteristics and may be either income assets, growth assets or a combination of both. Income assets include such things as cash and fixed interest, which provide income returns in the form of interest. Growth assets include property, shares and alternative assets, which provide investment returns comprising both capital growth (increase in value of the investment) and income. Asset class What is it? Cash generally refers to short-term liquid investments and may include bank deposit securities, such as term deposits. Cash Fixed interest Property Shares Alternative assets Fixed interest generally refers to debt instruments issued by governments and companies. Investments may include bonds, debentures and other hybrid securities. The value of fixed interest assets may go up or down. Property generally refers to direct or indirect property investments in Australian and international property via listed and unlisted real estate trusts (REITs), exchange traded funds (ETFs) and companies. Shares represent a part ownership in a company (ie. a share ). Returns from the ownership of shares combine both income received (dividends) and growth (capital gains) through the increase in the share price. The value of international shares may also be affected by fluctuations in the exchange rate. Alternative assets are investments that are not classified or may not be correlated to the traditional asset classes of cash, fixed interest, property or shares. Typically they may involve investments in asset classes (eg. gold, infrastructure or private equity) or investment strategies (eg. financial instruments such as exchange traded or Over The Counter (OTC) derivatives, or trading techniques) that aren t liquid and require specialised skills to manage. Workforce Superannuation Product Guide 15

18 How we invest your money (continued) Can you change your investment options? Because your financial needs may change, you have the flexibility to switch between investment options at any time, without paying a switching fee. This includes switching between the Suncorp Lifestage Fund and other investment options. You may incur a buy-sell spread, which is charged by the investment manager, depending on the options you select. For more information, please see Buy-sell spreads in the Fees and costs section of this Product Guide. Investing your future contributions Where you choose to investment your contributions is important. With Workforce you have the flexibility to change how your future contributions are invested at anytime. You can switch between your investment options and also have your current account balance invested differently from how your future contributions are invested, if you want. Changing investment options Changing your future investment strategy (or switching your investment) from the Suncorp Lifestage Fund to other investment options may mean: A change to the fees and costs you pay, including investment, administration and advice fees. Please see Fees and costs in this Product Guide for more information. Investment fees in other investment options range from 2.80% % A change in your investment strategy and level of risk on your investment. Please see the Workforce investment menu in this Product Guide for more information, including the Standard Risk Measure for your investment option. Unit prices For all Workforce investment options, your balance in that investment option is calculated by multiplying the number of units you hold by the investment option s exit price, and moves up and down over time. Your unit balance represents a part holding in an investment option. Buying units When you invest or switch into an investment option, units in your chosen investment option are allocated to you. The number of units allocated will depend on the investment option s entry price and the amount you invest. Selling units When we sell units in an investment option, the amount you receive will depend on the exit price of the investment s units at the time and the number of units sold. We can sell units from your investment options to pay for taxes, insurance fees (if applicable) and certain fees or charges. We also sell units when you switch to another investment option, request a withdrawal or transfer to another super fund. Switching between investment options If you request a switch, we ll sell units from one investment option and use the proceeds to buy units in the other investment option. A buy-sell spread may also be applied to cover transaction costs. How are unit prices calculated? Unit prices are usually calculated daily and reflect the value of the underlying assets of the investment option. This takes into account income entitlements, investment fees, taxes and other expenses and liabilities. The underlying asset value is divided by the number of units on issue to arrive at the price per unit. Buy or sell spreads are then applied to this price per unit to calculate the entry and the exit prices, respectively. Like the values of the underlying investments, the price of units can move up and down. If you want information about daily unit prices, give us a call on Unit pricing delays We may suspend unit pricing where in our opinion: a significant event or incident occurs that has the potential to affect investment markets or an event occurs that has the potential to affect unit prices or an external investment manager closes the underlying investment to applications and withdrawals or the unit prices calculated have the potential to prejudice specific investors. 16 Asteron Life

19 Investment performance Investment performance lets you see how your investment is going. How is investment performance calculated? Your super balance can go up or down. Past performance is not an indicator of future performance. In accordance with industry standards, investment performance is generally calculated net of taxes and ongoing fees such as the administration fees and performance fees. However, when calculating investment performance, we generally don t take into account contributions tax, contribution fees, and any discretionary ongoing fees such as insurance fees and personal advice fees. If we calculate the investment performance for an investment option in a way different from that set out above, we ll explain this in the monthly Workforce investment performance report which is available from our website. You should be aware that the investment performance information for the investment options may differ from the performance of the underlying investment managers. This may be due to: holding some assets in cash or short-term securities, for liquidity purposes or provisions for tax and distribution of tax credits or the fees and charges that apply or a lag between when the underlying investment managers report their performance and when the value of the underlying investment option is reflected in the unit prices. Who manages Workforce investment options? The five investment options available in Workforce are managed by word class investment managers. For more information, please see Information about the investment managers in this Product Guide. About the investment options Before you select or change your investment selection to a new investment option, you should refer to the PDS and this Product Guide to understand the terms and conditions applying to your investment. If you d like to find out what the differences are in investing into an investment option through Workforce as opposed to investing directly with the underlying investment manager, please see Investing through Workforce and investing directly in this Product Guide. Please note that we don t take labour standards, environmental, social and ethical considerations into account when selecting, retaining or terminating investment options. Changes to investment options Workforce s investment menu may change, so it s important to check our website regularly in case your investment options have changed, including the fees and costs relating to the investment options. From time to time, investment options may also be closed, suspended or terminated by an external investment manager or by us. This may happen where: the investment option is no longer offered by the investment manager or the total amount of investor s money in the investment option has grown too large for the investment manager to continue with its current investment strategy or laws change so that some investment types become no longer permissible or we determine that it s in the best interests of members or the investment option may no longer be economically viable. If an investment option is closed, suspended or terminated, this may cause delays in processing withdrawals and transfer requests. Such a delay may be more than 30 days. The unit price used to process your transaction may therefore differ from the price applicable on the day you lodged your request. Where an investment option is closed, suspended or terminated, we ll write to you in advance (where possible) to tell you. You ll then be able to review your investment strategy, with the help of your adviser. If we can t tell you in advance, we ll choose a replacement investment option in which to invest your money until you ve been able to review your investment strategy. Workforce Superannuation Product Guide 17

20 How we invest your money (continued) Investing through Workforce and investing directly When you invest with Workforce, we hold the investment on your behalf, instead of you holding it directly. There are differences in investing into an investment option through Workforce as opposed to investing directly with the underlying investment manager. These include: Timing of information Differing returns Differing fees Minimum and maximum transaction amounts Tax implications Receipt of reports The rights to attend and vote at unit holder meetings An investment manager s PDS may have a different preparation date from this PDS and may include investment information effective as at different dates. Investment returns based on unit prices as calculated for Workforce are likely to differ from any returns in an investment manager s PDS or reports. This could be due to differences in investment fees, costs, taxes, and the timing impact of differences in transactions for the investment options offered within Workforce relative to those for the investment manager s financial product. The fees incurred when investing through Workforce are likely to differ from the fees charged by the investment manager as a result of fees levied to administer Workforce. An investment manager s PDS may set out minimum and maximum investment amounts. These don t apply to you when investing through Workforce. Workforce is liable to pay tax for each investment option. The unit prices of investment options in Workforce will reflect any applicable tax liability. You won t receive reports directly from investment managers when you invest in Workforce. When you invest in Workforce, you won t hold any rights to attend and vote at meetings of unit holders of the underlying financial product. You should check our website each time you make an additional contribution to see whether any matter in the PDS has been affected by a materially adverse change or significant event. Related companies We, Suncorp Custodian Services Pty Limited (ABN ), Suncorp Funds Pty Ltd (SFPL) (ABN ), Suncorp-Metway Limited (ABN , ASFL ) and Suncorp Life & Superannuation Limited (SLSL), are part of the Suncorp Group. We don t deal with our related companies more favourably than we would with any other independent service provider. The underlying assets of the Fund are invested in a group Insurance Policy with SLSL which then invests into trusts issued by SFPL and other underlying investment options including trusts issued by SFPL. SFPL currently invests in bank deposits issued by Suncorp-Metway Limited. The Suncorp Lifestage Fund We got together with our investment partner Ibbotson, a worldwide leader in investing, and created the diversified multi-manager Suncorp Lifestage Fund. It brings together the skill and expertise from a number of quality investment managers from Australia and around the world. It makes super investing super easy. First, we allocate you a diversified investment mix determined by your age so you don t have all your eggs in the one basket. And as you get older, we ll automatically change it to better suit your changing needs and risk profile. So when you re younger, we ll put more of your money in growth investments (such as shares and property) because you have a long time before retirement to ride the ups and downs of investment markets. And as you get older, we ll put more of your money in income investments (such as fixed income, infrastructure and cash) better suited to investors with shorter time horizons. 18 Asteron Life

21 When you join Workforce, you ll automatically be invested in the Suncorp Lifestage Fund for the year of your birth. For example if you were born in 1982 you will be invested in Suncorp Lifestage Fund The illustration below shows how this works. Proportion of growth investments 100% 80% 60% 40% 20% 0% How we invest your money with the Suncorp Lifestage Fund More growth investments, such as shares and property We change your investment mix as you get older Fewer growth investments (and more income investments like fixed interest and cash) Your age Illustrative only The table below shows exactly which Suncorp Lifestage Fund you ll be invested in. It also shows the Standard Risk Measure. This sounds complicated, but is just a way of helping you compare the riskiness of different investment options (1 being the lowest and 7 being the highest). To get an idea on how your investment mix might change, take a look at the investment profile of someone born earlier than you. For example, if you want to know how your investment mix might look when you re 54, check out the profile for someone who s 54 years old now ie. the Suncorp Lifestage Fund Suncorp Lifestage Fund 1934 or earlier Investment objective Primarily capital preservation with a return objective of CPI + 2.5% over 10 years Primarily capital preservation with a return objective of CPI + 2.5% over 10 years Primarily capital preservation with a return objective of CPI + 3.0% over 10 years Primarily capital preservation with a return objective of CPI + 3.0% over 10 years Tilted towards capital preservation with a return objective of CPI + 3.0% over 10 years Tilted towards capital preservation with a return objective of CPI + 3.5% over 10 years Tilted towards capital preservation with a return objective of CPI + 4.0% over 10 years Tilted towards wealth generation with a return objective of CPI + 4.0% over 10 years Tilted towards wealth generation with a return objective of CPI + 4.5% over 10 years Primarily wealth generation with a return objective of CPI + 4.5% over 10 years Primarily wealth generation with a return objective of CPI + 5.0% over 10 years Primarily wealth generation with a return objective of CPI + 5.0% over 10 years Primarily wealth generation with a return objective of CPI + 5.5% over 10 years Primarily wealth generation with a return objective of CPI + 5.5% over 10 years Primarily wealth generation with a return objective of CPI + 5.5% over 10 years Cash Aus fixed interest Ranges (%) for the different investments Intl fixed interest Infrastructure Property Aus shares 100% 80% 60% 40% 20% 0% Intl shares The Consumer Price Index (CPI) is a key measure of inflation. A performance objective including CPI means it aims to preserve the real value of your investment (ie to at least keep pace with inflation). Workforce Superannuation Product Guide 19

22 How we invest your money (continued) Our other investment options If the Suncorp Lifestage Fund isn t for you, you can build your own investment portfolio from our four diversified and two single sector multi-manager investment options. These are managed by our investment partner, Tyndall, a leader in investing. They re designed to suit a broad range of investors. You can change your investments at any time by completing an Investment change form available on our website. Before making a choice, you should consider the possible return and risk of the investment options and how long you plan to keep them. In addition, you should consult your adviser to help you decide what investment strategy is right for you. Workforce investment menu Suncorp Traditional Capital Stable Fund Objective Strategy To maximise returns from a conservative mix of shares, property, alternative growth assets, fixed interest securities and cash. The fund aims to outperform its weighted average benchmark over rolling three-year periods. 1 Holds a diversified mix of growth and defensive assets with an emphasis on defensive assets. Asset type Strategic Allocation Range Australian shares 17.0% 10-30% International shares (unhedged) 17.0% 10-30% Strategic Allocation and Range Australian listed property 3.0% 0-15% International listed property 0.0% 0-5% Infrastructure 0.0% 0 5% Australian fixed interest 15.0% 10-50% International fixed interest 23.0% 10-30% Cash 25.0% 10-50% Standard Risk Measure Style Timeframe Investment fee Performance fee 3 Low to medium Diversified up to 3 years 2.94% pa No Buy-sell spread as at 30 September 2013: +/- 0.09% 20 Asteron Life

23 Suncorp Traditional Balanced Fund Growth Objective Strategy To maximise returns from a diversified mix of shares, property, alternative growth assets, fixed interest securities and cash. The fund aims to outperform its weighted average benchmark over rolling three-year periods. 1 Holds a balanced mix of growth and defensive assets. Asset type Strategic Allocation Range Australian shares 26.5% 20-40% International shares (unhedged) 26.5% 20-40% Australian listed property 3.0% 0-15% Strategic Allocation and Range International listed property 3.0% 0-5% Infrastructure 3.0% 0-5% Australian fixed interest 11.0% 5-30% International fixed interest 12.0% 5-25% Cash 15.0% 5-25% Standard Risk Measure 5 Medium to high Style Diversified Timeframe 3-5 years Investment fee 2.91% pa Performance fee No Buy-sell spread as at 30 September 2013: +/ % Suncorp Guaranteed Cash Fund Cash Objective Strategy Strategic Allocation and Range Standard Risk Measure Style Timeframe Investment fee Performance fee Buy-sell spread as at 30 September 2013: To outperform the UBS Australia Bank Bill Index over any three year period through exposure to short-term highly rated credit investments. Invests in debt securities issued or guaranteed by Australian government and semi-government authorities, fixed interest instruments, floating rate instruments and short term deposits or loans, bills of exchange, promissory notes or other negotiable instruments with the average duration of the fund not exceeding 12 months. Derivatives are permitted. Suncorp Life & Superannuation Limited guarantees that the unit price of the fund will not fall. Asset type Strategic Allocation Range Cash 100.0% 100.0% 1 Very Low Active 1 year 2.80% pa No Nil Workforce Superannuation Product Guide 21

24 How we invest your money (continued) Suncorp Australian Shares Value Fund Aggressive Objective Strategy Strategic Allocation and Range Standard Risk Measure Style Timeframe Investment fee Performance fee Buy-sell spread as at 30 September 2013: Invests in companies listed on the Australian Stock Exchange, with the aim of outperforming the S&P/ASX 200 Accumulation Index over rolling five-year periods. Is managed using an intrinsic style that seeks to identify good value stocks with the objective of maximising returns while minimising downside risk. Asset type Strategic Allocation Range Australian shares 100.0% % Cash 0.0% 0-15% 6 High Value 5 years plus 3.00% pa No Nil 1 The performance of each asset class within Workforce s investment options is benchmarked against their respective indices. These benchmark indices are shown below. Asset class Performance benchmark Cash UBS Australian Bank Bill Index Australian fixed interest UBS Australia Composite Bond (All Maturities) Index International fixed interest JP Morgan Global Government Bond Index (ex Australia) hedged to $A Australian shares S&P/ASX 200 Accumulation Index International share (unhedged) MSCI All Country World Index ex Australia (with net dividends re-invested) expressed in Australian dollars (unhedged) Australian listed property S&P/ASX 200 A-REIT Accumulation Index International listed property UBS Global Real Estate Investors Index ex-australia (with net dividends reinvested) hedged to Australian dollars Infrastructure Absolute return of 10% pa after fees and expenses. 22 Asteron Life

25 Information about the investment managers Tyndall Investment Management Limited Established in 1989, Tyndall Investment Management Limited (Tyndall AM) is an award-winning Australian investment manager, specialising in Australian shares, international shares, Australian fixed interest, international fixed interest and alternative assets. Our management style is active and disciplined. As at 30 September 2013, Tyndall AM s investment teams manage approximately AUD 23 billion in funds on behalf of retail and institutional investors, private clients, superannuation funds and charitable trusts. Tyndall AM is owned by Nikko Asset Management Co., Ltd. (Nikko AM), a leading asset management company headquartered in Asia, with approximately AUD 176 billion in funds under management (as at 30 September 2013). Ibbotson Associates Australia Limited Ibbotson Associates is a leading provider of asset allocation, portfolio construction and investment research services with over 30 years experience in the United States, Australia and other international markets. Ibbotson advises and manages funds for superannuation funds, institutions, platform distributors, financial advisers and individuals. Ibbotson leverages its in-depth research to deliver innovative investment solutions, help investors reach their financial goals, and provide independent investment thought leadership. Ibbotson is a unit of Morningstar s Investment Management division. Ibbotson s experienced investment professionals research potential investment managers, asset classes and investment strategies and then combine these in a way which they believe is most likely to deliver on the Trust s investment objective. Ibbotson s investment process involves a structured decision making framework which provides the necessary flexibility to respond to the dynamic nature of markets, while maintaining the direction and structure that a well thought out and disciplined investment process provides investors. In its diversified trusts, Ibbotson will dynamically allocate across asset classes, within allowable ranges, guided by long-term economically justified relationships between asset prices, valuations, and fundamentals. Workforce Superannuation Product Guide 23

26 Insurance Why is insurance important? Today we take out insurance for all our assets, including the car, boat, house and personal valuables such as jewellery. However, many people neglect to insure their most important asset themselves, and their ability to earn an income. Fortunately, Workforce offers a range of insurance options tailored to help protect you and your family from life s uncertainties. Insurance offered through Workforce is provided by Suncorp Life (Insurer). Suncorp Life is part of the Suncorp Group and is an award-winning insurer with a proud heritage of protecting Australians that stretches back for 175 years. Why have insurance through super? By attaching insurance to your Workforce account, you can have your insurance fees conveniently and tax-effectively deducted from it. Which means it can potentially be cheaper than buying insurance outside super. Your insurance fees can be tax-effectively deducted from your super account. What insurance options are available? The type of cover you will automatically receive as a corporate member of Workforce is selected by your employer. If you re eligible, you ll be provided with automatic insurance cover without needing to fill out any forms or provide evidence of health. There are 3 levels of insurance that your employer can choose: Cover level Type of insurance Weekly insurance fee 1 Sum insured Basic cover Death & TPD (lump sum benefit if you become totally and permanently disabled ) Death & TPD insurance: $1.00 Varies based on your age 2 2 x Basic cover Death & TPD (lump sum benefit if you become totally and permanently disabled ) 3 x Basic cover Death & TPD (lump sum benefit if you become totally and permanently disabled ) Death & TPD insurance: $2.00 Varies based on your age 2 Death & TPD insurance: $3.00 Varies based on your age 2 1 Any applicable taxes and government charges will be in addition to the cost of insurance fees. Insurance fee rates for Death only and Death & TPD include stamp duty. 2 Refer to Basic cover sum insured amount below. The maximum level of insurance you can apply for is 3 x Basic cover. Information on your insurance will be detailed in your welcome pack. 24 Asteron Life

27 Basic cover sum insured amount The sum insured amount for basic cover is determined by your age: Age next birthday Sum insured Up to 20 $55, to 25 $60, to 30 $60, to 35 $50, to 40 $35, to 45 $20, to 50 $11, to 55 $6, to 60 $3, to 65 $2,000 MySuper Cover If your employer does not have a chosen insurance design, and you meet the eligibility criteria below, you will be automatically provided with basic Death and TPD cover on an opt out basis. Automatic cover When you join Workforce, unless you have other arrangements with your employer, you will automatically receive Death and TPD basic cover as long as: you re under age 60 you re employed for more than 15 hours a week we ve received your details and initial contribution from your employer sufficient to pay any insurance fees due within 130 days of commencing employment you re At Work in active employment on that day. If you satisfy all conditions above but are employed for less than 15 hours a week you ll automatically be provided with Death only basic cover. This automatic cover starts from the date we have received your details and initial contribution from your employer. If we don t receive: your details an initial employer contribution sufficient to pay any due insurance fees within 130 days of commencement of employment and confirmation from your employer that you met the At Work, hours of work per week and age requirements you will not be provided with any cover without completing an Insurance application form and receiving written acceptance from Suncorp Life. Following assessment, the cover may be accepted subject to insurance fee loadings, or other special conditions, or may be declined altogether. Insurance fees Your insurance fees will be deducted from your account monthly in advance. Insurance fees are deducted proportionally across your non-suncorp Lifestage investment options. Once you no longer have sufficient funds available in your non-suncorp Lifestage investments, your insurance fees will be paid directly from your Suncorp Lifestage investment option. What if you want more insurance? If our basic cover doesn t suit your needs, you have the option to apply for member selected or individual cover. You can: apply for a higher sum insured apply for a different type of cover (eg. if you were automatically provided with Death only insurance you can apply for TPD insurance cover of the same amount). Refer to What insurance options are available? on page 24 of this Product Guide. Anyone can apply for cover, as long as you re: less than age 65 (Death only) and 60 (Death & TPD) and you are a member of Workforce an Australian resident or non-australian resident holding a visa. If you d like to apply for insurance you ll need to fill in an Insurance application form, available on our website and send it to us. Acceptance of cover isn t automatic and is subject to an underwriting assessment by our underwriters. We ll advise you in writing if your application has been accepted and the date your cover starts. Workforce Superannuation Product Guide 25

28 Insurance (continued) When does your insurance cover stop? Your insurance cover will stop at the earliest of any one of the following: Scenario Death TPD Reach age 65 Receive a payment for TPD Die Haven t paid outstanding insurance fee amounts 30 days after sending you a notice Travel or work overseas for a period that hasn t been agreed with the Insurer No longer hold a valid Australian visa Take leave without pay for a period that hasn t been agreed with the Insurer Request in writing to cancel your cover Leave Workforce Work less than 15 hours per week on a permanent basis 1 Commence active duty with the armed forces of any country 2 1 TPD cover will not stop but the definition of TPD to obtain a benefit will change. 2 This does not include regular activities of the Navy, Army or Air Force Reserves. Your insurance benefits in detail Death benefit We will pay a benefit to your beneficiaries in the event of your death. Having the right amount of Death cover means that your family can afford the lifestyle you want for them. The amount of your Death cover (and the subsequent benefit paid), is based on your insured amount at the time of your death. TPD benefit If your family relies on your income, your TPD cover can help alleviate some of the financial stress in the event that you are unlikely to work again due to becoming totally and permanently disabled, by providing money for living, care and medical expenses. We will pay a benefit to you if you are unlikely to work again due to becoming totally and permanently disabled, as defined in the Workforce Insurance Policy. A summary of these definitions can be found later in this Product Guide. The amount of your TPD cover (and the subsequent benefit paid) is based on your insured amount at the time you become totally and permanently disabled. 26 Asteron Life

29 How much does it cost? Your insurance fees are a fixed amount and are calculated based on a number of factors, which include: the type of insurance cover the amount of insurance. For more information, refer to the table in the What insurance options are available? section of this Product Guide. Who pays for your insurance? Unless you have an alternative arrangement with your employer, insurance fees will be deducted monthly from your super account. How to make a claim If you need to make a claim, we ll make sure the process is as quick and easy as possible, during what s often a difficult time. Making a claim is easy. Just contact us as soon as you can reasonably do so, but for a TPD claim this must be no later than twelve months from the time of the event giving rise to the claim. If you make a claim later than this, we may reduce the amount paid, or not pay any benefit at all, if the delay is prejudicial to Suncorp Life. When can you access your insurance benefits? Death If you die while covered, any death benefit amount payable will be paid into your Workforce account and be invested in the Suncorp Guaranteed Cash Fund. We ll then pay the benefit to one or more of your dependants and/or your estate. If you ve made a valid death benefit nomination, we ll pay this benefit in accordance with your nomination. Your dependants can then choose to receive this benefit as a lump sum, or in some circumstances, a pension or a combination of both. TPD If you are eligible to receive a TPD benefit, we ll pay the benefit (less any tax) to your Workforce account, and invest it in the Suncorp Guaranteed Cash Fund. To access any TPD benefits, you must satisfy a condition of release. For more information about when you have met a condition of release, please see Accessing your benefits on page 10 of this Product Guide. Limitations The following limitations apply to insurance cover or the payment of benefits: If for any reason you have more than one membership of Workforce, you can have an insured benefit under only one membership. No insured benefit will be paid where you die or become totally and permanently disabled as a result of Acquired Immune Deficiency Syndrome (AIDS) or any AIDS related condition within two years of the date you joined Workforce or were accepted for insurance cover. No TPD benefit will be paid if your disability is caused directly or indirectly by a self inflicted act whether sane or insane. No Death benefit will be paid if you die from suicide or an intentional self-inflicted injury, within 13 months of: The risk being accepted by Suncorp Life Any increase in cover (but only in respect of the increase) or The risk being reinstated by Suncorp Life after lapsing. In the event of war involving Australia, or any country of your residence, Suncorp Life may increase your Death only or Death and TPD cover fees. If the additional insurance fees are not paid, the insured benefit amount will be reduced to the amount of cover that can be purchased by the amount of insurance fees paid. No benefit will be paid if the event giving rise to a claim is caused directly or indirectly by you engaging in a criminal act. No TPD benefit will be paid if the event giving rise to a claim is caused directly or indirectly by war. Other things you need to know about your Insurance cover Going overseas? Going overseas? Before you leave, you ll need to get written confirmation from the Insurer for all cover types to continue. Leave without pay If you take leave without pay, you ll need to get written confirmation from the Insurer for all cover types to continue. Workforce Superannuation Product Guide 27

30 Insurance (continued) Cancelling your cover If you don t want insurance cover, you can cancel your insurance cover at any time by writing to us. If you cancel or reduce you cover within 30 days of receiving your confirmation of membership, we ll refund all insurance fees deducted from your account. If you cancel or reduce you cover after the 30 day period, we will cancel cover and stop deducting insurance fees or reduce cover and change the insurance fees payable from the date we receive your written instructions. You should read all the information in the PDS and Product Guide before deciding whether to cancel or keep your insurance cover. Key definitions and concepts Definitions are important - they set out the test we ll apply when considering a claim, so it s important you take the time to understand what they mean. Term Definition Death and TPD cover At work Employed Injury Sickness Totally and permanently disabled War You re considered At Work if you are: Actively performing all the duties of your regular occupation, are not absent from work because of illness or injury, and are not in receipt of and/or entitled to claim income support benefits from any source including workers compensation benefits, statutory transport accident benefits and disability income benefits. Where you are on approved leave you must be capable of performing all the duties of your regular occupation had you not been on approved leave. If you do not meet these requirements, you are correspondingly described as not At Work. means being gainfully employed or self-employed for income or reward in any business, trade, profession, vocation, calling or employment on a permanent basis. means an accidental or unintentional bodily injury suffered by you while you are insured for the relevant benefit under Workforce. means a sickness or disease you suffer which become apparent while you are insured under Workforce. means either: you are employed for 15 hours or more per week prior to the event giving rise to the claim and: you have been absent from employment through sickness or injury for six consecutive months and we are satisfied that you are incapacitated to such an extent that you are unlikely to ever be able to resume work or attend any gainful profession or occupation, for which you are suited by reason of your education, training or experience or: you suffer the loss of both feet or both hands or both eyes; or any combination of two of, a hand a foot or an eye; where loss means the total and permanent loss of the use of the hand or foot from the wrist or ankle joint, or sight in the eye: or You are not employed for 15 hours or more per week at the time of the event giving rise to the claim, and are constantly and permanently unable to perform two or more activities of daily living without the physical assistance of someone else. Definitions of activities of daily living are: bathing and showering dressing and undressing eating and drinking maintaining of continence with a reasonable level or personal hygiene getting in and out of bed, a chair or a wheelchair or moving from place to place by walking, wheelchair or walking aid. If you can perform the activity on your own by using special equipment, we will consider you able to perform that activity. means any act of war (whether declared or not), revolution, invasion, rebellion or civil unrest. 28 Asteron Life

31 Honesty is the best policy We have a duty, under the Insurance Contracts Act 1984 (Cth) to disclose to the Insurer every matter that we know, or could reasonably be expected to know, that is relevant to the Insurer s decision whether to accept the risk of the insurance, and, if so, on what terms. We have the same duty to disclose those matters to the Insurer before it renews, extends, varies or reinstates a contract of life insurance. Where can you get more information? The Workforce Group Life policy contains the full terms and conditions of insurance, including all definitions. In the event of any inconsistency between the PDS, this Product Guide and the Insurance Policy, the Insurance Policy will prevail. You can get a copy of the Insurance Policy free of charge, by contacting us. This duty, however, doesn t require disclosure of a matter: that diminishes the risk to be undertaken by the Insurer that s of common knowledge that the Insurer knows, or in the ordinary course of their business, ought to know, and as to which compliance with your duty is waived by the Insurer. It s a condition of your membership in Workforce, that you discharge the same duty of disclosure to us. If you fail to comply with your duty of disclosure and the Insurer wouldn t have entered into the contract on any terms if the failure hadn t occurred, the Insurer may avoid the contract within three years of entering into it. If the non-disclosure is fraudulent, the Insurer may avoid the contract at any time. An Insurer who is entitled to avoid a contract of life insurance may, within three years of entering into it, elect not to avoid it but to reduce the sum that you ve been insured for in accordance with a formula that takes into account the insurance fee that would ve been payable if you had disclosed all relevant matters to the Insurer. This duty continues to apply until the Insurer notifies you that the risk has been accepted. Workforce Superannuation Product Guide 29

32 Fees and costs Did you know? Small differences in both investment performance and fees and costs can have a substantial impact on your longterm returns. For example, total annual fees and costs of 2% of your fund balance rather than 1% could reduce your final return by up to 20% over a 30-year period (for example, reduce it from $100,000 to $80,000). 1 You should consider whether features such as superior investment performance or the provision of better member services justify higher fees and costs. Your employer may be able to negotiate to pay lower administration fees. Ask the fund or your financial adviser. To find out more If you d like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities and Investments Commission (ASIC) website (moneysmart.gov.au) has a superannuation fee calculator to help you compare different fee options. 1. We re required by law to include this paragraph. Sorry, but our fees aren t negotiable. In this Product Guide where we refer to other investment options we mean investments that are not the Suncorp Lifestage Fund. Where we refer to your other balance we mean your balance in the other investment options. The table below outlines the fees and costs for investing through Workforce. Type of fee Suncorp Lifestage Fund Other investment options How and when paid Investment fee 0.20% pa Included in the administration fee below This fee is included in the daily unit price calculation for each investment option. Administration fee 0.65% pa This depends on the investment option(s) you choose. They range from 2.80% % pa. This fee is deducted from the daily unit price calculation for the Suncorp Lifestage Fund. The administration fee for other investment options is deducted monthly from your account from these investment options only. $1.50 per week This fee is charged as a monthly fee of $6.50 and will be deducted from any investment in the Suncorp Lifestage Fund providing there is sufficient balance to cover the amount. If there is not sufficient balance, it will be deducted from your other investment options. We ll deduct this fee each month by withdrawing units from your account on or around the 28th. Buy-sell spread Nil Up to +/ % depending on the investment option(s) you choose. Switching fee Nil Exit fee Nil Advice fees Nil relating to all members investing in the Suncorp Lifestage Fund or other investment options Other fees and costs Indirect cost ratio This cost will be reflected in the buy-sell price of the investment option(s) you choose. Please refer to the Additional explanation of fees and costs section for more information. Nil 30 Asteron Life

33 Fees relating to investment options You can get the latest investment fees, performance fees and buy-sell spreads from the monthly Workforce investment performance report available on our website or by calling us. Contribution fee Your employer can agree with your plan s adviser the upfront fee amount that will be applied to all deposits made into your account. Up to 5.0% is payable for contributions and transfers. Different amounts can be nominated to contributions and transfers into Workforce. No contribution fee is charged for any investment in the Suncorp Lifestage Fund. Investment fees The investment fee is charged by the investment manager of the underlying investment option. This fee generally includes the investment manager s fee, audit, custody and other general costs incurred in the administration of the underlying investment option. These fees and expenses may be varied by the investment manager and are equal to the management costs of the underlying investment option. As this is an expense of the Fund, for investment options not issued by Suncorp, these variations will be passed on to you without notice. To understand all of the fees payable in respect of your investment, you should consider both this PDS and the relevant investment manager s PDS. The latest investment fees are provided in the monthly Investment Options Performance Report and are available on our website via asteronlife.com.au or by calling us on Indirect cost ratio (ICR) This ratio shows the total fees that are charged via the investment option s unit price. It is not an additional cost to you. The ICR generally includes the option s investment fee, performance fee and depending on the investment option, may include our percentage administration fee. Performance fees This fee is only charged by some investment managers for certain investment options when they outperform their stated benchmarks. It s an additional amount to the investment fee. The investment managers of the investment options in Workforce do not currently charge performance fees. Performance fees are not charged for any investment in the Suncorp Lifestage Fund. Administration fee on other investment options Each investment option has its own administration fee. The total amount you pay for each specific investment option can be found under each individual investment option on pages 19 to 22 of this Product Guide. This fee is payable to SLSL and covers ongoing investment management and administration costs. It also covers the distribution costs and other expenses of operating Workforce. This includes fees paid to the external investment manager and other costs and expenses in investing assets (excluding transaction costs). For investment options other than the Suncorp Lifestage Fund, it may also include a payment to your adviser s Licensee. Buy-sell spreads You may incur a buy-sell spread when you make contributions, withdraw or change your investment options. This spread is the difference in the buying price and selling price of the investment option, and generally covers the transaction costs of buying and selling the underlying assets of that investment option. It ensures that non-transacting members are not disadvantaged by the activity of transacting members. The spread isn t a fee paid to us, but is a charge by the investment manager which is reflected in the unit price and is retained within the net asset value of the underlying investment option. Workforce Superannuation Product Guide 31

34 Fees and costs (continued) What s paid to your adviser? How much of the contribution fee is paid to my plan s adviser? The contribution fee includes an amount paid to your plan s adviser. Your plan s adviser s Licensee will receive part of the contribution fee as commission. This GST inclusive amount is up to 4.4%. The actual amount paid to your adviser for this advice will be disclosed in your employer s Statement of Advice (SoA), provided by your financial adviser. How much of the administration fee is paid to my plan s adviser? For investment options other than the Suncorp Lifestage Fund, the administration fee may include an amount paid to your plan s adviser. Your plan s adviser s Licensee may receive part of the administration fee as commission. This GST inclusive amount is up to 0.44% pa. This payment is part of the administration fee and is not an additional cost to you. No part of the administration fee payable on an investment in the Suncorp Lifestage Fund is paid to your adviser. The actual amount paid to your adviser for this advice will be disclosed in your employer s Statement of Advice. Personal advice fee Alternatively you can authorise us to pay a personal advice fee to your financial adviser (agreed by us) and have the fee charged to your Workforce account. Personal advice fees can be deducted from: Suncorp Lifestage Fund Payable as a one-off fixed dollar fee, or a percentage of your account balance Other investment options Payable as an ongoing fixed monthly dollar fee deducted from your account at the end of each month Payable as a percentage of your account, based on and deducted from your account at the end of each month Payable as a one-off fixed dollar fee, or a percentage of your account. Any advice fees that relate to your other investment options can not be deducted from the Suncorp Lifestage Fund. You should refer to your adviser s Statement of Advice for details of this fee. Any Personal advice fee will include GST. The Fund may be able to pass on the benefit of reduced income tax credits (if available) in respect of this fee, so the amount deducted from your account may be less than the amount paid to your adviser. The trustee may at its discretion refuse to deduct an adviser service fee or any other fee. 32 Asteron Life

35 Insurance fees If you have insurance cover, your insurance fees will be deducted monthly in advance by withdrawing units from your account unless you have an alternate arrangement with your employer. If you are invested in the Suncorp Lifestage Fund and other investment options, your insurance fees will be deducted from your other investment options. If the balance in your other investment options is insufficient to pay your insurance fees, we will then deduct your insurance fees from your investment in the Suncorp Lifestage Fund. No commission is charged on insurance fees deducted from the Suncorp Lifestage Fund. For more information on the costs of insurance, please see Insurance in this Product Guide. Expense recovery We can recover any expenses and costs incurred in the administration and management of the Fund. These include expenses associated with satisfying reporting obligations, preparing and issuing disclosure documents, policies and associated material for Workforce, and fees paid to service providers. No expenses or costs incurred are recovered from any investment in the Suncorp Lifestage Fund. Workforce reserves The Fund holds a general expense reserve. Any excess amounts are retained within the reserves and may be used to meet expenses associated with the administration, management and operation of the Fund. Alternatively, the Trustee has discretion to distribute excess amounts to members accounts. Changes to fees and costs We can introduce certain new fees or change the level of current fees that you pay at any time. For further information please see Fees and costs in this Product Guide. We will provide you with at least 30 days written notice of our intention to increase our current fees or other costs. The investment fees, performance fees and buysell spreads are charged by the investment managers and can change at any time. As they re not charged by us, any variations will be passed onto you without notification from us. Payments to and from other parties Any payments (or benefits) we make to or receive from other parties are not an additional cost to you unless otherwise stated in the PDS or this Product Guide. We may pay additional amounts to your adviser or their Licensee or other benefits on the total amount of funds they introduce to us, or for its promotion. The se payments won t exceed 0.50% pa of these funds and will be disclosed in your employer s SoA. Any alternative forms of remuneration we may also pay or receive will be in accordance with the Financial Services Council Industry Code of Practice. We keep a register of these payments which you can view by contacting us. These payments are not an additional charge to you. Workforce Superannuation Product Guide 33

36 Taxation information The facts on tax Are you sketchy on tax details? The table below helps you understand the basics when it comes to tax and your Workforce account. Remember it s important to talk to your adviser before making any decisions. This information in the table below is based on our interpretation of tax legislation at the date of this Product Guide and assumes that you are an Australian tax resident. Changes in legislation in the future may impact how your super account is taxed. On contributions received On your investment earnings On withdrawals 0% on non-concessional contributions 15% on concessional contributions 1 45% 2, 3 on excess amounts over the non-concessional contribution cap Your marginal tax rate plus an excess concessional contributions charge on excess amounts over the concessional contribution cap 45% 2 on concessional contributions where a TFN is not held by the super fund 15% if your transfer contains any untaxed components 4 Up to 15% on investment earnings For lump sum withdrawals 0% if you re age 60 or over 15% 2 on taxable components over $180,000 5 if received when you re between your preservation age and age 59 20% 2 on taxable components if you re under your preservation age For death benefits paid as a lump sum withdrawal 0% if paid to a tax dependant 15% 2 on taxable (taxed) component paid to a non-tax dependant 30% 2 on taxable (untaxed) component paid to a non-tax dependant 1 If income exceeds $300,000 per annum, contributions tax of 30% will apply. 2 Plus Medicare levy. 3 If your non-concessional contribution exceeds the non-concessional contribution cap the contribution will be rejected. 4 Any excess over your untaxed plan cap amount (which is up to $1,315,000 for the 2013/14 financial year) is taxed at 45% plus Medicare Levy. 5 For the 2013/14 financial year. Goods and services tax (GST) Any expenses we incur from administering the Fund may be subject to GST. If we can claim a credit for the GST paid, we may pass the benefit on to you. 34 Asteron Life

37 Tax and government charges Taxes, duties and levies incurred by us are recovered directly from the assets of the investment options (where the expenses are investment costs) before determining unit prices, or from your account. We deduct an amount from your account for contributions tax at the applicable rate. The total amount of contributions tax for the Fund is calculated at the end of the financial year. The amount is reduced by deductions allowable to the Fund. Therefore the total amount of contributions tax which is remitted to the ATO may be less than the aggregate amount which has been deducted from relevant members accounts. We retain any excess amount deducted for contributions tax within the Fund and may use this amount for authorised purposes including to cover expenses incurred in the proper administration, management or maintenance of the Fund. Refund of excess contributions tax If you made a contribution and were charged additional tax on it because we didn t have your TFN, we may be able to refund the additional tax paid if you provide us with your TFN within three years of the end of the financial year in which the contributions were made. Any refund will not be payable until the Fund recovers the amount from the ATO. Workforce Superannuation Product Guide 35

38 Keeping in touch We ll keep you informed of any changes we make to our products and legislative updates. We ll also provide you with your annual account details and any other news we think you d be interested in. But it s not all one way. We also make it easy for you to keep in touch with us and your super. Jump online! Get 24/7 access to your Workforce account with our online service WealthSolutions. When you join, you ll automatically receive your online user ID and password. This allows you to access your account at any time through our secure site available at asteronlife.com.au Through WealthSolutions online you can: view your Workforce account view and update your personal details check your account balance and investment holdings view your super contributions view transaction and correspondence history view your nominated beneficiaries view your bank account details view your insurance details generate and print a report on your account. Other available information daily unit prices historical charting of unit price movements monthly investment performance reports monthly investment asset allocation reports product updates forms and other publications annual reports. And if the internet isn t for you you can always call us on or write to us: By post By Customer Service Centre GPO Box 1576 Sydney NSW 2000 [email protected] By fax Keeping you informed and up to date We ll notify you of any significant events affecting the Fund that are relevant to you as soon as possible on our website asteronlife.com.au or in writing as required by legislation. It s important we don t lose contact with you We re required to report all lost members to the ATO, which keeps a lost member s register. That s why it s important that you keep us up to date with your current address at all times as you ll be considered a lost member if we receive up to two pieces of returned mail. Any applicable fees (including insurance fees) will continue to be deducted from your account and we may transfer the remainder of your account balance to an eligible rollover fund (ERF). For more details please see Eligible rollover fund and Unclaimed money on page 38 of this Product Guide. 36 Asteron Life

39 What happens when you leave your employer? Just because you ve left your employer doesn t mean you need to change your super, making it one less thing you need to worry about. Provided your account balance isn t zero, your super will automatically remain invested in Workforce allowing you to keep the valuable benefits in the table below. We ll also provide you with the information you need so that your new employer can contribute to your Workforce account on your behalf. What happens to your Investment options Insurance cover Fees You continue to be invested in the same investment options, unless you tell us otherwise. Your Death and TPD cover will continue automatically and insurance fees for your Death and TPD cover will remain the same. The same fee structure will apply to your account. Additionally, when you leave your employer, any fees which were agreed between your employer and your plan s adviser may now be agreed between you and your plan s adviser. Workforce Superannuation Product Guide 37

40 Other things you need to know This section provides you with important, yet often overlooked information about your super investment in Workforce. Do yourself a favour consolidate your super If you ve had a few jobs, you ve probably got a few different super accounts. One of the easiest ways to simplify your finances, and potentially boost the amount of money you ll have when you retire, is to combine multiple super accounts into one. Consolidating your accounts is easy, and we can help you. You can even do most of it online using our Super Rollover Wizard visit asteronsuperrollover.com.au to get started. Before consolidating, we recommend you contact your other super funds to find out if any exit fees are payable and how your insurance arrangements may be affected. If you require further information or professional advice, we recommend you consult a financial adviser or give us a call. Think you may have lost super? If you ve had more than one job, moved house or changed your name you could have lost super. We can help you find missing super. Simply visit our dedicated website for information or give us a call. Unclaimed money Your account balance will be paid to the ATO if you re age 65 and over and: we haven t received a contribution or rollover for two years and we re unable to contact you within five years since last contacting you, or you re a lost member and your account balance is less than $2,000 and we haven t received a contribution or rollover for twelve months. A lost member is one that cannot be contacted, an inactive member or a member transferred from another super fund as a lost member. Any person who has a claim to your benefit will then need to contact the ATO. Eligible rollover fund If we lose contact with you or your super balance falls below $1,000 we may transfer your super to an eligible rollover fund (ERF). If your super is transferred to the ERF, you ll no longer be a member of Workforce and any insurance cover you have will stop. We ve selected SMF Eligible Rollover Fund as our ERF. You can contact them by: Post SMF Eligible Rollover Fund GPO Box 529 Hobart TAS 7001 Phone Fax @ioof.com.au For investment options, features and details of what is available to you under the SMF Eligible Rollover Fund please refer to their Product Disclosure Statement. Get involved in your plan Do you want to be part of the decision-making process and management of your plan? A policy committee allows members to provide feedback to us on the operation of the plan. This can involve making decisions about your plan s performance and operation of your employer plan in general. Your employer should set up a policy committee if there are 50 or more members in your plan. For smaller plans, you can still set up a policy committee if five or more members request it in writing. Your annual statement will show if a policy committee is established for your plan. Transfer of benefits for temporary residents The ATO may instruct us to transfer the benefits of temporary residents to the ATO if: a temporary resident has left Australia, and their temporary visa expired/ceased more than six months prior. If we re instructed to transfer your benefits to the ATO, your account will be closed. We re not required to issue an exit statement under these circumstances as it s unlikely to reach you. Once your benefit is transferred to the ATO, it can only be accessed if you meet a condition of release. 38 Asteron Life

41 Trans-Tasman portability Under the Trans-Tasman portability scheme arrangement, we are able to transfer your entire super account balance from Australia to a New Zealand KiwiSaver scheme provided certain pre-conditions are met. We don t currently accept transfers from KiwiSaver accounts. Please see our website asteronlife.com.au for more information. Employer subsidisation of fees and costs Prior to 1 January 2014, some employers subsidised particular fees and costs for certain members within their Plan. These type of arrangements are no longer allowed for new Plans under the MySuper legislation. From 1 January 2014, any subsidised fees and costs must apply to all MySuper employees (ie. employees invested 100% in the Suncorp Lifestage Fund) on the same basis. Any additional employer payments may count towards the concessional contributions cap and be subject to contributions tax. Relationship breakdown Your Workforce account may be split with your spouse as a result of relationship breakdown. This can be done either by court order or by agreement between you and your spouse. The splitting of super benefits as a result of relationship breakdown or divorce may have tax consequences. For further information on family law issues, please speak to your legal adviser. Trust Deed, governing rules and provisions Workforce is governed by the Trust Deed which you can get free of charge, by contacting us. The Trust Deed, combined with the PDS and any material incorporated by reference (including this Product Guide), any material incorporated by reference, relevant laws and certain information and communications sent to you by us set out the governing rules and provisions by which we must operate and your rights as a Workforce member. We welcome your feedback If you have any feedback, we d like to hear from you. You can find details on how to contact us on the back cover of this booklet, or on the front cover of the PDS. This also includes any issues or complaints you may have. We make every effort to ensure your complaints are resolved satisfactorily and quickly. However, if your complaint isn t answered within 90 days, or you re not satisfied with the way it was handled, you may take your complaint to the Superannuation Complaints Tribunal (SCT). The SCT is an independent tribunal set up by the Government to help with the resolution of super complaints. You can contact the SCT by: Post Phone Visiting online Superannuation Complaints Tribunal Locked Bag 3060 Melbourne VIC 3001 sct.gov.au We re also a member of the Financial Ombudsman Service (FOS). You can generally refer complaints outside the SCT s authority to FOS. Our member number is You can contact FOS by: Post Financial Ombudsman Service GPO Box 3 Melbourne VIC 3001 Phone Visiting online fos.org.au Anti-Money Laundering and Counter-Terrorism Financing The Anti-Money Laundering and Counter-Terrorism Financing legislation requires us to collect and verify information about your identity and monitor transactions on accounts held with us. If we request personal information about you and you do not provide it, we may not be able to provide you with the financial product or service that you request, or provide you with the full range of services we offer. Workforce Superannuation Product Guide 39

42 Other things you need to know (continued) What happens if your application is incomplete? If you or your employer s application is incomplete or unclear, we may hold your money for up to 30 days. If we don t receive additional information or a completed application form within this timeframe, we ll return the money to whoever paid it to us without any interest. Your money will only be invested once a properly completed application form is received. The value you receive will be based on the relevant unit price at that time. Privacy Statement Your privacy is important We are a member of the Suncorp Group, which we ll refer to simply as the Group. Why do we collect personal information? Personal information is information or an opinion about an identified individual or an individual who is reasonably identifiable. We collect personal information so that we can: identify you and conduct appropriate checks; understand your requirements and provide you with a product or service; set up, administer and manage our products and services; assess and investigate a right exercised by you under one or more of our products; determine eligibility for family discounts where applicable; manage complaints and disputes and report to dispute resolution bodies; manage, train and develop our employees and representatives; and get a better understanding of you, your needs, your behaviours and how you interact with us, so we can engage in product and service research and development including managing the delivery of our services and products via the ways we communicate with you. What happens if you don t give us your personal information? If we ask for your personal information and you don t give it to us, we may not be able to provide you with any, some, or all of the features of our products or services. How we handle your personal information We collect your personal information directly from you and, in some cases, from other people or organisations. We also provide your personal information to other related companies in the Group, and they may disclose or use your personal information for the purposes described in Why do we collect personal information? in relation to products and services they may provide to you. They may also use your personal information to help them provide products and services to other customers, but they ll never disclose your personal information to another customer without your consent. Under various laws we will or may be authorised or required to collect your personal information. These laws include the: Superannuation Industry Supervision Act 1993,Corporations Act 2001, Anti Money Laundering and Counter Terrorism Financing Act 2006, Anti Money Laundering and Counter Terrorism Financing Rules Instrument 2007 (No. 1), Income Tax Assessment Act 1997, Taxation Administration Act 1953, Superannuation Guarantee (Administration) Act 1992, Small Superannuation Accounts Act 1995, Superannuation (Unclaimed Money and Lost Members) Act 1999, Superannuation (Resolution of Complaints) Act 1993, Superannuation (Government Co-contribution for low income earners) Act 2003 and Family Law Act 1975 (Part VIIIB), as those acts are amended and any associated regulations. From time to time other acts, may require, or authorise us to collect your personal information. We will use and disclose your personal information for the purposes we collected it as well as purposes that are related, where you would reasonably expect us to. We may disclose your personal information to and/or collect your personal information from: other companies within the Group and other trading divisions or departments within the same company (please see our Suncorp Group Privacy Policy for a list of the companies); any of our Group joint ventures where authorised or required; customer, product, business or strategic research and development organisations; data warehouse, strategic learning organisations, data partners, analytic consultants; social media and other virtual communities and networks where people create, share or exchange information; a third party that we ve contracted to provide financial, legal or professional services, financial products or administrative services for example: 40 Asteron Life

43 information technology providers; administration or business management services, consultancy firms, auditors and business management consultants; marketing agencies and other marketing service providers, claims management service providers; print/mail/digital service providers, and imaging and document management services; any intermediaries, including your agent, adviser or other representative or person acting on your behalf, other Australian Financial Services Licensee or our authorised representatives, advisers, and our agents; a third party claimant or witnesses in a claim; the Superannuation Complaints Tribunal or any other external dispute resolution body; an employer, trustee or custodian associated with membership of a superannuation fund, investment/ managed fund or life insurance policy; government, statutory or regulatory bodies and enforcement bodies; policy or product holders or others who are authorised or noted on the policy as having a legal interest, including where you are an insured person but not the policy or product holder; other insurers, reinsurers, insurance investigators and claims or insurance reference services, financiers; and hospitals and medical, health or wellbeing professionals. We ll use a variety of methods to collect your personal information from, and disclose your personal information to, these persons and organisations, including written forms, telephone calls and via electronic delivery. We may collect and disclose your personal information to these persons and organisations during the information life cycle, regularly, or on an ad hoc basis, depending on the purpose of collection. Overseas Disclosure Sometimes, we need to provide your personal information to or get personal information about you from persons located overseas, for the same purposes as in Why do we collect personal information? The countries we usually disclose your personal information to have been outlined on our website suncorpgroup.com.au/privacy or you can give us a call and we will provide a copy. From time to time, we may need to disclose your personal information to, and collect your personal information from, other countries not on this list. Nevertheless, we will always disclose and collect your personal information in accordance with privacy laws. Your personal information and our marketing practices Every now and then, we and any related companies that use the Asteron Life brand might let you know including via mail, SMS, , telephone or online about news, special offers, products and services that you might be interested in. We will engage in marketing unless you tell us otherwise. You can contact us to update your marketing preferences at any time. In order to carry out our direct marketing we collect your personal information from and disclose it to others that provide us with specialised data matching, trending or analytical services, as well as general marketing services (you can see the full list of persons and organisations under How we handle your personal information ). We may also collect your personal information for marketing through competitions. We, and other people who provide us with services, may combine the personal information collected from you or others, with the information we, or companies in our Group, or our service providers already hold about you. We may also use online targeted marketing, data and audience matching and market segmentation to improve advertising relevance to you. How to access and correct your personal information or make a complaint You have the right to access and correct your personal information held by us and you can find information about how to do this in the Suncorp Group Privacy Policy. The Policy also includes information about how you can complain about a breach of the Australian Privacy Principles and how we ll deal with such a complaint. You can get a copy of the Suncorp Group Privacy Policy. Please use the contact details in Contact Us. Contact us For more information about our privacy practices including overseas disclosure or to tell us about your marketing preferences visit our website asteronlife.com. au/privacy or give us a call on Workforce Superannuation Product Guide 41

44 How to contact us GPO Box 1576 Sydney NSW www [email protected] asteronlife.com.au MYSUPER AUTHORISATION NUMBER AS /01/14 A