Superannuation Savings Account

Transcription

1 Superannuation Savings Account Super. Simple. Guaranteed. Supplementary Product Disclosure Statement Preparation Date: 21 June 2007 This is a Supplementary Product Disclosure Statement (SPDS) to the Commonwealth Bank Superannuation Savings Account Product Disclosure Statement (PDS). This SPDS should be read in conjunction with Part 1 (dated 17 January 2007), Part 2 ( Interest Rates on Term Deposits & Investment Accounts ) and Part 3 ( Historical Interest Rates for the Standard Rate Component dated 17 January 2007) of the PDS. Please note that the most recent version of Part 2 of the PDS, showing current interest rates, can be obtained at any Commonwealth branch, at InvInterestRates_ADB1072.pdf or by calling between 8.30 am and 6 pm (Sydney time), Monday to Friday. This SPDS was prepared and issued by Commonwealth Bank ABN AFSL About this Supplementary Product Disclosure Statement In the May 2006 Budget, the Government commenced a plan to simplify and streamline superannuation. This plan signified the most significant changes to superannuation laws in over a decade and it is important that you are aware of the impact the following changes which have now been legislated and what this means to you. We recommend you spend a few minutes to review the key changes that came into effect from 1 July Even if retirement is not your current focus, the changes may impact the decisions you make now in planning for your future. The purpose of this SPDS is to provide you with details of: Changes to the taxation treatment of your superannuation benefits; Changes to the age based limits on contributions claimed as a tax deduction; Changes to the tax treatment of death benefits; Update on removal of Reasonable Benefit Limits (RBLs); and Update to privacy of your personal information. The information in this SPDS adds to or replaces some of the information contained on pages 6, 9, 12 to 16, and 19 to 20 of Part 1 of the Superannuation Savings Account PDS. Page references relate to part 1 of the PDS. The PDS is amended as follows: 1. Under the section Can I open an Account? (Page 6 of the PDS) Replace this section with the following: We can accept the following contributions to Superannuation Savings Account: If you are Under 65 years 65 under 70 years 70 under 75 years 75 years and over We may accept personal contributions; employer contributions 1 ; self-employed contributions; and contributions made to your account by your spouse 2 or another person. mandated employer contributions 3. Where you have worked at least 40 hours in 30 consecutive days in the financial year and the contributions are: personal contributions; non-mandated employer contributions 1 ; self-employed contributions; and contributions made to your investment by your spouse 2 or another person. mandated employer contributions (i.e. Award/Industrial Agreement) 3 ; Where you have worked at least 40 hours in 30 consecutive days in the financial year and the contributions 4 are: personal contributions; self-employed contributions; and non-mandated employer contributions (i.e. salary sacrifice and employer voluntary). Only mandated employer contributions (i.e. Award/Industrial Agreement) 3. 1 Employer contributions include salary sacrifice contributions. 2 A spouse is defined to include both a legal and a de facto spouse. A de facto spouse is one who lives with another person on a genuine domestic basis as the husband or wife of that person. A spouse does not include a person who lives separately and apart from another person on a permanent basis, even though legally married to that person. 3 Mandated employer contributions include Superannuation Guarantee contributions (which cease at age 70) and those paid by an employer under an award or industrial agreement made on or after 1 July Contributions must be received before the 28th day of the month following the member s 75th birthday.

2 Superannuation Savings Account You can also transfer amounts to Superannuation Savings Account from other superannuation or rollover funds (including approved deposit funds, deferred annuities or retirement savings accounts). Employment Termination Payments (i.e. payments from an Account holder s employer when he or she leaves employment, such as a golden handshake ), as they will be known, will generally not be able to be rolled into super, except in limited circumstances where the payment is made as a result of an entitlement existing before 10 May This concession will expire on 30 June Employment Termination Payments will be subject to special tax concessions. Note that there is no change to the tax treatment of unused leave, redundancy and early retirement payments. 2. Under the section Preserved Benefits (Page 9 of the PDS) Insert the following text at the end of this section: Preserved benefits may also be released in certain other circumstances, including to meet a tax liability that you incur because excess contributions are made by or for you. 3. Under the section Employee Tax File Numbers (page 12 of the PDS) Replace this section with the following: Recent legislative changes mean that where an employee quotes their Tax File Number (TFN) for employment purposes, it is automatically taken to be quoted for superannuation purposes and can therefore be passed on to the superannuation fund or retirement savings account. Where an employee does not supply their TFN more tax will generally be payable. See Your Tax File Number on page 13 for more details. 4. Under the section Taxation (Page 13 of the PDS) Replace the first four paragraphs in this section with the following text: The following information provides an overview of the tax rules that apply to Superannuation Savings Account as at 1 July The statements are general in nature and you should seek professional advice regarding your individual circumstances. The Government released a plan under the May 2006 Budget to simplify and streamline superannuation. This plan signified the most significant changes to superannuation laws in over a decade and it is important to you, as an Account holder, to be aware of the impact this may have on you. Retirement Savings Accounts are taxed the same as superannuation funds, and we will advise you of any subsequent changes to the taxation legislation affecting your Account as required by law. 5. Under the section Your Tax File Number (Page 13 of the PDS) Replace this section with the following: If you provide us with your Tax File Number (TFN), then the law allows us to use it for the following legal purposes: finding or identifying your superannuation benefits where other information is insufficient; and/or calculating tax on any benefit to which you may be entitled. From 1 July 2007 if we do not have your TFN, we will not be able to accept any member contributions into your Account. Member contributions generally refer to contributions other than employer contributions. If we do not have your TFN and your Account was opened: Before 1 July 2007, an additional 31.5% 5 tax may need to be deducted from the total employer contributions made to your Account if more than $1,000 of employer contributions are made in a financial year; or On or after 1 July 2007, an additional 31.5% 5 tax may need to be deducted from the total employer contributions made to your Account. Should you choose to provide your TFN within three years after the financial year ending on 30 June in which the extra tax was deducted, you may be eligible for a refund of this extra tax paid. If you do provide your TFN, we may provide it to another retirement savings account or superannuation fund to which your benefits are transferred in the future, unless you instruct us in writing not to do so. We may also give it to the ATO. Otherwise your TFN will be treated as confidential. 6. Under the section Employers (Page 13 of the PDS) Insert the following text at the end of this section: From 1 July 2007, employers will be able to claim a full deduction for all contributions made to superannuation on behalf of individuals under the age of 75. Superannuation Guarantee will continue to apply only until age Under the sections Self-employed and Proposed changes to the age based deduction limits (Pages 13 and 14 of the PDS) Combine these two sections into one section entitled Selfemployed, and replace the wording with the following text: Self-employed If you are either self-employed, substantially self-employed or you are otherwise eligible to contribute and do not receive any superannuation support from another person, then you may be eligible to claim a full tax deduction for all contributions until age Includes Medicare levy and is in addition to the 15% tax charged to the fund on taxable contributions.

3 Previous age-based deduction limits on employer and self-employed contributions have been removed and replaced with a single concessionally taxed annual contribution limit. From 1 July 2007, a cap of $50,000 pa will apply for concessionally taxed contributions (deductible contributions). This threshold will be indexed to Average Weekly Ordinary Time Earnings (AWOTE). The $50,000 threshold will only increase once the indexed amount is greater than $5,000. Contributions over $50,000 pa will continue to be taxed at 15%. However, the Australian Taxation Office will also assess you personally at the rate of 31.5% 5 on these excess contributions. If you are aged 50 and over, there is a five year transition period until the 2011/2012 financial year, in which deductible contributions of up to $100,000 pa can be made on a concessionally taxed basis. Also, employer contributions will be able to be made until age 75. The table below shows these limits (and transitional arrangements) from 1 July 2007: Age of Account holder Financial Year Under /2008 onwards $50, and over 2007/2008 to 2011/2012 Concessional Contribution limit $100, /2013 onwards $50,000 * Once a person reaches 75, a claim for a deduction can only be made if the contribution is no later than 28 days after the end of the month when the person turns Under the section Government Co-contributions (Page 14 of the PDS) Insert additional text at the end of this section: Effective 1 July 2007, the Government Co-contribution scheme has been extended to self-employed people making post-tax contributions, provided they satisfy the existing eligibility criteria for Co-contributions. 9. Under the section Withdrawals (Page 15 of the PDS) Replace this section with the following: Lump sum benefits paid before age 60 will only have 2 components: Taxable component (formerly post-june 1983 component). Tax-Free component (total of former pre-july 1983, CGT exempt, post-june 1994 invalidity, undeducted and concessional components). If you cash your super when you are: Your benefits will be taxed as follows Taxable component Tax-Free component Age 60 or over Tax-free Tax-free Age Tax-free up to the low rate threshold of $140,000: 16.5% 6 thereafter Tax-free Under age % 6 Tax-free If a part payment of an Account holder s superannuation benefit is made, the payment will generally be taken to include both Tax-Free and Taxable components, reflecting the proportions of those components relative to the total benefit. If you are aged 60 or over when you cash your super: All lump sum and pension benefits paid to you from a taxed source 7 will be tax-free; and You will not have to include any super payments in your tax return. If you are under age 60 when you cash your super, lump sum super benefits will be taxed as follows: Tax-Free component will be exempt; and Taxable component will be taxed at up to 21.5% 6 (depending on the amount and your age). If you have an eligible service period earlier than 1 July 1983 then the portion of your balance at 30 June 2007 relating to that service period will also be classed as tax-free. Calculating your starting Tax-Free component amount is referred to as crystallisation. Contributions made after 30 June 2007 for which no deduction is claimed and any amounts rolled into the fund which are classified as tax-free will be added to your starting Tax-Free value. From 1 July 2007, the Tax-Free component of your lump sum will be exempt from tax and the Taxable component (the remaining amount) will be tax-free up to the low-rate threshold of $140,000 and at 16.5% 6 over this threshold if you are aged 55 to 59. (Note: All benefits will be tax-free if cashed at or after age 60). Lump sum death benefit payments from 1 July 2007 will be tax-free if paid to a dependant (as defined by tax legislation). For payments to non-dependants (irrespective of their age) the Taxable component (taxed element) will attract 16.5% 6 tax, while the Taxable component (untaxed element) will be taxed at 31.5% 6. 6 Includes Medicare levy of 1.5% 7 A taxed source is a complying super fund, approved deposit fund or Retirement Savings Account that pays tax under the standard super tax provisions.

4 10. Under the section Taxation (Page 16 of the PDS) Delete the section Proposed changes to the taxation of benefits. 11. Under the section Reasonable Benefit Limits (RBLs) (Page 16 of the PDS) Replace the wording in this section with the following text: From 1 July 2007, Reasonable Benefit Limits (RBLs) have been abolished. RBLs were the limits imposed by the Government on the maximum amount of concessionally taxed benefits you could receive during your lifetime. 12. Under the section Privacy of your personal information (Pages 19 and 20 of the PDS) Replace this section with the following: How We Handle Your Personal Information Personal information is information or opinion that allows others to identify you. It includes your name, age, gender, contact details as well as your health and financial information. We are part of the Commonwealth Bank Group. We will act to protect your personal information in accordance with the National Privacy Principles or an industry privacy code. The Group is a collection of related organisations that provide banking, finance, insurance, funds management, financial planning and advice, superannuation, stockbroking and other services. We value your trust, and aim to help you manage and build wealth over a long period. The protection of your personal information is a vital part of this relationship. It is supported by our long experience of keeping personal information confidential. We collect personal information to provide you with the products and services you request as well as information on other products and services offered by or through us. The law may also require us to collect personal information. We will tell you who collects the personal information, advise you of their contact details, your right of access to that information, and what will happen if you choose not to provide the information. Personal information may be used and disclosed within the Group to administer our products and services, as well as for prudential and risk management purposes and, unless you tell us otherwise, to provide you with related marketing information. We also use the information we hold to help detect and prevent illegal activity. We co-operate with police and other enforcement bodies as required or allowed by law. We disclose relevant personal information to external organisations that help us provide services. These organisations are bound by confidentiality arrangements. They may include overseas organisations. You can seek access to the personal information we hold about you. If the information we hold about you is inaccurate, incomplete, or outdated, please inform us so that we can correct it. If we deny access to your personal information, we will let you know why. For example, we may give an explanation of a commercially sensitive decision, rather than direct access to evaluative information connected with it. Further information and feedback If you have any questions or would like further information on our privacy and information handling practices, please contact us by: at [email protected] telephone , or writing to the address below: Privacy Officer Customer Relations Commonwealth Bank Group Reply Paid 41 Sydney NSW 2001 This SPDS has been prepared and issued by: Commonwealth Bank ABN AFSL Level 7, 39 Martin Place Sydney NSW 2000 ADB A free call unless made from a mobile phone, which will be charged at the applicable mobile rate am 6 pm (Sydney time) Monday to Friday commbank.com.au Commonwealth Bank of Australia ABN

5 Superannuation Savings Account Super. Simple. Guaranteed. Product Disclosure Statement (PDS) Part 1 of 3 General Information Date of preparation: 17 January 2007

6 Contents 1 About Commonwealth Bank Superannuation Savings Account 2 Features at a glance 3 Managing your Account 4 Contact information 5 Investing in Superannuation Savings Account 5 Interest rates 6 Can I open an Account? 6 How do I open an Account? 7 What information will I receive? 8 How do I make additional contributions? 9 When can I access my benefits? 10 How do I withdraw? 10 What benefits are paid if I become permanently incapacitated or die? 11 Fees and other costs 12 Employer Sponsored Accounts 13 Taxation 17 Additional information 17 Cooling-off period 17 When might my benefit be transferred to an Eligible Rollover Fund? 18 Unclaimed Monies 18 Complaints handling procedures 19 Privacy of your personal information 20 Family Law 21 Life Insurance Forms Issued by: Commonwealth Bank of Australia ABN AFSL Level 7, 39 Martin Place, Sydney NSW 2000 This Product Disclosure Statement (PDS) is provided in 3 parts: Part 1 General Information Part 2 Interest Rates on Term Deposits and Investment Accounts Part 3 Historical interest rates for the Standard Rate component Unless otherwise stated, page references relate to Part 1 of this PDS. If you have not received all parts, please contact any Commonwealth Bank branch or call between 8.30 am and 6 pm (Sydney) time, Monday to Friday. Commonwealth Bank Superannuation Savings Account (Superannuation Savings Account), formerly known as Commonwealth Bank Retirement Savings Account (Commonwealth Bank RSA), is a retirement savings account established and maintained pursuant to the terms of the Retirement Savings Accounts Act Any future changes to the Act and regulations may result in changes to the terms and conditions set out in this PDS. Superannuation Savings Account is offered and capital guaranteed by Commonwealth Bank of Australia ABN AFSL ( we, us or our ). This PDS may also be used by employers who are applying on behalf of an employee for a Superannuation Savings Account. Superannuation Savings Account is administered by The Colonial Mutual Life Assurance Society Limited ABN AFSL (CMLA), a wholly owned subsidiary of Commonwealth Bank of Australia. CMLA has given and not withdrawn its consent to be named in this PDS. References to Account means your Account in Commonwealth Bank Superannuation Savings Account.

7 About Commonwealth Bank Superannuation Savings Account Commonwealth Bank Superannuation Savings Account (Superannuation Savings Account) is a simple, low-cost superannuation account designed to help you save for retirement. It is a retirement savings account, which is a simple alternative to a traditional superannuation fund, and has the tax advantages of saving in superannuation. You also have the security of knowing your capital is guaranteed by the Commonwealth Bank. Convenient and simple You only need $1 to open a Superannuation Savings Account! It has a low ongoing balance requirement, making it ideal if you have a small amount of superannuation money to invest, for example if you are: a part-time or casual employee; or in the early stages of saving for retirement. You can arrange automatic contributions of as little as $10 per month. Flexible Unlike a lot of other superannuation products, Superannuation Savings Account will accept any amount, no matter how small, whether they are employer contributions, personal/selfemployed contributions, spouse contributions or transfers and rollovers. Low-Cost There are no transaction, management or entry fees, just one annual administration fee of $25 for Accounts with balances of more than $1,000. Secure Deposits are capital guaranteed, making Superannuation Savings Account suitable if you are nearing retirement and want to minimise your investment risk. Fixed term option Superannuation Savings Account offers a Fixed Term option that allows you to lock in (minimum $5,000) a fixed rate of return for one to five years. This gives you the certainty of knowing exactly how much you will earn on your investment. Insurance option Subject to eligibility requirements, you can take out Death only or Death and Total & Permanent Disability cover up to $93,000 depending on your age, gender and the type of cover you select. What are the risks of investing? Your capital is guaranteed which, unlike some superannuation products, means your account balance cannot be reduced by negative investment earnings. However, the earnings on your capital are not guaranteed and may vary from time to time. This low risk approach means that your investment returns may be less than returns from other higher risk superannuation products. 1

8 Features at a glance Transacting refer to page 6 Minimum initial contribution $1 Minimum additional contribution $1 Minimum Regular Savings Plan $10 per month Minimum withdrawal $1,000 Interest rates refer to page 5 Standard Rate component Fixed term option Interest is credited quarterly, based on your daily Account balance. As your balance grows so does the interest rate. Minimum $5,000 per Fixed Term option You can select a term of 1,2,3,4 or 5 years Interest is credited six monthly and at the maturity of the term Fees and other costs refer to page 11 Administration fee $25 per annum (Nil if balance below $1,000) Entry/Contribution fee Withdrawal fee Insurance refer to page 21 Nil Nil Premium options Maximum cover Death cover $5 or $10 per month $93,000 (female), $75,000 (male) Death and Total Permanent Disablement cover Other important information $5 or $10 per month $48,000 (female), $45,000 (male) 2 Reporting Cooling-off period You will receive written confirmation of contributions (except contributions made through a Regular Savings Plan and Bpay) and withdrawals. You will also receive yearly and half yearly statements, and an exit statement when you withdraw your money. A 14 day cooling-off period will apply to your initial investment (refer to page 17). Complaints resolution We have a complaints handling process (refer to page 18).

9 Managing your Account The tables below show how easy and convenient it is to transact and access information on your Account. You can transact at any Commonwealth Bank branch or by mail (Note: cash must be deposited in a branch). Transacting on your Account Type Method Minimum Initial investment Cash or Cheque $1 Additional investment Switch to Fixed Term Withdrawal* Accessing Information Phone Cash (via deposit book) Cheque Bpay phone or internet Regular Savings Plan Credit your bank account Cheque Rollover Internet commbank.com.au $1 $1 $1 $10 per month $5,000 per Fixed Term option $1,000 $1,000 No minimum Mail GPO Box 3306 Sydney NSW 2001 CBA Branch Account balance Product information Interest rates * You must satisfy a condition of release, and your remaining Account balance must be at least $1,000. See page 9 for further information. 3

10 Contact information Contact information General enquiries National callers Who to contact Facsimile (02) Internet Postal address Branch network Administration manager Principal office of administration am to 6 pm (Sydney time), Monday to Friday commbank.com.au [email protected] Commonwealth Bank Superannuation Savings Account GPO Box 3306 Sydney NSW 2001 Visit any Commonwealth Bank branch The Colonial Mutual Life Assurance Society Limited ABN AFSL Level 7, 39 Martin Place Sydney NSW 2000 To make a no-obligation appointment with a Commonwealth Financial Planner National callers Branch network Internet Who to contact am to 5 pm (Sydney time), Monday to Friday Visit any Commonwealth Bank branch commbank.com.au 4

11 Investing in Superannuation Savings Account Interest rates Standard Rate component The Standard Rate component has tiered variable interest rates, so that when your balance reaches the next tier, interest is calculated at the new tier rate on the entire balance for as long as it remains above the tier. Interest is calculated daily on the full balance and credited quarterly on 15th March, June, September and December. Interest is also credited when you close your Account. All deposits accepted into your Account will automatically receive the current Standard Rate component interest rate, unless you apply for a Fixed Term option. Fixed Term option You can apply for a Fixed Term rate either when you open your Account or at a later date. You can choose a term of 1, 2, 3, 4 or 5 years (minimum $5,000 per fixed option). Interest rates are fixed at the date your application is accepted for the term you select. Interest is calculated daily on the full balance of each Fixed Term option and credited six monthly and at maturity of the term. Interest may be compounded, that is, credited into your Fixed Term option at each six monthly interval. Alternatively interest can be credited into your Standard Rate component. If you do not specify a preference, interest will default to compounding in the Fixed Term option. On maturity of a Fixed Term option investment you may renew the balance for another Fixed Term; otherwise the balance will be transferred to your Standard Rate component. All earnings on your benefits are preserved. (See page 9) The latest interest rates on offer are available: in Part 2 of this PDS; by simply calling between 8.30 am and 6 pm (Sydney time), Monday to Friday; at any Commonwealth Bank branch; or by visiting commbank.com.au. Both the tiers and the interest rates may be changed at any time. 5

12 Investing in Superannuation Savings Account Can I open an Account? You can open an Account if you wish to rollover or transfer from another retirement savings account or a superannuation fund or if you are eligible to make superannuation contributions, as outlined below: If you are Currently we may accept Under 65 years personal or employer contributions; and contributions made to your Account by your spouse*. 65 years to under 70 years Where you have worked at least 40 hours in 30 consecutive days in the financial year: personal contributions; employer contributions; self employed contributions; and contributions made to your investment by your spouse*. 70 years to under 75 years Where you have worked at least 40 hours in 30 consecutive days in the financial year: personal contributions; and compulsory employer contributions (i.e. Award). 75 years and over compulsory employer contributions (i.e. Award). Proposed changes to contribution rules The 9 May 2006 Federal Budget proposed that from 1 July 2007, the ability to make deductible** contributions be extended to age 75. This will provide employees an additional five years to make salary sacrifice contributions and the self employed an additional five years to claim a tax deduction for personal contributions. How do I open an Account? How At a Commonwealth Bank branch By mail to: Commonwealth Bank Superannuation Savings Account Reply Paid 3306 Sydney NSW 2001 Checklist Complete an Application form Satisfy 100 point Identification check Deposit cash or cheque or lodge a rollover request Complete the Application form attached to this PDS Attach a cheque or rollover request 6 * A spouse is defined to include both a legal and a de facto spouse. A de facto spouse is one who lives with another person on a genuine domestic basis as the husband or wife of that person. ** Deductible contributions include employer contributions (including salary sacrifice) and self employed contributions.

13 If you open your Account by mail, you should visit a branch to satisfy the 100 point identification check, otherwise withdrawals from your Account may be delayed. Your employer may also open an Account on your behalf. Refer to page 12. Acceptance of your request All transaction requests (applications, withdrawals and switches into the Fixed Term option) are deemed to be received on the day the completed documentation is received at our principal office of administration, or at any Commonwealth Bank branch. We reserve the right to refuse or accept any request, where a transaction request is incomplete and/or where questions relating to the request are unresolved. A transaction request will not be accepted until all requirements are met. Interest will be paid effective from the date of our acceptance. If it is rejected, contributions will be refunded in full (or transfers/rollovers returned to the payer) without interest. What information will I receive? We will confirm the details of your Account in writing when we have accepted your application. In addition, your will receive the following information: Statement type Transaction Confirmation Annual Statement Half Yearly Statement Exit Statement What does it show all transactions other than those made through a Regular Savings Plan or by Bpay. balance of your Account as at 30 June; and transactions that have occurred during the year. balance of your Account as at 31 December; and transactions that have occurred since your last statement. transactions since your last statement; and your closing balance. 7

14 Investing in Superannuation Savings Account How do I make additional contributions? You can make additional contributions by: Regular Savings Plan (RSP) A RSP allows you, your spouse or your employer to make regular automatic monthly contributions to your Account. You, your spouse or your employer must complete a Direct Debit Request form, which is located at the back of this PDS, and return it to us. See page 4 for contact information. Bpay Bpay is an easy and convenient way to make additional contributions by phone or internet from your bank, building society, credit union, or debit card account. We cannot accept payments from your credit card account. To use Bpay you must first make an initial contribution to your Account. Then follow these three easy steps: 1. Access your phone or internet banking service. 2. Select the contribution type you want and follow the instructions you will need to enter the appropriate Biller Code and Customer Reference Number (CRN). The CRN = your Superannuation Savings Account number Biller Codes Before tax (deductible) contributions Employer contributions* After tax (non-deductible) contributions Personal contributions Spouse contributions Write or print the transaction receipt number for your records. Branch deposit using a deposit book Visit any Commonwealth Bank branch and deposit cash or a cheque. To do this you must use a deposit book which can be requested on your application form or by contacting us. Cheque Cheques made payable to Commonwealth Bank Superannuation Savings Account can be posted directly to us (see postal address on page 4), accompanied by a completed Commonwealth Bank Superannuation Savings Account Application form. Rollovers You can consolidate your other superannuation into your Account by completing the Commonwealth Bank Superannuation Savings Account Transfer Authority form located at the back of this PDS. Return the completed form back to us and we will organise the transfer of your benefits. 8 Registered to Bpay Pty Ltd ABN * Use the Employer contributions Biller Code to make self employed and salary sacrifice contributions.

15 When can I access my benefits? Superannuation is a long-term investment and the retirement savings account law has preservation rules limiting access to your benefits. In general, you cannot access your benefits until you have reached age 65, or have reached your preservation age and retired. Your Account may include preserved benefits, restricted non-preserved benefits and unrestricted non-preserved benefits. Your preservation age is based on your date of birth as follows: Date of birth Before 1 July July 1960 to 30 June July 1961 to 30 June July 1962 to 30 June July 1963 to 30 June July 1964 or after 60 Preservation age Preserved benefits Preserved benefits consist of all contributions made by you or on your behalf to your Account, all the rollovers and transfers of preserved monies to your Account and all earnings on your benefits. Preserved benefits can only be paid if you meet a condition of release, namely if you: reach your preservation age and retire; reach age 65; leave an employer from age 60; reach your preservation age and purchase a non-commutable complying income stream; become permanently disabled; die; have compassionate grounds or any other condition approved by the Australian Prudential Regulation Authority; have severe financial hardship; or are a temporary resident (except New Zealand citizens) and permanently depart Australia. Unrestricted non-preserved benefits These benefits can be cashed (or withdrawn ) at any time. Please note you may be subject to tax if cashing unrestricted non-preserved benefits. Restricted non-preserved benefits These are not preserved but cannot be cashed (except in certain circumstances, such as severe financial hardship) until you satisfy a condition of release usually when you cease employment. 9

16 When can I access my benefits? How do I withdraw? You can lodge a withdrawal request at any Commonwealth Bank branch or otherwise by writing to us (see postal address on page 4). Lump sum payment Generally, you are only able to access your preserved benefit and cash in your Superannuation Savings Account if you have met a condition of release. Subject to the following withdrawal rules, you may take part or all of your unrestricted nonpreserved benefits at any time by either transfer to your bank, building society or credit union account or by cheque. Rolling over to another retirement savings account or a superannuation fund You can rollover your investment to another retirement savings account or a superannuation fund at any time. Withdrawal rules a minimum withdrawal of $1,000 applies (unless closing your Account); your remaining balance must be at least $1,000; partial withdrawals are not permitted if the balance of your Account is less than $2,000; a withdrawal form must be completed, which can be obtained from any Commonwealth Bank branch or otherwise by contacting us; you must satisfy the 100 point identification check if you have not satisfied the 100 point identification check at Account opening. Please note this may delay any withdrawal request; withdrawal forms may be lodged at any Commonwealth Bank branch, but immediate payment will not be made at the branch; proceeds of cheques and other payments into your Account are subject to clearance; and if an investment in the Fixed Rate option is withdrawn prior to maturity, an Early Termination fee may apply (see page 11). Removal of compulsory cashing requirements for persons aged over 65 Commencing 10 May 2006, when you reach age 65, you are no longer forced to take your super as a lump sum or commence an income stream if you don t meet particular work-related tests. This means that Superannuation Savings Account holders aged 65 or over are able to leave benefits in the concessionally taxed superannuation environment indefinitely. What benefits are paid if I become permanently incapacitated or die? If you become eligible for an insurance benefit, it will be credited to your Account. The total value of your Account will then be payable to either you (subject to a condition of release being met) or, in the event of your death, to your estate. 10

17 Fees and other costs This table shows the fees and charges that may apply to your Account. Name of fee Amount When fee is charged Administration fee* $25.00 p.a. This fee is charged on a pro-rata basis at 30 June and when your Account is closed. Contribution fee Nil N/A Withdrawal fee Nil N/A Early termination fee (Fixed Term Option only) 1% of the balance of your Fixed Term option (pro rata) Paid at early termination of a deposit in the Fixed Term option. Refer to Early Termination Fee below. Early termination fee (Fixed Term option only) We will charge an early termination fee if you withdraw from the Fixed Term option prior to the maturity of the term. The fee is calculated by applying the formula: A x B x C where: A = 1%; B = the proportion of the remaining term relative to the full Fixed term; and C = the balance immediately prior to repayment. Increases or alterations to fees and charges We may vary the amount of fees and charges from time to time. You will be notified of any variation that affects you. Other fees and charges not currently charged We reserve the right to charge a Bank cheque issuing fee and/or a dishonour fee in the future you will be notified if these charges begin to apply. What is paid to Commonwealth Financial Planners? Commonwealth Financial Planners and Customer Service Representatives are remunerated by salary. In addition, under an incentive programme, planners may be eligible for bonuses based on sale of products made available by the Commonwealth Bank Group and external product providers and for generating revenue above a set threshold, which may vary from time to time. These bonus payments may include dollar-based incentives, travel and accommodation and spending money. The salaries and bonuses are paid by the Commonwealth Bank Group and are not additional to the charges outlined in this PDS. * Protection of low balances (member benefit protection). If your Account balance is below $1,000, you will not be charged the Administration fee. 11

18 Employer Sponsored Accounts Employers may use this PDS to open an Account on behalf of an employee. If you are an employer considering this, you should read this PDS to understand the investment that your employee will be acquiring. Before applying on behalf of your employee, please provide your employee with a copy of this PDS to meet your disclosure requirements under retirement savings account law. Your employees will be notified of their Account number and receive information about their Account once an initial contribution to their Account has been received and accepted. Employers can make Superannuation Guarantee (SG) award or salary sacrifice contributions by using Bpay, establishing a Regular Savings Plan or by cheque. Refer to page 8 for details. provide a prescribed minimum level of insurance under the Choice of Fund legislation. Employee Tax File Numbers Recent proposed legislative changes mean that, from 1 July 2007, where an employee quotes their Tax File Number (TFN) for employment purposes, it is automatically taken to be quoted for superannuation purposes and can therefore be passed on to the superannuation fund or retirement savings account. Where an employee does not supply their TFN, from 1 July 2007, more tax may be payable. See Your Tax File Number on page 13 for more details. Choice of Fund The Choice of Fund legislation, which came into effect on 1 July 2005, means many employees can select to which super fund or retirement savings account they would like their compulsory employer super contributions paid. Superannuation Savings Account may be nominated by an employer as a default fund under Choice of Fund legislation. Please note that retirement savings accounts (including Superannuation Savings Account) are not required to 12

19 Taxation The following information provides an overview of the tax rules that apply to Superannuation Savings Account. The statements are general in nature and you should seek professional advice regarding your individual circumstances. In the Federal Budget announced on 9 May 2006 the Government proposed some significant changes to the taxation of superannuation contributions and benefits which have been mentioned where relevant below. Please note that these are proposed changes at the date of issue of this PDS and are subject to change. Retirement savings accounts are taxed the same as superannuation funds. Your Tax File Number If you provide us with your Tax File Number (TFN), then the law allows us to use it for the following legal purposes: finding or identifying your superannuation benefits where other information is insufficient; and/or calculating tax on any ETP to which you may be entitled. In the 2006 Federal Budget, the Government proposed new legislation aimed at encouraging people to quote their TFN to their superannuation fund or retirement savings account. This will mean that for contributions made after 1 July 2007, tax may be applied at the highest marginal rate (plus Medicare levy) where a member has not supplied their TFN by 30 June In addition, superannuation funds and retirement savings accounts will only be able to accept undeducted contributions for, or on behalf of, a member, if the member s TFN has been quoted to the fund or retirement savings account. If you do provide your TFN, we may provide it to another retirement savings account or superannuation fund to which your benefits are transferred in the future, unless you instruct us in writing not to do so. We may also give it to the ATO. Otherwise, your TFN will be treated as confidential. Tax concessions on contributions Employees If you transfer any money from a government superannuation fund or directly from your employer (not the employer s superannuation fund) a part of it may be untaxed. In that case, tax will be deducted from the untaxed part at 15%. We will deduct this tax upfront from the amount transferred. Employers All employer contributions are taxed at 15%. Self-employed If you are self-employed (including substantially self-employed and unsupported), do not receive any superannuation support 13

20 Taxation from another person and were not entitled to a Government Co-contribution, then you may be eligible to claim a tax deduction for your contributions. The tax deduction applies to the first $5,000 of your contributions, plus 75% of any additional contributions, up to your age-based deduction limit. The limits for the year ending 30 June 2007 are: Age of member* Under 35 $15, to 49 $42, and over $105,113 Tax deduction limit Proposed changes to the age based deduction limits In the 2006 Federal Budget, the Government proposed that from 1 July 2007, the agebased deduction limits will be replaced with a single contribution limit of $50,000 (indexed to Average Weekly Ordinary Time Earnings (AWOTE) each year) with transitional arrangements for those aged 50 and over. Employers and self-employed (including substantially self-employed and unsupported) persons would be able to claim a full tax deduction for all contributions up to these limits. Deductible contributions above these amounts would be taxed at the top marginal tax rate (plus Medicare levy). Spouse contributions An 18% tax offset is available to your spouse when they make contributions of up to $3,000 on your behalf, where your assessable income is $10,800 or less. The maximum offset is $540. Where your income is more than $10,800 the maximum offset falls by $18 for every $100 by which your income exceeds $10,800, so that it ceases when it reaches $13,800. A spouse is defined to include both a legal and a de facto spouse. A de facto spouse is one who lives with another person on a genuine domestic basis as the husband or wife of that person. For rebate purposes, a spouse does not include a person who lives separately and apart from another person on a permanent basis, even though legally married to that person. Government Co-contributions Under the Co-contribution scheme, the Government will make a contribution of $1.50 for each $1.00 contributed by an eligible person subject to a maximum co-contribution of $1,500 for your first $1,000. It is provided for those on assessable incomes of $28,000 per year or less, reducing by five cents per dollar up to an income of $58,000 per year. If payable, the Government Co-contribution will be automatically credited to your Account in the following financial year. * Your age at the date of the last contribution in the financial year 14

21 Interest credited to your Account Interest credited to your Account is taxed at 15%. Withdrawals Tax may also be deducted and withheld from a benefit paid to you. The amount to be deducted and withheld will depend on the components making up your benefit. The lump sum tax rates that apply for the 2006/2007 financial year are: Component Pre-July 1983 and Concessional Post-June 1983 taxed element under age 55 over age 55 up to $135,590 2 over $135,590 2 Post-June 1983 untaxed element under age 55 over age 55 up to $135,590 2 over $135,590 2 Tax rates 5% assessable income at your marginal rate 21.5% 1 Nil 16.5% % % % 1 Excessive component Up to 46.5% 3 Undeducted contributions, Post-June 1994 invalidity and CGT exempt components Nil The taxation of lump sum benefits received in the event of Total and Permanent Disability (TPD) is broadly similar to the tax treatment of retirement benefits, except that in some cases, additional tax concessions may apply. Death benefits paid as a lump sum receive special tax treatment. Certain other lump sum benefits may also receive different tax treatment and you should ask your financial adviser for further information. 1. Includes Medicare levy of 1.5% for the 2006/2007 financial year. 2. This threshold amount is indexed each year at 1 July. 3. The post-june 1983 taxed element of an excessive component is taxed at the reduced rate of 39.5%. The ATO will determine whether an excessive component exists and the appropriate tax rate to apply, based on information provided in your income tax return and information reported by your superannuation provider. 15

22 Taxation Proposed changes to the taxation of benefits In the 2006 Federal Budget, the Government proposed that from 1 July 2007: no tax will be payable on benefits paid (as a lump sum or an income stream) when the member reaches age 60 where tax was paid on contributions and investment earnings; and tax will still be payable on benefits paid to members under age 60, but the rules will be simplified. Reasonable Benefit Limits (RBLs) These are limits on the amount of superannuation benefits you can receive on a concessionally taxed basis. Lump sum benefits above these limits are known as excess benefits and are subject to tax, up to the maximum marginal rate (including Medicare levy). Generally, the following RBLs apply: In the 2006 Budget the Government proposed to abolish RBLs from 1 July This could represent significant tax savings for investors with benefits in excess of current RBLs. Payment of tax Any tax payable will be deducted from the balance of the Standard Rate component of your Account. If this is insufficient, the remaining amount will be deducted from the Fixed Term option. In this case, when tax is deducted from the Fixed Term option, we will cancel the current Fixed Term option and establish a new Fixed Term option for the reduced amount. If you elect to compound interest in the Fixed Term option, any tax payable will be deducted from the Fixed Term option. Type of RBL 2006 / 2007 financial year limit Lump Sum RBL $678,149 Pension RBL $1,356,291 To be eligible for the Pension RBL an individual must, in broad terms, take at least half their retirement benefits as an annuity or superannuation pension. Any undeducted contributions, post-june 1994 invalidity and concessional components are not counted against your RBLs. 16

23 Additional information Cooling-off period If you are a new Account holder in Superannuation Savings Account, you are entitled to a 14 day cooling-off period. When you exercise your cooling-off rights, we will repay the money you paid us to acquire your Account. The amount repaid will be net of tax and certain other expenses. However, you will not be liable to pay any administration fee. If the amount to be repaid includes restricted non-preserved benefits or preserved benefits (all personal contributions are automatically preserved), you will need to nominate another retirement savings account or superannuation fund to which these amounts can be transferred. Any unrestricted non-preserved amounts can either be transferred to another retirement savings account or a superannuation fund or paid to you. The 14 day cooling-off period starts on the earlier of: the time when any requirement to confirm the relevant transaction has been complied with; and the end of the fifth day after the day on which the relevant product was issued to you. To exercise your cooling-off rights, simply write to us at the address shown on page 4 within the cooling-off period. When might my benefit be transferred to an Eligible Rollover Fund? An Eligible Rollover Fund (ERF) is a fund to which we may transfer benefits in certain circumstances: written communications to you are returned unclaimed (defined as lost under retirement savings account law); you or your employer (if they open an Account on your behalf) exercise coolingoff rights and the nominated fund will not accept the transfer; or we are unable to allocate a contribution or rollover to your Account and the payer will not accept a refund of the monies. We have selected SuperTrace Eligible Rollover Fund (SuperTrace) as the fund to which your benefits may be transferred. SuperTrace is part of the Commonwealth Bank Group s range of products and is administered by The Colonial Mutual Life Assurance Society Limited (CMLA). On transfer your Account is closed and you become a member of SuperTrace. Your insurance cover (if applicable) will cease 30 days after your Account is transferred. 17

24 Additional information A copy of the Product Disclosure Statement for SuperTrace can be obtained by visiting and clicking on Member PDS. Alternatively you can contact: SuperTrace Eligible Rollover Fund Locked Bag 5429 Parramatta NSW 2124 Telephone: Unclaimed Monies If obliged to do so by the retirement savings account law, we will close your Account and transfer the balance as unclaimed funds to the Commissioner of Taxation or to an appropriate State or Territory authority. Complaints handling procedures We have arrangements in place to deal with member enquiries and complaints about the operation or management of Superannuation Savings Account. If you have an enquiry simply call between 8.30 am and 6 pm (Sydney time), Monday to Friday, or fax (02) If you wish to lodge a complaint you should write to the Complaints Manager: Complaints Manager, Customer Relations Commonwealth Bank Group Reply Paid 41 Sydney NSW 2001 Please mark your letter Notice of Complaint. Upon receipt of your enquiry or complaint, the Complaints Manager will investigate the cause of your concern and respond to you, as quickly as possible. If the matter cannot be resolved quickly, you will be kept informed of progress. Your complaint will be handled by the Complaints Manager or may be referred to a complaints committee for attention. If you are not satisfied with our handling of your complaint or a decision of the Complaints Manager, you may have the right to lodge a complaint with the Superannuation Complaints Tribunal. The Superannuation Complaints Tribunal (SCT) The SCT is an independent statutory body which assists members, beneficiaries and other persons to resolve certain complaints with retirement savings account providers, superannuation fund trustees and insurers. Before the SCT has jurisdiction to deal with a particular matter, it must be satisfied that the same complaint was previously made to an appropriate person under our internal enquiries and complaints procedures and the complaint was not resolved to the satisfaction of the complainant within 90 days. You can contact the SCT by phoning between 9 am and 5 pm (Sydney time), Monday to Friday, from anywhere in Australia. 18

25 Privacy of your personal information Collection of personal information We collect personal information (including your full name, address and contact details) so that we may administer your Account and provide you with the products and services that you request, as well as information on the Commonwealth Bank Group s products and services. Where it is necessary to do so, we also collect information on individuals such as company directors and officers (where the company is our customer), as well as customers agents and persons dealing with us on a one-off basis. The law can also require us to collect personal information. We may take steps to verify the information we collect, e.g. a birth certificate provided as identification may be verified with records held by the Registry of Births, Deaths and Marriages to protect against impersonation. You need to provide us with accurate and relevant information. If you provide us with incomplete or inaccurate information, we may not be able to provide you with the products and services you are seeking. Other members of the Commonwealth Bank Group We are permitted by the Privacy Act to disclose personal information to other members of the Commonwealth Bank Group. This enables the Group to have an integrated view of its clients. Your personal information may also be accessed by Group staff in other countries if it becomes necessary for transactional reasons or to enhance our relationship with you. Other disclosures Personal Information may be disclosed to: your employer (if any, to the extent required to assist your employer meet their obligations); advisers, brokers and agents who refer business to us; claims investigators, medical practitioners, reinsurers, insurance reference agencies; external product providers into which you might direct some of your investment or other product providers to whom your investment might be transferred; and organisations to whom we outsource certain functions. This may include overseas organisations. In all circumstances where contractors, agents and outsourced service providers may become aware of personal information, confidentiality arrangements apply. Personal information may only be used by our agents and contractors for our purposes. We may be allowed or obliged to disclose information by law, e.g. under Court Orders or Statutory Notices pursuant to taxation or social security laws. 19

26 Additional information Access You may (subject to permitted exceptions) access your information by contacting: Customer Relations Commonwealth Bank Group Reply Paid 41 Sydney NSW 2001 We may charge you for providing access. Further information For further information on our privacy and information handling practices, please refer to our Privacy Policy Statement, which is available at commbank.com.au or upon request from any Commonwealth Bank branch. Family law The Family Law Act allows the superannuation of married couples, who have subsequently separated or divorced, to be divided. The legislation allows the following key Family Law processes to occur in relation to your Account: Information request: This is a written request for information about your account and is used to determine the value of the superannuation asset. This request may be made by you as the Account holder, your spouse or a person intending to enter into a superannuation agreement with you (such as a prenuptial agreement). The response to an information request will only be issued to the requestor. Should a request be made by your spouse or intending spouse, the legislation states that you must not be informed of the request. Payment flag: A payment flag may be placed on your Account through an agreement between you and your spouse or through a court order. The presence of this flag requires us to prevent certain types of withdrawals from being made from your Account. Splitting instructions: Splitting instructions specify how your Account is to be divided. This may be expressed as a dollar amount or as a percentage. These splitting instructions may be made in the form of a superannuation agreement between you and your spouse, or by court order. In both cases the instructions will be binding on the Bank. Whilst the provisions of the Family Law Act do permit the charging of a reasonable fee for the administration of Family Law transactions, we have decided not to charge Family Law fees at this time. You will be notified if fees are introduced for Family Law transactions in the future. For full details regarding the Family Law processes which can occur in relation to your Account, please contact our Customer Contact Centre on between 9 am and 5 pm (Sydney time), Monday to Friday. 20

27 Life Insurance An important aspect in planning for your retirement and ensuring that you and your family have financial security is to consider investing in life insurance. You have the option to take out life insurance cover against: death only; or death and total and permanent disablement. Insurance is provided under a group life insurance policy issued to us by The Colonial Mutual Life Assurance Society Limited (CMLA). We are the policy owner and Account holders who take out this option are the lives insured. A copy of this policy is available on request. Death cover If you die, this insurance will pay a death benefit into your Account, except where your death resulted from: directly or indirectly acquired immune deficiency syndrome (AIDS) or any human immunodeficiency virus (HIV) or any AIDS related condition; intentionally self-inflicted injury or infection, whether sane or insane, within the first 13 months of your insurance cover commencing, being reinstated or increased (but only in relation to the increased cover); or engaging in criminal activity. Total and Permanent Disablement (TPD) cover TPD cover is only available in conjunction with death cover. The level of TPD cover will be the same as the level of death cover. If a TPD benefit is paid, the death cover is automatically reduced by the amount of that payment to nil. TPD means you have suffered: an injury or illness that causes you to be absent from work for six consecutive months and, in the insurer s opinion, prevents you from ever returning to the duties you were performing, or duties for which you are suited by education, training or experience; or if you perform fulltime unpaid domestic duties, an injury or illness that prevents you from performing any normal physical duties for six consecutive months and, in the insurer s opinion, prevents you from ever performing those duties again; or you have suffered the permanent loss of use of two limbs; or sight in both eyes; or use of one limb and the sight in one eye. A limb includes an entire hand or an entire foot, and loss means permanent loss of use or severance. 21

28 Life Insurance A TPD benefit will not be paid if the disablement results from: directly or indirectly acquired immune deficiency syndrome (AIDS) or any human immunodeficiency virus (HIV) or any AIDS related condition; intentionally self-inflicted injury or infection, whether sane or insane; engaging in criminal activity; the influence of alcohol or other nonprescribed drugs; war (whether declared or not), invasion, civil commotion, civil war or rebellion, active military service other than war service; or aviation other than as a fare paying passenger. Refer to pages 9 and 10 for details of how benefits are paid. Who can apply for insurance? You can apply for: death cover if you are aged between 16 to 64; and TPD cover if you are aged from 16 to 54 and working at least 30 hours a week, or performing full-time unpaid domestic duties, Acceptance of your insurance cover application will depend on the information provided by you and is not guaranteed. Cost of premiums and level of cover You can choose a monthly premium of $5 or $10 per month. The amount of cover depends on your age, gender, the premium and type of cover chosen. The level of cover will decrease as you grow older. Please refer to the Table of Premiums Schedule on pages 26 and 27. Payment of premiums Premiums for your life insurance cover begin once your application for life insurance is accepted, and are paid monthly in advance. These premiums are paid by automatic deduction from your Account. If they are late or not paid due to insufficient funds, this can result in the cancellation of your cover. It is important to ensure that your Standard Rate component balance is sufficient to cover your monthly premiums, otherwise your insurance cover will lapse. If your Account is reduced to nil it will be closed. Please note we will not deduct insurance premiums from Fixed term options. Please note, rollovers from other retirement savings accounts or superannuation funds may take some time to complete. If you have applied for insurance cover you should ensure there are sufficient funds available to cover at least three months premium. 22

29 Premium rebates We receive a tax deduction on the premiums paid for your death and TPD cover. We will pass this back to you as a 15% rebate on your premiums. We will notify you in writing if, in the future, this rebate is varied. This benefit is additional to any tax deduction or tax offset you may be entitled to claim for your contributions to your Account. How to apply You may apply for insurance cover by completing the attached Insurance Application form. Your insurance cover will commence once this application and any additional information CMLA may need has been assessed and accepted and a Certificate of Cover has been issued to you. Cooling-off period After you apply for a policy and receive a Certificate of Cover, you have 14 days to check that the policy meets your needs this is known as the cooling-off period. Within this time you may cancel the policy by writing to us, and any premiums paid will be refunded to your Account. The 14 day cooling-off period starts on the earlier of: the time when any requirement to confirm the relevant transaction has been complied with; and the end of the fifth day after the day on which the cover was issued. Duty of disclosure Before you enter into or become insured under a contract of life insurance with CMLA you have a duty, under the Insurance Contracts Act 1984, to disclose to CMLA every matter that you know, or could reasonably be expected to know, that is relevant to CMLA s decision whether to accept the risk of insurance and if so, on what terms. You have the same duty to disclose those matters to CMLA before you renew, extend, vary or reinstate your life insurance cover. Your duty, however, does not require disclosure of a matter: that diminishes the risk to be undertaken by CMLA; that is of common knowledge; that CMLA knows or, in the ordinary course of business, ought to know; or if CMLA chooses to waive your duty of disclosure. Non disclosure If you fail to comply with your duty of disclosure, and CMLA would not have covered you on any terms if the failure had not occurred, CMLA may void the cover within three years of issuing it. If your non-disclosure is fraudulent, CMLA may void your cover at any time. An insurer who has not voided your cover may, within three years of issuing it, elect to reduce the sum that you have been insured for in accordance with a formula that takes into account the premium that would have been payable if you had disclosed all relevant matters to the insurer. 23

30 Life Insurance Termination of cover You may cancel your cover at any time by writing to us and returning the Certificate of Cover to us. Your insurance cover may be cancelled by CMLA, with 28 days written notice where, for any reason, your premiums remain unpaid after the due date. In these cases, CMLA may reinstate your cover if, within three months of cancellation, CMLA receives the outstanding premiums (plus interest determined by CMLA), together with evidence that you continue to be insurable. Otherwise, your insurance cover will expire on the earlier of: you ceasing to hold an Account; your death (whether a death benefit is payable or not); payment of a TPD benefit where the death benefit is reduced to nil; the day before your policy anniversary when you have reached age 70 (death cover only); cancellation of death cover for any reason; or 30 days after your benefit has been transferred to the SuperTrace Eligible Rollover Fund. TPD cover will also expire upon payment of the TPD benefit or on the day before your policy anniversary when you have reached age 60. Changes to the policy CMLA may agree with us to vary the policy (including the schedules and certificates of cover) or to terminate the policy. A variation may relate to terms and conditions, benefits or premiums. A change, which results in your cover being cancelled or varied, will only be made after you have been notified in writing. Other terms and conditions relating to your insurance cover We have no liability to you in the event that your cover under the Life Insurance Option is terminated for any reason, including (without limitation): failure by you to make proper disclosure; or variation or termination of the policy under which your cover is provided. You must bear the costs associated with any claim made in connection with your cover. We are not responsible for any such costs. Who is CMLA? CMLA is a wholly owned subsidiary of Commonwealth Bank of Australia. It conducts life insurance and superannuation business and is registered under the Life Insurance Act 1995 for this purpose. Premiums will be paid to, and benefits paid from, CMLA s Statutory Fund No.1. You are not entitled to participate in any profits of CMLA or in any surplus of its Statutory Fund No.1. CMLA guarantees the benefits payable under Superannuation Savings Account Life Insurance option. Commonwealth Bank of Australia does not guarantee the obligations or performance of CMLA or the products it offers, including the insurance cover. 24

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32 Table of Premiums Schedule* Current age Sum insured for $5 monthly premium Sum insured for $10 monthly premium Male Female Male Female Death Only Death & TPD Death Only Death & TPD Death Only Death & TPD Death Only Death & TPD To 33 $32,000 $19,000 $40,000 $21,000 $75,000 $45,000 $93,000 $48, $32,000 $19,000 $40,000 $21,000 $75,000 $44,000 $93,000 $48, $32,000 $19,000 $40,000 $21,000 $75,000 $44,000 $93,000 $48, $32,000 $17,000 $40,000 $19,000 $75,000 $40,000 $93,000 $44, $32,000 $17,000 $39,000 $19,000 $75,000 $40,000 $92,000 $43, $32,000 $17,000 $35,000 $17,000 $75,000 $40,000 $82,000 $41, $30,000 $15,000 $35,000 $16,000 $70,000 $35,000 $81,000 $37, $27,000 $14,000 $34,000 $16,000 $63,000 $33,000 $80,000 $37, $25,000 $13,000 $31,000 $14,000 $58,000 $29,000 $72,000 $32, $23,000 $12,000 $30,000 $14,000 $53,000 $28,000 $71,000 $32, $21,000 $11,000 $28,000 $12,000 $49,000 $25,000 $64,000 $29, $19,000 $10,000 $25,000 $11,000 $45,000 $24,000 $58,000 $26, $17,000 $9,000 $23,000 $10,000 $40,000 $21,000 $54,000 $23, $16,000 $8,000 $21,000 $9,000 $37,000 $19,000 $50,000 $20, $15,000 $8,000 $20,000 $8,000 $35,000 $18,000 $46,000 $18, $14,000 $7,000 $18,000 $7,000 $33,000 $16,000 $43,000 $17, $13,000 $6,000 $17,000 $6,000 $30,000 $14,000 $40,000 $15, $11,000 $5,000 $15,000 $6,000 $26,000 $12,000 $35,000 $13, $10,000 $5,000 $14,000 $5,000 $23,000 $11,000 $33,000 $12, $9,000 $4,000 $13,000 $4,000 $20,000 $9,000 $30,000 $10, $8,000 $4,000 $12,000 $4,000 $18,000 $8,000 $27,000 $9, $7,000 $3,000 $10,000 $3,000 $16,000 $7,000 $24,000 $8, $6,000 $3,000 $9,000 $3,000 $14,000 $6,000 $22,000 $7,000 26

33 Current age Sum insured for $5 monthly premium Sum insured for $10 monthly premium Male Female Male Female Death Only Death & TPD Death Only Death & TPD Death Only Death & TPD Death Only Death & TPD 56 $5,000 $2,000 $9,000 $3,000 $13,000 $6,000 $20,000 $6, $5,000 $2,000 $8,000 $2,000 $11,000 $5,000 $18,000 $5, $4,000 $2,000 $7,000 $2,000 $10,000 $4,000 $17,000 $5, $4,000 $2,000 $6,000 $2,000 $9,000 $4,000 $15,000 $4, $4,000 N/A $6,000 N/A $8,000 N/A $13,000 N/A 61 $3,000 N/A $5,000 N/A $7,000 N/A $12,000 N/A 62 $3,000 N/A $5,000 N/A $6,000 N/A $11,000 N/A 63 $2,000 N/A $4,000 N/A $6,000 N/A $9,000 N/A 64 $2,000 N/A $3,000 N/A $5,000 N/A $8,000 N/A 65 $2,000 N/A $3,000 N/A $5,000 N/A $7,000 N/A 66 $2,000 N/A $3,000 N/A $4,000 N/A $6,000 N/A 67 $2,000 N/A $2,000 N/A $4,000 N/A $5,000 N/A 68 $1,000 N/A $2,000 N/A $3,000 N/A $5,000 N/A 69 $1,000 N/A $2,000 N/A $3,000 N/A $4,000 N/A For further information If you need more information about Superannuation Savings Account or the Life Insurance option please call into any Commonwealth Bank branch or simply call between 8.30 am and 6 pm (Sydney time), Monday to Friday. * A person can apply for cover prior to their 55th birthday except where death cover alone is required, in which case they can apply for cover prior to their 65th birthday. N/A = Not Available. 27

34 28 Notes

35 3 Superannuation Savings Account Application This Product Disclosure Statement (PDS) is dated 17 January You must have read Parts 1, 2 and 3 of the current PDS before applying. If you are opening this account in person at a Commonwealth Bank branch, you still need to complete this Application. If this is inconvenient please complete this application and drop it into any Commonwealth Bank branch or post to: Commonwealth Bank Superannuation Savings Account Administrator Reply Paid 3306 SYDNEY NSW Personal details Title Given name/s Surname Street address* Postal address (if same as Street address, write same ) Postcode Postcode * Please note that it is mandatory that you provide your Street address for your application to be accepted Date of birth Gender Daytime telephone Evening telephone Mobile / / ( ) ( ) ( ) Male Female 2 Tax file number (TFN) My Tax File number is Please note that from 1 July 2007, we will not be able to accept certain contributions if you have not quoted your TFN. Refer to page 13 of the PDS for important information regarding quotation of your TFN. 3 Employer details (only required to be completed if employer is applying on behalf of an Employee) Employer s name ABN X Employer s street address* Employer s postal address (if same as Street address, write same ) Postcode Postcode * Please note that it is mandatory that you provide your Street address for your application to be accepted. Date Employee entered Employer s service / / Please indicate by ticking the box whether you would like a deposit book to make additional contributions to the Employee s Superannuation Savings Account When deciding to open a Superannuation Savings Account I (and not my Employee) made the effective purchasing decision. Yes No I apply for a Commonwealth Bank Superannuation Savings Account on behalf of my employee on the terms and conditions in the Superannuation Savings Account Product Disclosure Statement (PDS) dated 17 January 2007 Parts 1, 2 and 3. I acknowledge that I have read and understood the Superannuation Savings Account PDS dated 17 January 2007 to which the Superannuation Savings Account Application was attached and have provided a copy of the Superannuation Savings Account PDS to my employee. All parts of the Superannuation Savings Account PDS may be obtained at commbank.com.au/ ProductDisclosureStatements. Contact s full name Contact s daytime telephone ( ) Contact s position Contact s Signature Date / / BR Page

36 4 Investment Details a Opening deposit If making a deposit with this application please complete the details below Type Amount Deposit book required Personal Contribution $ Please deduct RSP amounts Employer Contribution (including salary sacrifice) $ from my nominated account on the of each month. If no date is specified amounts Spouse Contribution* $ will be debited each month on the day that corresponds to when your initial deposit was ETP rollover # $ accepted. * Spouse declaration in section 5 must be signed # An ETP rollover statement is required. If you have completed a Superannuation Savings Account Transfer Authority or another superannuation fund or retirement savings account provider s withdrawal form, they will send this to us with payment. b Regular savings plan (RSP) Minimum $10 per month. An initial deposit must accompany this application. The Direct Debit Request form must also be completed. Type Amount Personal Contribution $ Employer Contribution (including salary sacrifice) $ Spouse Contribution* $ c Fixed Term Deposit How much do you wish to deposit in a Fixed Term Deposit? $ (minimum $5,000) For how many complete years do you want the term of the fixed term deposit to be? year/s (you have a choice of 1, 2, 3, 4, & 5 yr/s) How would you like the interest to be credited at the 6 monthly interval? To the credit of the Standard Rate component Compounding in the Fixed Term Deposit (This will be the default option if you do not advise a preference) Note Please note that your deposit may be subject to deduction of any taxes, government charges and fees which are payable prior to the investment in a Fixed Term Deposit. You will still need to meet the $5,000 minimum after any deduction. X 5 Spouse contribution declaration The declaration must be signed by an eligible spouse of the applicant who wishes to make a spouse contribution on the applicant s behalf. I, (full name of contributing spouse), wish to make a contribution of $ I declare that: to the Superannuation Savings Account on the applicant s behalf. I am the spouse of the applicant named on this application in terms of section 159TC of the Income Tax Assessment Act 1936 (the Tax Act) and I undertake to immediately notify the Bank if the situation changes (see below for definition of spouse ). I am not entitled to a deduction under section 82AAC of the Tax Act in respect of my contribution (this is normally only available where you are your spouse s employer). Eligible Spouse s Signature / / Date All spouse contributions will be treated as undeducted contributions and are preserved. Eligibility for tax offset or other tax relief will depend upon the individual circumstances and advice in this regard should be obtained from your financial adviser or accountant. A spouse is defined to include both a legal and a de facto spouse. A de facto spouse is one who lives with another person on a genuine domestic basis as the husband or wife of that person. A spouse does not include a person who lives separately and apart from another person on a permanent basis, even though legally married to that person. Please refer to page 14 of Part 1 of the PDS for more details on spouse contributions. 6 Optional life insurance Do you wish to apply for optional life insurance cover? No Go to section 7 Yes Please complete the Superannuation Savings Account Life Insurance Application and attach to this application form. Note If you are applying for life insurance and have indicated that you wish to invest in the Fixed Term option you need to ensure that sufficient funds are left in the Standard Rate component to meet the premiums. BR Page 2

37 7 Declaration and Acknowledgement Please read and complete I apply for a Commonwealth Bank Superannuation Savings Account on the terms and conditions in the Superannuation Savings Account Product Disclosure Statement (PDS) dated 17 January 2007 Parts 1, 2 and 3; I acknowledge that I have read and understood the Superannuation Savings Account PDS dated 17 January 2007 to which the Superannuation Savings Account Application was attached; the information I have given on this application form is correct and complete to the best of my knowledge and belief; I undertake to give the Bank any information requested by it which relates to my account and should any information provided change, I will notify the Bank of such change; Investment by me or on my behalf (including by my spouse) satisfies one or more of the contribution/deposit or transfer/ rollover requirements as detailed on page 6 of the PDS and I undertake to immediately notify the Bank if I no longer satisfy those requirements; I acknowledge that my preserved benefits are preserved and cannot be released to me until I am entitled to them under superannuation and retirement savings account law as detailed on page 9 of the PDS; I consent to the use/disclosure of my personal information in the ways detailed on page 19 of the PDS; I acknowledge that my Superannuation Savings Account will be administered by The Colonial Mutual Life Assurance Society Limited (CMLA), a wholly owned but non-guaranteed subsidiary of Commonwealth Bank. I consent to details in my application being passed on to CMLA; and I do not want to receive marketing information from you and have ticked the box. Applicant s Signature Date / / Important Applicants should consider the contents of the Product Disclosure Statement before making any decision about whether to acquire this product. X Branch Use only to be completed where a Superannuation Savings Account is opened in a Commonwealth Bank Branch Important (Please indicate if you have completed the following as it will impact the clients ability to transact on their account) 100 points ID obtained Yes No Account opened in branch Yes No Processing branch Referring branch Contact name Telephone number Date ( ) / / BR Page 3

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39 X 3 Superannuation Savings Account Life Insurance Application This Product Disclosure Statement (PDS) is dated 17 January You must have read Part 1, 2 and 3 of the current PDS before applying. How to apply: 1 Read the Duty of Disclosure notice carefully on Page 23 of the PDS. 2 Complete, sign and date all relevant sections of this application. 3 Lodge this application at any Commonwealth Bank branch, or mail it to: Commonwealth Bank Superannuation Savings Account Administrator Reply Paid 3306 SYDNEY NSW 2001 X 1 Personal details of Life to be Insured Title Surname Street address* Given name/s State Postcode Postal address (if same as Street address, write as above ) Gender State Date of birth Postcode Male Female / / Daytime phone number Evening phone number ( ) ( ) Mobile * Please note it is mandatory that you provide your street address for your application to be accepted 2 Insurance details a What type of cover do you require? Death Death and Total and Permanent Disablement (TPD) (You must work at least 30 hours per week or perform full-time, unpaid domestic duties to apply for TPD cover) b You have two premium options which will give you different cover. Refer to Table of Premiums on Pages 26 and 27 of the PDS to help you choose the appropriate cover. How much do you wish to pay? $5.00 per month $10.00 per month 3 Personal statement a Are you a permanent resident of Australia? No Yes b What is your height and weight? Height BR cm/ft ins Weight kg/st lbs c Are you currently employed? No Yes What is your occupation? What type of duties do you perform? How many hours do you work per week? d Have you smoked tobacco or any other substance in the last 12 months, or ever received medical advice to cease smoking? No Yes What type do you smoke (eg cigarettes, pipe, cigars) and daily quantity? If advised by a medical practitioner to cease smoking, please provide details. e Do you currently engage in, or intend to engage in any occupation, pursuit or pastime which may be considered hazardous, eg diving, motor racing, flying (other than as a fare paying passenger on recognised air services), hang-gliding, parachuting, skydiving, or climbing? No Yes Please give details f Has any application for Life, Disability, Trauma/Crisis Cover, Accident or Sickness Insurance been declined, deferred, modified, rated up, refused renewal or withdrawn? No Yes Please give details g Have you ever had, suspected or been diagnosed with any of the following: high blood pressure, chest pain, rheumatic fever, any heart or vascular disorder, stroke, AIDS (Acquired Immune Deficiency Syndrome), anaemia, leukaemia, bleeding disorder, asthma, bronchitis, any lung complaint, gastric or duodenal ulcer, bowel disease, hepatitis, liver or gall bladder disease, epilepsy, paralysis, mental or nervous disorder, depression or anxiety, kidney or bladder disease (including renal colic or stone), diabetes, gout, arthritis, cancer, tumour or cyst, thyroid gland disorder, skin disorder or hernia? No Yes Continued overleaf Bank use only Superannuation Savings Account number Page 1 of 4

40 X h Have you ever had, suspected or been diagnosed with any disease of, or injury to the neck or spine, any injury, deformity or disease involving any joint or limb, any impairment of sight, hearing or speech or any congenital abnormality? No Yes i Are you now receiving or considering treatment by any medical practitioner; or do you take or have you recently taken any drugs, pills, tablets or medications whether prescribed or not; or have you had any illness, injury, test, medical examination or advice not mentioned above? No Yes 4 Details on condition, illness or injury If Yes is answered in any of the questions 3g to 3i, please complete the following table: Condition, Illness or Injury Date From To Degree of Recovery / / / / % Names and Addresses of Doctors and Hospitals / / / / % / / / / % / / / / % / / / / % / / / / % / / / / % X 5 Advice declaration (Note Must be completed by the Life to be Insured) Did you deal with a life insurance adviser? No I chose not to deal with a life insurance adviser. I understand that I risk financially committing myself to cover that may not be appropriate to my needs and objectives. (If No is ticked, proceed to Declaration and Acknowledgement) or Yes I chose to deal with a life insurance adviser. Name of adviser I gave the adviser all information the adviser requested to allow a complete fact find and needs analysis. I chose to apply for the cover recommended by the adviser. or I understand that I risk financially committing myself to cover that may not be appropriate to my needs and objectives because: I chose to accept advice on a limited range of products I chose not to participate in a fact find or needs analysis I chose to buy a different product to the one recommended I chose not to provide any or some of the information requested I chose not to receive any advice BR Page 2 of 4

41 X 6 Declaration and Acknowledgement (Please read and complete) I apply for Commonwealth Bank Superannuation Savings Account optional life insurance on the terms and conditions in the Superannuation Savings Account Product Disclosure Statement (PDS) dated 17 January 2007 Parts 1, 2 and 3 and declare that: all information given in this Application is complete and correct and I have not omitted or withheld any information which is or may be relevant to the insurance risk (any additional information is to be provided in a statement signed by the Life to be Insured); my decision to apply for this insurance cover is based on my understanding of the information contained in the PDS and the Duty of Disclosure notice; the insurance cover will not become effective unless and until the application is accepted by The Colonial Mutual Life Assurance Society Limited (CMLA) and CMLA is under no liability until acceptance is effected; I acknowledge the Commonwealth Bank of Australia does not guarantee the obligations or performance of CMLA or the products it offers. Signature of Life to be Insured Date / / Please lodge this form at any Commonwealth Bank branch or post it to: Commonwealth Bank Superannuation Savings Account Administrator Reply Paid 3306 SYDNEY NSW 2001 Office use only This section must be completed where the sale is made by the Adviser. Adviser surname/id Initials Adviser telephone number ( ) Processing branch X Referring branch Date lodged / / Same day sale No Yes BR Page 3 of 4

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43 X Superannuation Savings Account Transfer Authority SPIN: COM0164AU To Current fund manager/retirement savings account institution Current fund administrator/retirement savings account institution s address State Dear Sir/Madam Full name of member/accountholder Postcode New Superannuation Savings Account details Product name: Commonwealth Bank Superannuation Savings Account Account number (if known) I authorise Commonwealth Bank of Australia to act on my behalf in this matter and consent to it accepting the transfer. Signature Date / / X I, of Address of member/accountholder Date of birth / / State Postcode 1 Request that you transfer the value of my current account or policy, as detailed below, to the Commonwealth Bank Superannuation Savings Account. 2 Authorise you to provide all relevant information and to forward a cheque* (and any relevant documentation**) for the transfer to Commonwealth Bank Superannuation Savings Account, Reply Paid 3306, SYDNEY NSW 2001 (Phone ). * Please make the cheque payable to: Commonwealth Bank Superannuation Savings Account ** Please also include a copy of this transfer authority Current fund details Fund name Compliance declaration 1 The Commonwealth Bank is a retirement savings account institution in terms of the Retirement Savings Accounts Act 1997 and as such has the right to provide Retirement Savings Accounts under that Act; 2 Commonwealth Bank Superannuation Savings Account offered by the Commonwealth Bank is a Retirement Savings Account, as defined in the Retirement Savings Accounts Act 1997; 3 Commonwealth Bank Superannuation Savings Account can accept contributions as provided for in the Retirement Savings Accounts Act 1997; 4 Commonwealth Bank Superannuation Savings Account can accept rollovers and transfers as provided in the Retirement Savings Accounts Act 1997 and the Superannuation Industry (Supervision) Act 1993 and the Regulations made under those Acts; 5 The requirements of the Commonwealth Bank Superannuation Savings Account for preservation of benefits satisfy the payment standards set out in the Retirement Savings Accounts Regulations Member s number Policy number Account number etc. Transfer amount: Total value or Partial transfer of: $ or or units % of total value BR Page 1

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45 X X Superannuation Savings Account Direct Debit Request (DDR) Request for Debiting Amounts to Accounts by the Direct Debit System This form authorises us to debit regular contributions from your account. Insert name and address of Financial Institution at which your account is held The Schedule Insert name of account which is to be debited BSB number Account number Note Direct Debiting is not available on the full range of accounts. If in doubt, please refer to your bank, building society or credit union before completing this form. Customer s authority Surname/Company name of customer/s giving the DDR I/We Given names or ABN/ACN/ARBN authorise and request Commonwealth Bank of Australia (APCA User ID Number 65303) to arrange for funds to be debited from my/our account at the financial institution identified above and as prescribed through the Bulk Electronic Clearing System (BECS). This authorisation is to remain in force in accordance with the terms described in the Direct Debit Request Agreement. Signature/s I/We authorise the following: 1 The Debit User to verify the details of the above mentioned account with my/our Financial Institution. 2 The Financial Institution to release information allowing the Debit User to verify the above mentioned account details. Customer signature/s: (If joint account all signatures may be required) Customer address BR State Date Postcode / / Page 3 Direct Debit Request Service Agreement (You should keep this section for your records) Definitions account The account nominated by you on the direct debit request. agreement This Direct Debit Request Service Agreement between you and us, including the direct debit request. business day A Sydney bank business day other than a Saturday or Sunday or a listed public holiday or a Sydney bank holiday. debit day The day that payment is due. debit payment A particular transaction where a debit is made, according to your direct debit request. direct debit request The direct debit request between us and you. us, we, our Commonwealth Bank of Australia ABN , the company you have authorised to debit your account. you and your The customer/s who signed the direct debit request. your financial institution The financial institution where you hold the account that you have authorised us to arrange to debit. 1 Debiting your account 1.1 By signing a direct debit request, you authorise us to arrange for funds to be debited from your account according to the agreement we have with you. 1.2 We will only arrange for funds to be debited from your account: as authorised in the direct debit request; and/or according to any notice sent to you by Commonwealth Bank of Australia specifying the amount payable for a product and the date the payment is due. 1.3 If the debit day falls on a day that is not a business day, we may direct your financial institution to debit your account on the following business day. If you are unsure about which day your account has or will be debited, please check with your financial institution. 2 Changes by us 2.1 We may vary this agreement at any time by giving you at least 10 business days notice. 3 Changes by you 3.1 If you wish to change any of your direct debit arrangements simply call between 8.30 am and 6 pm (Sydney time), Monday to Friday. However, any changes you wish to make will not be implemented until we have received confirmation of those changes from you in writing. 3.2 If you wish to stop or defer a debit payment you must write to us at least 10 business days before the next debit day. This notice should be given to us before you give notice to your financial institution. 3.3 You may also cancel your authority for us to debit your account at any time by giving us 10 business days notice in writing before the next debit day. This notice should be given to us in the first instance and should be sent to Commonwealth Bank Superannuation Savings Account Administrator, Reply Paid 3306, Sydney NSW Your obligations 4.1 It is your responsibility to ensure that there are sufficient clear funds available in your account, or that you have made the necessary arrangements with your financial institution, to allow a debit payment to be made. Page 3

46 X X 4.2 If there are insufficient clear funds available in your account, or you have failed to make the necessary arrangements with your financial institution, to meet a debit payment: you or your account may be charged a fee and/or interest by your financial institution; and you or your account may be charged a fee to reimburse us for charges we have incurred for the failed transaction. 4.3 Please check your account statement to verify that the amounts debited from your account are correct. 4.4 If Commonwealth Bank of Australia is liable to pay goods and services tax (GST) on a supply made in connection with this agreement, then you agree to pay Commonwealth Bank of Australia on demand an amount equal to the GST included in the consideration payable for the supply. 5 Dispute 5.1 If you believe that there has been an error in debiting your account simply call between 8.30 am and 6 pm (Sydney time), Monday to Friday and confirm the details in writing with us as soon as possible so that we can resolve your query quickly. 5.2 If our investigations show that your account has been incorrectly debited we will arrange for your financial institution to adjust your account (including interest and charges) accordingly. We will also notify you in writing of the amount by which your account has been adjusted. 5.3 If our investigations show that your account has not been incorrectly debited we will respond to your query by providing you with reasons and copies of any documents which we believe justify the view we have taken. 5.4 Any queries you may have about an error made in debiting your account should be directed to us in the first instance so that we can attempt to resolve the matter between us and you. If we cannot resolve the matter you can still refer it to your financial institution which will obtain details from you of the disputed transaction and may lodge a claim on your behalf. 6 Accounts 6.1 You should check: with your financial institution whether direct debiting is available from your account as direct debiting is not available on all accounts offered by financial institutions; your account details which you have provided to us are correct by checking them against a recent account statement; and with your financial institution before completing the direct debit request if you have any queries about how to complete the direct debit request. 6.2 Warning: if the account number you have quoted is incorrect, you may be charged a fee to reimburse our costs in correcting any deductions from: an account you do not have authority to operate; or an account you do not own. 7 Confidentiality 7.1 We will keep any information (including your account details) in your direct debit request confidential. We will make reasonable efforts to keep any such information that we have about you secure and to ensure that any of our employees or agents who have access to information about you do not make any unauthorised use, modification, reproduction or disclosure of that information. 7.2 We will only disclose information that we have about you: to the extent specifically permitted by the law; or for the purpose of this agreement (including disclosing information in connection with any query, dispute or claim). 8 Notice 8.1 If you wish to notify us in writing about anything relating to this agreement, please see the inside back cover for the correct mailing address. 8.2 We will notify you by sending a notice in the ordinary post to the last address you notified to us. 8.3 Any notice will be deemed to have been received two business days after it is posted. BR Page 4

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