JUMP TO. Insurance in your superannuation 3. Types of insurance cover within Russell SuperSolution 4. Income protection cover 11

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1 Russell SuperSolution General Division 1 July 2015 JUMP TO Insurance in your superannuation 3 Types of insurance cover within Russell SuperSolution 4 Death and Total and Permanent Disablement (TPD) cover 4 Income protection cover 11 Nominating your beneficiary Fees and costs Definition of fees 22 Additional explanation of fees and costs 24 The information in this document provides additional information to the Russell SuperSolution Product Disclosure Employer Division dated 1 July This document is produced by the Trustee of the Russell SuperSolution Master Trust (Fund, Plan or Russell SuperSolution), Total Risk Management Pty Ltd (Trustee), ABN The Trustee s Australian Financial Services Licence (AFSL) number is The Russell SuperSolution ABN is SS_PDS_IBR_IFC_GDIV_V1F_1506.docx

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3 Insurance in your superannuation The following information is incorporated into section 8 of the PDS: It is important that you understand any eligibility and other conditions attached to your insurance. If you have any questions, you should contact the Plan. If you are eligible for insurance cover and you make a claim for a disablement benefit, the Trustee of Russell SuperSolution and the insurer will determine whether you meet the relevant definition (as set out on this document) to receive an insured disablement benefit. Similarly, in the event of your death, the Trustee will determine who should receive your death benefit (unless you have a valid binding death benefit nomination). Related party payments and insurance fees The cost of insurance cover is recovered by deduction of insurance fees from your account balance. An insurance fee is made up of two components: 1. the premium paid to the insurer; and 2. an insurance processing fee that is paid to a related party of the Trustee called Russell Employee Benefits Pty Ltd. Throughout this document references to insurance fees are references to the sum of these two components. p3 For more information and forms, visit or call Helpline

4 Types of insurance cover within Russell SuperSolution The insurance cover that your employer has selected for your employer plan is detailed below. You can cancel your cover at any time see Cancelling your insurance cover on page 13. Death and Total and Permanent Disablement (TPD) cover Your death benefit is the balance of your account plus any Death insurance cover you have within the Plan. If you are not eligible for insurance or the insurer declines to pay your claim, your death benefit will be restricted to the balance in all of your accounts. Members who have transferred from the Employer Division If you have transferred to the General Division because you have left employment or made a Choice of Fund election, you will be issued (without health evidence) with similar replacement cover for the insured Death and TPD that you had as a member of the Employer Division. This cover will start on the date after you cease employment, or in the case where you have made a Choice of Fund election, on the effective date of this election. Your replacement Death and TPD cover will be issued as the minimum whole number of General Division units of Death & TPD cover required to provide at least the same amount of cover you held in the Employer Division on the last day of employment. (Please refer to Table 1 in this section for the amount of cover per unit for your age next birthday).this means you will receive at least the same level of Death & TPD cover. You can apply to be insured for an unlimited amount of Death insurance cover and up to a maximum of $3 million of TPD insurance cover. All insurance cover in excess of your similar replacement cover is underwritten, which means that you will be asked to provide health evidence to the insurer. Additional insurance cover is only provided after the insurer has assessed your health evidence and confirmed (in writing) you have been accepted. The insurer s acceptance may exclude any pre-existing conditions and may be subject to increased insurance fees. Converting your Death and TPD cover (an example) For example, a 40 year old member changed jobs and transferred from the Employer Division into the General Division. The member s Death and TPD insurance cover in the Employer Division was $345,000. In the General Division, the amount of cover per unit for a member aged 40 (age 41 next birthday) is $77,000. The member s cover of $345,000 is converted to 4.5 units of cover in the General Division for a member aged 41 next birthday (refer to Table 2). As this is not a whole number of units, cover is rounded up to 5 units of cover, totaling $385,000 (being 5 units at $77,000 per unit). Members joining the General Division directly If you have joined the General Division as an individual and you want insurance cover for Death & TPD (or Death Only) you will need to apply to the insurer and provide evidence of your health. You can apply by completing an Insurance Request Form, available on your online account. Death & TPD cover is issued in units which depend on your age, as shown in Table 1. You can apply to be insured for an unlimited amount of Death insurance cover and up to a maximum of $3 million of TPD insurance cover. p4 For more information and forms, visit or call Helpline

5 Table 1: Cover for Death Only and Death & TPD (when provided in units) Age next birthday Value of each unit of Death Only or Death and TPD cover Age next birthday Value of each unit of Death Only or Death and TPD cover , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,000 Insurance fees for insurance cover (when provided in units) The insurance fee for each unit of default cover depends on whether: 1. your default cover is for Death Only or Death & TPD; and 2. your how the insurer classifies your occupation (your Occupational Category ). The Occupational Categories When you join the General Division your occupation is automatically classified by the insurer as Standard. However you may be eligible to apply for another occupational category ( Low Risk or Professional ) with lower insurance fees than those which apply for the Standard occupational category. If you believe you may qualify for a different occupational category you can apply to the insurer to change your occupational category by returning to us a completed Insurance Request Form (available online). The table below provides a description of the three Occupational Categories. p5 For more information and forms, visit or call Helpline

6 Table 2 Occupational Categories Professional Low Risk Standard White Collar Professionals performing no manual duties (e.g. lawyer, accountant). Usually those with a tertiary qualification or registration by a professional body (they must be using these qualifications in their occupation). Those well-established senior executives (those with 10 or more years in that role) with incomes in excess of $80,000 pa, without tertiary qualifications may also be included. Clerical, administration and managerial occupations involving office and travel duties. No manual work (e.g. Administrator, book-keeper, computer operator). Includes occupations with tertiary qualifications that involve very light physical work (e.g. osteopath, physiotherapist). Certain qualified tradespeople (e.g. electrician) who engage in light manual work only. Includes business owners in non-hazardous industries involved in light manual work (e.g. coffee shop owner) and those who may supervise medium blue collar workers (no more than 25% of their work time). Includes occupations that are not limited to an office, where travel is an essential part of the job (e.g. field surveyor). Also includes qualified skilled tradespeople in non-hazardous industries wholly involved in manual duties (e.g. carpenter, plumber, plasterer, and mechanic). Also includes heavy manual workers in non-hazardous industry performing higher risk occupations (e.g. interstate bus driver, warehouse worker, labourer, bricklayer, house removalist). The weekly insurance fee for each unit of cover is shown in Table 3 below: Table 3 Occupational Category Weekly insurance fee per unit of Death Only cover Weekly insurance fee per unit of Death and TPD cover Standard $1.01 $1.83 Low Risk $0.51 $0.92 Professional $0.46 $0.82 Fixing the amount of your cover (an alternative to cover in units) If you don t want your insurance cover to reduce each year, you can apply to the insurer to fix the dollar amount of your Death and TPD cover. The insurance fees you pay will vary each year according to your age and your Occupational Category. Table 4 shows the insurance fees for Fixed Death and TPD cover and Fixed Death Only cover. p6 For more information and forms, visit or call Helpline

7 Table 4 Age Next Birthday Death Only Annual insurance fees per $1,000 of Fixed Cover Standard Low Risk Professional Death & TPD Death Only Death & TPD Death Only Death & TPD p7 For more information and forms, visit or call Helpline

8 Age Next Birthday Death Only Annual insurance fees per $1,000 of Fixed Cover Standard Low Risk Professional Death & TPD Death Only Death & TPD Death Only Death & TPD p8 For more information and forms, visit or call Helpline

9 Bundled Death & TPD cover Please be aware that any TPD cover you may have is bundled with Death cover to form Death and TPD cover. This means that while you can have Death Only cover, you cannot have TPD cover without Death cover as well. It is possible to have higher cover for death than cover for TPD, but you may not have TPD cover higher than your death cover. Furthermore, you (or your dependants or your estate) can claim either a TPD benefit or a death benefit, but not both. If your insurance cover for Death is higher than your insurance cover for TPD, the additional amount of Death cover (after payment of the TPD benefit) would continue as Death Only cover. Any insured TPD benefit paid to you will reduce the Death and TPD portion of your cover to zero. If you were to claim a TPD Benefit and die during the period the claim was being assessed, the TPD claim would generally be paid if the Insurer and the Plan had enough information to make such a decision. However, if (at the date of death) the Insurer and the Plan did not hold enough evidence to approve a TPD Benefit, the Death Benefit would be paid. In any case, if your Death Benefit is greater than the TPD Benefit, we will pay the higher amount. Terminal Illness benefit You may be able to access your Death benefit before your death if you are diagnosed with a Terminal Medical Condition as defined in superannuation legislation. To access the insured component of your Death benefit prior to your Death you must also meet the insurer s definition of Terminal Illness. You can find this in The insurer s definitions section below. Please note that the maximum benefit payable due to a Terminal Medical Condition is $3 million. Life Events Cover If your personal or financial situation changes, then you may need to change your insurance. Marriage, divorce, having children or buying or renovating a home are all reasons to review your insurance cover. With Life Events Cover, you can increase your Death only or Death &TPD cover up to certain limits by completing an application form and providing some documentary evidence of the change in your life. If you already have insurance with the Plan, you can apply to increase your Death Only or Death & TPD cover within: a. 60 days of one of the Life Events occurring; or b. 30 days after issue of the first benefit statement after the Life Event occurs. Life Events means: a. you get married or divorced; b. you have a child or adopt a child; c. you take out a new mortgage on your primary residence or you increase your mortgage to renovate your primary residence. Conditions 1. you must be age 55 or younger and not be engaged in a Hazardous Occupation (as defined by the insurer); p9 For more information and forms, visit or call Helpline

10 2. you are not, due to sickness, accident or injury, off work or unable to perform your full or normal duties on a full-time basis (at least 30 hours per week), even if your actual employment is full-time, part-time or casual; 3. you have not been diagnosed with, or do not suffer from, an illness that reduces your life expectancy to less than 12 months from the date of your application; 4. you are not entitled to lodge, or intend to lodge, or have ever lodged a claim for illness or injury through workers compensation, sickness benefit, invalid pension or any insurance policy providing for TPD cover, accident or sickness cover; 5. you have not had an application for life or disability insurance cover declined or offered on alternate terms; 6. each increase in cover cannot be higher than the lesser of $200,000 or 25% of the total cover you currently hold, or, if the increase is due to a mortgage, the amount of the mortgage or increase in mortgage. 7. you can apply for an increase in cover due to a Life Event once in any 12 month period and the total increase in cover (due to Life Events Cover) across the life of your policy cannot exceed $800,000, and 8. any exclusions or special terms (including any increase in insurance fees) which apply to your existing cover will apply to any increase in cover issued under Life Events Cover. 9. any increased cover which arises due to a Life Event will be a multiple of $1,000 or in the nearest whole number of units of additional cover as outlined above. You must apply using the Life Events Application Form available in your online account. p10 For more information and forms, visit or call Helpline

11 Income protection cover Members who have transferred from the Employer Division If you have transferred to the General Division because you have left employment or made a Choice of Fund election, you will be issued (without health evidence) with similar replacement cover for the Income Protection cover you had as a member of the Employer Division. This cover will start on the date after you cease employment, or in the case where you have made a Choice of Fund election, on the effective date of this election. Your similar replacement Income Protection will be frozen at the level of cover held by you on your last day of employment. It will not increase automatically with any future increases in your salary. If you want to increase your cover to keep up with any future salary increases you will need to apply to the insurer and provide evidence of your health. The insurer will decide whether to accept (on standard or non-standard terms) or decline your application for increased cover. Members joining the General Division directly If you have joined the General Division as an individual and you want Income Protection cover you will need to apply to the insurer and provide evidence of your health. You can apply by completing an Insurance Request Form, available on your online account. For all members with Income Protection If you are a permanent or fixed term contract employee under age 69 who works at least 15 hours per week, and the insurer has accepted your application for Income Protection, you may be eligible for an Income Protection benefit if you satisfy the insurer s definition of Total Disablement. Where payable, your Income Protection benefit is generally 75% of your Salary (as defined by the insurer). However, if you have a high enough Salary, Income Protection may provide less than 75% of your Salary. You will be notified in writing if this applies to you. Please refer to The insurer s definitions section for more information. Any benefit payment is subject to the terms and conditions in the insurance policy. If you qualify for an Income Protection benefit, your payments will accrue once you have been away from work for 90 days (the Waiting Period ) and have been assessed by the insurer and Trustee as being Totally Disabled. However, as the payments are payable monthly in arrears, the first payment will not be made any earlier than a month after the end of the Waiting Period. You may receive monthly income payments for up to two years, provided you continue to meet the insurer s Disability definitions. During this time your superannuation membership will continue. Your Income Protection benefit will be based on the latest salary advised to the Plan and accepted by the insurer. When there is an increase to your salary, your corresponding insured amount will be automatically accepted up to a certain limit set by the insurer. Any new or update to the insured amount above this limit is subject to the insurer s approval, and you may be required to provide health evidence. Payments may be reduced by income received from other sources, including but not limited to workers compensation, statutory compensation, pension, social security or similar schemes, any other income protection policies or any income benefits received from a superannuation fund (in respect of disability. An Income Protection benefit may continue to be paid if you gradually return to work if you remain Partially Disabled (as defined by the insurer), with payments reduced to reflect income earned. Please see the definition of Partial Disablement in The insurer s definitions section. p11 For more information and forms, visit or call Helpline

12 The Income Protection benefit will stop if you no longer satisfy the definition of Totally Disabled or Partially Disabled, you die, you turn age 70 or you have been receiving the benefit for 24 months. Please note that if you die the insurer will make an additional payment equal to 25% of the annual Total Disability Benefit. The recurrence of a disability within 6 months of ceasing to be Totally Disabled or Partially Disabled will generally be considered to be the continuation of a prior claim and not a new claim. This means that a new Waiting Period will not apply before your benefits can restart. Insurance fees for Income Protection depend on your age, your Occupational Category and the amount of your cover. Table 5 shows the annual insurance fee per $1,000 of annual cover. Table 5: Annual insurance fee per $1,000 of Income Protection Cover Age Next Birthday Standard Low Risk Professional Age Next Birthday Standard Low Risk Professional p12 For more information and forms, visit or call Helpline

13 Payment of Insurance fees Insurance fees for insurance cover are deducted from your account on the last business day of each month. If your account balance becomes insufficient to meet the cost of your insurance, the insurance cover relating to those fees may be cancelled from the 1st of the previous month. For example, if the deduction was $10 for the month and the balance of your account was $5 on 31 August; your insurance would be cancelled as at 1 August as July was the last month the insurance was actually paid for. It is important to note that this will be done without warning. It is your responsibility to maintain the minimum balance within the Fund if you want to retain your insurance benefits. Cancelling your insurance cover You can cancel your default insurance cover or reduce or cancel the amount of your additional cover at any time by sending us a completed Insurance Request Form. We will confirm receipt of your instructions in writing and advise you of the date your insurance fees will be cancelled. Please note that: 1. if you cancel your insurance cover, and you later wish to restart your cover, you will need to apply and provide health evidence to the insurer, who will decide whether to accept (on standard or non-standard terms) or decline your application; and 2. the effective date of your cancellation will be the date your cancellation request is processed. Sample insurance calculations Jim is a 35 year old office worker who works full-time and earns a base salary of $50,000 a year. Jim s occupational category is Low Risk. If Jim has one unit of Death & TPD insurance Jim s Death & TPD Insured benefit would be $103,000. The insurance fee would be $0.92 per week ($47.84 p.a.). If Jim has one unit of Death & TPD insurance and decided to increase his death only cover by an additional 2 units, Jim s Death insured benefit would be $309,000 ($103,000 x 3 units) however his TPD insured benefit would remain at $103,000. His insurance fees would be $0.92+ ($0.51 x 2) = $1.94 per week ($ p.a.) Jim has an Income Protection cover which is calculated as follows: = Base Salary x 75% = $50,000 x 75% = $37,500 per year The insurance fees would be calculated as: = Annual benefit / $1,000 x Low Risk rate for age next birthday 36 years = $37,500 /1,000 x 0.82 = $30.75 per year = $0.59 per week p13 For more information and forms, visit or call Helpline

14 Insurance cover while overseas If you are an Australian Resident (as defined by the insurer) residing outside Australia, your Death & TPD cover and Income Protection cover will continue for up to 3 years. This period can be extended at the discretion of the insurer, provided you seek written approval before the expiry of this 3 year period. If you are a Temporary Australian Resident (as defined by the insurer) residing outside Australia, your Death & TPD cover and Income Protection cover will continue for up to 3 months. This period can be extended at the discretion of the insurer, provided you seek written approval before the expiry of this 3-month period. If you make a claim while you are outside Australia, or in respect of a period of disability that includes a period outside Australia, the insurer may require you to return to Australia (at your own expense) for assessment of the claim. Insurance cover when you are on leave without pay If you go on employer-approved leave without pay, your Death & TPD cover will continue. However conditions will apply. In the case of your TPD cover, in the event that you suffer TPD during the first 24 months of leave, the occupation and work hours you performed immediately before you took the leave will be considered as your occupation and work hours for the purposes of the definition of TPD. After 24 months of continuous leave, you will be assessed against parts (a) (b) and (d) of the insurer s TPD definition. Please refer to The insurer s definitions section for more detail. Your income protection cover will continue for up to 24 months of employer-approved leave. The insurer may agree to extend the relevant period provided you seek their written approval before the expiry of the initial 24 month period. If you are contemplating leave without pay, you should contact the Plan to obtain confirmation of the terms and conditions that will apply to your insurance arrangements before you start your leave. Making a claim If you would like to make a claim for a Terminal Illness benefit, a TPD benefit, an Income Protection benefit or advise the Plan of a member s death, please contact the Plan on for the appropriate forms and documents to be sent to you. All claims involving insurance are assessed by both the insurer and the Trustee. You should notify the Plan as soon as possible of any claim for a TPD benefit. It is highly recommended that you obtain medical evidence documenting the state of your health and your ability to work in any occupation, for which you are suited by education, training or experience, at or shortly after the time you stop working. If your claim is delayed or you do not have evidence from the time you stopped working, the likelihood of your claim being approved by the insurer reduces significantly. If the insurer declines to pay your claim, the benefit is restricted to your account balance. Successful claims and payments from the insurer If your TPD or Terminal Illness claim is successful, any insurance payment from the insurer will be credited to your account with the Plan and invested in accordance with your existing investment directions. If you no longer hold an account with the Plan, a new account will be opened for you in the General Division and the insurance proceeds will be invested in the MySuper Portfolio, Russell Balanced Opportunities Portfolio, until you instruct us otherwise. p14 For more information and forms, visit or call Helpline

15 In the event of your death any payments received from the insurer will be placed into your account with the Plan and will remain invested in the Plan until the Trustee has made a determination on how your account balance is to be distributed. Note, where you are a MySuper member, payments from the insurer will be invested in the Russell Balanced Opportunities Portfolio, and where you have provided or confirmed an investment direction, the payments from the insurer will be invested in the Russell Australian Cash Portfolio. If your Income Protection claim is successful, the payments from the insurer are generally paid directly to you by cheque or by EFT to your nominated bank account. PAYG tax will be deducted. Death benefit payments and anti-detriment amounts In the event your death benefit is distributed to your dependants, your dependants (beneficiaries) may be entitled to an anti-detriment payment from the Plan. An antidetriment payment is paid as a lump sum in addition to the deceased member s account balance. The anti-detriment amount is representative of a refund of the 15% contributions tax the deceased member has paid on their superannuation entitlements throughout their lifetime, an anti-detriment payment is only payable when the death benefit is taken as a lump sum. Please call our Helpline for more information. p15 For more information and forms, visit or call Helpline

16 The insurer s definitions Words in italics have a special meaning within the insurance policy. Please contact us if you require a copy of these definitions. Because the definitions below are set by the insurer, all references to the words we, our and us refer to the insurer. At Work At Work means: and a. for a person who is: i. employed with an employer: the person is actively performing or capable of actively performing all of the duties and work hours (for at least 30 hours per week) of his or her usual occupation with his or her employer, free from any limitation due to illness or injury. A person who is on employerapproved leave for reasons other than illness or injury, who would otherwise be capable of performing his or her usual occupation will be considered as having met the requirements of this definition; or ii. iii. iv. self-employed: the person is actively performing or capable of actively performing all of the duties and work hours (for at least 30 hours per week) of his or her usual occupation, free from any limitation due to illness or injury; or unemployed: the person is capable of actively performing all of the duties and work hours (for at least 30 hours per week) of his or her usual occupation prior to becoming unemployed, free from any limitation due to illness or injury; or engaged exclusively in unpaid Domestic Duties, the person is actively performing or capable of performing all of their full time unpaid Domestic Duties, free from any limitation due to illness or injury; and b. the person is not entitled to, or receiving, income support benefits relating to illness or injury, from any source including but not limited to workers compensation benefits, statutory transport accident benefits and disability income benefits. A person who does not meet this definition is correspondingly described as being not At Work. Limited Cover Conditions Limited Cover Conditions means cover only applies to claims arising from an illness, the symptoms of which first became apparent, or an Injury which first occurred, on or after the date that the cover started or, if the cover recommenced or was reinstated under the Policy for the Member, on or after the date that the cover recommenced or was reinstated, and which is not directly or indirectly related to a Pre-Existing Condition. where Pre-Existing Condition means an illness or injury or a symptom in respect of which the Insured Person: i. was aware, or a reasonable person in their position should have been aware; ii. iii. should have sought advice or treatment (conventional or alternative) from a Medical Practitioner or other allied health professional (in circumstances where a reasonable person in their position would have sought such advice or treatment); or has had a medical consultation or been prescribed medication or therapy prior to the commencement of the cover. p16 For more information and forms, visit or call Helpline

17 Partial Disablement (for Income Protection) Partial Disability means that immediately following a period of at least 14 consecutive calendar days of Total Disability, and as a direct result of the same illness or injury that caused Total Disability, the Insured Person: a. cannot work their pre-disability working hours, or is unable to perform at least one important income producing duty of their regular occupation, or does not have the capacity to work at the same level they were working at prior to commencement of Total Disability; b. suffers a partial loss of monthly Salary; and c. is under the regular care of a Medical Practitioner and, in Our reasonable opinion, is complying with the advice and treatment given by that Medical Practitioner. All work undertaken by the Insured Person must be approved by Us and their Medical Practitioner. Salary (for Income Protection purposes) means the lower of, as applicable: a. the total of: i. earnings received in respect of ordinary hours of work; and ii. earnings consisting of performance related bonuses, commission amounts, overtime, and shift allowances, up to a maximum of 30% of the amount calculated under part (a);but iii. excluding any amount specifically excluded by the definition of 'Ordinary Time Earnings' as defined by Superannuation Guarantee Legislation (other than amounts that are excluded from this definition solely because they are in excess of the maximum contribution base) averaged over the 12 month period (or the actual period of employment if employed for less than 12 months) immediately preceding the date of Disability; b. where the Insured Person directly owns all or part of that employer's business the total amount earned by that person's business for the relevant period as a direct result of the Insured Person's personal exertion less their share of business expenses, but before the deduction of income tax, for that business; and c. the Salary most recently advised by You to Us in writing. Terminal Illness Terminal illness means an Insured Person suffers any condition that: a. two appropriate Medical Practitioners approved by Us (at least one of whom is a specialist) certifies in writing, having regard to the current treatment as the Insured Person may reasonably be expected to receive, will despite reasonable medical treatment likely lead to the Insured Person s death within 12 months of the date of the certification; and b. We are satisfied, on medical or other evidence, will despite reasonable medical treatment lead to the Insured Person s death within 12 months of the certification referred to in paragraph (a). p17 For more information and forms, visit or call Helpline

18 Total & Permanent Disablement (TPD) Means that in Our opinion, the Insured Person is: i. under the care of and following the advice of a Medical Practitioner; ii. iii. meets one or more of the following definitions Parts (a), (b), (c) or (d) as applicable; and has suffered ill-health (whether physical or mental) that makes it unlikely, solely because of Illness or Injury, that they will engage in Gainful Employment for which they are reasonably qualified by education, training or experience; or Part (a) solely because of illness or injury, the Insured Person has suffered the permanent loss of: or i. the use of two limbs (where limb is defined as the whole hand below the wrist or whole foot below the ankle); or ii. iii. the sight in both eyes; or the use of one limb and the sight in one eye; Part (b) solely because of illness or injury, the Insured Person is unlikely ever to be able to perform at least two of the following activities of daily living: or i. dressing the ability to put on and take off clothing without assistance; ii. iii. iv. bathing the ability to wash or shower without assistance; toileting the ability to use the toilet, including getting on and off, without assistance; mobility the ability to get in and out of bed and a chair without assistance; or v. feeding the ability to get food from a plate into the mouth without assistance; where assistance means the assistance of another person; Part (c) where at the Date of Disablement, the Insured Person was in Gainful Employment of 15 or more hours per week (averaged over the 13 week period prior to the Date of Disablement or such shorter period if employed for less than 13 weeks immediately prior to the Date of Disablement), the Insured Person: or i. solely because of illness or injury has been absent from employment for six consecutive months; and ii. at the end of the period of 6 months, after consideration of all relevant evidence the Insured Person is disabled to such an extent as to render them unlikely to ever again be engaged in any occupation for which they are reasonably suited by their education, training or experience; p18 For more information and forms, visit or call Helpline

19 Part (d) where at the Date of Disablement, the Insured Person was not in Gainful Employment and was engaged in Domestic Duties at home, the Insured Person solely because of illness or injury: i. is under the care of a Medical Practitioner; and ii. iii. iv. is unable to perform those Domestic Duties; and is unable to leave their home unaided; and has not engaged in any Gainful Employment for a period of six consecutive months after the occurrence of the injury or illness; and v. at the end of the period of six months, in Our opinion, after consideration of all relevant evidence the Insured Person is disabled to such an extent as to render them unlikely to perform those Domestic Duties or engage in any gainful occupation for which they are reasonably suited by education, training or experience. Restricted TPD cover from age 65 to age 69 The definition of TPD for an Insured Person aged 65 or above will be restricted to parts (a), (b) and (d) of the TPD definition. Where TPD occurs before 1 January 2014 This section is relevant only for members who joined the Plan before 1 January 2014 and wish to lodge a TPD claim in respect of TPD that occurred before 1 January If you became disabled before 1 January 2014, different rules apply: if you met the insurer s TPD definition that applied at the time of your disablement and you were eligible for TPD insurance, the insurer will pay your insured benefit to the Trustee, who will credit the insurance proceeds to your account balance. However, the Trustee cannot release your account balance, including your insured benefit, to you unless you also meet the Permanent Incapacity definition or another condition of release as defined in the SIS Act. The current definition of Permanent Incapacity is: A member is taken to be suffering Permanent Incapacity if the Trustee of the fund is reasonably satisfied that the member's ill-health (whether physical or mental) makes it unlikely that the member will engage in gainful employment for which the member is reasonably qualified by education, training or experience. Please refer to Withdrawing your superannuation under section 1 of the Super Guide which is available at for more information about the other conditions of release. Total Disablement (for Income Protection) Total Disability means that in Our opinion the Insured Person, while insured by Us, as a direct result of illness or injury: a. is unable to perform at least one important income producing duty of their regular occupation; b. is not working in any capacity, Gainful Employment or otherwise, and c. is under the regular care of a Medical Practitioner; and, in Our reasonable opinion, is complying with the advice and treatment given by that Medical Practitioner. p19 For more information and forms, visit or call Helpline

20 Nominating your beneficiary Russell SuperSolution provides you with a choice of who you wish to receive a death benefit should you die, regardless of whether you have Death insurance cover or not: a. Trustee discretion via a preferred beneficiary nomination ; or b. Member direction via a binding nomination. In terms of superannuation law, the people that you are able to nominate to receive your death benefit are: 1. your spouse (including de facto of the same or different sex); 2. your children (including step, adopted, and ex-nuptial children, or a child of your spouse); 3. any person who is financially dependent on you; 4. any person with whom you have an interdependency relationship including: a. any person with whom you have a close personal relationship and live with, where one or both of you also provides ongoing financial support, domestic support and personal care; and b. any person with whom you have a close personal relationship where, because of a disability, the above requirements of living together, financial support, domestic support and personal care are not able to be satisfied. If you do not make a nomination, your benefit will be paid to your dependants or to your estate, as determined by the Trustee. Preferred beneficiary nomination The Trustee makes the final decision on who will receive your benefit and is not required to pay it to your nominated beneficiaries. Superannuation law seeks to ensure that it is paid to people with whom you have a close personal relationship or who are financially dependent upon you. You can advise the Trustee of whom you want to receive the benefit by nominating your preferred beneficiaries. To do this you need to complete the Nomination of Beneficiaries Form or fill in the relevant section of the form you complete when joining the Plan. The Trustee will consider your nomination before paying out the benefit, so it s important to keep your nomination up to date, and to pay attention to who qualifies as a dependant. It s a good idea to complete a new Nomination of Beneficiaries Form whenever your circumstances change (e.g. through marriage or divorce, or if you have a child). With a preferred beneficiary nomination, the Trustee will consider your personal circumstances at the time of death in determining who receives your benefit. Binding nomination This type of nomination allows you to control, within certain parameters, who receives your death benefit. To make a valid binding nomination, you must complete the Nomination of Beneficiaries Form or fill in the relevant section of the form you complete when joining the Plan. In particular, you will need to: nominate individuals who satisfy one of the relationship criteria, or alternatively nominate your personal legal representative or estate if you wish your death benefit to be paid to your estate; ensure that the percentages allocated to the nominated individual(s) add up to 100%; sign and date the nomination form in the presence of two witnesses; have the form signed by two witnesses (who must be over 18 years of age and not be nominated as beneficiaries); and have these two witnesses complete the declaration in the form. p20 For more information and forms, visit or call Helpline

21 A binding nomination will remain in place for a period of three years from the date it was signed unless it is replaced, revoked or re-confirmed within this time. You can: replace or re-confirm your binding nomination via the same process used to make the original nomination (i.e. complete a new Nomination of Beneficiaries Form, including the witnessing process). If we receive a new Nomination of Beneficiaries Form, it will automatically replace any existing binding nomination held by us. revoke/cancel a binding nomination at any time and, if you wish to do so, replace it with a new binding nomination or a preferred beneficiary nomination. A revocation notice must be completed in the same way as your original Nomination of Beneficiaries Form (i.e. you must sign it in the presence of two witnesses who must each sign the declaration). If you do not re-confirm, revoke or replace your binding nomination it will expire at the end of the three-year period and will be treated in the same way as a preferred beneficiary nomination (i.e. the Trustee will make the final decision about who will receive the benefit). If your binding nomination is valid at the date of your death, the Trustee is required to pay your death benefit in accordance with your instructions. You should be aware that a binding nomination will not necessarily become invalid in the event that your personal circumstances change. As such it is important you review your nomination regularly to ensure it remains up to date. You should note that the relationship between you and each of the nominated beneficiaries will not be investigated at the time of receipt of a binding nomination but will be validated at the date of death by the Trustee. In the event that a nominated beneficiary is not an eligible beneficiary under superannuation law at the date of death (e.g. is no longer financially dependent, has pre-deceased the member etc), then the WHOLE binding nomination will be treated as invalid. An invalid binding nomination will be treated in the same way as a preferred beneficiary nomination. p21 For more information and forms, visit or call Helpline

22 2. Fees and costs The following information is incorporated into section 6 of the PDS: 3. Definition of fees The administration fee is a fee that relates to the administration or operation of the Fund and includes costs incurred by the Trustee of the Fund that: (a) relate to the administration or operation of the Fund; and (b) are not otherwise charged as an investment fee, a buy-sell spread, a switching fee, an exit fee, an activity fee, an advice fee or an insurance fee. An investment fee is a fee that relates to the investment of the assets of the Fund and includes: (a) fees in payment for the exercise of care and expertise in the investment of those assets (including performance fees); and (b) costs incurred by the Trustee that: (i) relate to the investment of assets of the entity; and (ii) are not otherwise charged as an administration fee, a buy-sell spread, a switching fee, an exit fee, an activity fee, an advice fee or an insurance fee. A buy-sell spread is a fee to recover transaction costs incurred by the Trustee in relation to the sale and purchase of assets. A switching fee is a fee to recover the costs of switching all or part of your interest from one class of beneficial interest to another. An exit fee is a fee to recover the costs of disposing of all or part of your superannuation interests. A fee is an activity fee if: (a) the fee relates to costs incurred by the Trustee that are directly related to an activity of the Trustee: (i) that it engaged in at your request, or with your consent; or (ii) that relates to you and is required by law; and (b) those costs are not otherwise charged as an administration fee, an investment fee, a buy-sell spread, a switching fee, an exit fee, an advice fee or an insurance fee. Examples of activity fees are the contribution splitting fee and Family Law fees see Additional explanation of fees and costs. A fee is an advice fee if: (a) the fee relates directly to costs incurred by the Trustee, or because of the provision of financial product advice to you by: (i) the Trustee of the Fund; or (ii) another person acting as an employee of, or under an arrangement with, the Trustee or the Fund; and (b) those costs are not otherwise charged as an administration fee, an investment fee, a switching fee, an exit fee, an activity fee or an insurance fee. A fee is an insurance fee if: (a) the fee relates directly to either or both of the following: (i) insurance premiums paid by the Trustee of the Fund in relation to you or other members of the Fund; (ii) costs incurred by the Trustee of the Fund in relation to the provision of insurance for you or other members of the Fund; and (b) the fee does not relate to any part of a premium paid or cost incurred in relation to a life policy or a contract of insurance that relates to a benefit to you that is based on the performance of an investment rather than the realisation of a risk; and p22 For more information and forms, visit or call Helpline

23 (c) the premiums and costs to which the fee relates are not otherwise charged as an administration fee, an investment fee, a switching fee, an exit fee, an activity fee or an advice fee. The indirect costs ratio (ICR) is an amount that the Trustee knows, or reasonably ought to know, will directly or indirectly reduce the return on your investment in the Fund or investment option and is not charged to you as a fee. The fee and cost definitions above are kept up to date on disclosures/feeandcostdefinitions. p23 For more information and forms, visit or call Helpline

24 Additional explanation of fees and costs Contributions splitting fee There is no fee for splitting contributions to your spouse s account within Russell SuperSolution. However, if the contributions are to be paid to an account your spouse has in another fund, you will be charged an exit fee of $79.35 for each splitting payment. This fee is indexed by AWOTE each year on 1 July. Family Law fees A Family Law settlement can be made by an agreement or court order. Before a court order is made, you should contact Russell SuperSolution to check that the instructions in the proposed court order can be carried out. It is possible that we may also need to be asked to comment on draft agreements. The Family Law Act allows Russell SuperSolution to charge fees for certain activities. These fees will be indexed by AWOTE at 1 July each year. The fees below apply from 1 July Requests for information: $ A cheque made payable to Russell SuperSolution Master Trust for the relevant amount must be received by Russell SuperSolution before the information can be provided. Splitting a benefit: $ This amount will be deducted, in accordance with the legislation, when the benefit is split and paid. Advice fee We generally provide simple personal advice relating your interests in Russell SuperSolution at no additional cost. For advice regarding the comparison and consolidation of super funds, the fee is $ for up to three funds (including Russell SuperSolution) and $91.29 for each additional external fund. Where the comparison includes insurance advice the fee is $ for up to three funds (including Russell SuperSolution). For advice on transition to retirement, in most cases the fee is nil. However, in certain circumstances the Fund is not legally able to meet the cost of this advice. We will notify you at the time you seek advice if the fee of $ applies to you. If you need financial planning help beyond just your Russell SuperSolution account either initially and/or on an ongoing basis, we can facilitate this need. If you agree, we can arrange for your adviser to be paid an adviser service fee in respect of the advice and service they have provided in relation to your investment in the Fund. Adviser service fees are deducted from your investment by redeeming units and paying the proceeds to your adviser. We do not receive any fees for this service. If you have chosen a financial adviser who can provide that advice, then you should nominate them on your Application Form. A fee will apply depending on the level of service specified. By nominating your adviser and the service level, we will arrange for the corresponding fee to be deducted from your account. Adviser service fees can only be paid to a Russell Preferred Adviser. Neither the Trustee, nor Russell receives any fees for this service. The initial fee includes GST and can be a fixed dollar amount, which is deducted from your account upon establishment. p24 For more information and forms, visit or call Helpline

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