Product Disclosure Statement

AMP Retirement Savings Account Product Disclosure Statement Contents 1. About AMP Retirement Savings Account 2. How super works 3. Benefits of investing with AMP Retirement Savings Account 4. Risks of super 5. How we invest your money 6. Fees and costs 7. How super is taxed 8. How to open an account 9. Other information This Product Disclosure Statement (PDS) is a summary of significant information and contains a number of references to important information in a Fact Sheet (which forms part of this PDS). You should consider that information before making a decision about AMP Retirement Savings Account. Information in the PDS may change from time to time. We may update information which is not materially adverse to you on amp.com.au/pdsupdates. The information can also be obtained (at no charge) by calling us on 131 267 or from your financial planner. The information provided in this PDS is general information only and does not take account of your personal financial situation or needs. You should obtain financial advice tailored to your personal circumstances. 1. About AMP Retirement Savings Account AMP Retirement Savings Account ( RSA ) is a superannuation account open to new employees of existing employer sponsors. AMP Retirement Savings Account is capital guaranteed so that your crediting rate cannot be negative. You should read the important information about Information on your account before making a decision. Go to the Fact Sheet available at www.amp.com.au/rsa. The material relating to Information on your account may change between the time you read this PDS and the day when you acquire the product. AMP Retirement Savings Account is part of a superannuation fund known as the AMP Superannuation Savings Trust (the fund). AMP Superannuation Limited is the trustee of the fund and is referred to as we or our in this PDS. 2. How super works Super is a long-term investment and a tax-effective way of saving for your retirement. Putting in place a suitable super strategy can increase the likelihood of you doing what you want to do when you retire. In most cases, your employer is required to contribute to a super fund for you. And subject to the terms of your employment, you are usually able to choose which super fund you would like your employer to make its compulsory employer contributions to. Boosting your super savings There are many types of contributions that can be made to your super. These include: Making salary sacrifice contributions. Making additional personal contributions. Taking advantage of the Government co-contribution. Arranging spouse contributions to be made into your account. Issued 21 June 2012 Issued by AMP Superannuation Limited ABN 31 008 414 104, AFSL No. 233060, the trustee of the AMP Superannuation Savings Trust ABN 76 514 770 399. NS8076 06/12

You may also help build up your super savings in your AMP Retirement Savings Account more quickly by: Consolidating your super into the one account. Finding your lost super. Limits on contributions There are limits on the contributions that can be made into your AMP Retirement Savings Account, depending on your age, how many hours you are working and other factors. The Government also has set dollar limits (or caps) on the amount of contributions that can be made to your super each year before additional tax becomes payable. See How super is taxed on page 5. Accessing your super Because super enjoys tax advantages, the law restricts when you can access your super money. These restrictions are known as preservation rules. Generally this means that you can only access your money after you reach your preservation age (between ages 55 and 60, depending on your date of birth) and retire (with some exceptions) or in certain other circumstances. Once you have satisfied the preservation rules, you can start withdrawing from your super account or access your super in the form of an account based pension (see Benefits of Investing with AMP Retirement Savings Account below). Temporary residents of Australia: If you are a non-resident who has permanently left Australia and not withdrawn your superannuation benefit within 6 months of your temporary visa expiring, we may be required to pay your benefit to the Australian Taxation Office (ATO), after which you will need to apply to the ATO to claim your superannuation. You should read the important information about Types of contributions, Contributions caps and the excess contributions taxes and Money out (Accessing your money) before making a decision. Go to the Fact Sheet available at www.amp.com.au/rsa. The material relating to Types of contributions, Contributions caps and the excess contributions taxes and Money out (Accessing your money) may change between the time you read this PDS and the day when you acquire the product. 3. Benefits of investing with AMP Retirement Savings Account The AMP Retirement Savings Account has the following benefits: Security for your super RSA is capital guaranteed so that your crediting rate in RSA cannot be negative. AMP Life s No.1 Fund that has assets in excess of $25 billion as at 31 December 2011 provides this guarantee. As there are no administration fees charged directly to your account, this means that for as long as it stays in RSA, your account balance cannot reduce due to administration fees. Beneficiary nomination options and paying your Death benefit You can provide the Trustee with your preferences on who you want your benefit paid to in the event of your death. You have a choice of: Option 1 - Non-binding (or preferred) nomination. Option 2 - No nomination. You should read the important information about Paying your Death benefit before making a decision. Go to the Fact Sheet available at www.amp.com.au/rsa. The material relating to Paying your Death benefit may change between the time you read this PDS and the day when you acquire the product. Access to your super Once you satisfy the preservation rules you can make partial withdrawals from your super, withdraw your super as a lump sum or, you can access your super in the form of an accountbased pension. Easy to deal with AMP Retirement Savings Account puts you in control of your super. You can: View and manage your account online through My Portfolio at any time. Keep your super in one place with our Super Consolidation Service (at no additional cost to you). You should read the important information about Consolidating your super and My Portfolio before making a decision. Go to the Fact Sheet available at www.amp.com.au/rsa. The material relating to consolidating your super and My Portfolio may change between the time you read this PDS and the day when you acquire the product. 4. Risks of super All investing involves some risk it s the trade-off for the returns we all want to earn. The key risk with investing in super is investment risk, but there are also other significant risks you need to consider. Investment risk Investment risk means the value of investments and returns are likely to vary. Future returns may differ from past returns. Returns from investing are generally not guaranteed (which means an investor may lose some of his or her money). However, AMP Retirement Savings Account invests in a capital guaranteed life policy, which means that your investment return (crediting rate) in AMP Retirement Savings Account cannot be negative. The rate of return for investing in a fund like AMP Retirement Savings Account which invests in capital guaranteed assets is likely, in the longer term, to be less than for most other asset classes 2

Depending on your account balance, and crediting rate, your investment rate of return can be equal to or lower than the rate of inflation. This means there is a risk that the value of your super can fall, in real terms. A capital guaranteed investment is designed to give you security in the shorter term. This is usually at the potential cost of lower returns over the longer term. Other risks When investing in super, it is important to understand that: You may not be able to access your super, because of preservation rules. Laws affecting super may change, which may affect the amount of your super and when you can access it. We can change the rules of AMP Retirement Savings Account at any time. Your investment and future super savings may not be sufficient to provide an income for the rest of your life. You should read the important information about Risk of investing before making a decision. Go to the Fact Sheet available at www.amp.com.au/rsa. The material relating to Risk of investing may change between the time you read this PDS and the day when you acquire the product. 5. How we invest your money AMP Retirement Savings Account invests in a capital guaranteed life insurance policy issued to us by AMP Life. We are the policyowner of the life insurance policy. Under this policy, AMP Life guarantees to us the full value of members benefits. This life insurance policy is a participating policy in AMP s No.1 Fund. Participating policies are administered in accordance with the Life Insurance Act 1995 and the Insurance Contracts Act 1984. Under these Acts, an annual profit is determined for each class of participating policies and shared between the policyowner and the life office. At least 80% of that profit must be allocated to the participating policyowner(s). Currently for the AMP Retirement Savings Account, 92.5% of the annual profit is allocated to the policyowner (the trustee) and 7.5% is allocated to AMP Life. The RSA crediting rates declared are a distribution of our profit to members. Who is AMP Retirement Savings Account designed for? Individuals who want: Capital security for their super. To consolidate all their super in a secure investment. Investment objective The investment objective for account balances over $2,500, is to provide returns (adjusted for costs and tax) over the longer term exceeding those from cash. For all account balances, returns are guaranteed to not be negative. Investment strategy The investment strategy is to invest in a portfolio with a core of cash and limited exposure to shares. Changes to investments can be made according to the outlook for the various sectors and the nature of the plan. The long-term strategic mix of assets that back the plan are usually in the following ranges: Shares and Alternative Investments 0% - 20% Fixed Interest and Cash 80% - 100% Minimum suggested timeframe and risk level As the RSA invests in a capital guaranteed life policy, there is no minimum suggested timeframe for investment and the overall level of risk of investing in the RSA is low. You should read the important information including How your investment works before making a decision. Go to the Fact Sheet available at www.amp.com.au/rsa. The material relating to How your investment works may change between the time you read this PDS and the day when you acquire the product. 6. Fees and costs Did you know? Small differences in both investment performance and fees and costs can have a substantial impact on your long-term returns. For example, total annual fees and costs of 2% of your account balance rather than 1% could reduce your final return by up to 20% over a 30 year period (for example, reduce it from $100,000 to $80,000). You should consider whether features such as superior investment performance or the provision of better member services justify higher fees and costs. You may be able to negotiate to pay lower contribution fees and management costs where applicable. Ask the fund or your financial planner. To find out more If you would like to find out more, or see the impact of fees and costs based on your own circumstances, the Australian Securities and Investments Commission (ASIC) website (www.moneysmart.gov.au) has a superannuation fee calculator to help you check out different fee options. The calculator on the ASIC website (www.moneysmart.gov.au) can be used to calculate the effect of fees and costs on your super account balance. The table below indicates the fees and costs for the AMP Retirement Savings Account. The table can be used to compare the costs of different superannuation products. These fees and costs are deducted from your investment returns. 3

Type of fee or cost Amount Fees when your money moves in or out of the fund Establishment Fee Contribution Fee Withdrawal Fee Termination Fee Management costs The fees and costs for managing your investment.* The management costs consist of expenses incurred in running the fund and Performance Based Fees paid monthly out of the fund assets. These costs are reflected in the crediting rates which are set in advance and applied daily to your account balance. These costs are not deducted directly from your account. Nil Nil Nil Nil The gross costs of the fund are estimated as 2.17% pa.** The net costs of the fund are estimated at 1.84% pa.** * This fee includes an amount payable to your financial planner (see Payments to your financial planner in the Fact Sheet). ** The estimates are based on the actual fund costs for the year to 31 December 2011. The management costs are not fixed and will vary depending on performance and expenses. Example of annual fees and costs for AMP Retirement Savings Account This table gives an example of how the fees and costs in the AMP Retirement Savings Account can affect your superannuation investment over a 1 year period. You should use this table to compare this product with other superannuation products. Example Balance of $50,000 with total contributions 1 of $5,000 during the year. Contribution Fees Nil For every $5,000 put in, you will be charged $0. Plus Management costs Equals Cost of Account 2.17% 2 And, for every $50,000 you will have in the account you will be charged $1,085 2,3 each year. If you put in $5,000 during a year and your balance was $50,000, then for that year you will be charged fees of: $1,085 3 What it costs you will depend on the investment option you choose and the fees you negotiate with your fund or financial planner. 4 1. The contribution of $5,000 is assumed to be deposited to your account at the end of the year. 2. The Management Costs of 2.17% above are for the 12 month period ending 31 December 2011. 3. The amount of fees and costs you actually pay in your account is reduced by 15% to allow for the benefit of the tax deductions passed on to you. The amount you actually pay is $922.25. 4. There is no other investment option and fees cannot be negotiated with the fund or financial planner. Fees paid to financial planners AMP Life will pay a standard commission to the financial planner who advises you or your employer on AMP Retirement Savings Account. This commission is a cost of the fund. The commission amount is not negotiable. These costs are reflected in the crediting rates for all members. The standard commission is 0.25% pa of your total account balance as at 30 June each year. AMP Life pays an additional 10% on the commission amount above for GST if your financial planner is registered for GST purposes. Your financial planner will pay this extra 10% to the ATO. You do not pay this standard commission in addition to the management costs shown in the Fees and costs table above. You may have to pay additional fees to a financial planner if you consult one. You may agree with your financial planner a fee to be paid for financial planning services provided to you in relation to AMP Retirement Savings Account. This fee may be: a one-off dollar amount paid as a lump sum, and/or an ongoing fee, paid monthly, which is either a fixed dollar amount or a set percentage of your account balance. The Statement of Advice from your financial planner details any fees for their financial planning services. Changing the fees We can introduce new fees or change existing fees at any time. We will notify you at least 30 days before we introduce new fees or increase existing fees. 4

The trust deed permits us to introduce a Trustee Fee of 3% each year of the amount you have invested (this fee is currently not charged). New fees can be charged or existing fees changed if: AMP Life changes its fees under the superannuation policy we hold. Permitted by law. In this product, expenses are ultimately reflected in the crediting rates (crediting rates can change at any time without prior notice to you). You should read the important information about Fees and other costs before making a decision. Go to the Fact Sheet available at www.amp.com.au/rsa. The material relating to Fees and other costs may change between the time you read this PDS and the day when you acquire the product. 7. How super is taxed As an incentive to save for your retirement, the super system offers attractive tax benefits. Generally your super may be taxed in the following situations: Type of tax Description How the tax is paid When contributions are made On your earnings while your money is invested When you withdraw money from super and you are under age 60 When you withdraw money from super and you are age 60 or over Employer, salary sacrifice and personal member contributions for which a tax deduction is claimed are taxed at a rate of up to 15%, which is known as contributions tax. A maximum of 15% tax is applied to the investment earnings of your super. If you withdraw your money as a lump sum and don t transfer that money directly to another super fund, then generally you are subject to lump sum tax based on the taxable component of your withdrawal benefit. No tax is payable. - Contributions tax is paid by us to the ATO quarterly. We will deduct this tax from your account quarterly (or earlier when you close your account). This tax is deducted before we declare investment returns (that is, crediting rates are net of this tax). Tax is payable on assessment of your income tax return, but we deduct an amount from your withdrawal benefit as prescribed by law. The prescribed amount deducted may differ from the tax payable on assessment. Collecting your Tax File Number (TFN) When you apply for AMP Retirement Savings Account, you should consider providing us with your TFN. If your employer nominates you to join AMP Retirement Savings Account they must give us your TFN if you have given it to them. If you or your employer don t tell us your TFN: Any employer contributions will have the No-TFN tax applied at the rate of 31.5%. This is in addition to the contributions tax you have already paid on those contributions. This No-TFN tax is calculated and deducted at the earlier of 30 June each year and when you close your account. We may have to deduct higher tax than we would otherwise have to on your superannuation lump sum withdrawals and the income payments we make to you. We cannot accept any personal contributions and certain other types of contributions. Tip: Check your statement to see if we have your TFN. If we don t, you should consider giving it to us to avoid us deducting extra tax from your account. Excess contributions taxes If you exceed the maximum amount of contributions (called caps ) set by the government in any financial year for a person your age, you may be required to pay an excess contributions tax of up to 46.5% of the excess. If this occurs, the Australian Taxation Office will issue you with an assessment and a Release Authority and you will need to pay the tax within 21 days. This tax may, or in some circumstances must, be paid from your super account balance. Tip: Keep an eye on contributions to all your superannuation funds to avoid exceeding the caps. We do not monitor super contributions made to your account against the caps. You should read the important information about Tax and social security before making a decision. Go to the Fact Sheet available at www.amp.com.au/rsa. The material relating to Tax and social security may change between the time you read this PDS and the day when you acquire the product. 8. How to open an account Individuals AMP Retirement Savings Account no longer accepts new personal applications. Employer sponsors AMP Retirement Savings Account no longer accepts new employer-sponsored applications. Existing employer sponsors can continue to add new employees to their employer plan. Employee members Your account is automatically opened when your employer nominates you to join their AMP Retirement Savings Account - Employer plan. 5

Cooling-off period Cooling-off rights do not apply to employee members. Enquiries and complaints process All aspects of AMP Retirement Savings Account are governed by the fund s trust deed and insurance policies held by us, including in the event of a dispute. You can find out additional information about your AMP Retirement Savings Account, and request a copy of this PDS and any additional information that has been referred to in this PDS, from your financial planner or AMP Customer Service. If you are unhappy about any aspect of your account or our service, please contact AMP Customer Service: 9. Other information You should read the additional important information about Collection of Tax File Numbers, AMP and your privacy, (including our collection of your personal information to establish and manage your AMP Retirement Savings Account and for related purposes such as providing you with information about other AMP financial services), Additional identification requirements, and what occurs when Leaving your employer, before making a decision. Go to the Fact Sheet available at www.amp.com.au/rsa. The material relating to these subjects may change between the time when you read this PDS and the day when you acquire the product. Online amp.com.au/enquiry Phone 131 267 Mail Customer Service AMP Life Limited PO Box 300 PARRAMATTA NSW 2124 Fax 1300 301 267 Internet www.amp.com.au My Portfolio www.amp.com.au/myportfolio We will try to resolve your complaint as quickly as possible. If we cannot resolve it immediately, we will keep you informed about our progress. Where we cannot resolve your complaint within 90 days or if you are unhappy with our decision, you may be able to lodge a complaint with the Superannuation Complaints Tribunal (SCT). The SCT is an independent body established by the Government to review certain decisions of superannuation trustees. Superannuation Complaints Tribunal Website sct.gov.au Phone 1300 884 114 Or write to Locked Bag 3060 MELBOURNE VIC 3001 Time limits apply to certain complaints to the SCT. If you have a complaint, you should contact the SCT immediately to find out if a time limit applies. The SCT can only become involved after the Trustee s efforts at resolving your complaint have failed. 6

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