Statewide Incorporating MySuper and choice investments product disclosure statement Employer-sponsored and personal superannuation members. This document was prepared on 3 August 2015. www.statewide.com.au/join
1 CONTENTS About Statewide 2 How super works 2 Benefits of investing with Statewide 3 Risks of super 4 How we invest your money 4 Fees and costs 5 How super is taxed 7 Insurance in your super 7 How to open an account 8 Important information This product disclosure statement (PDS) is a summary of significant information and contains a number of references to booklets containing important information (each of which forms part of the PDS). Those references are marked with an i. You should consider that information before making a decision about Statewide. You can obtain a hard copy of this PDS and any additional information by contacting us on 1300 65 18 65. 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. This PDS was prepared in accordance with Subdivision 4.2B of Division 4 of Part 7.9 of the Corporations Regulations 2001. Issued by Statewide Superannuation Pty Ltd ABN 62 008 099 223 AFSL 243171 RSE Licensee and Trustee of Statewide Superannuation Trust ABN 54 145 196 298 Superannuation Fund Number 157 305 949 SPIN SSP0001AU Statewide MySuper product unique identifier 54 145 196 298 820 Address Ground Floor, 211 Victoria Square, Adelaide SA 5000 Postal address GPO Box 1749, Adelaide SA 5001 T 1300 65 18 65 F (08) 8217 8555 W www.statewide.com.au E info@statewide.com.au ABOUT STATEWIDE Statewide is a local you can trust to make super easy for you! We have over $6 billion in assets and manage the super obligations on behalf of more than 18,000 employers, providing flexible administration options and expert assistance. Why choose Statewide? Statewide is totally committed to helping you reach your retirement goals and everyone is welcome to join, no matter where you live! We return profits to members and provide personalised service and low-cost retirement products, as well as a choice of investment options, a comprehensive insurance range and access to a variety of online services. Statewide offers several super products, including this Statewide product (which is accumulation super) and our Statewide Pension product. This PDS applies to employer-sponsored and personal members with an interest in the Statewide product (under division 1 and 2 respectively within the Statewide Superannuation Trust). What type of member will you be? If you re joining Statewide through your employer, you ll be what s known as an employer-sponsored member. If you re not joining through your employer (e.g. you re self-employed) you ll be what s known as a personal member. Some of the information in this PDS that applies to employersponsored members is different to the information that applies to personal members. Where this is the case, the PDS will clearly state the member type that applies. MySuper in Statewide Statewide is authorised to offer a MySuper product, which helps us make super easy for you! As a result of the government s Stronger Super reforms, some or all of your super in Statewide (including certain contributions and rollovers) may be treated as a MySuper interest. We re required by law to apply specific terms and conditions to a MySuper interest, including investing it in our MySuper investment option (see page 5). Governance disclosure Superannuation legislation requires our MySuper product dashboard, trustee and executive remuneration and other fund documents to be disclosed on our website. This information is available at www.statewide.com.au/aboutus/corporate_ governance. i You should read about MySuper and who it covers and how it works under Statewide before making a decision. Information on Statewide s MySuper product is found throughout this booklet. The material relating to MySuper may change between the time when you read this statement and the day when you acquire this product. 2 HOW SUPER WORKS Superannuation (super) is a way to save for your retirement. It s generally compulsory for some of your income to be paid into a super account when you start work, so you start saving for your retirement early. Compulsory contributions paid by your employer are added to your account at least quarterly and investment earnings (which may be negative) are added to your account daily. And because your investment earnings stay in your account, you ll continue to receive returns on these earnings in later years. The Australian Government provides a range of incentives for people to save for their retirement through super. As a result, super is taxed differently from other investments and there can be significant tax advantages and other government benefits available. Because super is a long-term investment, you usually can t access it until you re aged between 55 and 60 and have met a condition of release, such as retirement. However, there are some special circumstances where you can withdraw it earlier. To find out more about super in general, visit the Statewide website at www.statewide.com.au. For further information, see the How super works section of ASIC s MoneySmart website, www.moneysmart.gov.au. Contributions There are several different types of contributions that can be made into your super account. Employer contributions (concessional) Generally, if you re over 18 years of age and earn over $450 per month, your employer is required by law to make regular payments into your super. These payments are known as the superannuation guarantee (SG) and provide the basic building blocks for your super. Page 2 Statewide product disclosure statement
3 Personal contributions You can help your super grow by making personal contributions, in addition to your employer SG contributions. There are two ways to make personal contributions: After-tax contributions (non-concessional) these are contributions you make from your take-home pay, after you ve paid tax. You can contribute regularly or make oneoff contributions. Salary sacrifice contributions (concessional) these are contributions that you can ask your employer to pay into Statewide from your before-tax pay. This may reduce the income tax that you pay because your taxable income will be reduced and you ll generally only be taxed at the concessional rate of 15% on your contributions. Please note that limits apply to the amount of contributions you can pay into super. See the How super works booklet in the Product disclosure statements page at www.statewide.com.au for details about contribution limits. Government co-contributions If you make after-tax contributions to your super you may qualify for the co-contribution scheme and receive free money from the government. The Australian Taxation Office (ATO) will determine your eligibility and calculate your payment, and forward it to us as a contribution into your super account. You can visit the ATO website for more information, www.ato.gov.au. Calculators Statewide s contributions calculator may help you work out the contribution type that s best for you and our retirement calculator may show you how much super you might need in retirement. To use the calculators, go to www.statewide.com.au. Choice of fund Most people can choose which super fund they d like their super contributions paid into but if you don t have a choice or don t tell your employer where to pay your super, your employer will use a super fund that they ve chosen. This could also mean that your super is treated as a MySuper interest (see page 2). i You should read the important information about how super works, contributions and when you can withdraw your benefit, before making a decision. Go to the How super works booklet on the Product disclosure statement page on www.statewide.com.au. The material relating to how super works may change between the time when you read this statement and the day when you acquire this product. BENEFITS OF INVESTING WITH STATEWIDE The Statewide Advantage we make super easy for you! We re here solely for the benefit of our members people just like you who want to benefit from belonging to a super fund that makes super easy. We ll work with you to help you plan for a secure financial future and a comfortable retirement. And we re committed to ensuring that more of your hard-earned money stays in your super account, working for you. Take a look at the Statewide Advantage to see the benefits of belonging: Quality, low-cost super product We keep super simple by providing you with an easy-to understand super product that s cost-effective, yet also offers you flexibility and choice should you want it. Investment choice and flexibility You can feel confident knowing that if you don t make an investment choice, your super will be invested in the MySuper investment option but you ll always have the freedom of choice. That s because Statewide also offers you choice in your investment options, allowing you to tailor your investment to best suit your needs. You can choose to invest in one or more at any time it s up to you! Cost-effective insurance for your most valuable asset New employer-sponsored members are automatically provided with a basic level of death and total and permanent disablement (TPD) and income protection insurance upon joining Statewide. And the premium is taken out of your super account, so it doesn t affect your take-home pay. Personal members can apply for any insurance cover simply by completing an application form (cover is subject to acceptance by Statewide s insurer, MetLife Insurance Limited ABN 75 004 274 882 AFSL 238 096). All members can apply to increase, change or opt out of their insurance at any time. We make it easy! We keep you informed about your super through our regular, easy-to-understand communications, including: your annual statement annual reports member newsletters special offers e-news. Sign up for e-news and get the latest super info straight to your inbox. Easy to read and informative, it cuts down on the use of natural resources to help save the planet 24-hour access to your account and all the information you need on our website, www.statewide.com.au. Help when you need it Our friendly client services team is available to give you information over the phone on 1300 65 18 65, or in person at our member centre, ground floor, 211 Victoria Square, Adelaide. Member workshops, seminars and worksite visits will help you learn about all aspects of your super, from growing your super to planning for retirement. You have access to a financial planner * to help you with your super and long-term goals. Extra services for members Statewide does more than look after your super account! Statewide members have: access to health insurance discounts through Health Partners, another highly respected South Australian company. For more information about the benefits offered by Health Partners through Statewide, visit www.statewide.com.au access to discounted first aid courses, kits and other products through St John SA access to ME Bank s range of banking products, including home loans, term deposits, online and savings accounts, first home saver accounts and more. We re with you for the long term! When you change jobs You can take your Statewide membership with you so joining a new employer doesn t mean you have the hassle of joining another super fund. Just let your new employer know that you re a Statewide member when you start work. It couldn t be easier! * Financial information and general advice may be provided by representatives of the fund s administrator and wholly owned company, Statewide Financial Management Services Limited, ABN 69 092 109 209 Australian Financial Services Licence No. 239063. Any personal advice may be provided by an authorised representative of Industry Fund Services Limited (IFS) ABN 54 007 016 195 AFSL No 232514. Fees may apply for financial planning advice. IFS is responsible for the advice given to you by its authorised representatives. Statewide product disclosure statement Page 3
4 When you retire We offer comprehensive retirement products for you to access when you re either transitioning to retirement or when you leave the workforce altogether. Accessing the affordable Statewide Pension keeps your money in the tax-advantaged super environment and provides a regular income with a range of other benefits. You also have access to financial planners * who can provide you with personal advice to help you plan for your retirement. Or why not attend one of our retirement sessions, just for Statewide members? Visit www.statewide.com.au for session times and to register. * Financial information and general advice may be provided by representatives of the fund s administrator and wholly owned company, Statewide Financial Management Services Limited, ABN 69 092 109 209 Australian Financial Services Licence No. 239063. Any personal advice may be provided by an authorised representative of Industry Fund Services Limited (IFS) ABN 54 007 016 195 AFSL No 232514. Fees may apply for financial planning advice. IFS is responsible for the advice given to you by its authorised representatives. RISKS OF SUPER All investments have some level of risk, including super. Statewide invests across a range of asset classes that have different levels of risk, and we offer a variety of investment options. Each option s level of risk depends on the nature of its underlying investments and how it s structured to achieve its objective. In general, the greater the expected returns, the greater the level of risk, and the greater the likelihood that returns will fluctuate from year to year they may go up or they may go down they may even be negative. Significant risks to the fund include investment risk, inflation, interest rates, exchange rates, liquidity, derivatives, market failure and operational risks, including changes to group insurance policy terms. To ensure you choose the investment strategy that s right for you, you ll need to consider: what level of return you want to achieve what level of risk you re comfortable with. The appropriate level of risk for you will depend on your age, investment time frame, where other parts of your wealth are invested and how comfortable you are with the possibility of negative returns on your super from time to time. When considering your investment in super, it s important to understand that: the value of investment options will go up and down returns are not guaranteed you may lose some of your money the level of returns will vary past performance is not an indication of future performance the money you save in super, including your contributions and returns, may not be enough to provide adequately for your retirement laws affecting your super may change. Use the risk profile calculator available on our website to help you work out what type of investor you are. We strongly recommend you also seek professional financial advice to help you understand investment risk and work out which investment option(s) will best suit your own financial needs and goals. i You should read the important information about the risks of investing in super before making a decision. Go to the Risks of super booklet on the Product disclosure statement page on www.statewide.com.au. The material relating to the risks of investing in super may change between the time when you read this statement and the day when you acquire this product. 5 HOW WE INVEST YOUR MONEY Whatever stage of life you re at, Statewide offers a range of investment options to help you reach your retirement goals. Our default investment option is the MySuper investment option, but you can also choose to invest in one or more of our diversified or single asset class investment options. Diversified options Conservative Conservative Balanced Active Balanced Sustainable Diversified MySuper High Growth. Single asset class options Cash Diversified Bonds Australian Shares International Shares. How unit pricing works Statewide operates daily unit pricing. All contributions and other amounts paid into your account buy units in the investment option(s) you have chosen. The investment earnings of each option are reflected in movements in unit prices (up or down). Unit prices are calculated on a daily basis. Warning: Each investment option has a different level of risk and potential level of return. You should consider the likely investment return, risk and your investment time frame when choosing which option to invest in. If you don t make a choice, your money is automatically placed in the MySuper investment option, which is summarised in the table below. You can also choose to invest in the MySuper investment option. MySuper investment option Description This is a diversified asset option with a high exposure to risk. It is suitable for people looking for relatively high returns over the medium to long term who can handle fluctuations in returns, even negative returns, from year to year, and who won t be cashing out their super for seven years or more. Objectives To achieve returns after tax and fees that exceed CPI + 4% per annum over rolling 10-year periods. Limit the probability of generating a negative return to not more than four years in 20. To earn a rate of return after tax and fees that is in excess of the median growth option in an appropriate industry survey over rolling 10-year periods. Strategic asset allocation Min (%) Benchmark (%) Max (%) Cash and equivalent 0 6 15 Diversified Bonds 0 11 30 Alternative Debt 0 3 20 Australian Shares 10 33 50 International Shares 10 23 50 Property 0 10 20 Infrastructure 0 10 20 Growth Alternatives 0 4 20 Risk profile High Time horizon 7+ years Major risks faced Market, inflation, interest rate, liquidity and exchange rate risks. 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Changing your investment option(s) Statewide provides you with the ability to switch your investment option(s) as often as you like. By completing the Member investment choice/switching (superannuation) form, or using the online investment switch service, you can switch: your future transactions your account balance both future transactions and your account balance. Fees may apply if you switch your investment option more than once during a financial year. Investment terminology We know that sometimes investment terminology can be confusing. If there s anything that you don t understand or would like more information about, please contact our client services team on 1300 65 18 65. Your super and responsible investment considerations Statewide is a signatory to the United Nations Principles for Responsible Investment (www.unpri.org) and has an Environmental, social and governance (ESG) investment and proxy voting policy. This policy sets out the way in which we aim to incorporate responsible investment considerations, including environmental, social and governance factors, into our investment analysis and decision making. Through this policy Statewide seeks to optimally protect and manage investments over time by addressing material risks. From time to time the trustee appoints professional investment managers. Currently many of these investment managers consider ESG factors to varying degrees across our options. The Statewide Sustainable Diversified investment option is currently the only option to explicitly use ESG factors to guide investment selection. i You should read the important information about all of our investment options, switching investment options and our ESG Investment Policy before making a decision. Go to the How we invest your money booklet on the Product disclosure statement page on www.statewide.com.au. The material relating to investment options may change between the time when you read this statement and the day when you acquire this product. 6 FEES AND COSTS Consumer advisory warning 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 fund balance rather than 1% could reduce your final return by up to 20% over a 30-year period (for example, reduce it from $100,000 to $80,000). You should consider whether features such as superior investment performance or the provision of better member services justify higher fees and costs. Your employer may be able to negotiate to pay lower administration fees where applicable. Ask the fund or your financial adviser. To find out more If you d like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities and Investments Commission (ASIC) website, www.moneysmart.gov.au, has a superannuation fee calculator to help you check out different fee options. The wording in the preceding consumer advisory warning is prescribed by law. Statewide fees are set at the lowest level that is consistent with effective management of the fund and are not negotiable. Main fees and costs for the MySuper investment option The following table provides a summary of the main fees and costs for the default MySuper investment option. It can be used to compare Statewide s fees and costs with those for other super funds. These fees and costs may be deducted from your account balance or from the returns on your investment through unit prices. Statewide MySuper investment ption Type of fee Amount How and when paid Investment fee Nil Not applicable Administration fee $78 per annum ($1.50 per week) plus an asset-based fee of 0.06% of your account balance per annum. The dollar-based fee is deducted from your account at the end of each month or on earlier withdrawal from the fund. The asset-based fee is deducted from the earnings of each of the investment options before the allocation of earnings to accounts through unit prices. Buy/sell spread Nil Not applicable Switching fee Nil for the first switch per financial year. $20 per switch thereafter. Deducted from your account at the time of the switch (there are no fees if you request that future contributions be invested in different investment options). Exit fee Nil Not applicable Advice fees Relating to all members investing in a particular investment option Nil Not applicable Other fees and costs * Indirect cost ratio Indirect costs include thirdparty investment management and performance fees paid by the Trustee. Additional fees may apply these are disclosed under the heading Additional explanation of fees and costs in the Fees and costs booklet. 0.68% per annum (forecast for 2015 16 ). See our Fees and costs booklet. Deducted from the investment option s earnings before the allocation of earnings through unit prices. * Additional fees may apply; refer to Additional explanation of fees and costs (page 6) and the Fees and costs booklet on the Product disclosure statement page at www.statewide.com.au. The fees stated for 2015 16 are estimated third-party investment management fees (including performance fees), based on our current asset allocation and the investment managers who currently manage money for that investment option. The fees stated are therefore predictive and may differ materially from the fees actually incurred. The actual investment management fees are calculated at the end of each year when returns for the year are known. These are published in the annual report. Please refer to the Fees and costs booklet on the Statewide website for more information. Statewide product disclosure statement Page 5
How fees and costs affect your account Fees and costs related to indirect costs and the 0.06% per annum asset-based administration fee are deducted from your investment option s earnings before the allocation of earnings through unit prices. The $78 per annum administration fee is deducted directly from your account and is shown on your annual statement. Defined fees Definitions for each type of fee referred to in the table on the previous page are set out under the Defined fees heading in the Fees and costs booklet on the Product disclosure statement page at www.statewide.com.au.additional explanation of fees and costs Investment switching fee There are no fees if you request that future contributions be invested in different investment options. You re also able to alter your existing account balance investment options. One switch per year is free. Additional switching in the same financial year will incur a $20 fee per switching request. Fee changes We strive to keep fees to a minimum to protect your savings and allow them to grow. However, from time to time, the trustee may increase its fees. Members will be provided with 30 days prior notice in writing of such increases. Example of annual fees and costs for the MySuper investment option This table gives an example of how the fees and costs in the MySuper investment option for this product can affect your super investment over a one-year period. You should use this table to compare this product with other super products. MySuper option Type of fee Amount Balance of $50,000 Administration fees $78 per annum You will be ($1.50 per week) charged $78 in plus an asset-based fee of 0.06% per annum of your account balance administration fees regardless of your balance plus an asset-based fee of $30 per annum PLUS Indirect costs for the MySuper product Equals cost of MySuper option 0.68% per annum (forecast for 2015 16) * And, indirect costs of $340 per annum will be deducted from your investment If your balance was $50,000, then for that year you will be charged fees of $448 for the Statewide MySuper option * The fees stated for 2015 16 are estimated third-party investment management fees (including performance fees), based on our current asset allocation and the investment managers who currently manage money for that investment option. The fees stated are therefore predictive and may differ materially from the fees actually incurred. The actual investment management fees are calculated at the end of each year when returns for the year are known. These are published in the annual report. Please refer to the Fees and costs booklet on the Statewide website for more information. Warning: Additional fees may be applicable, e.g. insurance premiums and/or financial planning fees. Calculators The superannuation fee calculator on ASIC s MoneySmart website can be used to calculate the effect of fees and costs on account balances. Go to www.moneysmart.gov.au/tools-and-resources/ calculators-and-tools/superannuation-calculator. Family law charges The trustee allows either the splitting or deferral of a member s account upon separation or divorce. The trustee charges a reasonable fee for any requests to comply with the family law provisions. Statewide s charges are: Request for information Nil by member Request for information by non-member An order to split or flag an interest Splitting a benefit $120 (payable at the time of request) $240 (payable at the time of request) $360 (deducted in equal parts from the benefit payments and the retained benefit unless prior arrangements are agreed to) Goods and services tax (GST) All fees and charges are quoted inclusive of GST where applicable. Insurance costs Please refer to the Insurance in your super section on the next page of this PDS. The trustee receives 5.3333% of death only insurance premiums, 5.1613% of death and total and permanent disablement (TPD) insurance premiums, and 13.7255% of income protection insurance premiums to cover the cost of insurance administration. These costs are paid to the fund s administrator and wholly owned company, Statewide Financial Management Services Limited ABN 69 092 109 209 Australian Financial Services Licence No. 239063. Other fees Fees may be charged for specific member requests that are not part of Statewide s normal services. Financial advice fee As a Statewide member, you have access to our financial planning service *. All fees for using this service are agreed upon in advance, with your first fact finding appointment at no additional cost. You can ask for the fees that relate to your super investment and membership of Statewide to be deducted straight from your super account. You ll be invoiced for financial planning relating to advice outside of super separately. Details of these fees can be obtained in the Statement of Advice provided by your financial planner. * Financial information and general advice may be provided by representatives of the fund s administrator and wholly owned company, Statewide Financial Management Services Limited, ABN 69 092 109 209 Australian Financial Services Licence No. 239063. Any personal advice may be provided by an authorised representative of Industry Fund Services Limited (IFS) ABN 54 007 016 195 AFSL No 232514. Fees may apply for financial planning advice. IFS is responsible for the advice given to you by its authorised representatives. i You should read the definitions and important information about the fees and costs of the MySuper investment option and our other investment options, including special request and adviser fees, before making a decision. Go to the Fees and costs booklet on the Product disclosure statement page on www.statewide.com.au. The material relating to fees and costs may change between the time when you read this statement and the day when you acquire this product. Page 6 Statewide product disclosure statement
7 HOW SUPER IS TAXED There are a number of ways that super is taxed. Providing that your tax file number (TFN) is supplied: Contributions into your super from your before-tax pay are generally taxed at 15%. Contributions into your super from your after-tax pay are not taxed. Withdrawals from your account may be taxed if you re under age 60. Once you turn 60, generally no tax will apply to withdrawals. Investment earnings are generally taxed at a maximum rate of 15%. Statewide s daily unit prices are net of any applicable investment earnings tax. Statewide will deduct any applicable tax from your account balance and pay it directly to the Australian Taxation Office. Contribution caps (limits) Warning: Extra tax may apply if you exceed the concessional (before-tax) or non-concessional (after-tax) contribution limits for super. Providing your tax file number Warning: When you join Statewide, you or your employer should provide us with your TFN. If you choose not to provide us with your TFN you should be aware that: you may pay a higher rate of tax on your benefits it may be more difficult to locate or consolidate your super benefits in the future or to receive benefits we ll be unable to accept after-tax contributions from you higher tax may be paid on your concessional contributions. This excess may be reclaimed if you provide Statewide with your TFN within the same financial year or the following three financial years. i You should read the important information about contribution caps and how tax applies to super contributions, investment earnings and withdrawals before making a decision. Go to the How super is taxed booklet on the Product disclosure statement page on www.statewide.com.au. The material relating to tax may change between the time when you read this Statement and the day when you acquire this product. 8 INSURANCE IN YOUR SUPER Statewide offers you three types of insurance to cover you and your family should something unexpected happen: Income protection insurance provides a regular income should you become temporarily disabled through illness or injury and you re unable to work for an extended period of time. Death * and total and permanent disablement (TPD) insurance provides you with a lump sum benefit if an illness or injury prevents you from ever working again, or to your estate and/or dependants (e.g. spouse) in the event of your death. There are two types of cover available, standard and fixed. Death * only insurance provides a lump sum benefit, which is paid to your estate and/or dependants (e.g. spouse) in the event of your death, once we are notified. There are two types of cover available, standard and fixed. * Includes terminal illness. Standard cover is our default insurance for employer-sponsored members and is available upon application to personal members (if eligible). Fixed cover is an additional insurance option available to both employer-sponsored and personal members. To find out more about our fixed cover option, please refer to the Insurance in your super booklet. Warning: The information about insurance in the Insurance in your super booklet about eligibility for certain cover and conditions and exclusions on cover that might apply may affect your entitlement to insurance cover. You should read that information before deciding whether the insurance is appropriate. There are costs associated with insurance cover Statewide insurance (other than fixed cover) is offered as units of cover. Each unit has a certain value which can depend on your age, occupation scale and type of cover. The cost, or premium, per week, depends on the number of units you have and the type of cover, as you can see from the table below: Type of cover Weekly cost per unit Income protection insurance $0.51 Standard death and TPD insurance $1.55 Standard death only insurance $0.75 The cost of fixed cover for death and TPD and death only insurance depends on your age and the cost increases with each birthday you have. What insurance do you have through Statewide? If you re a new employer-sponsored member aged 15 or over, you re automatically provided with four units of income protection insurance and four units of standard death and TPD insurance when you join Statewide. (Different arrangements apply for personal members. See the Personal members section below for more information.) Warning: The cost for this automatic basic cover will be deducted directly from your account unless you choose to cancel it. Your four units of income protection insurance provide $2,000 of cover per month, at a cost of $2.04 per week (51 cents per unit). The weekly cost of your four units of standard death and TPD insurance is $6.20 ($1.55 per unit). The value of your death and TPD insurance cover depends on your age and will decrease each year from age 30. All premiums are deducted straight from your super account on a monthly basis so they don t affect your take-home pay. If you ve been provided with insurance cover automatically, you can apply to increase your cover up to the automatic acceptance limit by completing an Automatic acceptance (AAL) form within 60 days of joining, or by using eapply, the online insurance application available in the secure area of our website, Statewide. On.Line. You can also cancel or reduce your cover by completing the Reduce or cancel insurance form. Both forms are available on the Forms page on www.statewide.com.au. Insurance calculator The Statewide insurance calculator can help you work out how much insurance you might need for your situation. It s easy to use, just go to the Calculators page on www.statewide.com.au and follow the prompts. How to apply for additional insurance cover All Statewide members aged 15 and over up to their 70th birthday (note that income protection cover ceases at age 65), apart from Statewide Pension members, are eligible to apply for additional insurance cover. The maximum amount you can apply for is $30,000 per month of income protection insurance, up to $3 million for TPD insurance and up to $5 million for death (and terminal illness) insurance. The cost of insurance cover depends on the amount and type of cover you have. See the There are costs associated with insurance cover section above to find out more. Statewide product disclosure statement Page 7
9 If you re an employer-sponsored member and it s been more than 60 days since you joined Statewide, you can apply for income protection, death and TPD or death only insurance (which will be subject to underwriting) by using eapply, the online insurance application on our website, or by completing the Insurance application and personal statement form. When applying for additional cover you must comply with your duty of disclosure as outlined in our Insurance in your super booklet. Personal members If you re a new personal member (i.e. you didn t join Statewide through a Statewide employer), there is no automatic insurance cover and you ll have to apply for any level of cover. Please refer to the Insurance in your super booklet for more information. i You should read the important information about Statewide s insurance cover, the premiums and eligibility for cover, the level and type of optional insurance cover available, changing or cancelling insurance cover, conditions, exclusions and other significant matters to determine if Statewide insurance cover is suitable for you, whether you re entitled to cover and when your cover ceases, before making a decision. Go to the Insurance in your super booklet on the Product disclosure statement page on www.statewide.com.au. The material relating to insurance may change between the time when you read this statement and the day when you acquire this product. HOW TO OPEN AN ACCOUNT Joining Statewide s as easy as 1-2-3! 1. Read this PDS and the other important information referred to in the PDS to make sure you understand all about the benefits and services that Statewide offers you. 2. Complete the online member application on the Join page at ww.statewide.com.au. 3. Alternatively, you can complete the Member application (employer sponsored) form if you re joining through your employer, or the Member application (personal super) form if you re a personal member (e.g. self-employed). Give the completed form to your employer or post it straight to us. If you need any help, contact our client services team on 1300 65 18 65. It s advisable to check with your employer that your application form has been sent to us to ensure that you receive your full entitlements. Once you re a member, provide your membership number to your employer, and ask them to pay your contributions into your Statewide account. All contributions, including rollovers, will then be paid into your account. If you re already a member of Statewide but have changed jobs, all you need to do is provide your membership number to your new employer and your membership will continue. Cooling-off period Personal members We sincerely trust Statewide can provide all that you need in a super fund. However, you have the right to redeem your investment or cancel your membership by notifying Statewide either in writing or electronically, no later than 14 days after confirmation of membership or within 19 days of Statewide receiving your initial contributions or application to join (whichever comes first). You must nominate another complying super fund, retirement savings account or approved deposit fund to which your investment will be transferred, subject to taxation and any adjustments for market movements, either up or down. Statewide will not deduct fees or charges for a membership cancelled during this period. Employer-sponsored members If you re an employer-sponsored member and your employer changes their mind about using Statewide as their super provider and requests a refund of any contributions already paid during the cooling-off period, you can also request a rollover of any personal contributions that you may have made to Statewide. Rollover processing Portability legislation requires transfers between regulated funds to be completed within three business days after receipt of complete transfer requests. However, Statewide may exceed this processing time for requests received at the end of each month and in early July of each year due to increased processing activity at these times. Statewide will endeavour to process transfer requests as soon as possible once account balances are determined. Complaints handling process Statewide continually strives to provide exceptional service to our members. If we don t meet your expectations and you have an enquiry or complaint, you should contact our client services team on 1300 65 18 65. Statewide will respond to your enquiry or complaint as a matter of urgency. We will always acknowledge receipt of your complaint in a timely manner. Your complaint will be investigated by the complaints manager and you will be advised of our decision within: 45 days for complaints about the general advice service we provide. If we have not responded to your complaint within 45 days, or you are not satisfied with the decision, you can contact the Financial Ombudsman Service (FOS) on 1300 78 08 08. FOS is an independent and not-for-profit external dispute resolution scheme that provides free and accessible services to consumers for the purposes of resolving disputes with financial services providers. 90 days for all other complaints. If we have not responded to your complaint within 90 days, or you are not satisfied with the decision, you can contact the Superannuation Complaints Tribunal (SCT) on 1300 884 114. The SCT is an independent body established to assist members and their beneficiaries to consider certain superrelated complaints. If you wish to lodge a complaint with Statewide, please write to: Complaints Manager Statewide Superannuation Trust GPO Box 1749 Adelaide SA 5001 Member Services: 1300 65 18 65 Email: info@statewide.com.au Address: 211 Victoria Square, Adelaide, SA 5000 Postal address: GPO Box 1749, Adelaide SA 5001 Statewide Superannuation Pty Ltd ABN 62 008 099 223 (AFSL 243171) trustee and RSE licensee of Statewide Superannuation Trust ABN 54 145 196 298. The information provided is of a general nature. It does not consider your specific needs nor is it intended to be financial product advice. You should obtain independent financial advice and consider the applicable product disclosure statement before making an investment decision. Financial information and general advice may be provided by representatives of the fund s administrator and wholly owned company, Statewide Financial Management Services Limited, ABN 69 092 109 209 Australian Financial Services Licence No. 239063. Any personal advice may be provided by an authorised representative of Industry Fund Services Limited (IFS) ABN 54 007 016 195 AFSL No 232514. Fees may apply for financial planning advice. IFS is responsible for the advice given to you by its authorised representatives.
Financial Management Services Financial services guide Issued 3 August 2015 About this financial services guide Thank you for your interest in Statewide Superannuation Trust (Statewide). This financial services guide (FSG) may assist you in deciding whether or not to use any of the services offered, and provides information about: the services offered any remuneration or commission which representatives may receive in relation to the financial advice offered any potential conflict of interest that may arise in providing the financial services internal and external dispute resolution procedures and how you can access them. This FSG is designed to be read by members and employers admitted to, or who choose to participate in, Statewide. About us Statewide Financial Management Services Limited (SFMS) is the administrator of Statewide. SFMS is a wholly owned company of Statewide Superannuation Pty Ltd (ABN 62 008 099 223, AFSL number 243171) which is the trustee of Statewide (trustee). SFMS provides financial services under its AFSL number 239063. These services include general financial advice given by qualified representatives. General financial advice SFMS can provide general advice about the pension and superannuation products of Statewide. General financial advice does not relate specifically to you and therefore may not be appropriate to your particular financial needs, objectives and financial circumstances. You need to take this into account before deciding whether or not to act on the advice provided to you. Personal financial advice If you require personal financial advice that relates to your specific financial needs, objectives and circumstances, we can refer you to one of our member solutions advisers or financial planners who are employed by SFMS and provide advice as authorised representatives of Industry Fund Services Limited (IFS) ABN 54 007 016 195 AFSL 232514. A separate financial services guide will be provided by a member solutions adviser or financial planner. What do you pay for our advisory services? General advice that you may receive relating to your Statewide membership is included in the administration fee you pay through your account. As a Statewide member, you do not pay any out-of-pocket fees for general financial advice. You may be charged a fee for certain types of personal financial advice, if agreed by you in writing, after these fees have been disclosed to you. If you have insurance, the trustee receives 5.3333% of your death only insurance premiums, 5.1613% of your death and total and permanent disablement (TPD) insurance premiums, and 13.7255% of your income protection insurance premiums to cover the cost of insurance administration. This amount is included in the premiums you pay for the products you purchase and is not a commission paid by the insurer. SFMS does not receive an upfront fee for placing investments in Statewide or Statewide Choice Plus products. How are our representatives paid? SFMS representatives do not receive commission as a result of recommending or selling products. They are remunerated by salary and receive standard superannuation entitlements as employees of SFMS. Our associations that you need to know about The trustee is a shareholder of the following organisations: Members Equity Bank Pty Ltd Industry Super Holdings Pty Ltd, which is the owner of Industry Funds Investment Ltd (the trustee of AUSfund). The trustee may receive a dividend as a result of its shareholdings, but the trustee receives no other financial reward as a result of these associations. How can you provide us with instructions? You may provide instructions about a financial service in writing (e.g. letter or fax), electronically (e.g. email), in person or by telephone if acknowledged as acceptable by our representative. Advice given by telephone may be recorded and may be provided to you if requested. Financial services guide Page 1
Financial Management Services What risks apply to Statewide s products? All investments have varying degrees of risk and varying rates of return. With most investments, the higher the potential returns the higher the level of risk. It is not feasible to list all the possible risks in this FSG, however you should read the relevant Statewide product disclosure statement (PDS) for further information about investment risk and insurance conditions. Product disclosure statements When advice is given, we will also give you, where appropriate, a PDS issued by the trustee containing information you would reasonably require for the purpose of making a decision about whether to acquire the financial product. The PDS will disclose details of any fees and charges payable for that product. The PDS is available at www.statewide.com.au. Liability insurance SFMS is covered by professional indemnity insurance satisfying the requirements under the Corporations Act for compensation arrangements. This insurance provides cover for losses from claims arising out of the provision of professional services to third parties. The policy also covers claims arising from the conduct of its representatives who no longer work for SFMS, but who did at the time of the relevant conduct. If you have a complaint If you have a complaint about the general financial advice service we provide, you can call us on 1300 65 18 65, or alternatively please write to: We will always acknowledge receipt of your complaint in a timely manner. Your complaint will be investigated by the complaints manager and you will be advised of our decision within: 45 days for complaints about the general advice service we provide. If we have not responded to your complaint within 45 days, or you are not satisfied with the decision, you can contact the Financial Ombudsman Service (FOS) on 1300 78 08 08. FOS is an independent and not-for-profit external dispute resolution scheme that provides free and accessible services to consumers for the purposes of resolving disputes with financial services providers. 90 days for all other complaints. If we have not responded to your complaint within 90 days, or you are not satisfied with the decision, you can contact the Superannuation Complaints Tribunal (SCT) on 1300 884 114. The SCT is an independent body established to assist members and their beneficiaries to consider certain super related complaints. Protecting your privacy We keep a record of your personal profile and will ensure the privacy and security of your personal information in accordance with our Privacy policy. You may access the information we hold about you at any time in accordance with that policy or read our Privacy policy on our website, www.statewide.com.au. Complaints Manager Statewide Superannuation Trust GPO Box 1749 Adelaide SA 5001 To assist us in reviewing your complaint promptly, it is helpful to provide the following information: your full contact details including your membership number a description of your complaint with any supporting documentation and an outline of your expected outcome of the complaint, and details of previous contact with us regarding your complaint, including any people you spoke with and the date of such conversations. Statewide contact details ADDRESS 211 Victoria Square, Adelaide SA 5000 POSTAL ADDRESS GPO Box 1749, Adelaide SA 5001 T 1300 65 18 65 F (08) 8217 8555 W www.statewide.com.au E info@statewide.com.au Authorised for distribution by SFMS ABN 69 092 109 209 AFSL 239063 Page 2 Financial services guide
Member application (employer sponsored) Please print clearly using BLOCK LETTERS and black pen only. Place a cross (X) in the boxes provided, where applicable. If a question does not apply to you, simply leave it blank. 1. Your details Member number (for existing members) Title: Mr Mrs Miss Ms Other: Residential address: Given names: Surname: Date of birth: Gender: Male Female Under the Superannuation Industry (Supervision) Act 1993, Statewide is authorised to collect your tax file number (TFN), which will only be used for approved purposes. Statewide may disclose your TFN to another superannuation provider, if your benefits are transferred in the future, unless you provide a written request to Statewide not to. Statewide may also provide your TFN to the Australian Taxation Office (ATO) if required. It is not compulsory to provide your TFN and declining to quote your TFN is not an offence. However, if you do not provide your TFN, you may pay more tax on your contributions and benefits and Statewide will not be able to accept any personal member contributions. Tax file number Suburb: State: Postal address: Suburb: State: Email address: Postcode: Postcode: Phone business: home: mobile: 2. Employment details Employer s trading name: Employer s Statewide number (if known): Employer s office number: Your occupation: Date you joined your employer: 3. Consolidate your super Yes! I have read the information about TFNs above and give Statewide consent to use my TFN to search the ATO database to locate accounts held on my behalf and to seek information from a retirement savings account provider or super fund about accounts I hold with them, to facilitate consolidation of my accounts. Note: If we already have your TFN, you don t need to provide it again, but you do need to tick the Yes box above if you consent to the search. 4. Investment choice Please read the Statewide product disclosure statement and complete a Member investment choice/switching form from the Forms page at www.statewide.com.au to nominate how your super will be invested. If no selection is made your contributions will be invested in the Statewide MySuper option (default option). More information about investing can be found in the How we invest your money booklet, available on the website. 5. Insurance As an employer-sponsored member of Statewide you are automatically provided with four units of death and total and permanent disablement (TPD) insurance and four units of income protection insurance when you join Statewide. In addition, as a standard employer-sponsored member you can apply, by completing an Automatic acceptance (AAL) * form within 60 days of joining, to automatically receive up to 12 units of death and TPD insurance (six units for white collar and professional members) and up to 12 units of income protection insurance. To apply for cover in excess of the automatic acceptance limits, please complete the Insurance application and personal statement * form. *Both forms are available to download from the Statewide forms page on www.statewide.com.au. SS001 Issued by Statewide Superannuation Pty Ltd ABN 62 008 099 223 (ASFL 243171), RSE Licensee and Trustee of Statewide Superannuation Trust ABN 54 145 196 298 Please turn over and sign the back of this form Page 1 of 2 Last updated August 2015
6. Nominate your preferred beneficiary Preferred beneficiary nomination The beneficiaries I have nominated may be paid benefits on my death, but I acknowledge that the trustee of Statewide is not bound by my nomination. For binding nominations, please complete the Change of member details form which is available from the Forms page at www.statewide.com.au. 7. Beneficiaries I nominate the people below as the preferred beneficiaries of my superannuation benefits in the event of my death. In accordance with legislation your beneficiaries must be your spouse (includes de facto and same sex partner), child, financial dependant, interdependant and/or your legal personal representative. For more information please read the How super works booklet available from www.statewide.com.au or call 1300 65 18 65. Beneficiary 1 Names: Date of birth: Gender: Male Female Address: Relationship to you: Spouse Financial dependant Child Interdependant Benefit proportion: Beneficiary 2 % Names: Date of birth: Gender: Male Female Address: Relationship to you: Spouse Financial dependant Child Interdependant Benefit proportion: Beneficiary 3 % Names: Date of birth: Gender: Male Female Address: Relationship to you: Spouse Financial dependant Child Interdependant Benefit proportion: % If more than three beneficiaries please attach details separately. and/or Pay my benefits to my legal personal representative (to be distributed as per my Will or relevant intestacy laws) % TOTAL % Benefit proportion must TOTAL 100% 8. Declaration I am applying to become a member of Statewide. If accepted as a member, I agree to be bound by the Trust Deed that governs the fund. I declare that all of the details on this member application are true and correct. I declare that I have received and read the Statewide product disclosure statement prepared on 3 August 2015 and as such am making an informed decision to join the fund. I understand that any selected insurance cover will not be in place until I am advised by the Insurer and any initial deposit into the fund has been received. I consent to the collection, use and disclosure of my personal and sensitive information under Statewide s Privacy policy, which is available at www.statewide.com.au By providing your email address you agree to receive promotional material via email from us. If you do not want to receive promotional material from us but you want us to retain your email address on your account records for contact purposes, please call 1300 65 18 65. X Signature: Date: Name (print): Please return this completed form to Statewide GPO Box 1749 Adelaide SA 5001 by fax (08) 8217 8555 or email info@statewide.com.au Issued by Statewide Superannuation Pty Ltd ABN 62 008 099 223 (ASFL 243171), RSE Licensee and Trustee of Statewide Superannuation Trust ABN 54 145 196 298 Page 2 of 2 Last updated August 2015