state super retirement fund
DESCRIPTION
Allocated Pension Fund Personal Retirement PlanTRANSCRIPT
State Super Retirement Fund
Allocated Pension FundPersonal Retirement Plan
Product Disclosure Statement
Date of Issue
21 JUNE 2011
State Super Financial Services Australia Limited ABN 86 003 742 756Australian Financial Services Licence No. 238430
(ABN 86 664 654 341)
1
STATE SUPER ALLOCATED PENSION FUND &
STATE SUPER PERSONAL RETIREMENT PLAN
UPDATED INFORMATION TO PRODUCT DISCLOSURE STATEMENT DATED 21 JUNE 2011
Issued by State Super Financial Services Australia Limited ABN 86 003 742 756 AFS Licence Number 238430
This Update should be read in conjunction with the Product Disclosure Statement dated 21 June 2011 (‘PDS’) relating to the issue of superannuation products offered in the complying superannuation fund known as the State Super Retirement Fund (ABN 86 664 654 341). The purpose of this Update is to advise you of: 1. A change to the hedging process for international equities.
1. Change to the hedging process for international equities The Trustee has approved a change in the way currency exposure in the international equities asset class is hedged back to the Australian dollar. As a result: (a) the paragraph under the heading ‘International Equities’ on page 5 of the PDS is
deleted and replaced with:
This asset class includes companies listed on a recognised overseas securities exchange. Investments include ordinary shares, preference shares and other equity securities or derivatives of companies or trusts listed on these exchanges. International equity investments are generally hedged to the Australian Dollar. However, the actual level of hedging at any time may vary and can be different across different currencies.
(b) the footnote for the International Equities asset class in the Strategic Asset Allocation
(before strategic tilting) of the Moderate Fund, Balanced Fund, Growth Fund, Growth Plus Fund and International Equities Fund on pages 5 to 8 of the PDS is replaced with the following:
** Hedged to the AUD between 0 to 100% Dated: 21 December 2011
Before you startThis Product Disclosure Statement (PDS) is designed to
help you understand the main features of:
◗ the State Super Allocated Pension Fund (Allocated
Pension Fund) which is offered in the Pension Division
of the complying superannuation fund known as the
State Super Retirement Fund (Retirement Fund) which
was established on 23 November 1993; and
◗ the State Super Personal Retirement Plan (Personal
Retirement Plan), which is offered in the Accumulation
Division of the Retirement Fund.
It is important to bear in mind that this PDS contains
general information only about the Retirement Fund. It
does not contain financial product advice nor does it take
into account your specific objectives, financial situation
or needs. We recommend that you read this PDS carefully
and consult your financial planner before investing in the
Retirement Fund.
State Super Financial Services Australia Limited ABN
86 003 742 756, AFSL Number 238430 (referred to
in this PDS as SSFS, the trustee, we, us) is the trustee
of the Retirement Fund and issues the interests in the
Retirement Fund. This PDS is issued solely by SSFS.
No other person (whether or not related to SSFS) is
responsible for the information contained in this PDS.
In this PDS, we refer to SSFS in two roles. Firstly as the
provider of financial planning services, and secondly, as
the trustee of the Retirement Fund.
Your investment in the Retirement Fund is subject
to investment risk. This is because the value of the
Retirement Fund (and accordingly, the value of your
investment in the Retirement Fund) may rise and fall,
and at times the returns in the Retirement Fund (and,
accordingly, the returns on your investment in the
Retirement Fund) may be negative. None of the New
South Wales Government, the Australian Government,
SSFS, the SAS Trustee Corporation, the Australian
Reward Investment Alliance (ARIA), the investment
managers we appoint or our service providers, or their
respective officers, employees or agents guarantee that
your investment in the Retirement Fund will increase or
retain its value, guarantee the repayment of the money
you invest in the Retirement Fund or guarantee the
performance of the Retirement Fund.
Information in this PDS may change from time to time. If
the change is not materially adverse to investors, we may
update this PDS by including the updated information in
a separate document which may not be handed out with
the PDS. A paper copy of any updated information will
be given to you without charge on request. This updated
information can be obtained by:
◗ contacting your financial planner
◗ contacting one of our offices (see inside back cover)
◗ going to our website located at www.ssfs.com.au
Furthermore, except as outlined in this PDS, we can
change matters which are the subject of representations
set out in this PDS at any time without notice.
For an explanation of important words and phrases,
see the Glossary on pages 43 and 44.
S t a t e S u p e r R e t i r e m e n t F u n d 1
Contents
State Super Financial Services Australia Limited ..............................................................................2
The Retirement Fund ......................................................................................................................3
Investment process ........................................................................................................................4
Investment options .......................................................................................................................6
What are the risks of investing? ...................................................................................................10
How to invest ..............................................................................................................................12
Allocated Pension payments .........................................................................................................18
How to withdraw or switch ..........................................................................................................20
Transaction processing .................................................................................................................25
Reporting .....................................................................................................................................26
Death benefits and nominations…………………………… ...........................................................27
Fees and other costs ....................................................................................................................30
Taxation .......................................................................................................................................37
Additional information .................................................................................................................40
Glossary .......................................................................................................................................43
Application forms
Personal Retirement Plan Application
Personal Retirement Plan Regular Contributions Form
Allocated Pension Fund Application
Beneficiaries Nomination
Directory ........................................................................................................ Inside back cover
Registered Office
Level 7, 83 Clarence Street, SYDNEY
GPO Box 5336 Sydney NSW 2001
Telephone: 02 9333 9555
Fax: 02 9262 5472
Internet: www.ssfs.com.au
2
Who is State Super Financial Services Australia Limited?
We provide financial planning and funds
management services to current and former New
South Wales and Commonwealth public sector
employees and their family members.
The financial planning service provides you with
financial advice and assistance to enable you to
develop your financial strategy and investment
portfolio in consultation with one of our financial
planners. In this way, we are able to assist you with
many of the complex issues often associated with
making investment decisions.
Our funds management service involves us acting
as the trustee or responsible entity of a number of
investment products, including as trustee of the
Retirement Fund. We combine specialist investment
managers to seek investment returns consistent with
the objective and level of risk for each investment
option in the Retirement Fund. The investment
managers are rigorously and continuously monitored
to ensure compliance with their investment
mandates. Because the investment managers
manage significant pools of assets, we are able to
negotiate competitive investment management fees
on your behalf.
Our combined financial planning and funds
management services benefit you by having your
financial strategy and investment managed by the
one organisation, yet spreading your money across
a number of investment managers and markets
through the use of SSFS investment products only.
What can our financial planning service offer you
This service is designed to help you achieve your
personal investment and financial goals.
The benefits you receive from our financial planning
service include:
◗ access to a qualified financial planner who is
trained and supported in the technical issues and
changes that are important to financial planning;
◗ the development of a financial and investment
strategy tailored to your individual needs;
◗ the preparation of a personal financial plan;
◗ the opportunity to review your financial needs with
your financial planner; and
◗ reporting on a half yearly basis.
State Super Financial Services Australia Limited
S t a t e S u p e r R e t i r e m e n t F u n d 3
The Retirement Fund
The Retirement Fund is a complying superannuation
fund. This means it receives concessional tax
treatment.
The Retirement Fund comprises an Accumulation
Division (which offers the Personal Retirement Plan)
and a Pension Division (which offers the Allocated
Pension Fund).
The Personal Retirement Plan is designed for investors
who wish to:
◗ rollover from another superannuation product on
retiring, being retrenched or changing jobs.
◗ rollover an Employment Termination Payment.
However, the law only permits the rollover of
an Employment Termination Payment into a
superannuation product if the payment was
specified in an employment contract existing as at
9 May 2006 and the payment is made before 1 July
2012;
◗ make regular or ad-hoc contributions to a
superannuation fund;
◗ have superannuation contributions made on their
behalf by their spouse;
◗ maintain a superannuation investment in a
concessionally taxed environment, with no entry or
exit fees and, currently no switching fees;
◗ access the investment skills of experienced
investment managers.
Tax concessions (refer to page 37) apply to
contributions made to superannuation funds
which, like the Retirement Fund, comply with the
rules set out in superannuation law. You should be
aware there are legislative restrictions on who can
contribute to a superannuation fund.
The objective of the Allocated Pension Fund is to:
◗ generate an income stream tax efficiently; and
◗ allow you to retain control over your financial
strategy and your invested capital.
The State Super Allocated Pension Fund offers both
an ordinary Allocated Pension and a Pre-Retirement
Allocated Pension. A Pre-Retirement Allocated
Pension essentially has the same features as an
ordinary Allocated Pension except that the ability to
withdraw a lump sum and the maximum amount of
the pension payments are restricted. Both types of
Allocated Pensions invest superannuation savings to
pay you an income stream each year until the total
balance is exhausted. The Government sets limits on
the minimum amounts you can receive as income
payments each year from both types of pensions,
and also sets limits on the maximum amounts you
can receive as income payments each year from a Pre-
Retirement Allocated Pension.
If you have a Pre-Retirement Allocated Pension,
then once you reach age 65, or otherwise satisfy a
condition of release prescribed by superannuation
law (refer to page 23), your Pre-Retirement Allocated
Pension becomes an ordinary Allocated Pension.
4
Investment options to choose from
For both the Allocated Pension Fund and the Personal Retirement Plan you can choose to invest in one, or a combination of up to nine investment options (called Funds), each having a separate investment strategy. These are:
◗ the Cash Fund
◗ the Fixed Interest Fund1
◗ the Capital Stable Fund
◗ the Moderate Fund1
◗ the Balanced Fund
◗ the Growth Fund
◗ the Growth Plus Fund1
◗ the Australian Equities Fund1
◗ the International Equities Fund1
1Available from 18 July 2011
Details of these Funds and their investment strategies are set out on pages 6 to 10.
How do we manage your money?
We operate a multi-manager, multiple sector investment approach in which the assets of the Funds are managed by external specialist investment managers, through a series of discrete investment trusts, of which we are the trustee. We regularly monitor the investment performance of each Fund and the investment mandates of the investment managers. We may change investment managers from time to time without notice to you.
The assets you will have exposure to will depend on the Fund(s) you choose to invest in.
Each Fund has a medium to longer term target allocation of assets between the asset classes for each Fund (called the strategic asset allocation for the Fund, which is set out on pages 6 to 10), based on the investment objective (goal) of that Fund. We may review and vary a Fund’s strategic asset allocation from time to time, consistent with the investment objective of each Fund. We regularly review the assets associated with each Fund and, where necessary, take steps to buy and sell assets to maintain each Fund around its strategic asset allocation, as adjusted by any strategic tilt (see below).
Derivatives may be used to manage risk or gain exposure to other types of investments, where appropriate. Derivatives are not used for speculation.
We do not currently have regard to labour standards or environmental, social or ethical considerations when appointing investment managers. Nor do we instruct our investment managers to take into account these considerations in their investment decisions (that is, decisions about selecting, retaining
or realising an investment).
Strategic Tilting
The tables on pages 6 to 10 setting out the strategic
asset allocations for each Fund represent the medium to longer term target asset allocations of the Funds.
However, the short to medium term target asset allocations of the Funds in place at any particular time may vary from that set out in the tables on pages 6 to 10. This is because the trustee has adopted a Strategic Tilting approach to target asset allocations.
When opportunities arise due to market movements, the trustee may make modest changes to the target asset allocation of one or more Funds with the intention of enhancing investment performance. Strategic tilts are only in place for the short to medium term, and must be consistent with the investment objective and investment strategy for a Fund. Strategic Tilting can be applied across, or within, asset classes and may also apply to the proportion of international equity exposure that is hedged back to Australian dollars.
The medium to longer term target strategic asset allocations remain unchanged when a strategic tilt is in place. When a strategic tilt ends, the target allocation of assets of a Fund returns to the strategic asset allocation.
Strategic tilts may be implemented from time to time and without prior notice.
The actual target asset allocation of the Funds in
force at any particular time is available on the State
Super Financial Services website (www.ssfs.com.au).
What are the asset classes?
The following paragraphs describe the various asset
classes in which we currently invest. We may vary the
asset classes from time to time.
Investment process
S t a t e S u p e r R e t i r e m e n t F u n d 5
Cash
This asset class includes short term debt securities and term deposits issued with a term to maturity of less than one year. The short term debt securities are issued or guaranteed by the Australian Government (or the Government of a State or Territory of Australia), Australian banks and other issuers of high credit quality. The term deposits are issued by Australian and international banks in Australian dollars and are not guaranteed by any Government entity.
Enhanced Cash
This asset class includes cash and investment grade higher yielding debt securities such as floating rate notes, mortgage backed securities, asset backed securities and corporate bonds. Investment grade securities are those rated at least BBB- by Standard & Poors or Baa3 or higher by Moodys.
The enhanced cash portfolio maintains a duration similar to that of traditional cash type investments
Australian Fixed Interest
This asset class includes debt securities issued by the Australian Government or the Government of a State or Territory of Australia. It also includes investments in investment grade, higher yielding debt securities such as floating rate notes, corporate bonds and short-term securities.
International Fixed Interest
This asset class includes debt securities issued by the government of a country outside Australia and non-government investment grade, higher yielding debt securities such as floating rate notes, corporate bonds, asset and mortgage backed securities and short-term securities. International fixed interest investments are hedged 100% to the Australian Dollar. In simple terms, this means that the portfolio is protected against the full impact of increases and decreases in currency rate movements.
Australian Listed Property Trusts
This asset class includes units or ordinary shares of property trusts and property related companies, which are listed on the Australian Securities Exchange.
Global Listed Infrastructure
This asset class includes securities listed on recognised overseas and Australian securities exchanges. The underlying securities are for companies that are
wholly or largely involved with infrastructure activities such as toll roads, airports and utilities. Global listed infrastructure investments are hedged 100% to the Australian dollar. In simple terms, this means that the portfolio is protected against the full impact of increases and decreases in currency rate movements.
Global Listed Property Securities
This asset class includes units or securities of property trusts and property related companies which are listed on the Australian and recognised overseas securities exchanges.
Global listed property is hedged 100% to the Australia dollar. In simple terms, this means that the portfolio is protected against the full impact of increases and decreases in currency rate movements.
Australian Equities
This asset class includes ordinary shares, preference shares and other equity securities of companies or trusts listed on the Australian Securities Exchange.
International Equities
This asset class includes companies listed on a recognised overseas securities exchange. Investments include ordinary shares, preference shares and other equity securities or derivatives of companies or trusts listed on these exchanges. International equity investments are hedged 50% to the Australian Dollar (subject to any Strategic Tilt). As this is a target, the actual level of hedging may change from time to time.
How are the assets of the Retirement Fund held?
We have appointed JPMorgan Chase Bank N.A. as Custodian, whose role is to:
◗ hold the assets of the Retirement Fund and the
discrete investment trusts in which the Cash,
Fixed Interest, Capital Stable, Moderate, Balanced, Growth, Growth Plus, Australian Equities and International Equities Funds invest, on our behalf; and
◗ perform certain administrative, accounting, monitoring and reporting functions for both the Retirement Fund and the discrete investment trusts
in which the Retirement Fund invests.
We may replace the Custodian at any time without notice to you.
6
Investment options
What are the differences between the Funds?Each Fund has a different investment objective (goal) and strategy (way of achieving its goal). Each invests in different kinds of assets, with the mix of assets depending on the objectives of each Fund. There is a risk that your investment in a Fund will fall in value from time to time – the level of this risk varies with the objective, strategy and asset mix of the Fund. These factors are based on the investment expectations of each investment sector, using long-term assumptions about the capital markets as obtained from sources including investment management companies and professional investment advisers. Expectations about the number of years of negative returns in every 20 years are shown for each investment option, based on these long-term assumptions. Actual performance may be different from these assumptions.
A description of each of the Funds and their current strategic asset allocations is set out in the tables below and on pages 7 to 10.
Cash Fund Fixed Interest Fund2
Objective To achieve rates of return consistent with the yield on the UBS Australia Bank Bill Index.
To invest in fixed interest securities and related instruments, which aim to provide the potential for modest capital growth over the medium term. Capital gains can be expected to be achieved, but there is also the risk of capital loss.
Investment strategy
Primarily invests1 in short term debt securities and term deposits with a maturity of less than one year. The short term debt securities are issued, guaran-teed or otherwise supported by the Australian or State Governments of Australia (or their statutory authorities) or by Australian banks and authorised dealers in the short term money market. The term deposits are issued by Australian and international banks in Australian dollars and are not guaranteed by any Government entity.
Primarily invests1 in a broad range of Australian and overseas fixed interest investments.
Risk profile The risk of capital loss is expected to be low in the Cash Fund as it is primarily invested in short term debt securities with a maturity of less than one year.
The risk of capital loss in the Fixed Interest Fund is expected to be moderate in the longer term as the assets of the Fund are invested in a diversified range of fixed interest securities. Negative returns may occur.
Expected frequency of negative annual return
Zero years out of every 20 years. 1 year out of every 20 years.
Investor profile Designed to suit investors with a time horizon of up to 2 years and who seek secure returns from cash.
Designed to suit investors who wish to take moderate levels of risk with a modest potential for capital appreciation.
Strategic assetallocation (before strategic tilting)
Defensive assets 100%
Cash 100%
Defensive assets 100%
Australian fixed interest 70%
International fixed interest* 30%
*(100% hedged to the AUD)
1 Through discrete investment trusts.2 Available from 18 July 2011
S t a t e S u p e r R e t i r e m e n t F u n d 7
Further Information
If you would like to obtain information about investment returns for the Allocated Pension Fund and the Personal Retirement Plan then go to our website located at www.ssfs.com.au or contact any of our offices.
We recommend that you consult your financial planner prior to making your investment decision.
Past performance is not a reliable predictor of future investment returns. Markets can be volatile and can move rapidly up or down.
Capital Stable Fund Moderate Fund2
To maintain the value of investors’ capital while achieving a higher rate of return over the medium term than could be achieved through investments in cash or short term money market securities. Capital gains can be achieved, but there is also the risk of capital loss. Accordingly, the value of investments in the Fund may fall as well as rise in line with the changing value of the assets of the Fund.
To invest in a broad range of asset classes which have the potential to achieve moderate capital growth over the medium to longer term. Capital gains can be expected to be achieved, but there is also the risk of capital loss.
Objective
Primarily invests1 in a portfolio of Australian fixed interest securities and Australian cash with a combined exposure of no more than 20% in listed Australian shares and property securities.
Primarily invests1 in a diversified portfolio of defensive and growth assets. Defensive assets include fixed interest securities and cash. Growth assets, including Australian and overseas listed shares, listed property and listed infrastructure securities, will have a limited exposure of 40%.
Investment strategy
The risk of capital loss in the Capital Stable Fund is expected to be moderate in the longer term as the assets of the Fund are predominantly invested in Australian fixed interest securities and Australian cash. Negative returns may occur.
Due to the investment characteristics of the assets held in the Fund, the performance of the Moderate Fund may be volatile, including the potential to experience a capital loss.
Risk profile
1 year out of every 20 years. 3 years out of every 20 years. Expected frequency of
negative annual return
Designed to suit investors who seek some capital growth over the medium term (3-4 years) while at the same time maintaining a relatively high level of capital security.
Designed to suit investors who seek capital growth over the medium term and are willing to accept a moderate level of risk. Target timeframe is 4-5 years or longer.
Investor profile
Strategic assetallocation (before
strategic tilting)
Defensive assets 80%
Cash 40%
Australian fixed interest 40%
Growth assets 20%
Australian listed property trusts 5%
Australian equities 15%
Defensive assets 60%
Cash 7.5%
Enhanced cash 7.5%
Australian fixed interest 30%
International fixed interest* 15%
Growth assets 40%
Global listed infrastructure* 3%
Global listed property securities* 4%
Australian equities 18%
International equities** 15%
* (100% hedged to the AUD)
** (50% hedged to the AUD)
1 Through discrete investment trusts.2 Available from 18 July 2011
8
Balanced Fund Growth FundObjective To invest in a broad range of asset classes which
have the potential to achieve capital growth over the longer term. Capital gains can be expected to be achieved, but there is also the risk of capital loss.
To invest substantially in assets which achieve capital growth over the long term (7 or more years). Capital gains can be expected to be achieved, but there is also the risk of capital loss.
Investment strategy
Primarily invests1 in a portfolio of Australian and overseas investments including (but not limited to) Australian cash, fixed interest securities, listed property trusts, unit trusts and listed shares. Invest-ments may include currency, futures and options contracts.
Primarily invests1 in a broad range of Australian and overseas investments with a strong bias on capital growth. Such investments include (but are not limited to) listed shares and listed property securities, interest bearing securities and deposits and futures and options contracts.
Risk profile Due to the investment characteristics of the assets held in the Fund, the performance of the Balanced Fund may be volatile, including the potential to ex-perience a capital loss.
Due to the investment characteristics of the growth assets held in the Fund, the performance of the Growth Fund may be more volatile than the Balanced Fund including the potential to experience a capital loss.
Expected frequency of negative annual return
5 years out of every 20 years. 6 years out of every 20 years.
Investor profile Designed to suit investors who wish to maximise their investment returns and are willing to accept a higher level of risk. Target timeframe is 5-6 years or longer.
Designed to suit investors who wish to maximise long term investment returns and are willing to accept a higher level of risk than the Balanced Fund. Target timeframe is 7 or more years.
Strategic assetallocation (before strategic tilting)
Defensive assets 40%
Cash 5%
Enhanced cash 5%
Australian fixed interest 20%
International fixed interest* 10%
Growth assets 60%
Global listed infrastructure* 4%
Global listed property securities* 6%
Australian equities 27%
International equities** 23%
* (100% hedged to the AUD)
** (50% hedged to the AUD)
Defensive assets 20%
Cash 2.5%
Enhanced cash 2.5%
Australian fixed interest 10%
International fixed interest* 5%
Growth assets 80%
Global listed infrastructure* 5%
Global listed property securities* 8%
Australian equities 36%
International equities** 31%
* (100% hedged to the AUD)
** (50% hedged to the AUD)
1 Through discrete investment trusts.
S t a t e S u p e r R e t i r e m e n t F u n d 9
Growth Plus Fund2 Australian Equities Fund2
To invest in assets which achieve capital growth over the long term (10 or more years). Capital gains can be expected to be achieved, but there is also the risk of capital loss.
To invest in Australian equities with the aim of achieving capital growth over the long term (10 or more years). Capital gains can be expected to be achieved, but there is also the risk of capital loss.
Objective
Primarily invests1 in a broad range of high growth assets. Such investments include (but are not limited to) listed Australian and overseas shares, listed property securities and listed infrastructure securities. Investments may include currency, futures and options contracts.
Primarily invests1 in Australian equities. Investments may include futures and options contracts.
Investment strategy
Due to the investment characteristics of the growth assets held in the Fund, the performance of the Growth Plus Fund may experience high volatility including the potential to experience capital loss.
Due to the investment characteristics of the growth assets held in the Fund, the performance of the Australian Equities Fund may experience high volatility including the potential to experience a capital loss.
Risk profile
7 years out of every 20 years. 7 years out of every 20 years. Expected frequency of
negative annual return
Designed to suit investors who wish to maximise long term investment returns and are willing to accept a higher level of risk than the Growth Fund. Target timeframe is 10 or more years.
Designed to suit investors who wish to maximise long term investment returns and have a 100% exposure to Australian equities. Target timeframe is 10 or more years.
Investor profile
Strategic assetallocation (before
strategic tilting)
Growth assets 100%
Global listed infrastructure* 6%
Global listed property securities* 10%
Australian equities 45%
International equities** 39%
* (100% hedged to the AUD)
** (50% hedged to the AUD)
Growth assets 100%
Australian equities 100%
1 Through discrete investment trusts.2 Available from 18 July 2011
10
International Equities Fund2
Objective To invest in international equities with the aim of achieving capital growth over the long term (10 or more years). Capital gains can be expected to be achieved, but there is also the risk of capital loss.
Investment strategy
Primarily invests1 in international equities. Investments may include currency, futures and options contracts.
Risk profile Due to the investment characteristics of the growth assets held in the Fund, the performance of the International Equities Fund may experience high volatility, including the potential to experience a capital loss.
Expected frequency of negative annual return
7 years out of every 20 years.
Investor profile Designed to suit investors who wish to maximise long term investment returns and have a 100% exposure to international equities. Target timeframe is 10 or more years.
Strategic assetallocation (before strategic tilting)
Growth assets 100%
International equities** 100%
** (50% hedged to the AUD)
Relative Risk and Return Profile
The relative risk profile of each fund can be illustrated
by the chart shown below.
The above graph provides a broad overview of the
relative overall risk associated with each Fund for
comparison purposes only. Each Fund is subject to
different types of risks, and can be impacted by those
particular risks to varying degrees, depending on the
nature of the Fund’s investments. For these reasons,
the above graph should not be relied on as providing
an accurate indication of the level of risk associated
with any one Fund. For further information regarding
the risk profile of each Fund, see the descriptions of
each Fund set out on pages 6 to 10.
What are the risks of investing?
All investments involve some level of risk. Risks
can generally be managed but may not be able to
be avoided completely. These risks can be broadly
grouped into two categories: operational (process)
risks and investment risks. The following are some risk
factors you should consider before investing.
Operational (process) risks
Fund risk – the Retirement Fund could be terminated,
or we could be replaced as trustee.
Custodial risk – the Custodian holds the assets of the
Retirement Fund and the discrete investment trusts
1 Through discrete investment trusts.2 Available from 18 July 2011
S t a t e S u p e r R e t i r e m e n t F u n d 11
in which the Retirement Fund invests. There are
custodial risks associated with this duty not being
properly performed. We mitigate this risk by having
a rigorous and detailed assessment of the Custodian’s
capabilities prior to appointment, adhering to a policy
of having formal agreements with the Custodian
which detail the services and responsibilities it has
been contracted to provide, and by undertaking
periodic operational and performance reviews of the
Custodian.
Compliance risk – compliance is continuously
monitored both externally (by our Custodian) and
internally (by our Investment and Compliance teams).
Appointed investment managers are monitored for
us by the Custodian for compliance against their
individual investment mandates and investment
guidelines. There is a risk that a breach may not be
detected in a timely or effective manner.
Legislative risk – changes may be made to taxation,
social security, superannuation and other laws, which
may affect the value of your investment and your
ability to access your investment.
Counterparty risk – there is a risk of loss where
the counterparty to a contract cannot meet its
payment obligations. This risk is mitigated by
appointing investment managers with appropriate
credit assessment skills and by imposing limits in the
investment mandates.
Investment risks
Some of the investment risks you may be exposed to
include:
Market risk – economic, technological, political or
legal conditions can change which can adversely
affect investment markets. In turn, this can adversely
affect the value of your investments. We mitigate
these risks by using a diversified mix of specialist
investment managers who we believe are the most
appropriate for each asset class.
Strategic asset allocation risk – the risk that the
longer term strategic asset allocation of the Fund may
not achieve its investment objectives. We mitigate
this risk by careful research using our own expertise
and that of specialist asset consultants.
Interest rate risk – changes in interest rates can have
a negative effect on investment value or returns. For
example, the cost of a company’s borrowings can
increase or the income return on a fixed interest
investment can be lower than expected. This risk is
mitigated by hiring professional, specialist investment
managers.
Currency risk – where we invest overseas, and
the currency of the countries in which we invest
changes in value relative to our dollar, the value of
the investments will change. We mitigate this risk
by managing the currency exposure as described on
page 5 by employing specialist currency managers.
Manager selection risk – under a ‘manager-of-
managers’ investment structure there is a risk that the
combination of managers selected for each specialist
sector may underperform their peer group. We
mitigate this risk by careful research and monitoring
of investment managers using our own expertise and
that of specialist asset consultants.
Strategic tilting may increase one or more of these
investment risks. However, as any strategic tilt will be
modest in size, the trustee expects that the additional
risk will not be significant.
In summary
There are risks in choosing to invest in
superannuation as superannuation, social security,
taxation and other laws may change and, generally,
you cannot withdraw your money until retirement
(see section ‘When can you withdraw your benefits?’
on page 20). There are also risks in choosing
particular Funds as different asset classes perform
differently at different times.
Since each Fund has a different investment mix,
the risks associated with investing in each Fund are
different. For example, the Cash Fund carries fewer
risks than the Growth Fund due to the differing
investments held and differing markets into which
each invests.
12
How to invest
How much is needed to invest in the Personal Retirement Plan?
Initial investment: The total minimum initial
investment (total of contributions, rollovers and
Employment Termination Payments) in the Personal
Retirement Plan is $2,000, and the minimum initial
investment in any one Fund is $2,000.
Additional investment: Each subsequent ad hoc
contribution in a Fund must be at least $500, and
each regular investment must be at least $100.
Who can invest in the Personal Retirement Plan?
Subject to the limits on contributions set out below, we can accept the following into the Personal Retirement
Plan:
Contribution type Contribution description
Employer contributions Contributions made by your employer into the Personal Retirement Plan
for your benefit. Employers may make contributions to the Personal
Retirement Plan to satisfy their Superannuation Guarantee obligations
or, to comply with their obligations under an industrial instrument in
which case they are called mandated contributions.
Personal contributions Contributions you as a member pay. Personal contributions can either
be personal ‘after-tax’ contributions, paid from your after-tax income or
personal ‘before-tax’ contributions, paid from your before-tax income.
Salary sacrifice contributions You may be able to arrange for your employer to make contributions
to the Personal Retirement Plan instead of paying you an equivalent
amount of pre-tax salary.
Spouse contributions Contributions your spouse pays into the Personal Retirement Plan for
your benefit.
Rollovers You can rollover existing superannuation monies and, in certain
circumstances, Employment Termination Payments (see page 3) into the
Personal Retirement Plan.
Government co-contributions You may be eligible to receive a co-contribution from the Government
of up to $1,000 per year (see page 16 for more details).
S t a t e S u p e r R e t i r e m e n t F u n d 13
Limits on contributions
We are able to accept mandated employer
contributions made under an industrial instrument
in respect of a member of any age. Superannuation
Guarantee contributions can be made up to age 70.
The following table summarises the rules in relation
to other contributions:
Contribution rules
Personalcontributions
and salary sacrifice
contributions
Spousecontributions
Under 65 Yes1 Yes1
At least 65 and
under 70 and
satisfying the
annual work test
Yes1 Yes1
At least 70 and
under 75 and
satisfying the
annual work test
Yes1,2 No
75 and over No2 No2
1 Subject to the limits outlined below.
2 Contributions may be made up to 28 days after the
end of the month in which you turn age 75.
There are also limits on the amounts that can be
paid as a single member contribution (being any
contribution other than an employer contribution),
being:
◗ if you were age 64 or less on 1 July in a financial
year, three times the amount of the non-
concessional contributions cap for the year;
◗ if you were age 65 but less than 75 on 1 July in a
financial year, the non-concessional contributions
cap.
Importantly, we will not accept any contributions
made by you or for your benefit unless you have
provided your Tax File Number to the trustee.
We will return any amount within 30 days of
becoming aware that the contribution breached the
above rules.
Any amounts returned will be adjusted for fees, costs
and positive or negative changes in unit prices.
Further, you will be liable for tax if your concessional
contributions in a year exceed the concessional
contributions cap for that year, or your non-
concessional contributions in a year exceed the non-
concessional contributions cap for that year. See page
37 for more information.
How do you invest in the Personal Retirement Plan?
Your initial investment in the Personal Retirement Plan
can consist of a rollover from another superannuation
product and/or a contribution.
Further, if you satisfy the transitional provisions, your
initial investment may consist of the rollover of an
Employment Termination Payment (ETP).
You can then make ad hoc and/or regular
superannuation contributions to or rollovers in
to the Personal Retirement Plan. Superannuation
contributions may be made by you, or made on
your behalf by others such as your spouse or
your employer. Any contributions to the Personal
Retirement Plan from your employer must be made
under an arrangement between you and your
employer.
Initial investments (contributions, rollovers and Employment Termination Payments)
To make an initial investment to the Personal
Retirement Plan, complete the Personal Retirement
Plan application form and forward it to us and:
◗ to the extent your initial investment consists of
personal or spouse contributions, forward to us a
cheque from you or your spouse for the amount of
the contribution;
◗ to the extent your initial investment consists of
an employer contribution, direct your employer
to send the cheque for the amount of the
contribution to us;
14
◗ to the extent your initial investment consists of a
rollover of an Employment Termination Payment
(ETP), notify your employer that you will be rolling
your ETP into the Personal Retirement Plan and
direct them to send the cheque for the amount
of the ETP and a completed Directed Termination
Payment Statement to Attention: Registry Services,
State Super Financial Services Australia Limited (see
address inside the back cover);
◗ to the extent your initial investment consists of a
rollover from another superannuation product,
notify your current superannuation fund by
completing a Request to Transfer form (available
from www.ssfs.com.au or any of our offices)
and sending it to them. Your current fund will
send a Rollover Benefits Statement and your
superannuation benefits directly to us to invest; or
◗ to the extent that you are transferring from another
SSFS product you must complete section 7 of the
Personal Retirement Plan application form.
If your application form does not specify the Fund(s)
for investment, we will invest your initial investment
wholly in the Cash Fund. However, you may be able
to switch your investment from the Cash Fund, as
outlined on page 20.
Please note that the trustee is not bound to accept
any application for the Personal Retirement Plan and
may refuse an application without giving any reason.
Additional investments (ad hoc contributions and rollovers)
After becoming a member of the Personal Retirement
Plan, additional ad hoc contributions and rollovers
can be made at any time either by cheque or money
order or using BPAY. When sending a cheque or
money order the following information must be
provided:
◗ your personal details;
◗ the amount of your contribution/ rollover;
◗ if the investment is in the form of a contribution, what type of contribution it is;
◗ the Fund allocation; and
◗ any necessary rollover forms as outlined above.
Please forward to Attention: Registry Services, State
Super Financial Services Australia Limited, (see
address inside the back cover).
BPAY payments can be made via your bank or
financial institution. Details of Biller Code(s), together
with your Customer Reference Number(s) can be
located on SSFS’ client website (www.ssfs.com.au) or
by contacting your local regional office.
If you wish to change the Fund allocation for future/
additional contributions, you will need to complete
a ‘Request to Change Fund Allocation – Future
Contributions/Investments’ form (available from
www.ssfs.com.au or any of our offices).
If you do not specify the Fund(s) for investment we
will invest the additional investment in accordance
with your existing Fund allocation at the time of
receipt of the additional investment.
You will then be issued a transaction confirmation
and may then be able to switch the investment into
one or more other Funds at any time (see page 20 for
more information on switching).
Additional investments (Regular Contributions Plan)
You can arrange for regular contributions to be paid
into the Personal Retirement Plan (see page 24).
Capping of contributions
The Government limits the amount of concessionally
taxed contributions that can be made to your
superannuation. These limits are called ‘contribution
caps’. Additional tax may be payable if you exceed
the caps.
There are two contribution caps:
- a ‘concessional contributions’ cap
- a ‘non-concessional contributions’ cap.
S t a t e S u p e r R e t i r e m e n t F u n d 15
The amount of concessional contributions that can be
made to your superannuation without being subject
to additional tax (the concessional contributions cap)
is capped at $25,000 in the 2011/12 financial year.
This limit is indexed in line with Average Weekly
Ordinary Time Earnings (AWOTE), in increments of
$5,000.
As a transitional measure, if an investor turns 50
in a financial year to 30 June 2012, the investor’s
concessional contributions cap for the year in which
the investor turns 50, and each subsequent year to
30 June 2012, is $50,000 per year. This limit is not
indexed.
The Government has announced that the transitional
concessional contributions cap of $50,000 will
continue to apply from 1 July 2012 for workers aged
50 and over who have super balances of less than
$500,000. However, legislation to implement this
change has not been introduced to Parliament.
Concessional contributions in excess of the applicable
concessional cap are subject to an additional
31.5% tax. They are called ‘excess concessional
contributions’. Excess concessional contributions also
count towards the non-concessional contributions
cap.
The amount of non-concessional contributions that
can be made to your superannuation without being
subject to additional tax (the non-concessional
contributions cap) is equal to six times the
concessional contributions cap (ie. $150,000 in the
2011/12 financial year).
However, amounts from the disposal of certain small
business assets paid as after-tax contributions are
excluded from the non-concessional contributions
cap up to a lifetime limit, called the ‘CGT Cap’.
The CGT Cap is indexed and is $1,205,000 for the
2011/12 financial year.
Only contributions arising from the following capital
gains can be counted towards the CGT Cap and,
accordingly, excluded from the non concessional
contributions cap:
◗ up to $500,000 of capital gains that have been
disregarded under the small business retirement
exemption
◗ the capital proceeds from the disposal of assets
that qualify for the small business 15-year
exemption
◗ the capital proceeds from the disposal of assets
that would qualify for the small business 15-year
exemption, but do not because:
− the asset was a pre-CGT asset
− there was no capital gain, or
− the 15-year holding period was not met because
of the permanent incapacity of the person (or a
controlling individual of a company or trust).
If you are under age 65 in the relevant financial
year you can ‘bring forward’ up to 2 years’ worth of
non-concessional contributions without exceeding
the cap. For example, an investor could contribute
$450,000 in the 2011/12 financial year as a single
lump sum, using up any allowable cap for that
year and the following 2 years, without incurring
additional tax. The ‘bring forward’ is automatically
triggered as soon as non-concessional contributions
exceed the non-concessional contributions cap for
that year.
Non-concessional contributions in excess of the non-
concessional cap for the relevant year are subject to
tax at 46.5%.
Where an excess concessional contribution is made,
the additional tax is payable by the investor. In these
circumstances the Australian Taxation Office (ATO)
will issue a release authority to the investor allowing
you to withdraw the additional tax from your super
account, should you choose to do so.
Where an excess non-concessional contribution is
made, the additional tax must be withdrawn from
the fund. In these circumstances the ATO will issue
a release authority to the investor or, in some cases,
directly to the Retirement Fund, allowing you to
withdraw the additional tax from your super account.
16
The Retirement Fund will pay the lesser of:
◗ the amount specified in the release authority;
◗ your account balance; or
◗ the amount requested by you,
within 30 days of receiving a valid release authority.
Note that the Retirement Fund may pay the
withdrawal amount after the tax liability is due to be
paid to the ATO.
If you provide us with a release authority but fail to
provide us with details of the Fund(s) from which you
wish your units to be redeemed we will deem that
you have requested us to redeem sufficient units to
satisfy the release authority in the same order as per
Defaults on withdrawals for pension payments on
page 22.
We will also redeem units in this order where we
receive a release authority from the ATO.
Provided you do not withdraw more than the amount
authorised in the release, you will not pay any tax
on the withdrawal amount. If you access a greater
amount, you will pay income tax on this amount at
your marginal tax rates.
Please consult your financial planner for further
information.
Government Co-Contribution Scheme
The Government has a Superannuation Co-
Contribution Scheme, which involves the
Government paying a superannuation co-contribution
to the investor’s account where the investor makes
personal ‘after-tax’ contributions.
To be eligible for a co-contribution, you need to
be under age 71 at the end of that income year
and have total income (assessable income plus
reportable fringe benefits plus reportable employer
superannuation contribution less allowable business
deductions) of no more than $61,920 for the
2011/12 financial year. You must be either employed
or self-employed, even if only part-time or casual.
You also need to satisfy a 10% eligible income test
to be eligible for Government co-contributions. To
satisfy the 10% eligible income test, 10% or more of
your total income must be earned from employment-
activities or the carrying on of a business (or a
combination of both). For the purposes of this test,
business deductions are not taken into account in
either the business income or total income amounts.
If you earn more than $31,920 for the 2011/12
financial year the maximum co-contribution of
$1,000 is scaled back at the rate of 3.333 cents in
the dollar.
To find out more about the Superannuation Co-
contribution Scheme, ask your financial planner or go
to www.ato.gov.au/super.
Should the Australian Taxation Office pay a co-
contribution into your account in the Personal
Retirement Plan and we have received no instructions
from you in relation to the contribution we will invest
the co-contribution in accordance with your existing
Fund allocation at the time of receipt of the co-
contribution.
You will then be issued a transaction confirmation
and may then be able to switch the investment into
one or more other Funds at any time (see page 20 for
more information on switching).
Please note: The co-contribution does not count
towards the non-concessional contributions cap.
Superannuation Guarantee payments from the Australian Taxation Office
Should the Australian Taxation Office pay a
Superannuation Guarantee payment into the
Personal Retirement Plan, and we have received
no specific instructions from you we will invest the
Superannuation Guarantee payment in accordance
with your existing Fund allocation at the time of
receipt of the payment.
You will then be issued a transaction confirmation
and may then be able to switch the investment into
one or more other Funds at any time (see page 20 for
more information on switching).
S t a t e S u p e r R e t i r e m e n t F u n d 17
Please note: The Superannuation Guarantee payment
will count towards the concessional contributions
cap.
Contribution splitting arrangements
The splitting of contributions with your spouse may
be permitted in certain circumstances. The main
benefits of contribution splitting are that you can
take advantage of 2 concessional contributions caps
and it facilitates income splitting between partners
for lower overall tax.
You may be able to split with your spouse any
concessional contributions that are made to your
account in the Personal Retirement Plan.
The maximum amount that can be split is the lesser
of:
◗ 85% of concessional contributions for a financial
year; and
◗ the concessional contributions cap for the financial
year.
For example, if you are aged under 50 for the
whole of the financial year and made concessional
contributions of $75,000 in the 2011/12 financial
year the maximum you can split is $25,000, which is
the lesser of 85% of your concessional contributions
(being $63,750) and the concessional contributions
cap for that financial year (being $25,000).
Any contributions that are split will become taxable
components in your spouse’s account.
Contributions can generally be split after the
conclusion of the financial year in which they are
made or in the financial year in which they are
made where the member’s entire benefit is to be
transferred. For example, contributions made from
1 July 2010 to 30 June 2011 can be split from 1 July
2011 to 30 June 2012. However, if you transferred
your entire benefit to another fund before 30 June
2011, you could split your contributions for that
financial year before transferring the benefit.
For further information please contact your financial
planner.
How much is needed to invest in the Allocated Pension Fund?
The minimum initial investment in an Allocated
Pension is $20,000.
Who can invest in the Allocated Pension Fund?
The Allocated Pension Fund is designed for retirees,
semi-retired people or those about to retire, who are
looking to:
◗ rollover their superannuation monies or an
Employment Termination Payment (ETP) (if you
satisfy the transitional provisions outlined on page
3) into a superannuation fund;
◗ defer tax on cashing in their superannuation
monies and take advantage of the pension tax
concessions; or
◗ receive a regular income stream from their
superannuation monies or ETP.
The Allocated Pension Fund only accepts in respect of
an ordinary Allocated Pension:
◗ rollovers from other superannuation products
(including the Personal Retirement Plan) that
consist solely of unrestricted non-preserved
amounts and
◗ rollovers of ETPs.
If you are over your preservation age (see page 24)
you can start a Pre-Retirement Allocated Pension
with any combination of unrestricted non-preserved
amounts and/or restricted non-preserved amounts
and/or preserved amounts.
If you have a Pre-Retirement Allocated Pension,
then once you reach age 65, or otherwise satisfy a
condition of release prescribed by superannuation
law (refer to page 23), your Pre-Retirement Allocated
Pension becomes an ordinary Allocated Pension.
This means, for example, that if you do not commute
your pension at that time, you will continue to receive
18
a pension from the State Super Allocated Pension
Fund subject to the same minimum payment limits,
but without any maximum payment limits and
commutations are allowed.
How do you invest in the Allocated Pension Fund?
Initial investment
All you need to do to invest in the Allocated Pension
Fund is:
◗ complete the Allocated Pension Fund application
form and send to Attention: Registry Services,
State Super Financial Services Australia Limited (see
address inside the back cover);
◗ complete a tax file number declaration form (if you
are under age 60) and also send it to us; and
◗ if relevant:
– notify your employer that you will be rolling your ETP over to the State Super Allocated Pension Fund and direct them to send the cheque for the amount of the ETP and your Directed Termination Payment Statement to Attention: Registry Services, State Super Financial Services Australia Limited (see address inside the back cover); and/or
– notify your current superannuation fund by completing a transfer authority form (available from www.ssfs.com.au or any of our offices) and sending it to them. Your current fund will send a Rollover Benefits Statement and your superannuation monies directly to us to invest.
To the extent that you are transferring from the Personal Retirement Plan you must complete section 8 of the Allocated Pension Fund application form.
If your application does not specify the Fund(s) for investment, we will invest your initial investment wholly in the Cash Fund. However, you may be able to switch your investment from the Cash Fund, as outlined on page 20.
The trustee is not bound to accept any application for the Allocated Pension Fund and may refuse an application without giving any reason.
Additional investments
You cannot make any additional contributions or rollovers to any Allocated Pension once the pension has commenced.
Allocated Pension payments
What pension payments will you receive?
You can choose whether to receive pension payments monthly, quarterly, half yearly or annually.
In order to make a pension payment, the trustee will redeem sufficient units from your account balance to satisfy the amount of the payment.
For default order of withdrawal for pension payments please see page 22.
Order of withdrawal – Pre-Retirement Allocated Pensions
Superannuation law requires that pension payments in respect of Pre-Retirement Allocated Pensions are paid in the following order:
◗ Firstly, from any unrestricted non-preserved amount;
◗ Secondly, from any restricted non-preserved amount; and
◗ Thirdly, from any preserved amount.
Amount of the pension payments
You can choose the amount of your pension payments. Please note, however, the amount you choose from an Allocated Pension (including a Pre-Retirement Allocated Pension) must be at least equal to the minimum annual payment amount for that year, which is a percentage of your account balance (calculated, in the first financial year, at the start of your pension and, in subsequent financial years, at the start of each year), in accordance with the
following table:
S t a t e S u p e r R e t i r e m e n t F u n d 19
Age
Minimum Percentage of your Account Balance (%)
2010/11 2011/12 2012/13
Under 65 2 3 4
65 – 74 2.5 3.75 5
75 – 79 3 4.5 6
80 – 84 3.5 5.25 7
85 – 89 4.5 6.75 9
90 – 94 5.5 8.25 11
95 or more 7 10.5 14
There is no maximum limit on the amount of pension
payments you can receive from an ordinary Allocated
Pension in a year. However, the amount you choose
for a Pre-Retirement Allocated Pension must be no
greater than the maximum payment amount for
that year, which is 10% of your account balance
(calculated, in the first financial year, at the start of
your pension and, in subsequent financial years, at
the start of each year).
When deciding the amount of pension payments
you wish to receive in a financial year, please bear in
mind that payments can only be made while there is
money in your pension account.
When a pension commences on a day other than
1 July, the minimum payment limits in the first year
are applied proportionately to the number of days
remaining in the financial year that include and follow
the commencement date. However, the maximum
payment limit for a Pre-Retirement Allocated Pension
remains equal to 10% of the account balance at the
time the pension commenced.
The maximum payment limit ceases to apply from the
time you satisfy a condition of release. This means
that, after satisfying a condition of release, you could
make a lump sum withdrawal up to the amount of
your account balance.
The minimum and maximum pension amounts are
calculated on initial deposit then re-calculated as at 1
July every year thereafter and are based on:
◗ your age; and
◗ your account balance in the Allocated Pension
as at the date of each calculation.
Your account balance will vary depending on factors
such as:
◗ the amount of pension payments paid to you
during the year;
◗ the net earnings of the Fund(s) in which you are
invested; and
◗ any lump sum withdrawals made by you.
Generally speaking, you must receive at least one
pension payment every financial year. However, if
the pension commences on or after 1 June in any
financial year, no payment is required to be made for
that financial year, although a payment may be made
by 30 June of that year.
If your minimum pension amount for a financial
year has not been reached by the date of the last
payment due to be made to you in the financial year,
an additional payment will be made to ensure the
minimum amount is paid.
We will take into account pension payments and
any lump sum withdrawals (including lump sum
withdrawals under a payment split, but not any
amounts rolled over to another superannuation
arrangement) in a year when determining whether
the minimum amount has been paid from your
pension in that year.
For Pre-Retirement Allocated Pensions, any lump
sum withdrawals are not taken into account when
determining whether the maximum amount has been
paid from your pension in that year.
If the maximum pension amount for your Pre-
Retirement Allocated Pension is reached during the
financial year, the relevant payment will be reduced
to ensure the maximum amount is not exceeded. No
further pension payments can be made to you
for that financial year.
By way of example, consider the situation if you had
an Allocated Pension which you started on 1 July
2012 with a purchase price of $150,000, and you
were aged 65. In the first year the minimum payment
20
How to switch and withdraw
amount is $7,500. The maximum payment would be
the amount of your account balance. The amount of
the payment will be tax free as you are over age 60.
Note: The example above is illustrative only and is
based on the factors stated. It should not be taken
to provide an estimate of the minimum amount you
must be paid in respect of your Allocated Pension.
For further information on Taxation, please refer to
page 37.
How are pension payments made?
Pension payments are paid directly to the bank,
credit union or building society account you have
nominated. You must be at least one of the parties
to the account nominated. Pension payments are not
made by cheque.
We will generally process all pension payments on:
◗ the 20th day of each month (monthly option); or
◗ the 20th day of each September, December, March
and June (quarterly option); or
◗ the 20th day of each December and June (half-
yearly option); or
◗ the 20th day of June of each year (annual option).
If the 20th of the month is not a business day,
payments will generally be processed on the
preceding business day. You should allow at least
two business days for the pension payments to
appear in your account.
Switching
A switch is the process of redeeming units in a Fund
and using the redemption proceeds to purchase units
in another Fund(s). You can switch a minimum of:
◗ $5,000 in the Allocated Pension Fund; or
◗ $500 in the Personal Retirement Plan,
from one Fund to one or more of the Funds at any
time.
However, you cannot use switching to transfer
amounts between the Allocated Pension Fund and
the Personal Retirement Plan.
You can arrange a switch by completing a switch
notification form available from any of our offices or
by providing the necessary details in writing to us.
There is no restriction on the number of times you
may switch part or all of your investment. It is
recommended that you consult with your financial
planner before switching so as to understand the
consequences of switching.
When can you withdraw your benefits?
When you make a withdrawal, the trustee will
redeem sufficient units from your account balance to satisfy the amount of the withdrawal request, as well as any tax payable on the withdrawal, subject to the
rules below.
Personal Retirement Plan
Superannuation benefits are divided into three
components, with different restrictions on when you
can get access to each component:
◗ unrestricted non-preserved – you can access this
amount at any time;
◗ restricted non-preserved – generally you can
access this amount when you stop working for the
employer who has contributed to your account;
and
◗ preserved – you can access this amount when you
satisfy a condition of release (see page 23) or die.
S t a t e S u p e r R e t i r e m e n t F u n d 21
How to switch and withdraw
All contributions and investment earnings since 1 July
1999 are preserved. Any non-preserved amounts you
have accumulated before this date remain as non-
preserved.
You may withdraw a minimum of $500 (or the
total of your account balance, if it is less than $500)
from the Personal Retirement Plan by completing a
redemption notification form available from any of
our offices. However, superannuation law divides
your account balance into different preservation
components and has rules as to when a trustee can
pay each component in cash. Your ability to withdraw
from the Personal Retirement Plan may be limited by
the superannuation law.
In any event you can make a withdrawal from the
Personal Retirement Plan:
◗ if you satisfy a condition of release (see section on
‘What are the conditions of release?’ on page 23);
or
◗ or you die; or
◗ to effect a payment split under family law; or
◗ to pay an excess contributions tax liability; or
◗ to pay a superannuation surcharge liability (where
liabilities arise prior to 1 July 2005); or
◗ at any time by transferring your benefit to another
complying superannuation fund or to a retirement
savings account; or
◗ in certain circumstances by transferring your
benefit to the Pension Division of the State Super
Retirement Fund.
The trustee will redeem sufficient units from your
account balance to satisfy the amount of the
withdrawal request.
Where applicable, an amount will be deducted from
any withdrawal to meet tax and superannuation
surcharge requirements.
Allocated Pension Fund
You can withdraw as a lump sum amounts of $5,000
or more (or the total of your account balance, if
it is less than $5,000) from the unrestricted on-
preserved amount of your ordinary Allocated Pension
or Pre-Retirement Allocated Pension at any time by
completing a redemption notification form available
from any of our offices.
Preserved amounts and/or restricted non-preserved
amounts can generally only be withdrawn from your
Pre-Retirement Allocated Pension as a lump sum:
◗ when you have satisfied a condition of release (see
section on ‘What are the conditions of release?’ on
page 23);
◗ to effect a payment split under family law;
◗ to pay a superannuation surcharge liability (where
liabilities arise prior to 1 July 2005);
◗ to pay an excess contributions tax liability; or
◗ you die.
How much will I receive when I withdraw my benefit?
The amount you receive as a benefit when you
withdraw a lump sum from either the Allocated
Pension Fund or the Personal Retirement Plan is
dependent upon such factors as the amount of:
◗ contributions net of tax;
◗ tax payable in relation to the lump sum withdrawal;
◗ investment earnings or losses (net of any applicable
tax);
◗ fees and costs (net of any applicable tax),
together with your age.
A superannuation lump sum is made up of only two
components, a tax-free component and a taxable
component.
22
By way of example for the Personal Retirement Plan,
if in 2011/12:
◗ your account balance was $250,000;
◗ the account comprised $200,000 of taxable
component and $50,000 tax-free component;
◗ you are permanently retired and aged 58
(preservation age is 55);
◗ no other superannuation lump sums or
employment termination payments have been paid
to you since reaching preservation age; and
◗ you withdrew a single lump sum of $225,000;
you would be entitled to:
amount of benefit $225,000
Less: tax on exit (see note) ($2,250)
Net benefit paid to bank $222,750
Note: The amount of the tax-free component in
the withdrawal is 20% of the total withdrawal
ie. $45,000. This tax-free percentage of 20% is
calculated as $50,000 (the amount of the tax-free
component in the account) divided by $250,000 (the
total account balance). The remaining portion of
$180,000 is taxable component. The excess $15,000
of taxable component withdrawn over the $165,000
low rate cap is taxed at 15% plus Medicare Levy, ie
$2,250. Please note: Any amounts withdrawn after
reaching age 60 would be completely tax-free.
By way of example for the Allocated Pension Fund, if:
◗ your account balance was $250,000;
◗ the tax-free component of your account was 20%;
◗ you are permanently retired and aged 58
(preservation age is 55); and
◗ no other superannuation benefits or employment
termination payments have been paid to you
previously,
you would be entitled to:
Amount of benefit $250,000
Less: Tax on exit (see note) ($5,775)
Net benefit paid in cash $244,225
Note: the amount of the tax-free component in the
withdrawal is 20% of the full withdrawal amount.
Therefore, 80% of $250,000, ie. $200,000 is
the taxable component. $35,000 of the taxable
component (the excess amount withdrawn over a low
rate cap, which is $165,000 in the 2011/12 financial
year, but can be reduced by previous lump sum
payments) is taxed at 15% plus Medicare Levy. ie.
$5,775. Please note: Any amounts withdrawn on or
after reaching age 60 would be completely tax-free.
Please note: the examples above are illustrative
only and are based on the factors stated. Neither
should be taken to contain or provide an estimate
of any withdrawal benefits you will receive from the
Retirement Fund.
Defaults on withdrawals and for pension payments
If you fail to provide us with details of the Fund(s)
from which you wish your units to be redeemed, or
your instruction cannot be followed, we will deem
that you have requested us to redeem sufficient units
to satisfy your withdrawal request (including pension
payments) in the following order:
1. from the Cash Fund (until all funds are exhausted);
2. from the Fixed Interest Fund (until all funds are
exhausted);
3. from the Capital Stable Fund (until all funds are
exhausted);
4. from the Moderate Fund (until all funds are
exhausted);
5. from the Balanced Fund (until all funds are
exhausted);
6. from the Growth Fund (until all funds are
exhausted);
S t a t e S u p e r R e t i r e m e n t F u n d 23
7. from the Growth Plus Fund (until all funds are
exhausted);
8. from the Australian Equities Fund (until all funds
are exhausted);
9. and finally from the International Equities Fund.
What are the conditions of release?
Superannuation is a long-term investment for your
retirement. The Australian Government has placed
restrictions on when you can get access to most
of your superannuation savings. Generally, your
preserved or restricted non-preserved superannuation
savings can be paid out in the following
circumstances:
◗ reaching age 65;
◗ reaching preservation age (see following section
called ‘What is your preservation age?’) and
permanently retiring from work;
◗ reaching preservation age (see the following
section called ‘What is your preservation age?’)
and receiving your savings in the form of a Pre-
Retirement Allocated Pension;
◗ becoming permanently incapacitated;
◗ if you are a temporary resident, permanently
departing Australia;
◗ being a lost investor who is found, and the value of
your benefit in the fund, when released, is less than
$200;
◗ if you have a valid release authority to pay
additional tax on excess concessional contributions
and excess non-concessional contributions (see
page 15);
◗ if you have a terminal medical condition. A person
has a terminal medical condition if the following
circumstances exist:
(a) two registered medical practitioners have
certified, jointly or separately, that the person
suffers from an illness, or has incurred an injury,
that is likely to result in the death of the person
within a period (the certification period) that
ends not more than 12 months after the date of
certification;
(b) at least one of the registered medical
practitioners is a specialist practicing in an area
related to the illness or injury suffered by the
person;
(c) for each of the certificates, the certification
period has not ended.
Rules for temporary residents
Must transfer superannuation to Australian
Taxation Office (ATO): If you are a temporary
resident (excluding New Zealand nationals), we are
required to send your super to the ATO if you leave
Australia, your visa has expired or been cancelled,
and you don’t claim your superannuation benefit
within six months after your leave. However, you can
apply to the ATO to claim your super.
Any amount transferred to the ATO will not be
adjusted for investment performance, so it is in your
interests to quickly claim your benefit.
If your super is sent to the ATO, the trustee will
rely on ASIC relief and you will not receive an exit
statement.
Withholding rates:
(a) 0% for the tax-free component; and
(b) 35% for a taxed element of a taxable component.
Restrictions on conditions of release: preserved or
restricted non-preserved superannuation savings of
a temporary resident can only be paid out in limited
circumstances, including:
(a) becoming permanently incapacitated;
(b) having a terminal medical condition;
(c) upon request after permanently departing
Australia and cessation of the temporary visa;
(d) if you have a valid release authority to pay
additional tax on excess concessional contributions
24
and excess non-concessional contributions (see
page 15).
One effect of the restrictions on the conditions of
release for temporary residents is that a temporary
resident is not normally able to apply for an Allocated
Pension or a Pre Retirement Allocated Pension.
You may be able to cash some of your benefit in
other situations, such as if you suffer severe financial
hardship or on compassionate grounds and you meet
the criteria as stated in superannuation law.
What is your preservation age?
When were you born? Preservation age
before 1 July 1960 55
between 1 July 1960 and 30 June 1961
56
between 1 July 1961 and 30 June 1962
57
between 1 July 1962 and 30 June 1963
58
between 1 July 1963 and 30 June 1964
59
born after 30 June 1964 60
Special investment facilities
Regular Contributions Plan
You can arrange for regular contributions to be
paid into the Personal Retirement Plan. This facility
involves:
◗ SSFS making automatic deductions from a bank,
credit union or building society account on the
16th day of each month. If this is not a business
day, the amount will be deducted on the first
business day thereafter; or
◗ a cheque being sent on a regular basis to
Attention: Registry Services, State Super Financial
Services Australia Limited (see address inside the
back cover).
Please note: You should check whether your financial
institution will charge you a fee for each withdrawal
from your account before arranging for regular
contributions to be deducted.
Should you wish to take advantage of the regular
contributions facility, complete the Personal
Retirement Plan application form on page 45 and the
regular contributions application form on page 47
and send both forms to us.
If your application for the regular contributions facility
does not specify the Fund(s) for investment, unless
you tell us otherwise, each contribution received
by us through the regular contributions facility will
be invested in accordance with your existing fund
allocation at the time of receipt of the contribution.
You may be able to switch the investment into one or
more other funds at any time (See page 20 for more
information on switching).
Progressive Investment Facility
You may benefit from regularly investing a specified
amount into one or more Funds over time, as this
may reduce the risk linked to attempting to time the
market with a lump sum investment. This is often
called ‘dollar cost averaging’. By doing so, more
units may be purchased when prices are low and
fewer units purchased when prices are high. The aim
is to lower the total average cost per units of your
investment, giving you a lower overall cost for the
units purchased over time.
The Progressive Investment Facility enables you to
access the benefits of dollar cost averaging. This
Facility enables you to switch fixed amounts on a
regular basis (monthly or quarterly) into nominated
Fund(s) from amounts held in your Cash Fund.
This facility is available in both the Personal
Retirement Plan and the Allocated Pension Fund.
This Facility involves us making automatic switches
on:
◗ if you have selected a monthly facility, the 25th day
of each month; and
◗ if you have selected quarterly facility, the 25th day
or March, June, September and December.
If this is not a business day, the switch will occur on
the first business day thereafter.
S t a t e S u p e r R e t i r e m e n t F u n d 25
Transaction processing
The minimum amount that can be switched under
the Progressive Investment Facility is $2,000 per
switch.
In the instance where there are insufficient funds
to perform a switch out we will only switch out the
remaining balance of the Cash Fund.
Should you wish to take advantage of the Progressive
Investment Facility, complete the Progressive
Investment Facility application form available from
any of our offices.
The Progressive Investment Facility application form
must be received in our office by the 20th of the
relevant month to take effect from the 25th of that
month.
Transfers (partial or full) to another superannuation product
You also have the right to transfer your existing account balance (partial or full) to another superannuation product at any time. This is known as ‘portability’.
We must generally transfer your benefits within 30 days of receiving a fully completed transfer form from you.
Things to consider when transferring superannuation
You should consider all relevant information before
deciding whether to transfer your superannuation.
Some of the points to consider are:
◗ Fees – your FROM fund may charge you exit or
withdrawal fees for transferring superannuation,
which could significantly reduce your final benefit;
◗ Insurance benefits – your FROM fund may insure
you against death, illness or accident which leaves
you unable to return to work. If you choose
to leave your FROM fund, you may lose any
insurance entitlements you have as we do not offer
insurance.
Unit prices and valuations
Your investment in each Fund is represented by units
in that Fund.
Normally, unit prices are based on the net value of
the assets (assets minus liabilities) of the relevant
Fund(s). However, the initial unit price for the Fixed
Interest, Moderate, Growth Plus, Australian Equities
and International Equities Funds will be $1.00.
Any rise or fall in the value of a Fund’s investments
is reflected in a corresponding rise or fall in the unit
price.
Each Fund is required to be valued at least weekly,
however we currently value each Fund as at the
close of each business day. We may change this
practice without notice. The unit price based on that
calculation is the applicable unit price for that day.
Income earned on each Fund’s investments
accumulates within the Fund and is reflected in the
unit price. No distribution of investment income is
made directly to investors.
The assets referable to the Funds are valued at market
prices. Assets may rise or fall in value. In valuing
assets, allowances by way of estimates are made for:
◗ provisions for tax on investment income realised
and unrealised capital gains (including the effect of
imputation credits and deferred tax on unrealised
gains);
◗ any management fees; and
◗ any investment-related charges.
Currently, the issue price of a unit is the same as the
redemption price of a unit. This is because we do not
currently apply a buy/sell spread to the unit prices for
the Retirement Fund. A buy/sell spread is effectively
a fee that seeks to cover the costs incurred when
buying and selling assets as a result of investments in
or switches or withdrawals from a Fund. The trustee
may choose to apply a buy/sell spread in the future.
As the trustee does not apply a buy/sell spread,
investors do not incur transaction costs when making
investments in a Fund or switches or withdrawals
26
from a Fund. Transaction costs (see page 35) are
taken into account at the time the assets of a Fund
are valued and are reflected in unit prices. Should we
propose to change this in the future we will provide
you with 30 days notice.
For your convenience, the latest available unit price
information is available 24 hours a day on our charge
free unit price hotline 1800 060 061 or our website
at www.ssfs.com.au.
We may suspend or delay unit pricing where:
◗ a significant event or incident occurs that has the
potential to affect the investment markets; or
◗ an event occurs that has the potential to affect unit
prices (such as an external investment manager
being unable to provide current unit prices).
Processing of investment, withdrawal and switch transactions
We generally process investment applications,
withdrawal and switch requests each business day.
If your investment application or your withdrawal
or your switch request is received before 5.00pm
Sydney time on any business day, it will be processed
using the unit price applicable for that day. This price
is not known until Business Day 2. It is important to
consider this when making your transaction request.
If we receive your investment application or your
withdrawal or your switch request after 5.00pm
Sydney time on a business day, or on a non-business
day, we treat it as having been received before
5.00pm Sydney time on the next occurring business
day and it will be processed using the unit price
applicable for that next occurring business day.
Please note: If you ask for a unit price or investment
valuation we can provide an historical unit price or
investment valuation only.
You should allow at least two business days after the
processing of your withdrawal for the funds to be
credited to your bank, credit union or building society
account.
There may be situations where we delay or suspend
the processing of investment application, withdrawal
or switch transactions. This could occur, for example,
because of the closure, termination or suspension of
an external fund by an investment manager, where
processing of a transaction would adversely affect
the interests of others invested in a Fund or we
are unable to realise sufficient assets to satisfy the
transaction.
We are not responsible for any losses caused by these
suspensions or delays.
You should be aware that the Retirement Fund trust
deed allows up to 30 days for the completion of any
withdrawal or switch request.
Reporting
Regular reporting
Transaction statement
Investments
A transaction statement will be issued to you when you first invest in the Retirement Fund or make additional ad-hoc investments. No transaction statement will be issued for contributions received via the Regular Contribution Plan facility or periodic contributions received from your employer.
Withdrawals
A transaction statement will be issued for lump sum cash withdrawals and rollovers to another superannuation fund.
Currently all transaction statements are printed and mailed to you, however the Trustee reserves the right to issue electronic copies of transactions statements to you in the future, provided you agree to this.
Annual Statement and Six monthly statement to 31 December
If you have registered to view your account balances
online, you may elect to receive:
◗ An email notifying you that your Annual Statement
and six monthly statement can be viewed online; or
S t a t e S u p e r R e t i r e m e n t F u n d 27
Death benefits and nominations
◗ A paper copy of your Annual Statement and six
monthly statement in the mail.
If you have not registered to view your account
balances online, or have not made one of the above
online elections, your Annual Statement and six
monthly statements will be sent to you in the mail.
Annual Review Report and Payment Summary (if applicable) (Allocated Pension Fund only)
A paper copy of each (if applicable) will be sent to
you in the mail by mid July each year.
Annual Report
The Annual Report of the Retirement Fund,
containing information about the Allocated Pension
Fund and the Personal Retirement Plan, together with
financial information extracted from the Retirement
Fund’s audited financial statements, will be available
from our website within four months after the end of
each financial year.
The direct link for the Annual Report is: http://www.
ssfs.com.au/go/our-products/annual-reports
You can ask us to send you a copy of the Annual
Report in the post free of charge. Alternatively, we
can notify you by email when the Annual Report is
available on our website. Please see section below
titled ‘Accessing information online’ for further
information.
Accessing information online
We offer you a service whereby you can view your
account balances online via our website located at
www.ssfs.com.au. There is no charge for this service.
If you choose to use this service you will be issued
with a unique password which, in conjunction with
your client code (provided to you by us at the time
you first invest in a product issued by SSFS), can be
used to access your investment information at any
time. Use of this service is subject to the terms and
conditions listed on the www.ssfs.com.au website.
What happens to your benefit on your death?
In the event of your death, your account balance will
generally be paid as a lump sum (Personal Retirement
Plan) or as a lump sum and/or a pension (Allocated
Pension Fund) to either:
◗ one or more of your dependants; and/or
◗ the executor or administrator of your Estate.
However, a death benefit can only be paid as a
pension to a child of yours:
◗ who is less than 18 years of age; or
◗ being 18 years or more of age, who either is
financially dependent on you and is less than 25
years of age or has a disability.
If death benefits are being paid in the form of an
Allocated Pension to a child, the benefits will be
automatically cashed as a lump sum on the day that
the child reaches age 25, unless the child is disabled.
Payment to your nominated beneficiaries
If you wish to nominate beneficiaries, they must be a
dependant or your Estate.
To nominate one or more beneficiaries, complete the
beneficiaries nomination form attached to this PDS
(refer to page 51). You must provide the following
details for each beneficiary:
◗ name and address and relationship of person to
you;
◗ the percentages to be paid to each (must add up to
exactly 100%); and
◗ whether your nomination is to be binding or non-
binding on the trustee (or a combination of the
two).
You may change any aspect of your beneficiary
nomination in options 2, 3 or 4 below at any time
by completing and lodging a new beneficiaries
nomination form available from any of our offices.
28
Nomination Options
You may choose one of the following options for
nomination of beneficiaries on your death:
1. No nomination
The trustee has absolute discretion to pay your
account balance to any of your dependants and/or to
your Estate in any proportion. In making its decision,
the trustee will take into account any directions
regarding superannuation contained in your Will, but
is not obliged to pay any amount in accordance with
your Will.
2. Binding nominations
If you indicate that your nomination(s) is to be
binding on the trustee, provided your binding
nomination is current and valid at the time of
your death, the trustee is bound to pay to the
beneficiaries you have nominated or to your Estate
the percentage of your account balance specified.
Please note that special conditions apply in order for
your binding nomination(s) to be valid. These include:
◗ a binding nomination must be witnessed and
signed by two persons over age 18 who are not
your nominated beneficiaries for this investment;
◗ a binding nomination is only valid for 3 years from
the date it became effective, after which time it
lapses. After that time, you must provide a fresh
nomination to bind the trustee;
◗ your nominated beneficiary must survive you; and
◗ if you nominate a beneficiary other than your
Estate, that person must be a dependant at the
time of your death.
You may only give the trustee directions regarding the percentage of your account balance to be paid to your beneficiary(s). You cannot give directions as to the form of payment (ie. pension or lump sum). The form of the payment made to your nominated beneficiaries will be at the trustee’s absolute discretion.
Generally, if your binding nomination has lapsed
or is otherwise invalid at the time of your death,
the trustee has absolute discretion to pay your
account balance to any of your dependants (whether
nominated or not) and/or to your Estate in any
proportion.
3. Non-binding nominations
If you do not wish your nominations to be binding on
the trustee, then the final decision as to whom your
account balance will be paid to rests entirely with the
trustee. In making its decision, the trustee will take
into account your non-binding nomination(s) and
any directions regarding superannuation contained
in your Will but is not obliged to pay any amount in
accordance with your nominations(s).
4. Combined binding and non-binding nominations
You may combine binding and non-binding
beneficiary nominations for your investment
provided the percentages to be paid to all nominated
beneficiaries add up to 100%. In this case, provided
the binding nomination is current and valid at the
time of your death, the trustee is bound to pay that
portion of your account balance to the beneficiary(s).
For the percentage of your account balance allocated
to non-binding beneficiaries, the trustee will take
into account your nomination and any preferences
regarding superannuation contained in your Will, but
the final decision as to whom that portion of your
account balance will be paid, rests with the trustee.
S t a t e S u p e r R e t i r e m e n t F u n d 29
Trustee discretion
The trustee has absolute discretion to pay your
account balance to any of your dependants and/
or to your Estate, in any proportion as a lump sum
(Personal Retirement Plan) or as a pension and/or
lump sum (Allocated Pension Fund) to the extent
that:
◗ you do not make any beneficiary nomination; or
◗ you make a non-binding nomination; or
◗ your binding nomination has lapsed or is otherwise
invalid at the time of your death.
If you do not have a binding nomination, you should
consider making a Will (or amending your current
Will) which outlines your preferences regarding
the distribution of your investment in the Personal
Retirement Plan or Allocated Pension Fund, as this
will assist the trustee in determining to whom it will
pay your account balance.
30
Fees and other costsGovernment regulation requires us to provide the following 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.
You may be able to negotiate to pay lower contribution fees and management costs where applicable.
Ask the fund or your financial adviser.
TO FIND OUT MORE
If you would like to find out more, or see the impact of fees based on your own circumstances, the Australian Securities and Investments Commission (ASIC) website (www.fido.asic.gov.au) has a superannuation fee
calculator to help you check out different fee options.
Please note that the fees below are not negotiable.
This document shows fees and other costs that you may be charged. These fees and costs may be deducted from your money, from the returns on your investment or from the fund assets as a whole.
Taxes are set out in another part of this document.
You should read all the information about fees and costs because it is important to understand their impact on your investment.
S t a t e S u p e r R e t i r e m e n t F u n d 31
TYPE O
F FE
E
OR
CO
ST
AM
OU
NT
HO
W A
ND
WH
EN
PA
ID
Cash
Fu
nd
% p
.a.
Fixed
In
tere
st
Fun
d%
p.a
.
Cap
ital
Sta
ble
Fu
nd
% p
.a
Mo
dera
teFu
nd
% p
.a.
Bala
nce
d
Fun
d%
p.a
Gro
wth
Fu
nd
% p
.a.
Gro
wth
Plu
s Fu
nd
% p
.a.
Au
stra
lian
Eq
uit
ies
Fun
d%
p.a
.
Inte
rna-
tio
nal
Eq
uit
ies
Fun
d%
p.a
.
Fees
wh
en y
ou
r m
on
ey
mo
ves
in o
r o
ut
of
the
Fun
dEs
tab
lish
men
t fe
eTh
e fe
e to
ope
n yo
ur
inve
stm
ent.
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
This
fee
is n
ot p
erm
itted
un
der
the
trus
t de
ed.
Co
ntr
ibu
tio
n f
eeTh
e fe
e on
eac
h am
ount
co
ntrib
uted
to
your
in
vest
men
t –
eith
er b
y yo
u or
you
r em
ploy
er.
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
This
fee
is n
ot p
erm
itted
un
der
the
trus
t de
ed.
Wit
hd
raw
al f
eeTh
e fe
e on
eac
h am
ount
yo
u ta
ke o
ut o
f yo
ur
inve
stm
ent.
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
This
fee
is n
ot p
erm
itted
un
der
the
trus
t de
ed.
Term
inat
ion
fee
The
fee
to c
lose
you
r in
vest
men
t
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
This
fee
is n
ot p
erm
itted
un
der
the
trus
t de
ed.
Man
agem
ent
Co
sts
The
fees
and
cos
ts
for
man
agin
g yo
ur
inve
stm
ent.
0.99
1.15
1.30
1.35
1.40
1.50
1.50
1.50
1.50
Man
agem
ent
cost
s ar
e ca
lcul
ated
and
acc
rued
ea
ch d
ay, a
nd in
clud
ed
in t
he c
alcu
latio
n of
the
un
it pr
ice
of e
ach
Fund
on
each
bus
ines
s da
y an
d pa
id
mon
thly.
Man
agem
ent
cost
s ar
e de
duct
ed f
rom
Fun
d as
sets
at
the
end
of e
ach
mon
th.
Serv
ice
Fees
Inve
stm
ent
swit
chin
g
fee*
The
fee
for
chan
ging
in
vest
men
t op
tions
.
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
*Cur
rent
ly n
il, b
ut is
sub
ject
to
chan
ge w
ith 3
0 da
ys n
otic
e.
32
Additional explanation of fees and costs
Rebating of management costs
You may receive a rebate of the management costs
payable on your investment in the State Super
Personal Retirement Plan, the State Super Allocated
Pension Fund, the State Super Term Allocated Pension
Fund and the State Super Investment Fund (each,
an eligible product). The rebate applies to the
management costs on the total account balance that
exceeds $1,000,000.
Eligibility criteria
You are eligible for a rebate if:
◗ you and your spouse (married, de facto or
same sex) have a total account balance of over
$1,000,000 in one more eligible products on any
business day during each six month period; and
◗ at any time during the six month period, you were
invested in the Fixed Interest Fund, Capital Stable
Fund, the Moderate Fund, the Balanced Fund, the
Growth Fund, the Growth Plus Fund, the Australian
Equities Fund and/or the International Equities
Fund; and
◗ you are invested in one or more eligible products
on the date the rebate is paid – this means that
if you are not invested in any eligible product on
the date the rebate is paid, no rebate shall be paid
to you (although your spouse may still be entitled
to the rebate if he or she satisfies the eligibility
criteria).
The six monthly periods are 1 October to 31 March and 1 April to 30 September.
Payment of the rebate
The overall effect of the rebate is that:
(a) the management costs on the first $1,000,000 of the total account balance are as outlined in the table on page 31 of the PDS; and
(b) the maximum management costs on the total account balance over $1,000,000 is 0.99% pa.
As described in the table on page 31, management costs are calculated and accrued each business day. Accordingly, the rebate is calculated on a daily basis, having regard to the daily total account balance. This means that you will not receive a rebate of management costs on any business day that your total account balance does not exceed $1,000,000.
This means that your management costs will be as follows:
Management Costs on First $1 Million of
Total Account Balance (per
day)
Maximum Management
Costs on Remainder of Total Account Balance over
$1 Million after Rebate (per day)
Cash Fund 0.99% pa 0.99% pa
Fixed Interest Fund
1.15% pa 0.99% pa
Capital Stable Fund
1.30% pa 0.99% pa
Moderate Fund 1.35% pa 0.99% pa
Balanced Fund 1.40% pa 0.99% pa
Growth Fund 1.50% pa 0.99% pa
Growth Plus Fund
1.50% pa 0.99% pa
Australian Equities Fund
1.50% pa 0.99% pa
International Equities Fund
1.50% pa 0.99% pa
Where your entitlement to a rebate is based on the
total of your and your spouse’s account balance, the rebate will be paid proportionately based on the account balance of each spouse on the date of payment.
The rebate will be allocated between the Funds that you are invested in on the date of payment. Accordingly, while the rebate represents a reduction in management costs of the Fixed Interest Fund, the Capital Stable Fund, the Moderate Fund, the Balanced Fund, the Growth Fund, the Growth Plus Fund, the Australian Equities Fund and the International Equities Fund each day in the six month period, part or all of your rebate would be paid to the Cash Fund if you are invested in the Cash Fund on the payment date.
We will normally pay the rebate within one month after the end of each six month period.
S t a t e S u p e r R e t i r e m e n t F u n d 33
The rebate will be paid in the form of an allocation of additional units in the Funds that you are invested in at the date of payment of the rebate at the unit price for that day.
You should discuss the tax implications of these
rebates with your financial planner.
Rebate methodology
The rebate for a six month period is calculated as follows:
1. Calculate the management costs (refer to page 31 of the PDS) deducted from each Fund you (and, if relevant, your spouse) are invested in (as an annual amount).
2. Convert the amount of management costs from Step 1 into an average rate of management costs payable on the total account balance.
3. Calculate the total management costs after the effect of the rebate (as an annual amount) by applying:
(a) the average rate calculated in Step 2 to the first $1,000,000 of the total account balance; and
(b) 0.99% pa to that part of the total amount balance that exceeds $1,000,000.
4. Calculate the rebate amount (as an annual amount) by subtracting the management costs from Step 3 from the management costs from Step 2.
5. Convert the annual amount of the rebate to an amount for the six month period.
6. Allocate the amount of the rebate from Step 5 between each Fund that you (and, if relevant, your spouse) are invested in at the time of payment.
For example, if you had $1,050,000 invested in the State Super Allocated Pension Fund ($500,000 in the Cash Fund, $250,000 in the Capital Stable Fund and $300,000 in the Balanced Fund) and your spouse had $1,500,000 invested in the State Super Investment Fund ($500,000 in the Cash Fund, $600,000 in the Balanced Fund and $400,000 in the Growth Fund) from 1 October to 31 March (assuming no change in value of investment) and you both otherwise satisfied the eligibility criteria, the rebates payable would be calculated as per page 34.
34
Example: Rebate Calculation (see page 33 for example assumptions)
Total annual management costs for you and your spouse before rebate
Management costs for Cash Fund
= ($500,000 x 0.99% pa) + ($500,000 x 0.99% pa)
= $9,900 pa
Management costs for Capital Stable Fund
= $250,000 x 1.3% pa
= $3,250 pa
Management costs for Balanced Fund
= ($300,000 x 1.4% pa) + ($600,000 x 1.4% pa)
= $12,600 pa
Management costs for Growth Fund
= $400,000 x 1.5% pa
= $6,000 pa
Total annual management costs = $31,750 pa
Average annual management costs for you and your spouse before rebate
= $31,750 ÷ $2,550,000
= 1.25%
Total annual management costs for you and your spouse after rebate
Management costs for first $1,000,000
$1,000,000 x 1.25% pa = $12,500 pa
Management costs for amount over $1,000,000
$1,550,000 x 0.99% pa = $15,345 pa
Total annual management costs = $27,845 pa
Amount of rebate for you and your spouse (as an annual amount)
= $31,750 - $27,845
= $3,905 pa
Amount of rebate for six month period for you and your spouse
= $3,905 x 182 ÷ 365
= $1,947.15
Allocation of rebate to your investment in the State Super Allocated Pension Fund
Rebate allocated to Cash Fund
$500,000 ÷ $2,550,000 x $1,947.15 = $381.79
Rebate allocated to Capital Stable Fund
$250,000 ÷ $2,550,000 x $1,947.15 = $190.90
Rebate allocated to Balanced Fund
$300,000 ÷ $2,550,000 x $1,947.15 = $229.08
Allocation of rebate to your spouse’s investment in the State Super Investment Fund
Rebate allocated to Cash Fund
$500,000 ÷ $2,550,000 x $1,947.15 = $381.79
Rebate allocated to Balanced Fund
$600,000 ÷ $2,550,000 x $1,947.15 = $458.15
Rebate allocated to Growth Fund
$400,000 ÷ $2,550,000 x $1,947.15 = $305.44
Note: The above example is illustrative only and is based on the factors stated for example, the number of days in each six month period may vary. It should not be taken to provide an estimate of the rebate you or your spouse may be paid in any circumstances.
S t a t e S u p e r R e t i r e m e n t F u n d 35
Taxation
Taxation costs are discussed on page 37.
A tax deduction is claimed for the management costs
of the Retirement Fund and for expenses incurred by
the Retirement Fund, the benefit of which is passed
on to members through lower taxation costs and
hence reduced management costs.
Government charges
Where applicable, government taxes will be deducted
from your account balance. These deductions will be
itemised in your Annual Statement (see page 26 for
discussion of your Annual Statement).
Custodian’s fee
The fee payable to the Custodian, for performing
custody services for each Fund is included in the
‘Management costs’ in the table on page 31.
The fee payable to the Custodian for performing
certain non-custody services (administrative,
accounting, monitoring and reporting functions for
the discrete investment trusts in which the Funds
invest) is paid by us from our own resources.
Transactional and operational costs
Transactional and operational costs are the costs of
buying and selling assets associated with each Fund.
They include brokerage, the costs of settlement and
clearing of assets, and Government taxes and duties.
Such costs are deducted from the assets relating to
each Fund at the time they are incurred.
Transactional and operating costs are reflected in the
unit prices of the Funds.
Details regarding protection of small accounts
The effect of the member protection standards is
to limit the administration costs of the minimum
benefits of a protected member or a lost member
to the amount of the investment return. As the
Allocated Pension Fund and Personal Retirement Plan
are unitised, a single price applies to both buying and
selling units in the Funds and all the administration
costs are reflected in that price, the member
protection standards do not apply.
Can the fees change?
Yes, fees can change. We may increase the
management costs or may commence charging
switching fees without your consent. Reasons
for doing so might include changing economic
conditions and changes in regulation.
The current fees we receive for overseeing the
Retirement Fund’s operations, which includes
ongoing administration, is less than the maximum fee
we are entitled to receive under the trust deed. The
maximum fee allowable for the Cash, Capital Stable,
Balanced and Growth Funds is 1.5% per annum, and
for all other Funds is 2% per annum. We are also
entitled to be reimbursed for certain costs, charges
and expenses we incur.
Further, although we do not currently charge a
switching fee, the trust deed permits a switching fee
of $100 (CPI indexed from 1 July 1994) to be charged
per switch.
Although we are able to charge fees in connection
with family law requests, it is the trustee’s current
intention not to do so. This policy may change in the
future.
The Trustee reserves the right to change the rebate
percentage and/or the total account balance
threshold and/or the eligibility conditions at any
time. However, we will give you at least 30 days prior
notice of any reduction in the rebate or increase in
the total account balance threshold. We have the
right to withhold the rebate if we consider that you
no longer meet the eligibility criteria.
Currently, the trustee has no intention of increasing
the fees or charges payable by you for investing in
the Retirement Fund. We will give you 30 days prior
notice of any increase in fees or charges or any other
change in fees or charges, as required by the law.
36
Personal Retirement Plan
Example of annual fees and costs table for a balanced investment option
This table gives an example of how the fees and costs in the balanced investment option for this product can affect your superannuation investment over a 1 year period. You should use this table to compare this product with other superannuation products.
EXAMPLE – the Balanced Investment Option BALANCE OF $50,000 WITH TOTAL CONTRIBUTIONS OF $5,000 DURING YEAR
Contribution Fees Nil You will not be charged a fee at the time of investing in the fund.
PLUS Management Costs1 1.40% And, for every $50,000 you have in the fund you will be charged $700.002.
EQUALS Cost of fund 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:
$700.00
What it costs you will depend on the investment option you choose and the fees you negotiate with your fund or your
financial adviser.
1 Management costs are the management costs for the 12 month period ending on 30 June 2010.
2 Plus between $0 and $70.00 on the $5,000 contribution depending on whether it was contributed at the end of the year,
during the year or at the beginning of the year.
Allocated Pension Fund
Example of annual fees and costs table for a balanced investment option
This table gives an example of how the fees and costs in the balanced investment option for this product can affect your superannuation investment over a 1 year period. You should use this table to compare this product with other superannuation products.
EXAMPLE – the Balanced Investment Option BALANCE OF $50,000
Management Costs1 1.40% For every $50,000 you have in the fund you will be charged $700.00.
EQUALS Cost of fund If your balance was $50,000, then for that year you will be charged fees of:
$700.00
What it costs you will depend on the investment option you choose and the fees you negotiate with your fund or your
financial adviser.
1 Management costs are the management costs for the 12 month period ending on 30 June 2010.
Note: The examples above are illustrative only and are based on the factors stated. Neither should not be taken to contain or provide an estimate of the management costs you will pay in relation to the Personal Retirement Plan or the Allocated Pension Fund. The examples assume investment returns are zero. You will also be charged management costs on any investment returns (net of tax) generated by the Fund.
S t a t e S u p e r R e t i r e m e n t F u n d 37
What tax is payable?
The following summary of taxation information is an
outline only of the main income tax issues affecting
superannuation investments. It is recommended that
you contact your financial planner before investing
in either the Allocated Pension Fund or the Personal
Retirement Plan in order to discuss the tax and
superannuation information.
Tax may be payable on contributions, rollovers, fund
earnings, pension payments, lump sum withdrawals
and death benefits.
Tax on contributions and rollovers
Tax may be payable from the following amounts paid
to the Retirement Fund:
◗ employer contributions;
◗ personal ‘before-tax’ contributions;
◗ salary sacrifice contributions;
◗ untaxed amounts up to $1,205,000 (for the
2011/12 financial year) rolled over from another
superannuation product;
◗ the taxable component of ETPs rolled into the
Personal Retirement Plan or the Allocated Pension
Fund, as discussed below.
A provision (of 15%) for tax is deducted from these
amounts prior to the issue of units in the relevant
Fund. Should it be determined that tax should
have been paid in respect of an amount where no
provision has been deducted we may redeem your
units without notice to meet the tax obligation.
You will be liable for additional 31.5% tax if your
concessional contributions for a financial year exceed
the concessional contributions cap applying to you
in that financial year. Also, you may need to pay
an additional 46.5% tax if your non-concessional
contributions for a financial year exceed the non-
concessional contributions cap applicable to you in
that financial year.
Tax on fund earnings
The Personal Retirement Plan is generally subject to
tax at a rate of 15% on its taxable income. However,
the Personal Retirement Plan will benefit from any tax
offsets (eg imputation credits) it receives from assets
supporting both the Personal Retirement Plan and the
Allocated Pension Fund.
The effective rate of income tax paid on most capital
gains derived by or distributed to the Personal
Retirement Plan is generally a maximum of 10%.
No income tax is payable by the Retirement Fund
on the income and capital gains earned from an
Allocated Pension’s investments.
Tax on benefits
Components of superannuation benefits
Superannuation benefits, including pension payments
and lump sum withdrawals, can be made up of two
components:
◗ the tax-free component; and
◗ the taxable component.
The tax-free component is generally made up of
personal ‘after-tax’ contributions and amounts which
represent the portion of a superannuation benefit
that accrued before 1 July 1983 (if any). The taxable
component is calculated as the difference between
the total value of the superannuation benefit and the
tax-free component.
Any tax-free amount in your pension payment or
lump sum withdrawal from a pension is calculated
on the proportion of the tax components used to
purchase the pension. For example, if a pension
commences with a 40% tax-free component and
60% taxable component, the tax-free amount of
each pension payment and lump sum withdrawal will
be 40%.
Pension payments
How you are taxed on your pension payments will
depend on your age.
Taxation
38
The whole amount of each pension payment
received on or after turning 60 is not included in your
assessable income and is not subject to tax.
If you are below age 60, the amount of the pension
(less any tax-free amount) is included in your
assessable income and taxed at your marginal rate.
However, if you have reached your preservation age,
a tax offset of 15% on the taxable component is
available to reduce your tax payable.
You will also be entitled to a 15% tax offset on
the taxable component if you have not reached
your preservation age and have suffered physical or
mental ill-health and two legally qualified medical
practitioners certify that you are unlikely to be
gainfully employed again in a position for which
you are reasonably qualified due to your education,
experience or training.
Lump sum withdrawals
Under current taxation legislation, lump sum
benefits withdrawn from the Personal Retirement
Plan or the Allocated Pension Fund are taxed at
concessional rates according to your age at the time
of withdrawal.
Lump sum superannuation benefits received after the
age of 60 will be tax free (the tax-free component of
a cashed benefit is tax-free at any age).
If you receive a lump sum benefit after your
preservation age but before age 60, the amount
of the taxable component up to the low rate cap
($165,000 for the 2011/12 financial year) will be tax
free (the low rate cap is indexed by AWOTE). The
balance will be taxed at 15% (plus the Medicare
levy).
If you receive a lump sum benefit before your
preservation age, the taxable component will be
taxed at 20% (plus the Medicare levy).
We will not deduct tax from a lump sum benefit
where the benefit is paid in respect of a terminal
medical condition (as defined in the tax law).
Taxation of Death benefits
No tax is payable on any lump sum amount we pay to
any of your dependants (for tax purposes).
No tax is payable on any tax-free component of a
lump sum benefit payable on death.
If a lump sum is paid to any of your non-dependants
(for tax purposes), the taxable component of the
death benefit is subject to 15% tax plus Medicare
Levy.
Any lump sum benefit paid to your Estate is
governed by the above rules. For example, where
a non-dependant is expected to receive part of the
superannuation benefit from the Estate, the Estate
will be subject to tax on that portion of the payment
of the death benefit as if the death benefit were
directly paid to the non-dependant. However, the
non-dependant will not pay tax on the benefit at the
time he or she receives payment (the Estate/ Executor
bears this tax).
In accordance with taxation law, in certain
circumstances, we may increase the lump sum death
benefit payment to a dependant (anti-detriment
payment).
If a pension is paid to your dependant upon your
death:
◗ if either you or your dependant are aged 60 or over
at the time of your death, payments of a pension
to your dependant will be tax free.
◗ if both you and your dependant are aged under 60
at the time of your death, the taxable component
of the pension will be taxed at your dependant’s
marginal tax rate (less a 15% pension tax offset)
until the dependant turns 60, after which the
pension payment will be tax-free.
If you are in doubt concerning the impact of these
rules, you should seek the appropriate professional
advice.
S t a t e S u p e r R e t i r e m e n t F u n d 39
2011/12 Flood Levy
The Government has introduced an extra levy for
the 2011/12 financial year to help rebuild areas
affected by the 2010 and 2011 natural disasters.
The Temporary Flood and Cyclone Reconstruction
Levy (flood levy) will apply to individuals’ taxable
income including both pension payments and lump
sum withdrawals from superannuation or allocated
pension products.
The rate of the levy will be as follows:
Taxable income in 2011-12 Rate
$50,000 or less Nil
Between $50,001 and $100,000
0.5% of their taxable income above $50,000
Over $100,000 $250 plus 1.0% of their taxable income over $100,000
Important Note: The flood levy may result in an
increase in the tax and withholding rates otherwise
set out in this Taxation section for the 2011/12
financial year.
Your tax file number (TFN)
The Superannuation Industry (Supervision) Act 1993
authorises us to ask you as an applicant to become
an investor in the State Super Retirement Fund for
your Tax File Number.
Your TFN will only be used for lawful purposes.
These purposes may change in the future as a result
of further legislative change. We may disclose your
TFN to another superannuation provider, when your
benefits are being transferred, unless you request us
in writing that your TFN not be disclosed to any other
superannuation provider.
It is not an offence to not provide your TFN. However,
providing us your TFN has the following advantages:
◗ we are able to accept all types of contributions to
your account;
◗ the tax on contributions to your account will not
increase;
◗ other than tax that may ordinarily apply, no
additional tax will be deducted when you start
drawing down your superannuation benefits; and
◗ it will make it much easier to trace different
superannuation accounts in your name so that you
receive all your superannuation benefits when you
retire.
Personal Retirement Plan: You are not required to
provide your TFN but if you decline to provide it, we
will not accept any contributions made by you or in
respect of you.
Allocated Pension Fund: You are not required to
provide your TFN or your TFN exemption to us, but if
you are under age 60 and decline to provide it:
◗ tax will be withheld from the taxable component
of your pension at the highest marginal tax rate
plus Medicare levy, and no general income tax free
threshold or tax offsets will be allowed for;
◗ tax will be withheld from the taxable component of
any lump sum withdrawal at the highest marginal
tax rate plus Medicare levy, and no low rate cap or
tax offsets will be allowed for;
◗ any additional tax paid may not be refunded from
the tax office until after you have lodged your tax
return.
40
Can you change your mind?
If you change your mind about purchasing an
Allocated Pension or being a member of the Personal
Retirement Plan you have a 14 day cooling-off period
to tell us in writing. This starts from the earlier of
either:
◗ the day you receive confirmation of your initial
investment; or
◗ the end of the 5th business day after the day on
which we issue units to you.
Depending upon the source of your investment
for the Allocated Pension Fund, we can either pay
your account balance directly to you or transfer it to
another superannuation fund nominated in writing
by you.
Any preserved amounts or restricted non-preserved
amounts in the Allocated Pension Fund cannot be
paid directly to you as a lump sum, but must be paid
to another superannuation fund or to the Personal
Retirement Plan, as nominated in writing by you.
If you decide you no longer want to be a member
of the Personal Retirement Plan, we will generally
transfer your money to another superannuation
fund nominated in writing by you. Benefits that
you transferred to the Personal Retirement Plan
from another superannuation fund which have no
preservation restrictions can be paid to you.
You should be aware the amount refunded under
the cooling-off rules may be less than the amount
you invested. The amount refunded is based on the
unit price for the business day on which we receive
your request (provided we receive it by 5.00pm
Sydney time on a business day), less any applicable
tax (including any tax or surcharge for which we may
be assessed in respect of contributions or termination
payments).
Cooling-off does not apply to switching between
Funds, or regular contributions or additional one-off
investments.
You cannot exercise your cooling-off rights if you
have exercised any other right or power you have in
relation to your Allocated Pension or your investment
in the Personal Retirement Plan.
Any enquiries or complaints?
If you have an enquiry or would like further
information about the Allocated Pension Fund and/
or Personal Retirement Plan, please contact a Client
Service Officer at your nearest office – see inside back
cover for contact details.
If you are not satisfied with the service or advice you
receive from us, you are entitled to complain. We
have established procedures to ensure all enquiries
are answered and complaints are resolved.
Any complaint, should be directed in writing and sent
to the General Manager – Financial Planning, State
Super Financial Services Australia Limited GPO Box
5336, Sydney NSW 2001.
We will respond to your complaint as quickly as
possible and will make every effort to resolve your
complaint within 45 days.
If your complaint is not satisfactorily resolved
within 90 days you can refer your complaint to the
Superannuation Complaints Tribunal (SCT), which is
independent of us.
The SCT can be contacted from anywhere in Australia
on 1300 884 114.
The SCT can deal with the decisions and conduct
of trustees of superannuation funds, including the
conduct and decisions of people acting on behalf of
the trustee.
Additional information
S t a t e S u p e r R e t i r e m e n t F u n d 41
Personal information
We respect the confidentiality of your personal
information. The personal information we collect
from you is used to establish and administer your
account with us. Further, we are required to collect
information such as your name, residential address
and date of birth under the Anti-Money Laundering
and Counter-Terrorism Financing Act 2006 (Cth). If
you do not provide all the requested information, it
may not be possible to process your application.
By signing the application form you consent to
us using your personal information for the above
purpose. If you think any of your data is out of
date, please call one of our offices to update your
information.
We may disclose personal information to:
◗ other superannuation funds or financial
institutions;
◗ Government bodies such as the Australian Taxation
Office and Australian Transaction Reports and
Analysis Centre;
◗ our service providers.
We will not disclose any information that we have
about you unless:
◗ you agree;
◗ the law requires it;
◗ we need to do so to best manage your investment.
You may contact any of our offices to obtain details
of any personal information we hold about you,
subject to providing satisfactory identification.
There are limited circumstances where we may not
provide this information.
Family Law
Family Law legislation provides for the ‘splitting’ and
‘flagging’ of superannuation interests.
An interest in the Allocated Pension Fund or Personal
Retirement Plan may be split when parties to a
marriage separate.
In all States and Territories of Australia, apart
from Western Australia, the Family Law legislation
also permits superannuation to be split upon the
breakdown of a de facto relationship (including
same-sex couples).
The law sets out how pension and superannuation
assets will be valued and split for these purposes.
An interest in the Personal Retirement Plan may also
be ‘flagged’ which prevents the trustee from making
certain payments while these assets are flagged.
Splitting or flagging can be achieved by an
appropriately executed agreement between the
parties or by court order.
Our responsibilities to you
The trust deed, this PDS and the law govern our
relationship with you. You can inspect a copy of the
trust deed during normal business hours at any of our
offices without charge.
Superannuation law limits our need to compensate
you if we comply with our duties. In these
circumstances, we do not need to compensate you
for any loss you may suffer.
Anti-Money Laundering and Counter Terrorism Financing
Customer identification and verification
We are required to comply with the Anti-Money
Laundering and Counter-Terrorism Financing Act
2006 (Cth).
This means that we may need to obtain information
and documentation verifying your identity
(identification documentation) when you
first apply to invest in the Retirement Fund and
42
when undertaking transactions in relation to your
investment.
If you are investing through a financial planner, your
financial planner may ask to see either original or
certified copies of your identification documentation
and may retain copies of the documentation. If your
application form is signed under Power of Attorney,
we will also require a certified copy of the Power of
Attorney and a specimen signature of the attorney.
If you are not investing through a financial planner
and have not invested in another State Super
Financial Services investment, we will ask to be
provided with either the original or certified copies
of your identification documentation and may retain
copies of the documentation.
We may need to ask you for additional information
about yourself or anyone acting on your behalf,
either when we are processing your application or at
some stage after we issue units in a Fund.
What identification documentation do you need to provide?
The actual identification documentation that you
need to provide is outlined in the Identification
Verification Form available from any of our offices.
If we do not receive all the required identification
documentation or we are unable to verify your
identity, we may not be able to proceed with your
investment or a transaction in relation to your
investment. We will contact you as soon as possible if
we require more information.
Who can certify identification documentation?
Any of the following people can certify identification
documentation as a true copy of an original
document:
◗ Justice of the Peace
◗ Police officer
◗ Officer with 2 or more continuous years of service
with one or more financial institutions (for the
purposes of the Statutory Declaration Regulations
1993)
◗ Finance company officer with 2 or more continuous
years of service with one or more finance
companies (for the purposes of the Statutory
Declaration Regulations 1993)
◗ Officer with, or authorised representative of, a
holder of an Australian financial services licence,
having 2 or more continuous years of service with
one or more licensees
◗ Member of the Institute of Chartered Accountants
in Australia, CPA Australia or the National Institute
of Accountants with 2 or more years of continuous
membership, i.e. an accountant
◗ Judge of a court
◗ Magistrate
◗ A person who is enrolled on the roll of the
Supreme Court of a State or Territory, or the High
Court of Australia, as a legal practitioner (however
described), i.e. a lawyer
◗ Agent of the Australian Postal Corporation who is
in charge of an office supplying postal services to
the public
◗ Permanent employee of the Australian Postal
Corporation with 2 or more years of continuous
service who is employed in an office supplying
postal services to the public
◗ Chief Executive Officer of a Commonwealth court
◗ Registrar or deputy registrar of a court
◗ Australian consular officer or an Australian
diplomatic officer (within the meaning of the
Consular Fees Act 1955)
◗ Notary public (for the purposes of the Statutory
Declaration Regulations 1993)
S t a t e S u p e r R e t i r e m e n t F u n d 43
Glossary
account balance Your account balance is calculated by multiplying the number of units held in each Fund by the then prevailing unit price for each Fund and totalling these amounts.
annual work test Means being gainfully employed for at least 40 hours in a period of not more than 30 consecutive days in that financial year.
AWOTE Average Weekly Ordinary Time Earnings.
business day A business day is a day other than a Saturday or Sunday on which the trustee and banks are open for business in Sydney.
child Includes:
◗ an adopted child, a step-child and an ex nuptial child
◗ a child of a member’s spouse
◗ a child born to a woman as a result of artificial conception while the woman was married or a de facto partner (same sex or opposite sex) of another
◗ a child as a result of a Court order giving effect to a surrogacy arrangement
commutation The conversion of all or part of a pension into a lump sum payment.
concessional contributions Contributions for which a tax deduction is claimed (either by your employer or, if you are eligible, by you) and include:
◗ employer contributions (including salary sacrifice contributions)
◗ member contributions you claimed as a tax deduction
◗ directed termination payments in excess of the $1 million upper cap* on the taxable component.
* This upper cap is not indexed.
concessional contributions cap The amount of concessional contributions that can be made to your superannuation without being subject to additional tax is capped at $25,000 in the 2010/11 financial year. This limit is indexed.
As a transitional measure, if an investor turns 50 at any time in a financial year to 30 June 2012, the investor’s concessional contributions cap for the year in which the investor turns 50, and each subsequent year to 30 June 2012, is $50,000 per year. This limit will not be indexed.
The Government has announced changes to continue the transitional limit for some members. However, legislation implementing this change has not been introduced to Parliament.
dependant (for death benefits) Includes:
◗ your spouse (eg de facto and same sex);
◗ your children;
◗ a person with whom you have an interdependency relationship; or
◗ a person who is financially dependent on you.
dependant (for tax purposes) Includes:
◗ your spouse (eg de facto and same sex) or former spouse;
◗ your children less than 18;
◗ a person with whom you have an interdependency relationship; or
◗ any other person who was financially dependent on you.
44
Employment Termination Payment
or ETP
A lump sum payment received from your employer on retiring, being retrenched or changing jobs.
excess concessional contributions Concessional contributions in excess of the concessional contributions cap.
excess non-concessional
contributions
Non-concessional contributions in excess of the non-concessional contributions cap.
financial year The 12 month period between 1 July and the following 30 June.
interdependency relationship Generally, a close personal relationship between two people who live together, where one or both provides the other with financial support and where one or both provides the other with domestic and personal support
non-concessional contributions Non-concessional contributions are generally after-tax contributions and include:
◗ member non-deductible contributions (personal after tax contributions)
◗ spouse contributions
◗ tax-free part of overseas transfers, and
◗ excess concessional contributions.
There are exclusions from the non-concessional contributions cap, such as:
◗ Government co-contributions
◗ rollovers from taxed superannuation funds, and
◗ proceeds from certain personal injury settlements.
non-concessional contributions cap Non-concessional contributions cap for each financial year is six times the concessional contributions cap for that year.
For example, it is $150,000 for the 2011/12 financial year.
PRAP Pre-Retirement Allocated Pension
spouse Includes:
◗ another person legally married to the person
◗ another person (whether of the same sex or opposite sex) with whom the person is or was in:
(a) a registered relationship registered under the Relationship Act 2008 (Vic);
(b) a significant relationship registered under the Relationship Act 2003 (Tas);
(c) a civil relationship registered under the Civil Partnerships Act 2008 (ACT); or
(d) a registered relationship under the Relationships Register Act 2010 (NSW)
◗ another person, who although not legally married to the person, in the opinion of the Trustee, lives or lived with the person on a genuine domestic basis in a relationship as a couple.
PRP Application 8/6/11 1:21 PM Page 1 C M Y CM MY CY CMY K
PRP (06/2011)State Super Financial Services Australia Limited ABN 86 003 742 756 AFS Licence 238430
Account number
I
I declare that:• I am a current or former NSW or Commonwealth public sector employee or
a family member of such a person.• All information provided by me in this form is accurate and complete.• I have received the current Product Disclosure Statement for the State Super
Retirement Fund (PDS) which accompanied this form.• I have read, or have had the opportunity to read, the current PDS, as well
as any supplements or on-line updates to the PDS.• I agree to be bound by the PDS, supplements and updates as issued by the
trustee from time to time.• I agree to be bound by the trust deed for the State Super Retirement Fund,
as amended from time to time.
I also consent to the use and disclosure of information provided in this applicationform in accordance with the Privacy Statement on page XX of the PDS.
6. DECLARATIONS AND SIGNATURE
1. CLIENT DETAILS
Title
OtherMsMissMrsMr
Date of birth
D D M M Y Y Y YGender
Male Female
Client code Planner (office use only)
Surname
Given name(s)
Account number Office use only
New a/c SDT
Work phone no. (include area code)Home phone no. (include area code)
Mobile phone no.Fax no. (include area code)
Suburb
State
Streetaddress
Postcode
Residential address (mandatory)
E-mail address (any electronic notices will be sent to this address)
2. CONTACT DETAILS
Suburb
State
StreetaddressORPO Box
Postcode
Postal address, leave blank if the same as your residential address
If you do not disclose your Tax File Number, the trustee will not accept anycontributions made by you or in respect of you. For further information,refer to Page 29 of the Product Disclosure Statement.
3. NOTIFICATION OF TAX FILE NUMBER (TFN)
Tax File Number
Personal Retirement Plan ApplicationComplete the form using a BLACK PEN and print in clear CAPITAL LETTERS.Mark answer boxes with a cross (�).
Please make cheques payable to the “State Super Retirement Fund”
The minimum initial investment is $2,000.
4. INVESTMENT DETAILS
The minimum initial investment in each Fund is $2,000. If no instructionsare received the whole of your initial investment will be invested in theCash Fund.
5. INVESTMENT INSTRUCTIONS
Spouse contribution
Employment Termination Payment
Personal ‘before tax’ contribution
Personal ‘after tax’ contribution
Employer contribution
Superannuation rollover from yoursuperannuation fund
Specify the amounts that make up your total investment
TOTAL
$
$
$
$
$
$
$
Specify the amount you wish to invest in each Fund. You can choose to entera percentage (which must total 100%) OR a specific amount. In the case ofany inconsistency, the percentage you specify will prevail.
Name of Fund Specific Amount
Cash
Fixed Interest
Capital Stable
Moderate
Balanced
Growth
Growth Plus
Australian Equities
International Equities
Percentage
% $
%
% $
% $
% $
% $
% $
% $
% $
% $
100
45
39
41
PRP Application 8/6/11 1:21 PM Page 2 C M Y CM MY CY CMY K
II
OFFICE USE ONLY
Cheque drawer
Transaction Details – Registry Use Only
Commitment number Source
$
Transaction amount Effective date
D D M M Y Y
Cheque number Contribution type
CC NCC SP EMP
Source
Amount $ 00 Datedue D D M M Y Y
Commitments
Source
Amount $ 00 Datedue D D M M Y Y
Source
Amount $ 00 Datedue D D M M Y Y
Source
Amount $ 00 Datedue D D M M Y Y
Account number Product
PRP IF AP
Client code
Transaction type
Partial rolloverFull redempt. Full rolloverPartial redempt.
I am age 65 or more
I am permanently incapacitated (with 2 medical certificates)
The amount being withdrawn is Unrestricted Non-Preserved
I have a terminal medical condition
I am over age 55, have ceased working and do not intend to work10 hours or more a week
Please indicate if one of the following situations applies to you:
I have ceased an employment arrangement on or after turning age 60
7. REDEMPTION DETAILS continued
Signature of Investor 2 (if applicable) Date
INVESTOR 2
Signature of Investor 1 Date
INVESTOR 1
Please send your completed application form, together with (if applicable)your cheque, Directed Termination Payment Statement and/or RolloverBenefits Statement to Registry Services, State Super Financial ServicesAustralia Limited.
6. DECLARATIONS AND SIGNATURE continued
Signature of Investor/Agent (as applicable)
INVESTOR
Date
Agent's declaration (if applicable)I agree and declare that:• I am authorised by the Client to execute this application as agent for the Client.• I understand and confirm that the Client understands the consequences of
investing in the State Super Personal Retirement Plan.• I take joint and several responsibility for the consequences of this application,
and will reimburse and make the trustee whole in respect of any successfulclaims against the trustee made by or in respect of the Client in relation tothis application.
I declare that: (Please cross (�) the relevant declaration box)
I am age 75 or more and EITHER:• This is a non-SGC mandated employer contribution; OR• This is a rollover from another superannuation provider; OR• I have worked at least 40 hours in a period of 30 consecutive days in
this financial year and this is a contribution made within 28 days afterthe month in which I turned 75.
I am over age 64 and under age 75, and EITHER:• This is a rollover from another superannuation provider; OR• I have worked at least 40 hours in a period of 30 consecutive days in
this financial year and this is either a contribution, or a rolled overEmployment Termination Payment, or a rolled over small business CGTcontribution; OR
• This is a mandated employer contribution but not a SuperannuationGuarantee contribution after turning 70.
I am under age 65
Investor name(s)
Complete this section only if this application arises from a transfer ofproceeds from another State Super Financial Services investment.
7. REDEMPTION DETAILS (if applicable)
Complete only if ‘Partial’ redemption/rollover and if applicable
All but $1 OR specify another amount $ 00
Zero dollar account
Office Use
Cash
Fixed Interest
Capital Stable
Moderate
Balanced
Growth
Growth Plus
Australian Equities
International Equities
Total Redemption
$
$
$
$
$
$
$
$
$
$
Specify amount to be redeemed from each Fund (for partials only) Priority All
46
PRP Application 8/6/11 1:21 PM Page 3 C M Y CM MY CY CMY K
PRP RCA (06/2011)IIIState Super Financial Services Australia Limited ABN 86 003 742 756 AFS Licence 238430
Personal Retirement PlanRegular Contributions Application
I/We acknowledge that this direct debit arrangement is governed by theterms of the Direct Debit Request Service Agreement received from State SuperFinancial Services Australia Limited and the terms and conditions of the trustdeed of the State Super Retirement Fund. I/We agree to be bound by theseterms and conditions.
This section may be completed and signed by different people dependingon who is making the regular contribution.Personal ContributionsComplete your account details and sign this section.Spouse ContributionsYour spouse must complete their account details and sign this section.Spouse contributions must come from an account owned by the contributingspouse or from a joint account where the contributing spouse is a party.Employer ContributionsYour employer must complete their account details and sign this section.
DIRECT DEBIT REQUEST SCHEDULE
I/We authorise and request State Super Financial Services Australia Limited,Level 7, 83 Clarence Street, Sydney NSW 2000, (User ID 127461) to debitthe account identified below through the Bulk Electronic Clearing Systemadministered by the Australian Payments Clearing Association Limited,in accordance with the Direct Debit Request Service Agreement to which thisDirect Debit Request form is a schedule.
This section must be completed and signed by the investor
REGULAR CONTRIBUTION DETAILS
Work phone no. (include area code)Home phone no. (include area code)
Branch address
Name of financial institution
Account numberBSB number
Suburb
State
Streetaddress
Postcode
Account holder’s address
Complete the form using a BLACK PEN and print in clear CAPITAL LETTERS.Mark answer boxes with a cross (�).
I hereby authorise the trustee to debit from the account held with the financialinstitution nominated in the Direct Debit Request Schedule, the amount at thefrequency shown in this application form, for the purpose of purchasingadditional units in the State Super Personal Retirement Plan, after the deductionof any applicable tax. I have read and accept the conditions in the Direct DebitRequest Service Agreement on the reverse side of this application form applicableto making regular contributions.
Investor name
Account name
Name of account holder(s)
ALL ACCOUNT HOLDERS MUST SIGN AND DATE THIS SECTION
Signature of Account Holder 2 (if applicable)
ACCOUNT HOLDER 2
Date
Signature of Account Holder 1
ACCOUNT HOLDER 1
Date
Signature of Investor
INVESTOR
Date
Frequency of regular contribution
Monthly Quarterly AnnuallyFortnightly
Date of first regular contribution
M M Y Y Y YPayment method
Direct debitCheque EFT
CLIENT CODE
Client code Planner (office use only)
Account number
New Amendment
Type of application
Spouse contribution
Personal ‘before tax’ contribution
Personal ‘after tax’ contribution
Employer contribution
Specify the amounts that make up your regular contribution (Minimum $100)
TOTAL REGULAR CONTRIBUTION
$
$
$
$
$
Name of Fund Specific Amount
Cash
Fixed Interest
Capital Stable
Moderate
Balanced
Growth
Growth Plus
Australian Equities
International Equities
Percentage
% $
%
% $
% $
% $
% $
% $
% $
% $
% $
Specify the regular contribution amount you wish to invest in each Fund.You can choose to enter a percentage (which must total 100%) OR a specificamount. In the case of any inconsistency, the percentage you specify will prevail.If no fund is specified, we will invest the amounts wholly in the Cash Fund.
100
47
PRP Application 8/6/11 1:21 PM Page 4 C M Y CM MY CY CMY K
IV
1. Our Commitment To Youa) If State Super Financial Services Australia Limited (ABN 86 003 742 756) (hereafter referred to as
“SSFS”, “we” or “us”) makes any material change to the terms of the drawing (debit) arrangements,we will give you at least 14 days notice in writing of these changes.
b) SSFS will keep information relating to your nominated Financial Institution account confidential, exceptwhere required for the purposes of conducting direct debits with your Financial Institution or providinginformation to the sponsor Financial Institution in connection to a claim made on it relating to analleged incorrect or wrongful debit.
c) Direct Debits will be processed by SSFS on the 16th day (“Due Date”) of each month. Direct Debitswill be processed on the 16th day of September, December, March and June for quarterly contributions,and on the 16th of June for annual contributions. Where the Due Date is not a business day, SSFSwill process the direct debits on the first business day thereafter. As it is not certain that your nominatedaccount will be debited on the same day that SSFS processes the direct debit, you should enquire withyour Financial Institution directly to ascertain when your account will be debited.
d) We will debit your nominated Financial Institution account and invest the amount debited into youraccount in the State Super Personal Retirement Plan, in accordance with the most recent RegularContributions Application Form received from you.
2. Your Commitment To UsIt is your responsibility to:• Ensure that your nominated Financial Institution account can accept direct debits, as direct debits are
not available on all types of accounts. You should contact your nominated Financial Institution if youare uncertain whether your account can accept direct debits.
• Ensure there are sufficient cleared funds available in the nominated Financial Institution account tomeet each drawing on the Due Date.
• Advise us immediately if the nominated Financial Institution account is transferred or closed or theaccount details change.
• Ensure that all account holders on the nominated Financial Institution account sign the Direct DebitRequest (DDR) Schedule.
• Meet any Financial Institution charges resulting from the use of the Direct Debit System.
3. Your Rightsa) You may alter the drawing arrangements at any time by written advice. Such advice should be received
by us at least 5 business days before the Due Date, for any of the following:• stopping an individual drawing• deferring a drawing• suspending future drawings• altering the DDR Schedule• cancelling the drawings completely.
b) Where you consider that a drawing on your nominated Financial Institution account has been initiatedincorrectly, you should immediately contact your nearest SSFS Regional Office. If you do not receivea satisfactory response to your enquiry within two (2) business days you should contact the RegistryServices Manager direct. If you are still not happy with our response you can address a formal complaintto the Company’s, General Manager – Financial Planning, GPO Box 5336 Sydney NSW 2001.
4. Other Informationa) The details of your drawing arrangements are contained in the DDR Schedule attached to this agreement.
You should check these details against a recent statement from your nominated Financial Institutionto ensure they are correct.
b) SSFS reserves the right to cancel drawing arrangements if two consecutive drawings are dishonoredby your Financial Institution. If this occurs, we will contact you to arrange an alternate payment methodwhich is suitable to both of us.
SSFS reserves the right to cancel or amend the terms of this Agreement at any time by giving you 14 dayswritten notice.
State Super Personal Retirement PlanRegular Contributions
Direct Debit Request Service Agreement
48
AP Application.fh10 8/6/11 1:14 PM Page 1 C M Y CM MY CY CMY K
AP (06/2011)V
Allocated Pension Fund ApplicationComplete the form using a BLACK PEN and print in clear CAPITAL LETTERS.Mark answer boxes with a cross (�).
3. INVESTMENT INSTRUCTIONS continued
The minimum initial investment is $20,000. If no instructions are receivedthe whole of your initial investment will be invested in the Cash Fund.
3. INVESTMENT INSTRUCTIONS
In which month would you like your pension payment to commence?
M M Y Y Y Y
Please specify the amount of pension you require each yearThis amount will be paid pro-rata in the current financial year
Minimum permitted amount
Maximum permitted amount (only applicable to PRAP)
The annual amount of $ 0 0
How do you want your pension payments to be redeemed?
Redeem in the following percentage allocation
%
%
%
%
%
%
%
%
%
%
State Super Financial Services Australia Limited ABN 86 003 742 756 AFS Licence 238430
Title
OtherMsMissMrsMr
Date of birth
D D M M Y Y Y YGender
Male Female
Client code Planner (office use only)
Surname
Given name(s)
1. CLIENT DETAILS
Account number Office use only
PRAPSDTNew a/c
Work phone no. (include area code)Home phone no. (include area code)
Mobile phone no.Fax no. (include area code)
Suburb
State
Streetaddress
Postcode
Residential address (mandatory)
E-mail address (any electronic notices will be sent to this address)
2. CONTACT DETAILS
Suburb
State
StreetaddressORPO Box
Postcode
Postal address, leave blank if the same as your residential address
Frequency of pension payment
Half yearlyMonthly Quarterly Annually
4. PENSION PAYMENT DETAILS
Redeem my pension payments in the order of funds as shown above.Refer to page XX of the PDS for more details.
Please make cheques payable to“State Super Retirement Fund”
Specify the total amount of your rollover or Employment Termination Payment
$
Cash
Fixed Interest
Capital Stable
Moderate
Balanced
Growth
Growth Plus
Australian Equities
International Equities
100
Specify the amount you wish to invest in each Fund. You can choose to entera percentage (which must total 100%) OR a specific amount. In the case ofany inconsistency, the percentage you specify will prevail.
Name of Fund Specific Amount
Cash
Fixed Interest
Capital Stable
Moderate
Balanced
Growth
Growth Plus
Australian Equities
International Equities
Percentage
% $
%
% $
% $
% $
% $
% $
% $
% $
% $
100
49
22
AP Application.fh10 8/6/11 1:14 PM Page 2 C M Y CM MY CY CMY K
VI
Complete only if ‘Partial’ rollover and if applicable
All but $1 OR specify another amount $ 00
OFFICE USE ONLY
8. REDEMPTION DETAILS continued
I am age 65 or more
I am permanently incapacitated (with 2 medical certificates)
The amount being withdrawn is Unrestricted Non-Preserved
I have a terminal medical condition
I am over age 55, have ceased working and do not intend to work10 hours or more a week
Please indicate if one of the following situations applies to you:
I have ceased an employment arrangement on or after turning age 60
Transaction type
Full rollover Partial rollover
Signature of Investor
INVESTOR
Date
Source
Amount $ 00 Datedue D D M M Y Y
Commitment
Beneficiary Details – Registry Use Only
% allocatedClient code Beneficiary type(S, C, E, O)
Bindingnomination
%
%
%
Y N
Y N
Y N
Complete this section only if this application arises from a transfer ofproceeds from another State Super Financial Services investment.
8. REDEMPTION DETAILS (if applicable)
Investor name(s)
Client code Account number Product
PRP AP
Please send your completed application form, together with your cheque,Directed Termination Payment Statement and/or Rollover BenefitsStatement along with the Tax File Number Declaration to Registry Services,State Super Financial Services Australia Limited.
7. DECLARATIONS AND SIGNATURE
Signature of Investor/Agent (as applicable)
INVESTOR
Date
I declare that:• I am a current or former NSW or Commonwealth public sector employee or
a family member of such a person.• If I am transferring preserved benefits and/or restricted non-preserved
benefits to the Allocated Pension Fund, I am applying for a pre-retirementAllocated Pension only. Otherwise, I am applying for an allocated pension.
• All information provided by me in this form is accurate and complete.• I have received the current Product Disclosure Statement for the State Super
Retirement Fund (PDS) which accompanied this form.• I have read, or have had the opportunity to read, the current PDS, as well
as any supplements or on-line updates to the PDS.• I agree to be bound by the PDS, supplements and updates as issued by the
trustee from time to time.• I agree to be bound by the trust deed for the State Super Retirement Fund,
as amended from time to time.I also consent to the use and disclosure of information provided in thisapplication form in accordance with the Privacy Statement on page 31 of theProduct Disclosure Statement.Agent's declaration (if applicable)I agree and declare that:• I am authorised by the Client to execute this application as agent for the Client.• I understand and confirm that the Client understands the consequences of
investing in the State Super Allocated Pension Fund.• I take joint and several responsibility for the consequences of this application,
and will reimburse and make the trustee whole in respect of any successfulclaims against the trustee made by or in respect of the Client in relation tothis application.
Your pension must be paid directly to a bank, credit union or building societyaccount. Please complete your account details in this section.
6. BANK ACCOUNT DETAILS
Branch address
Name of financial institution
Account numberBSB number
Account name
5. PLANNER USE ONLY
For annual payments, calculate the pro-rata payment for the current year
$ 0 0
Transaction Details – Registry Use Only
Commitment number
Cheque drawer
Cheque number
$
Transaction amount
Office Use
Cash
Fixed Interest
Capital Stable
Moderate
Balanced
Growth
Growth Plus
Australian Equities
International Equities
Total Redemption
$
$
$
$
$
$
$
$
$
$
Specify amount to be redeemed from each Fund (for partials only) Priority All
50
41
AP Application.fh10 8/6/11 1:14 PM Page 3 C M Y CM MY CY CMY K
AP BN (06/2011)VIIState Super Financial Services Australia Limited ABN 86 003 742 756 AFS Licence 238430
1. INVESTOR DETAILS
Important notes on completing this form:• For State Super Personal Retirement Plan and Allocated Pension Fund use only.• Complete the form using a BLACK PEN.• Print in clear CAPITAL LETTERS.• Mark answer boxes with a cross (�).• The Trustee will not accept a Beneficiaries Nomination form executed under a Power of Attorney.• It is important to have a will that is consistent with any non-binding nomination.
Beneficiaries Nomination
Given name(s)Surname
Client code
MsMissMrsMr
Title
Other
2. NOMINATED BENEFICIARIES (The total nomination must equal 100%)
Title
OtherMsMissMrsMr
Client code
BENEFICIARY 2
Suburb
State
Streetaddress
Postcode
Residential address
Date of birth
D D M M Y YGender
M F
Spouse Child
Relationship to you
Other dependant
Planner (Office Use Only)
Surname
Given name(s)
Home phone no. (include area code)
Title
OtherMsMissMrsMr
Client code
BENEFICIARY 1
Suburb
State
Streetaddress
Postcode
Residential address
Date of birth
D D M M Y YGender
M F
Spouse Child
Relationship to you
Other dependant
Planner (Office Use Only)
Surname
Given name(s)
Home phone no. (include area code)
%TOTAL NOMINATION A + B + CTotal nomination A + B + Cabove MUST equal 100%
%YOUR ESTATE – Specify % of benefit C
%BENEFICIARY 1 – Specify % of benefit A
%BENEFICIARY 2 – Specify % of benefit B
Please complete additionalforms if you wish to nominatemore than 2 beneficiaries.
Yes
Do you wish to apply this nomination to all investments with SSFS?
Your nomination will apply to all accounts you hold in the Personal Retirement Fund and the State Super Allocated and Term Allocated Pension Funds.
Select product & specify account number(s) A/c no. 1No A/c no. 2PRP AP TAPProduct
51
AP Application.fh10 8/6/11 1:14 PM Page 4 C M Y CM MY CY CMY K
VIII
Each of us declare that:• I am 18 years or over;• I am not a nominated beneficiary of this investor;• this form was signed and dated by the investor in my presence.
IMPORTANT NOTE
The INVESTOR must sign this form in the presence of BOTH WITNESSES.And BOTH WITNESSES must sign on the SAME DATE as the INVESTOR.
If these dates are not the same, or one or more dates are not provided,the nomination will not be valid.
Complete this section only if you wish to make a binding nomination.If this section is completed the Trustee will treat this as a binding nomination.
4. WITNESS SIGNATURES
Name
Signature of Witness 1
WITNESS 1
Date signed – Must be the same date that the Investor signed
D D M M Y Y Y Y
3. INVESTOR DECLARATIONS AND SIGNATURE
Signature of Investor
INVESTOR
If you are making a Binding Nomination Section 4 must be completed
Date signed
D D M M Y Y Y Y
I declare that:• All information provided by me in this form is accurate and complete.• I have read, or have had the opportunity to read, the death benefits and
nominations section in the current Product Disclosure Statement for theState Super Retirement Fund (PDS), as well as in any supplements oron-line updates to the PDS.
• I request that the trustee accept my death benefit nomination.
The Trustee will not accept a Beneficiaries Nomination form executed under aPower of Attorney.
Name
Signature of Witness 2
WITNESS 2
Date signed – Must be the same date that the Investor signed
D D M M Y Y Y Y
Who is a dependant?
A “dependant” is defined under superannuation law and is generally anyof the following:• Your spouse• De facto spouse• Child (including step or adopted child);• Any person with whom you were in an interdependency relationship*; or• Any other person financially dependent on you at the time of your death.
* An “interdependency relationship” is one where two persons, whetheror not related:- have a close personal relationship; and- they live together; and- one or each of them provides the other with financial support; and- one or each of them provides the other with domestic support and
personal care.
Where there is a close personal relationship between two people but becauseof a disability a person is unable to meet the other requirements as listedabove then this will still qualify as an interdependency relationship.
Binding Nominations
If you indicate that your nomination(s) is to be binding on the trustee,the trustee is bound to pay the percentage of your account balancespecified, provided your binding nomination is current and valid at thetime of your death.
Please note that special conditions apply in order for your bindingnomination(s) to be valid. These include:• A binding nomination must be witnessed and signed on the same day
by two persons over age18 who are NOT your nominated beneficiariesfor this investment.
• A binding nomination is only valid for 3 years from the date it becameeffective, after which time it lapses. After that time, you must providea fresh nomination to bind the trustee;
• Your nominated beneficiary must survive you; and• If you nominate a beneficiary other than your Estate, that person must
be a dependant at the time of your death.
IMPORTANT INFORMATION
52
S t a t e S u p e r R e t i r e m e n t F u n d 53
Registry ServicesGPO Box 5336 Sydney NSW 2001
Sydney Clarence StreetLevel 9, 83 Clarence Street, SYDNEY
GPO Box 5336 Sydney NSW 2001
Client Services: 02 9333 9500
Charge Free: 1800 222 211
Sydney George StreetLevel 12, 333 George Street, SYDNEY
GPO Box 5058, Sydney NSW 2001
Client Services: 02 8295 7950
Charge Free: 1800 985 950
Canberra ACT86-88 Northbourne Avenue, BRADDON
PO Box 725 Civic Square ACT 2608
Client Services: 02 6232 2155
Charge Free: 1800 028 918
Melbourne VICLevel 16, 440 Collins Street, MELBOURNE
GPO Box 2817 Melbourne VIC 3001
Client Services: 03 8615 3055
Charge Free: 1800 805 233
Brisbane QLDLevel 10, 133 Mary Street, BRISBANE
PO Box 15499 City East QLD 4002
Client Services: 07 3335 7055
Charge Free: 1800 357 085
ParramattaGround Floor, 90 Phillip Street, PARRAMATTA
PO Box 966 Parramatta NSW 2124
Client Services: 02 8895 2355
Charge Free: 1800 626 000
NewcastleLevel 2, 22 Honeysuckle Drive, NEWCASTLE
PO Box 1765 Newcastle NSW 2300
Client Services: 02 4016 2255
Charge Free: 1800 807 855
WollongongGround Floor, 47 Burelli Street, WOLLONGONG
PO Box 349 Wollongong East NSW 2520
Client Services: 02 4231 2455
Charge Free: 1800 060 166
PenrithLevel 3, 331 High Street, PENRITH
PO Box 1014, Penrith NSW 2751
Client Services: 02 4724 4855
Charge Free: 1800 102 700
Central CoastLevel 2, 40 Mann Street, GOSFORD
PO Box 354 Gosford NSW 2250
Client Services: 02 4304 8255
Charge Free: 1800 801 965
Mid North Coast40 Gordon Street, PORT MACQUARIE
PO Box 2117 Port Macquarie NSW 2444
Client Services: 02 6516 1455
Charge Free: 1800 676 839
North West NSWLevel 2, 24 Fitzroy Street, TAMWORTH
PO Box 297 Tamworth NSW 2340
Client Services: 02 6755 2055
Charge Free: 1800 248 609
Northern Rivers193-199 River Street, BALLINA
PO Box 1078 Ballina NSW 2478
Client Services: 02 6686 1655
Charge Free: 1800 656 474
South West NSW14 Morrow Street, WAGGA WAGGA
PO Box 13 Wagga Wagga NSW 2650
Client Services: 02 5908 1755
Charge Free: 1800 641 109
Central West NSW180 Anson Street, ORANGE
PO Box 2381 Orange NSW 2800
Client Services: 02 5310 1855
Charge Free: 1800 803 708
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