Issue Number 13, 18 February 2020

Summit®Personal Super andPersonal PensionProduct disclosure statement

® Registered trademark of NMMT Limited ABN 42 058 835 573

This is a supplementaryproductdisclosure statement (SPDS) andshouldbe read in conjunctionwith the followingdocuments,which were issued 18 February 2020:– MyNorth® Super and Pension Product Disclosure Statement (PDS) Part A, Issue number 6– North® Super and Pension PDS, Issue number 10– Summit® Personal Super and Personal Pension PDS, Issue number 13– Generations® Personal Super and Personal Pension PDS, Issue number 12– ipac iAccess® Personal Super and Allocated Pension PDS, Issue number 14.

Changes to insurance offered through AMP Life from 1 April 2020

From1April 2020, newapplications into AMP Life (for AMP Elevate)will only be accepted fromexisting AMP Life customers.

An AMP Life customer is defined as any individual or entity that is a policy owner or an insured person under a life policyissued by AMP Life.

Viewing your insurance on My AMP

If youhold insurancewithAIAAustralia Limited (AIA) or TAL Services Limited (TAL), youwill not be able to viewyour insurancedetails on My AMP or the My AMP app until late 2020.

Contact us

1800 667 841northonline.com.aunorth@amp.com.auNorth Service CentreGPO Box 2915MELBOURNE VIC 3001

phoneweb

emailmail

Issued 26 February 2020

®MyNorth, North, Summit and Generations are registered trademarks of NMMT Limited ABN 42 058 835 573® iAccess is a registered trademark of ipac asset management limited ABN 22 003 257 225 AFS Licence No. 234655

This document is issued by N.M. Superannuation Proprietary Limited (N.M. Super) (ABN 31 008 428 322, AFS Licence No. 234654), the Trustee of the WealthPersonal Superannuation andPension Fund (ABN92381911598). N.M. Super is the issuer ofMyNorth Super andPension,North Super andPension,GenerationsPersonal Super and Personal Pension, ipac iAccess Personal Super and Allocated Pension and Summit Personal Super and Personal Pension. N.M. Super is amember of the AMP Group.

Supplementary product disclosure statement

Summit Super and Pension are plans offered as a part of theWealth Personal Superannuation and Pension Fund (the Fund)ABN 92 381 911 598. The trustee of the Fund and the issuer ofthis product disclosure statement (PDS) is N.M. SuperannuationProprietary Limited (NMSuper)ABN31008428322AFSL234654.NM Super is a member of the AMP group of companies.

The trustee is a RSE Licenseeunder the Superannuation Industry(Supervision)Act 1993 (SIS),whichmeans thatwehave satisfiedlicensing conditions set by the Australian Prudential RegulationAuthority (APRA). The trustee is responsible for the monitoringand management of the Fund for the benefit of all members inaccordance with the governing rules of the Fund and relevantlegislation.

How your PDS worksInformation regarding Summit Personal Super (USINMM0104AU) and Summit Personal Pension (USINMM0102AU) is contained in the PDS, which consists of otherdocuments being the additional information booklet and theSummit investment options document. This document shouldbe read in conjunction with the other documents.

Optional insurance cover is available to members of SummitSuper and Pension from a number of insurers. Please refer toeach insurer's PDS for more information atnorthonline.com.au/summit.

Summit Personal Super does not offer an authorised MySuperproduct.

The information in this document is of a general nature only andis not based on your personal objectives, financial situation orneeds. You should consider whether the information in thisdocument is appropriate for you in accordance with yourobjectives, financial situation and needs. You should read thePDSand theother documentsbeforemakinganydecisionaboutwhether to acquire or continue to hold your account.

Changes to the PDSInformation in the PDS and the other documentsmay changefrom time to time. Wemay have updated information which isnot materially adverse by issuing a PDS Update. You can obtaina PDS Update free of charge by:

– visiting northonline.com.au/summit– contacting theNorth ServiceCentre to request apaper copy

of the PDS Update at north@amp.com.au or1800 667 841

– asking your financial adviser.

NM Super and other providersNMSuper is the trustee of theWealth Personal Superannuationand Pension Fund and is referred to asNM Super, trustee,we orus in this PDS.

No other company in the AMP group of companies (AMP group)or any of the investment managers of the investment options:

– is responsible for any statements or representationsmadein this PDS

– guarantees the performance of NM Super’s obligations tomembers nor assumes any liability to members inconnection with Summit Super and Pension.

NM Super nor any other company in the AMP group, nor any ofthe investmentmanagers of the investmentoptions, guaranteestheperformanceof Summit SuperandPensionor the investmentoptions or anyparticular rate of return. The repayment of capitalis not guaranteed, unless expressly stated.

Except as expressly disclosed in the PDS or the Summitinvestment options document, investments in the investmentoptions are not deposits or liabilities of NM Super, AMP BankLimited (AMPBank) ABN15081596009AFSL 234517, any othermember of the AMP group or any of the investment managers.NM Super is not a bank. AMP Bank does not stand behind NMSuper. The investment options are subject to investment risks,which could include delays in repayment and loss of incomeandcapital invested.

AMP companies receive fees and charges in relation to SummitSuper and Pension outlined in the PDS. AMP employees anddirectors receive salaries and benefits from the AMP group.

This offer is available only to persons receiving (includingelectronically) the PDS within Australia. We cannot accept cashor applications signedandmailed fromoutsideAustralia. Moniesmust always be paid in Australian dollars. Wemay accept orrefuse (without reason) any application.

We reserve the right to change the features of Summit Superand Pension with, in case of an increase in fees, at least 30 daysnotice, otherwise notice of material changes will be providedbefore or as soon as practicable after the change occurs.

This document is issued byN.M. Superannuation Proprietary Limited (ABN31008 428 322, AFS LicenceNo. 234654), the Trustee of theWealth Personal Superannuationand Pension Fund (ABN 92 381 911 598)

2

Important information

Throughout this PDSTo be read as:References to:

AMP Limited ABN 49 079 354 519 and itssubsidiaries, including AMP Life Limited ABN 84079 300 379 AFSL 233671, NMMT Limited ABN

AMP

42 058 835 573 AFSL 234653 and NMSuperannuation Proprietary LimitedABN31008428 322 AFSL 234654

A12-monthperiod commencingon theday youraccount is opened and each corresponding12-month period afterwards

Anniversary year

A day other than a Saturday, Sunday orMelbourne public holiday

Business day

Wealth Personal Superannuation and PensionFund ABN 92 381 911 598

Fund

The insurance Product Disclosure Statement(PDS) applicable to your nominated insurer.

Insurance PDS

A notional portfolio of assets managed inaccordance with a particular investmentstrategy, as described in the MyNorth ManagedPortfolios PDS

Managed portfolio

Amember of Summit Personal Superannuationand Personal Pension including any person youauthorise to act on your behalf

Member or you

The product disclosure statement for MyNorthManaged Portfolios ARSN 624 544 136, aregistered managed investment scheme of

MyNorthManagedPortfolios PDS

which NMMT Limited is the responsible entity,and which is an accessible investment availablethrough Summit Super and Pension. TheMyNorth Managed Portfolios PDS is issued byNMMT Limited.

Non-Commutable Allocated PensionNCAP

NMMTLimitedABN42058835573AFSL234653– provider of investment services to the trustee

NMMT

northonline.com.auNorth, NorthOnline

Your interest and asset holdings in MyNorthManagedPortfolios that ismanaged in linewitha managed portfolio you have selected. A

Scheme Portfolio

separate interest and Scheme Portfolio is heldin respect of eachmanaged portfolio in relationto which you choose to invest.

Summit Personal Superannuation and PersonalPension

Summit, SummitPersonal Super andPension, SummitPersonal Super,Summit PersonalPension

A list of investment options available withSummit Super and Pension

Summitinvestmentoptions

N.M. Superannuation Proprietary Limited ABN31 008 428 322 AFSL 234654

Trustee, our, we orus

Read all relevant documentsVisit northonline.com.au/summit to download a copy of thefollowing documents. Alternatively, a printed copy can beobtained free of charge by contacting the North Service Centreat north@amp.com.au or on 1800 667 841.

Summit Personal Super and Pension – Additionalinformation bookletThisadditional informationbooklet summarises the key featuresand benefits of Summit Super and Pension.

Further information on the topics in this PDS is provided in theadditional information booklet.

MyNorth Managed Portfolios PDSProvides specific information regarding MyNorth ManagedPortfolios and the available managed portfolios.

Summit investment optionsProvides a list of investment options available through SummitSuper and Pension.

You can obtain the underlying investment options' PDS for freeby:

– visiting North Online– contacting the North Service Centre on 1800 667 841 or– visiting the fund manager's website.

Also consider

Insurance PDSExplains the insurance benefits available offered by each insurer,including:

– Life insurance– Total and permanent disability (TPD) insurance– Income insurance.

3

5At a glance

8Welcome to Summit Personal Super and Pension

10Summit Personal Super

12Summit Personal Pension

14The cash account

16Investing in Summit Personal Super and Pension

21What risks apply to investing?

23Fees and other costs

33Insurance available through Summit Personal Super and Pension

34How your benefit will be paid upon death

35Further information you need to know

4

Contents

Minimum transactions

$20,000(ii)Minimum initial contribution,rollover or transfer to commenceyour account(i)

Nominimum(ii)Minimum ad hoc contribution,rollover or transfer(i)

$10 per fortnight, month, quarter, half-year or yearMinimum regular savings plan

$5,000Minimum account balance

NominimumMinimum ad hoc withdrawal

$100(iii)Minimum switch

$100(iii)Minimum rebalance

Automatic Buy: $500(iii)Minimum cash account sweep

Automatic Sell: $100(iii)

Product features

Personal, spouse and other third party contributions can be made to your super account via direct debit fromyour bank account fortnightly, monthly, quarterly, half-yearly or yearly.

Regular savings plan

A flexibleworking cash account that allows you to specify theminimumand target amounts to be held in yourcash account.

Cash account

Income distributions, dividends and interest for each investment option where applicable will be credited toyour cash account. Exceptions may apply. A dividend reinvestment plan (where available) may be nominatedfor listed securities. Refer to incomewithin the investing in Summit Super and Pension section formore details.

Income

You can switch all or part of your portfolio between the full range of investment options available at any time.There is no limit on the number of switches you can make each year.

Investment switching

You can arrange automatic buying and selling of investment options via your cash account. You can also specifyinstructions to rebalance your investments.

Investment instructions

To assist with your estate planning you may nominate beneficiaries through a:Payment of benefits on death

– binding death benefit nomination– non-lapsing binding death benefit nomination– non-binding death benefit nomination– reversionary pension.Your financial adviser can help you to choose the best method for your particular circumstances.

Personal, spouse and other third party contributions can be made to your super account using direct debit viaNorth Online. You can also use an EFT or BPAY facility provided by your bank.

BPAY®, EFT and ad hoc direct debit

Allows you to invest a set dollar amount into themarket at regular intervals. Available only on Summit PersonalSuper.

Dollar cost averaging

Wemay advance payment of partial withdrawals up to 80% of your account value without awaiting saleproceeds from the investment options. Restrictions may apply.

Fast payment

You may elect to split your super contributions with your spouse.Contribution splitting

® Registered to BPAY Pty Ltd ABN 69 079 137 518

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At a glance

Investment options

Summit offers you twomain streams of investment options:Investment options

– Summit/North Select – a range of diversified multi-manager investment options offering access tospecialist fund managers in each asset class

– Investor Select - an extensive list of managed funds, managed portfolios, listed securities and termdeposits.

Refer to the Summit Investment Options document for full details, which can be obtained byvisiting northonline.com.au/summit or you can obtain a free copy by contacting your financial adviser or theNorth Service Centre on 1800 667 841.

Allocated PensionSummit Personal Super and NCAPInsurance

Life insuranceLife insuranceAvailable cover

Life and Total and permanent disability insurance

Income insurance

Note: The insurance options are issued bymultiple insurance providers via a separate PDS specific to that product. Your nominated insurer's currentPDS should be considered when deciding whether to acquire that product. Each provider's PDS is available from your financialadviser, northonline.com.au/summit or by contacting the North Service Centre on 1800 667 841.

Fees and costs(iv)(v)

0.10% of your portfolio balance.Trustee fee

0.45% pa to be applied to the balance of your cash account from 1 April 2020.Cash account investment fee

Up to 0.9475% pa of your portfolio balance—the actual rate varies according to your portfolio balance and theinvestment options selected.

Administration fee

The fees associated with purchasing or selling listed securities. Charged at 0.11% of the total of each listedsecurity purchase or sale subject to a minimum fee of $34.

Brokerage fees

If you use a panel broker (third party broker) a settlement fee of $10.25 applies in addition to any brokeragefees. For a list of approved panel brokers and their terms and conditions, refer to North Online.

$25.63 per listed security, ETF, ETC or AREIT for transfers in; andIn specie transfer fees

$100 for each asset transferred out.

These fees and costs apply to the investment options selected by you and your financial adviser. You can findan up-to-date list of the underlying investment option fees and costs reflecting the underlying investmentoption's PDS onNorth Online or in the Summit Investment Options document. For detailed information aboutthe underlying fees and costs associatedwith any particular investment option you should refer to the relevantPDS for that investment option.

Underlying fees and costs forinvestment options

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Member advice fees(iv)(vi)

Fees you can agree to pay your financial adviser for financial advice provided by you

Up to $5,125 pa plus 2.51% pa subject to your portfoliobalance.

A fee paid from your account to your financial adviserfor initial financial advice. This may include initial,plan preparation and research, and adviceimplementation.

Member advice fee – initial

A fee paid from your account to your financial adviserfor additional financial advice.

Member advice fee – ad hoc

An ongoing fee paid from your account to yourfinancial adviser for ongoing financial advice.

Member advice fee – ongoing

An ongoing dollar or percentage-based fee paid fromyour account to your financial adviser for financialadvice for trading listed securities.

Member advice fee – listedsecurities

Up to 4.10% of each contribution or rollover.A fee paid from your account to your financial adviserfor financial advice on initial and/or futurecontributions or rollovers.

Member advice fee – contributions

Reporting

All communications from us will be sent to you via North Online and will be available from your onlineStatements & correspondence section or communicated via 'News & announcements'.

Online access

The Trustee annual report for the Fund with information current as at 30 June of that year will be availableonline at northonline.com.au/summit from 31 December.

Trustee annual report

Pension members can only make rollovers or transfers into their account.(i)A maximum contribution, rollover or transfer of $10 million applies to Summit Personal Super accounts and a maximum rollover or transfer of$10 million applies to Summit Personal Pension accounts. A maximum of $1.6 million applies to accounts with a guarantee. A transfer balancecapof $1.6million (indexed in linewithCPI in $100,000 increments) applies for rollovers to Summit Personal Pension. Please speak to your financialadviser to understand how it may impact your income in retirement.

(ii)

These transactions are subject to a trade minimum of $650 per listed security held.(iii)All fees are inclusive of GST, less any reduced input tax credits (RITC) where relevant.(iv)Refer to the fees and other costs section for more information.(v)Refer tomember advice feeswithin the fees and other costs section of this PDS for more information.(vi)

7

Summit Personal SuperSummit Personal Super helps you to save and grow your superso that you can retire right. It offers a diverse rangeof investmentoptions, favourable tax treatmenton contributions andearnings,fee aggregation, a regular savings plan facility and much more.

When you’re ready to retire, you can transfer your savings toa Summit Personal Pension account.

Superannuation is a long-term investment designed forretirement.

Summit Personal PensionSummit Personal Pension turns your super savings into regularpension payments. You can invest in an allocated pension or aNCAP, depending on your circumstances. It offers you a taxeffective way to spend your super, with tax offsets and forallocated pensions, tax-free earnings.

Why invest in super, an allocated pension oran NCAP?Super provides tax advantages when compared to some otherforms of saving for your retirement. An allocated pension is atax-effective way of drawing an income in your retirement andan NCAPmay assist you to transition fromwork to retirementin a tax-effective manner.

Bringing your strategy to lifeTogether with your financial adviser, you'll agree on a financialstrategy to achieve your retirement goals. Summit Super andPension seeks to bring that strategy to life by providing a singleaccess point for a rangeof investment options acrossmajor assetclasses.

Your account on North OnlineYour Summit account is operated through North Onlineat northonline.com.au.

North Online allows you and your financial adviser to review,transact and report on your Summit account.

You can log onto North Online at any time to see how yourinvestments are performing and make a wide range oftransactions.

All communications fromuswill be sent to you viaNorthOnlineand available to view in the Statements & Correspondencesection, or communicated via News & announcements.

Summit Super andPension is anonlineproduct, so it's importantthat you have internet access to use the services offered and toreceive information about your accounts.

You will require internet access to use and maintain youraccount.

Once you become amember of Summit Super and Pension, youwill receive a welcome letter with your user ID for North Online.You'll also receive a separate letter or email with your temporarypassword. The first time you log in to North Online you will berequired to accept the terms and conditions and change yourpassword.

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Welcome toSummit Personal Super andPension

Transacting on your account

Financial adviser accessTransactions on your Summit Super and Pension account arecompleted by your financial adviser using North Online.

Your financial adviser shouldobtain your authorisation (consent)for each transaction they perform on your account. Thisauthorisation will be obtained by your financial adviser duringthe advice process and is retained by them as evidence that youhave authorised each transaction they perform. We'll act uponany instruction (except changes tobankaccountdetails) receivedfrom your financial adviser in relation to your account.

Changes to bank account details are excluded for securitypurposes.

Your financial adviser can use North Online to:

– open new accounts on your behalf– add additional or new investments– switch investments– complete transfers– submit withdrawal requests– trade shares– produceadhoc reports tomonitor theperformanceof your

account, and– view communications and statements online.

Any transactionsmadeon your accountwill be confirmed to youthrough North Online.

In certain circumstances you may enter into an arrangementwith your financial adviser allowing them to transact on youraccount on your behalf without the need for each transactionto be authorised by you. This is known as a ManagedDiscretionary Account (MDA). To offer an MDA arrangementyour financial advisermust be appropriately licensed to operatean MDA. For further information about how to set up an MDA,please contact your financial adviser.

Member accessYou're able to log on toNorthOnline at any time to see howyourinvestments are performing.

You can use North Online to:

– view your account details and transactions– view your communications via the Statements &

correspondence section– monitor the performance of your investments– check the progress of your transactions– update your personal details (including banking details).

North Online also provides the option for your financial adviserto change your North Online access to allow you to complete abroader range of transactions. You should discuss this optionwith your financial adviser.

My AMPIn addition to accessing your account on North Online, you canview your AMP consolidated details at My AMP.

My AMP gives you fast, easy and secure online access to yourbanking, super, insurance and investments. Keep an eye on youraccount and review your AMP investments whenever you wantand generate a Portfolio Report from the commencement ofyour Summit Super and Pension account. You can also includeany external accounts and assets for reporting purposes.

Register for your online account at amp.com.au.

The AMP appIt’s the first app in Australia where you can access your banking,insurance, investments and super accounts – all fromone place.

The AMPapphelps you get things done, like accessing your AMPBank accounts to make payments or getting help to startconsolidating your super.

Get started in three easy steps:

1. Have your MyAMP (super/insurance/investments) logindetails handy.

2. Download theapp fromtheAppleAppStoreorGoogle Play.3. Follow the set-up instructions and you’re good to go.

Available from the Apple1 App Store and Google Play2.

Keeping track of your investments

Annual statementEvery year on or around your account anniversary we'll send youan annual statement via the online Statements &correspondence section on North Online, which will include:

– your account balance on your account anniversary– a statement of contributions to your account, and– an account performance summary.

Trustee annual reportThe Trustee annual report for the Fundwith information currentas at 30 June of that year will be available onlineat northonline.com.au/summit from31December. You can alsorequest a printed copy by contacting the North Service Centreon 1800 667 841.

Client review reportYou can run and download a client review report (acomprehensive summary report on your account) from NorthOnline at any time.

1 Apple is a trademark of Apple Inc.2 Google Play is a trademark of Google Inc.

9

Contributing to Summit Personal SuperSummit Personal Super accepts all contributions allowed bylegislation, as well as most rollovers and transfers, as long astransaction minimums are met.

You canmakepersonal, spouseor other third party contributionsthrough the following methods:

– direct debit– EFT– BPAY, and– cheque.

For further information on the types of contributions you canmake to your super account and how to use EFT, BPAY orcheques tomake contributions, please refer to section 1 of theadditional information booklet.

Rollovers from other superannuation providersYou can roll over funds from other superannuation providers byrequesting this through:

– us electronically, through North Online– theother superannuationprovider by completing a rollover

form, or– the Australian Taxation Office (ATO) on their website.

If you transfer yourwhole balance, any insurance coverwill ceaseon the date of transfer.

Starting a regular savings planA regular savings plan through direct debit is an easy andconvenient way to build your retirement savings.

You can select from a fortnightly, monthly, quarterly, half-yearlyor yearly frequency through direct debit for your personal orspouse contribution, and theminimumamountper contributionfor all frequencies is $10.

You will need to nominate the date on which amounts arewithdrawn from your nominated bank account, between the1st and the 28th of the month or the last day of the month.Regular savings plan contributions will generally be receiptedinto your cash account that day.

If a regular savings plan payment falls on a weekend orMelbourne public holiday, we will initiate the payment on thefollowing business day.

Regular savingsplan contributionswill continueuntilwe receiveany changes or a cancellation of the facility. You can makechanges or cancel your regular savings planat any time viaNorthOnline.

Automatically increasing your regular savings planOver time, inflation reduces the real value of your investments.

To help you keeppacewith inflation you can choose to have yourregular savings plan amount automatically increasedor indexedeach year.

You can choose between:

– a fixed percentage (up to 7% pa)—applied on your accountanniversary each year, or

– Consumer Price Index (CPI)—applied on your accountanniversary each year using the most recently publishedCPI figure.

You may change or cancel the option at any time via NorthOnline.

Super contribution splittingSuper contribution splitting allows you to split certaincontributions made to your super account with your spouse,enabling your spouse to increase their own super savings fortheir retirement. The maximum amount of contributions thatcanbe split is the lesser of 85%of your concessional contributions(which includes superannuation guarantee and salary sacrificecontributions) and your concessional contributions cap.

For further information on contribution splitting, please referto section 1 of the additional information booklet.

WithdrawalsWithdrawals (partial and full) can be made at any time subjectto relevant superannuation legislation (where applicable) andtrust deed requirements. You can make a partial withdrawalfrom your Summit Personal Super account (subject to trademinimums), provided youmaintain an account value of at least$5,000.

You can select which individual investment options you wouldlike to sell down fromor alternatively you can select to sell downyour investment options according to your automatic sellinstructions. Where you have not provided us with automaticsell instructions we will sell your investments proportionately.

Your benefits are generally paid as a lump sum, but can also be:

– rolled over in full or in part to Summit Personal Pension (ifyou have met a condition of release), or

– rolled over to another complying superannuation provider.

If youmakea lump-sumwithdrawal, youmaybe subject to lump-sum tax.

For further information on taxation of withdrawals, pleaserefer to section 6 of the additional information booklet.

10

Summit Personal Super

Tomake awithdrawal, your financial adviserwill need to submityour withdrawal request on North Online, after obtaining yourauthorisation.

Withdrawals from your account are normally processed within30 days of us receiving all of the necessary information. Someinvestments have redemption restrictions imposed by theunderlying fund manager that prevent us from paying the fullbenefit within this period.

However, time frames may vary depending on the time takenby fund managers to complete processing of sale transactions.A withdrawal may also be delayed if an existing buy or sellinstruction has not been confirmed. Refer to the underlyinginvestment options' PDS for further information relating towithdrawal conditions associated with the underlyinginvestment options.

If you nominate to sell part of your holdings in any managedinvestment fund or listed security (via a partial withdrawal oraspart of a sell instruction) and thewithdrawal amount exceeds90% of the current asset value, the sale will be converted froma dollar-based to a unit-based sale using the latest market unitprice held at the time of sale. This may result in a differentwithdrawal amount fromyour original request due to variationsin unit prices.Withdrawal periods vary between fundmanagersand can be found in the underlying investment options' PDS.

For example, if you held 1,000 units in an investment optionvalued at $2 per unit (1,000 units x $2 = $2,000) and younominated to sell $1,900, we would automatically convert thesale to a unit based sale of 950 units (950 units x $2 = $1,900).

For further information on conditions of release andwithdrawing from super, please refer to section 2 of theadditional information booklet.

Fast paymentThe fast payment of funds is available for partial withdrawalsonly, up to a maximum of 80% of your account balance. Wereserve the right to reduce the percentage. We will aim toautomatically advance the payment of your funds withoutawaiting sale proceeds from underlying investments.

If you are requesting a full cash withdrawal, you can request fora Fast Track withdrawal by contacting us. This will enable youto receive 80% of your funds within two business days of yourrequest being completed (including all requirements) by theNorth ServiceCentre. The remainder of the fundswill be releasedafter all other assets have been sold and the proceeds have beenconfirmed to cash.

During the period of either of the scenarios explained above,your cash account balancemay fall below zero. Refer tonegativecash account balancewithin the the cash account sectionof thisPDS for more information on the effect of your cash accountbalance becoming negative.

Telegraphic transferA Telegraphic Transfer (TT) is an electronic transfer to anominated bank accountwhere the fundsmay be cleared in therecipient’s bank accountwithin twohours of the payment beingmade. All overseas bank transfers are completed by TT. A $9charge applies per TT. The receiving bank may also charge anadditional fee for this facility.

11

Summit offers two types of pensions, an allocated pension anda non-commutable allocated pension (NCAP).

Allocated pensionAn allocated pension can be purchased with unrestrictednon-preserved superannuation benefits or benefits for whichyou meet a full condition of release. An allocated pension paysyou a regular income stream to help you meet your financialneeds in retirement.Dependingonyour individual circumstances,allocated pensions allow you to enjoy themany tax advantagesof superannuation.

It also includes an innovative retirement solution that can helpyou maximise what you can spend in retirement.

Non-commutable allocated pension (NCAP)AnNCAPallows you to commenceapensionandaccess a regularincome streamwhile seeking to transition into retirement.

It provides a flexible way for you to access your superannuationbenefits from preservation age, if you have not met a fullconditionof release. If you choose anNCAPyouarenot ‘locked-in’to your choice should your circumstances change as you canrollover thepensionback intoyour superannuationaccumulationaccount.

A non-commutable allocated pension can only be purchasedwith preserved superannuation benefits provided you havereached preservation age (refer to the table below):

Preservation ageDate of birth

55Before 1 July 1960

56From 1 July 1960 to 30 June 1961

57From 1 July 1961 to 30 June 1962

58From 1 July 1962 to 30 June 1963

59From 1 July 1963 to 30 June 1964

60On 1 July 1964 or after

Commencing a pensionA pension can be commenced with one or multiple rollovers;however, each rollover must be received prior to the pensioncommencing. It is not possible to contribute a further rolloveror any other amount to a pension that has already commenced.You may however commence additional pensions with eligiblerollovers. There is a transfer balance cap of $1.6 million in2019/20 which may be subject to indexation in followingfinancial years. Please speak to your financial adviser tounderstand how it may impact you.

If youare commencing yourpensionwithmore thanone rollover,your financial adviserwill need to indicate thiswhen completingyour applicationonline. Each rolloverwe receivewill bedepositedin a Summit Personal Super account and invested in accordancewith your investment instructions. When we have received allyour specified rollovers, they will immediately be used tocommence your pension, including any investment earningsreceived in the interim. The earnings credited to your SummitPersonal Super account before your pension commences will betaxed at a rate of up to 15%.

It’s important tonote that ifwedonot receive a specified rolloverwithin75days of the submissionof your application, thepensionwill automatically start with the total receipted rollovers at thattime. If we receive any rollover after 75 days, your financialadviser will be contacted to confirm your instructions.

Pension paymentsWhen you hold an allocated pension you must receive aminimum income payment each financial year, based on yourage and account value. The minimum income amount for thepart-year up to 30 June is calculated at the time your pensioncommences. The minimum is then recalculated on 1 July insubsequent years using your age andaccount value on that date.

If you have not received the full minimum income amount afteryour last income payment for the financial year, we willautomatically pay you an additional income payment for thedifference before the end of financial year to ensure that theminimum is met. Note that any relevant PAYG withholding taxwill be deducted from your pension payment. Your financialadviser can help you calculate your starting minimum pensionpayment level.

You can vary the pension payments at any time within theprescribed limits.

The maximum payment amount for NCAPs is 10% of youraccount valueat the timeyourNCAPcommences. Thismaximumis recalculated each year using your account value at 1 July. Inthe first year of your NCAP, your minimum pension payment isprorated however, the maximum remains at 10%.

For further information onNCAPs, how pension payments arecalculated and how tomake a withdrawal from your pension,please refer to section3of theadditional informationbooklet.

12

Summit Personal Pension

Automatically increasing your pensionpaymentsOver time, the purchasing power of your money is reducedthrough inflation.

To help keep pacewith inflation you can choose to increase yourpension payment automatically each year.

You can choose from twomethods:

– A fixed percentage (up to 7% pa) – applied on 1 July, or– CPI – applied on 1 July each year using the most recently

published CPI figure.

To activate this facility, simply make this selection uponapplication. You may change or cancel this facility at any time.

WithdrawalsIf yourpension is anallocatedpensionyoucanmakewithdrawals(which exclude regular pension payments) from your accountany time. Withdrawals can be made as either:

– partial or full commutations, which may be subject tolump-sum tax, or

– ad hoc pension payments, which may be taxed at a higherrate than regular pension payments.

For further information on taxation of withdrawals, pleaserefer to section 6 of the additional information booklet.

If your pension is a NCAP, withdrawals can be made in thefollowing circumstances:

– where benefits are unrestricted non-preserved– to pay a super surcharge liability– to effect a super split under family law– where a condition of release (e.g. retirement or reaching

age 65) has been met after the NCAP commenced– to roll back to super (e.g. if the income stream from the

NCAP is no longer required)– to roll over to another non-commutable income stream– to give effect to a release authority for excess contributions,

Division 293 Tax or First Home Super Saver Scheme.

For further information on conditions of release, please referto section 2 of the additional information booklet.

Tomake awithdrawal from your pension account your financialadviser will need to submit your withdrawal request on NorthOnline, after obtaining your authorisation.

Withdrawals from your account are normally processed within30 days of us receiving all of the necessary information. Thereis anexception to this requirementwhereparticular investmentshave redemption restrictions imposed by the underlying fundmanager that prevent us from paying the benefit within thisperiod.

However, time frames may vary depending on the time takenby fund managers to complete the processing of saletransactions. A withdrawal may also be delayed if an existingbuy or sell has not been confirmed. Refer to the underlyinginvestment options' PDS for further information relating towithdrawal conditions associated with the underlyinginvestment options.

If you nominate to sell part of your holdings in any managedinvestment fund or listed security (via a partial withdrawal oraspart of a sell instruction) and thewithdrawal amount exceeds90% of the current asset value, the sale will be converted froma dollar-based to a unit-based sale using the latest market unitprice held at the time of sale. This may result in a differentwithdrawal amount fromyour original request due to variationsin unit prices.Withdrawal periods vary between fundmanagersand can be found in the underlying investment options' PDS.

For example, if you held 1,000 units in an investment optionvalued at $2 per unit (1,000 units x $2 = $2,000) and younominated to sell $1,900, we would automatically convert thesale to a unit based sale of 950 units (950 units x $2 = $1,900).

If you make a full withdrawal (commutation), we are requiredto first pay your minimum pension amount for the relevantportion of that financial year. If you have already received morethan this amount, no additional pension payment is required.

If contributionsmade toall of your super accountshaveexceededeither the concessional or non-concessional contribution capsprior to commencing a pension, you may incur an excess taxliability. In this case you can obtain a release authority from theATO towithdrawan amount equal to your tax liability fromyourpension fund.

For further information on the contributions caps, please referto section 6 of the additional information booklet.

Fast paymentThe fast payment of funds is available for partial withdrawalsonly, up to a maximum of 80% of your account balance. Wereserve the right to reduce the percentage. We will aim toautomatically advance the payment of your funds withoutawaiting sale proceeds from underlying investments.

If you are requesting a full cash withdrawal, you can request fora Fast Track withdrawal by contacting us. This will enable youto receive 80% of your funds within two business days of yourrequest being completed (including all requirements) by theNorth ServiceCentre. The remainder of the fundswill be releasedafter all other assets have been sold and the proceeds have beenconfirmed to cash.

During the period of either of the scenarios explained above,your cash account balancemay fall below zero. Refer tonegativecash account balancewithin the the cash account section formore information on the effect of your cash account balancebecoming negative.

Telegraphic transferA Telegraphic Transfer (TT) is an electronic transfer to anominated bank accountwhere the fundsmay be cleared in therecipient’s bank accountwithin twohours of the payment beingmade. All overseas bank transfers are completed by TT. A $9charge applies per TT. The receiving bank may also charge anadditional fee for this facility.

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Your cash accountYour Summit Super and Pension account uses a cash accountthat operates as a hub through which all of your transactionswill pass. Your contributions, rollovers, and transfers (unlessthese are transferred in specie), will be made via your cashaccount.

The cash account is used for essential functions, some of whichare below.

Managing your cash account balanceYour cash account balancemay fluctuate as funds flow into andout of your super andpensionaccount. Tohelp youautomaticallymanage your cash balance, you have the flexibility of specifyingaMinimumandaTarget (maximum) cashbalance to create yourcash range. While your cash balance remains within the cashrange we will not take any action, if your cash balance goesoutside of this range the following will occur;

– If your balance goes above the target1 thenwewill use theexcess cash to automatically buy investments based onyour automatic buy instructions. Refer to Automatic buyinstructions section under the Investment options sectionof the PDS.

– If your balance goes below the minimum1 then we’ll sellyour investments basedon your automatic sell instructionsand top your cash balance back up to the target.2 RefertoAutomatic sell instructions sectionunder the Investmentoptions section of the PDS.

The diagram below illustrates how this works:

Cash balance $

Minimum cash

balance

Excess cash Target cash

balance

Cash range

Automatic buy is

triggered

Automatic sell is

triggered

Below minimum

Specifying your Minimum cash balanceYourMinimum cash balance is a specific dollar amount and canbe adjusted at any time, a default of $0 will apply where noselection is made.

Specifying your Target cash balanceYour Target cash balance can be set as:

– a specified dollar amount, or– a percentage of your total account balance which will be

calculated as follows:

Target cashbalance= (AccountbalanceXTarget cashpercentage)+ Minimum cash balance.

Where no selection ismade, a default Target cash balance of 2%X Account balance plus the Minimumwill apply. Your Targetcash balance can be adjusted at any time.

1 Transaction trade minimumsmust be met for automatic buy and sells to occur as per at glance section.2 In the event that your account balance is below your specified dollar target, we will not be able to top up your cash to the full target amount.

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The cash account

Cash account sweeps

When we will buyWhen thebalance of your cash account exceeds your Target cashbalance by $500, the excess cash will be invested as per yourinvestment instructions. In order for the cash account sweep totake place, the excess cash must meet the transaction trademinimums as defined in the at a glance section of this PDS.

When we will sellIf the balance of your cash account falls below your Minimumcash balance, we will sell your assets as per your investmentinstructions to bring your cash account back to your Target cashbalance. In order for the cash account sweep to take place,transaction trademinimumsmust bemet. Where you have notprovided us with adequate investment instructions we will sellyour managed funds proportionately.

Where youhold listed securities, the sweepmust result in a tradeamount of at least your specified shares trade minimum, perlisted security, for the sweep to occur. The default shares trademinimum is $650per listed security.Where thisminimum is notmet, we will not sell your assets and your cash account balancewill remain below your Minimum cash balance.

Termdepositswill not be sold tobring your cashaccount balanceback to your Target cash balance.

Earnings on your cash accountFundsheld in your cashaccount arepooledwith the cashbalanceof other members and will be invested in:

– a tradingbankaccountwithWestpacBankingCorporation,and

– a trading bank account with AMP Bank Limited.

We reserve the right to changeor to alter the investment strategyof the cash account at any time without prior notice.

Any balance held in your cash account will accrue interestcalculated daily. Interest accrued will be allocated to the cashaccount effective the first day following the end of each monthor, if you close your account before the end of a month, prior topayment being made.

Your cash account and MyNorth ManagedPortfoliosGenerally, your cash account will be used for the purposes ofsettling all transactions in relation to your Scheme Portfolio(s),including:

– settling transactions relating to the assets held as part ofyour SchemePortfoliowhen it is rebalanced. This includes:

– receiving net proceeds from a disposal of assets(disposal proceeds), and reinvesting those amountsto acquire other assets as part of your SchemePortfolio; and

– making additional investments in circumstanceswhere a rebalance involves a disposal of certain assetsand a corresponding acquisition of substitute assetsat the same time, and market movements result inthe proceeds from the asset disposal being less thanthe costs of the asset acquisition (the amount of the

additional investment fromyour cashaccount in thesecircumstanceswill be equal to thedifferencebetweenthe relevant disposal proceeds and acquisition costs)

– receiving income from underlying assets, and reinvestingthese amounts (except in relation to those managedportfolioswhere suchamounts arenot reinvested into yourScheme Portfolio the MyNorth Managed Portfolio PDS fordetails);

– pay any fees, expenses, taxes and or charges in relation toyour investment in MyNorth Managed Portfolios.

You provide us with standing instructions to facilitate yourinvestment in MyNorth Managed Portfolios and use your cashaccount in this way. These standing instructions are set out inthe account details authorisation form that you will completeprior to opening an account.

Refer to theMyNorth Managed Portfolios PDS for moreinformation about the use of your cash account while investedin MyNorth Managed Portfolios.

Negative cash account balanceShould your cash account balance becomenegative at any time,interest will be charged on the negative amount at the samerate as the interest paid on positive cash account balances.

Events that may cause your cash account balance to becomenegative include payments such as fees, insurance premiums,withdrawals or if youare switchingbetween investmentoptions.

When your cash account balance goes into negative, wewill sellyour investments as per your sell profile to bring your cashaccount balance back to your target amount. Where you havenot provideduswith automatic sell instructions,wewill sell yourinvestments proportionately. However, if you only hold illiquidinvestment options, listed securities and/or termdeposits, theseassets will not be sold down proportionately and your cashaccount will remain negative.

For more information on investments, refer to the investingin Summit Super and Pension section of this PDS.

When your money will be investedYour contributionwill generally be credited to your cash accounton the business day it is received. Any balance held in your cashaccountwill accrue interest at the current cash account creditingrate on the daily balance from that date until your funds areinvested according to your investment instructions.

Your investment instructions are forwarded to the underlyingfund manager, term deposit provider and Australian SecuritiesExchange (ASX) on a daily basis. The effective date of yourinvestment will be the date applied by each individual fundmanager or term deposit provider. Ad hoc instructions to tradelisted securities will normally be forwarded to the ASX whenthey are received.

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Investment optionsSummitoffers youawide rangeof investmentoptions to choosefrom, with access to managed funds, managed portfolios, termdeposits and direct shares. You can choose your investmentsfrom the following two investment menus:

1. Summit/North Selectmenu–offers a rangeof pre-selectedrisk-profile based portfolios, each featuring a combinationof fund managers. The investment options are governedby the Summit Select Trust, Summit Select AlternativeBalanced Fund and ipac Income Generator (collectivelyreferred to as the Trusts).

2. Investor Select menu – offers an extensive list ofmulti-manager and single manager funds, managedportfolios, listed securities on theS&P/ASX300andselectedAustralian real estate investment trusts (AREITs), exchangetraded funds (ETFs), exchange traded commodities (ETCs),listed investment companies (LICs), listed investment trusts(LITs) and term deposits.

Eligible investment selection processThe investment options are subject to ongoing review and duediligence. This is performedagainst a number of investment andclient related criteria as well as risk considerations. These areaimed at assessing the ongoing suitability of the option forclients, and include but are not limited to factors relating to thefund manager (investment process, resourcing and support,implementation, and performance), and others specific to theinvestment option such as relative risk, costs and tax, marketrisk, liquidity risk, operational risk and credit risk. All investmentoptions are subject to the same review criteria, includinginvestment options offered by related parties.

Fromtime to time,we'll addor remove investmentoptionsbasedupon the above investment, client and risk considerations. Werecommend you consult your financial adviser before selectingthe specific investment options for your investment strategy.NMMT is not responsible for the performance of underlyinginvestment options.

Formore information on the investment options available, referto the Summit investment options document onnorthonline.com.au/summitor contact theNorth ServiceCentreon 1800 667 841 for a copy.

Investment instructionsWhen your financial adviser completes your application to opena Summit Personal Super and/or Pension account, you arerequired to provide your automatic buy instructions. You canalso arrange to provide ongoing investment instructions,including:

– automatic buy instructions– automatic sell instructions– rebalance profile– dollar cost averaging.

Restrictions may apply to the investment options chosen. Referto removing or closing investment optionswithin the investingin Summit Super and Pension section of this PDS for moreinformation.

Automatic buy instructionsContributions and rollovers that take your cash account balanceabove your target amount will be invested according to yourautomatic buy instructions. Your automatic buy instructions caninclude managed funds and listed securities and must bespecified as percentages.

If any of your investment options are sold in full and you do notupdate your automatic buy instructions, fundsmay continue tobe invested into that option.

Accounts without automatic buy instructions will remaininvested in your cash account.

Automatic sell instructionsPayments of taxes, fees, insurancepremiums, pensionpaymentsand withdrawals may cause your cash account balance to fallbelow your nominated minimum amount. If this happens wewill sell down your investments according to the automatic sellinstructions you have nominated. Automatic sell instructionscan include managed funds and listed securities.

You can nominate the following options:

– percentages of investment options– order by which investment options are sold, or– that managed funds be sold proportionately (default

option).

If there are insufficient funds in an investment option to sellusing your automatic sell instructions, then the requiredamountwill be sold proportionally across your remaining investmentoptions. Sells are processed as a dollar amount to match yourspecified percentage. If the percentage amount for anyinvestment option that is required to be sold is greater than90%,the sale will be converted from a dollar-based to a unit-basedsale using the latest unit price we hold. This may result in thepercentage sold being different to the percentage you specified.

If you do not have automatic sell instructions, your investmentswill be sold down proportionally.

Listed securities and termdepositswill not be soldproportionallyand may cause your cash account to become negative.

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Investing in Summit Personal Super andPension

Rebalance profileOver time, the value of your underlying investments willfluctuate. If you invest in more than one underlying investmentoption, this variation is likely to cause yourpercentageofholdingsto vary from your initial investment profile. The auto-rebalancefacility rebalances your investment options back to yourrebalanceprofile, in accordancewith your standing instructions.

You can nominate a rebalance profile when you set up youraccount and modify it through North Online. Your profile caninclude managed funds and listed securities and must bespecified in percentages.

The auto-rebalancing feature gives you the option to rebalancequarterly, half-yearly or yearly ona selecteddate. The rebalancingwill only occur on your nominated rebalance date if the total ofthe buy transaction or sell transaction to rebalance back to yourprofile meets the trade minimums. If the rebalance does notmeet the trade minimums, the rebalance will be skipped. Inaddition, any pending buy and sell transactions must becompleted prior to the account being rebalanced.

The next rebalancing date will be scheduled based on thenominated rebalancedate according to the rebalance frequencyyou have specified.

Dollar cost averagingDollar cost averaging (DCA) is theprocess of investing a set dollaramount into the market over regular intervals. The aim of thisapproach is to reduce the risks associated with trying to choosethe right time to buy. DCA is subject to a minimum instalmentof $100.

The benefits of DCA vary depending on the type of investmentand market conditions. You should seek advice from yourfinancial adviser on how DCAmay suit your individualcircumstances.

For further information on DCA, please refer to section 7 ofthe additional information booklet.

Switching between investment optionsSwitching involves the selling of an investment option and thepurchase of another. Both the purchase and sale are conductedat the same time, which may result in your cash accountbecoming negative for a short period of time. Importantly, youare still invested for the day(s) your cash account is negative.

Your instructions for a switch are specified in dollars, subject totrade minimums.

If the dollar amount of an investment to be sold is greater than90% of your holding, the sell instructionswill be converted fromdollar-based to unit-based using the latest unit price we hold.This may result in the dollar amount purchased being differentto the dollar amount sold or the percentage switched beingdifferent to the dollar amount specified.

RedemptionsRedemption periods vary between fund managers. Some fundmanagers can complete redemptionswithin a short time framehowever there are fund managers that can take a considerableamount of time to complete a redemption. Please consider theimpact of your investments with longer redemption periodswhen being used in sell or rebalance profiles.

Listed securitiesSummit allows you to invest in the S&P/ASX300 securities listedon the Australian Securities Exchange (ASX) and other securitiesas listed in the Summit InvestmentOptions document availableat northonline.com.au/summit.

All orders placed through North Online are converted to a limitprice as per ASX requirements. Please refer to the ASX for moreinformation.

To invest in listed securities through Summit, your financialadviserwill need to request aHolder IdentificationNumber (HIN)through North Online, which is unique to your account.

If the listed security is no longer on the S&P/ASX 300 noadditional units can be purchased.

Corporate actionsFrom time to time, there may be corporate actions associatedwith listed securities. Examples of corporate actions include, butare not limited to, rights issues, share splits and buy-backs.

The trusteewill generally allowparticipation in corporate actionsfor listed securities within the S&P/ASX 300.

Another type of corporate action is an initial public offer (IPO).An IPO is when a company lists on a stock exchange to becomea public company and first sells its securities to raise funds.

The trustee will decide if it is in members’ best interests toparticipate in an IPO on a case by case basis.

We will notify your financial adviser of any approved corporateactions and ask them to contact you, to provide us withinstructions on your behalf. Wewill act on those instructions asprovided to us by your financial adviser. If your financial adviserhas provided you with transaction access for trading securities,you will be able to give us your instructions directly throughNorth Online.

For corporate actions, where participation results in you holdingassets outside the S&P/ASX 300, we may, at our discretion, selldown theseassets and credit theproceeds to your cashaccount.

Please see our Proxy Voting Policy availableonwww.amp.com.au for more information on how corporateactions and IPOs may be treated.

Term depositsYou can invest in term deposits with a range of providers. Pleaserefer to the Summit investment options document for a full listof providers.

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Removing or closing investment optionsWemay, from time to time, redeem or close certain investmentoptions where the underlying investment is either terminatingor being closed by the fund manager or deposit provider. Wemay also decide to redeem (terminate) or close certaininvestment options as part of our ongoing review and duediligence (refer to Eligible investment selection process withinthe same section above). Where this occurs, we will normallyprovide you with at least 30 days prior notice. Prior to receivingany new instructions for terminated investments, wewill investthe proceeds of the redemptions in your cash account. If theterminated investment option is a TermDeposit, wewill changeyour reinvestment instruction to ‘no reinvest’ and also investthe principal and/or interest in your cash account at maturity.Where we cannot provide you with at least 30 days prior notice(due to circumstances outside of our control or in circumstanceswhere we believe that there is immediate investment risk), wewill provide you with notice as soon as practicable.

Where we cannot provide you with adequate notice or wherewe have not received alternative investment instructions fromyou, we will take the below actions:

1. If the investment option is terminated or closed toadditional investments and it formspart of your investmentinstructions:

– the investment option will be replaced with the AMPWholesale Cash Management Trust (NML0018AU) in yourbuy profile

– your dollar cost averaging purchase instruction will becancelled

– your existing sell profile will remain unchanged if theinvestment option is closed

– your rebalance instruction will be cancelled and yourrebalanceprofilewill be deleted. The auto-rebalance facilitywill no longer be available while you hold units in thatinvestment option.

2. If the investment option is closed to new investors you cancontinue to invest in the closed investment optionprovidedyou currently have a holding in the investment option. If itforms part of your investment instructions and you do notcurrently have a holding in the investment option:

– the investment option will be replaced with the AMPWholesale Cash Management Trust (NML0018AU) in yourbuy profile

– your dollar cost averaging purchase instruction will becancelled

– your rebalance profile will be deleted.

3. If the investment option is suspended (frozen) and formspart of your investment instructions:

– the investment option will be replaced with the AMPWholesale Cash Management Trust (NML0018AU) in yourbuy profile

– your dollar cost averaging purchase instruction will becancelled

– your rebalance instruction will be cancelled and yourrebalanceprofilewill be deleted. The auto-rebalance facilitywill no longer be available while you hold units in thatinvestment option.

If it forms part of your sell profile and you have instructed us to:

– divest as per the sell downprofile, the entire sell profilewillbe deleted and your automatic sell instructions changedto sell down pro rata across all managed funds only

– divest as per the sell down order, we will delete theinvestment option from the sell down order

– pro rata across managed funds only, we will continue tosell pro rata across your remaining managed funds.

Where you are invested in an investment option that isterminating, your holdings in the option will be sold subject toany suspension/withdrawal restrictions. Proceeds from the salewill be allocated to your cash account. Additionally, where youholdan investmentoption that is suspended (frozen), terminatedor closed, the auto-rebalance facility is no longer availablewhilstyouholdunits in that option.However, youmaywish to completea one-off rebalance by excluding the suspended, terminated orclosed investment option. For further information on thewithdrawal restrictions that may apply, refer to liquidityriskwithin thewhat risks apply to investing? section of this PDS.

For further information on the AMP Capital Wholesale CashManagement Trust (NML0018AU) refer to the PDS which isavailable from North Online. You can make a switch out of thisinvestment option at any time.

Obtaining up-to-date informationTheavailable investment optionsmay change fromtime to time.Full details of the available investment options can be found inthe Summit investment options document availablefromnorthonline.com.au/summitorby contactingyour financialadviser or theNorth Service Centre at north@amp.com.au or on1800 667 841.

Fundmanagers will notify us of anymaterially adverse changesor significant events that affect an investment option you haveselected. We will notify you of these changes or events throughNorth Online as soon as we can after we have been notified bythe fund managers. Copies of these documents are availablefree of charge upon request by contacting the North ServiceCentre at north@amp.com.au or on 1800 667 841.

We will not be responsible for any delays in notifying you ofthese changes or events, where the delay has been caused by afund manager.

Assets transfers (in specie)An asset transfer (in specie) is the process of transferringmanaged funds and listed securities from one product holderto another, without the need to sell and repurchase the assets.This helps reduce any out ofmarket risks associatedwith sellingand repurchasing the assets.

In specie transfers do not have buy/sell costs formanaged fundsor brokerage fees for listed securities.

There will be a realisation of any capital gains or losses as therewill be a change of beneficial ownership. Other costsmay apply.

Some transfers can take more than three months to completedepending on the type of asset being transferred. Asset parcelsare transferred out on a 'first in first out' basis, meaning olderasset parcels will be transferred out before newer ones.

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In specie inSome assets you hold outside of your Summit Personal Super orPension account may be transferred in specie into your accountif certain conditions are met, including:

– the assets must be available in the Summit investmentoptions document, including listed securities.

– the other holder (fund manager or platform) allows inspecie transfers out.

An in specie transfer fee will apply for any listed securities yourequest to transfer in. There are no fees for managed funds. Formore information on the in specie transfer fee, please refer tothe fees and other costs section of this PDS.

In specie outThe assets you hold in your accountmay be transferred in specieto another holder, in place of a rollover or cash withdrawal, solongas certain conditions aremet and theother holder iswillingto accept the particular assets being transferred.

An in specie transfer fee will apply to each managed fund orlisted security you request to transfer out. Formore informationon the in specie transfer fee please refer to the fees and othercosts section of this PDS.

The other holder may also charge a fee for accepting in specietransfers in.

Partial in specie transfers out

You can request a partial transfer of your account balance bytransferring all or part of anymanaged fund or listed security. Ifyou elect a partial transfer, your account will remain open andyou can continue to transact on your account. However, youwillnot be able to transact on the remaining holdings in theinvestment options you have elected to partially transfer untilall completed forms have been received and the request hasbeen authorised by us. If you receive dividends paid as part ofyour Dividend Re-investment Plan (DRP) after you submit thetransfer, these will appear as additional units in your existinglisted security holdings.

Full in specie transfers out

Where the transfer request results in a full withdrawal you willneed to ensure you have sufficient cash available in your cashaccount to pay for the provisions detailed below, including thein specie fees. If you do not have sufficient funds in your cashaccount, you will need to sell part or all of your holdings in aninvestment option. If this occurs, you will need to provideinstructions onwhich investment option youwish to sell down.

If listed securities are sold, brokerage fees will apply. Once theasset transfer request has been submitted you will not be ableto transact onyour account andyour accountwill be closedwhenthe asset transfer has been completed.

The maximum amount you can transfer in specie will becalculated based on your total account value less outstandingfees and provisions. The maximum transfer value will becalculated at the time the request is submitted. If you receivedividendspaid as part of yourDRPafter you submit your transfer,these units will be sold to cash as part of the cash withdrawaland account closure.

Some asset transfers may take up to threemonths to complete.We will hold the following amounts in the cash account toaccount for this:

– three months of scheduled pension payments (pensiononly)

– three months of administration fees– three months of insurance premiums (where applicable),

and– three months of advice fees.

If the balance of your cash account exceeds your target cashbalance due to these amounts, the excess cash will not beinvested as per your investment instructions. Refer to cashaccount sweepswithin the the cash account section for moreinformation.

IncomeDividends from listed securitiesYou have the option of receiving your dividends as a paymentmade intoyour cashaccountor choosingadividend reinvestmentplan (where available), that will reinvest any dividendsautomatically to purchase further shares.

Term deposit interestInterest earned from term deposits will be paid into your cashaccount uponmaturity or at specified intervals as supported bythe term deposit provider. You may also nominate for interestto be reinvested and added to the principal amount of your termdeposit. Refer to North Online for more details.

Distributions frommanaged fundsManaged funds will generally earn income and also generatecapital gains. Income is paid in the form of distributions, whichwill then be paid into your cash account.1

Where you hold a Summit Pension account, you also have theoption tohavedistributionpaymentspaid fromthe cashaccountas a pension payment or added as part of a nominated pensionpayment amount. When this option has been selected,distributions received frommanaged fundsand the cashaccountthat have accumulated since your last pension payment will bepaid. PAYG tax will apply (if applicable) on a per-payment basis.

MyNorth Managed PortfoliosMyNorth Managed Portfolios is a non-unitised registeredmanaged investment scheme, offering access to a range ofmanaged portfolios. NMMT Limited issues interests in, and isthe responsible entity for, MyNorth Managed Portfolios.

NMMT Limited's role as responsible entity is separate to its roleas service provider to NM Super in connection with SummitSuper and Pension.

Managedportfolios aredesigned todeliver a flexible andefficientmeans of gaining exposure to different asset classes.

You can instruct us to invest inMyNorthManaged Portfolios viayour Summit Super and Pension account.

When you invest in MyNorth Managed Portfolios throughSummit Super and Pension, we will make an application to theresponsible entity to establish an interest in the scheme, whichwe will hold in your account in relation to each particularmanaged portfolio that you select.

1 Unless otherwise indicated in the Summit investment options document or the underlying investment option's PDS.

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The responsible entity will then use the funds invested fromyour Summit Super and Pension account to construct yourScheme Portfolio by acquiring assets that are consistent withthemanagedportfolio you select. Thiswill bedone inproportionsthat match (as closely as practicable) the set asset allocation ofthe managed portfolio.

Your SchemePortfoliowill bemanagedby the responsible entityin line with the investment strategy applicable to the managedportfolio youhave selected. See theMyNorthManagedPortfoliosPDS for details of theavailablemanagedportfolios andapplicableinvestment strategies.

The interest in MyNorth Managed Portfolios is held for you byus, under the termsof Summit Super andPension. All underlyingassets held in your Scheme Portfolio are held for the responsibleentity by the custodian.

Youdirect us touse your cashaccount for thepurposes of settlingall transactions in relation to your Scheme Portfolio. Please referto your cash account and MyNorth Managed Portfolioswithinthe the cash account section for further information.

A copy of the MyNorth Managed Portfolios PDS is availableatnorthonline.com.au/summitorbycontacting theNorthServiceCentre on 1800 667 841. You should consider the MyNorthManaged Portfolios PDS in deciding whether to acquire, orcontinue to hold, an interest in MyNorth Managed Portfoliosthrough Summit Super and Pension.

Are labour standards, environmental, social,or ethical considerations taken into account?The trustee does not take labour standards, environmental,social, or ethical considerations into account in the selectionretention or realisation of the Fund’s investment options.

Does the trustee invest in derivatives?The trustee does not invest directly in derivatives. However,underlying investment managers may do so. Derivatives aresecurities that derive their value from other assets or indices.Examples of derivatives include futures and options.

20

While superannuation and pension accounts are carefullyregulated, they arenot risk free.Here is anoverviewof significantrisks you may face.

Changes to legislation and trust deedsInvestments in super and pensions are subject to legislativerequirements. Changes to legislation are made frequently andmay affect who can invest, what tax is to be paid andwhen andhowmoney can be withdrawn.

Super and pension funds are governed by a Trust Deed. Thetrustee is able to amend the rules in the Fund's Trust Deed thataffect how the Fund operates. Other risks relate to increases infees, a change in investmentmanagers and the performance ofinvestment managers. The trustee uses adherence to the lawand the Fund's Trust Deed and ongoing monitoring of theperformance of investment managers to reduce these risks.

An investment in Summit Super and Pension is subject toinvestment risk, including possible delays in repayment and lossof income and capital invested. This risk can includemarket risk,company risk, currency risk, interest rate risk and inflation risk.

Neither the trustee, nor any other member of AMP or theinvestment managers, guarantees the payment of income orthe performance of the investment options.

DiversificationDiversification is a basic strategy used to reduce some of therisks associated with investing. By spreading your investmentsacross anumberof assets, youarenot reliant on theperformanceof, and are not exposed to the risk associated with holding only,a single investment. Investing in only oneor a fewspecific assetsor direct securities can increase your risk. It is very importantthat you understand and are aware of the risks and mitigatingstrategies, such as diversification, that are available to you. Formore informationonwhat risks apply to investing, speak to yourfinancial adviser.

Risk and returnYour investment strategy will be highly dependent on yourattitude towards risk. All investments carry a risk component.Risk in an investment context refers to the possibility that theinvestmentwill not return its original capital or expected incomeor that the level of return will be volatile over any given timeperiod. This risk can include market risk, company risk, currencyrisk, interest rate and inflation risk. Investments with a low riskprofilewill usually provide lower, thoughmore consistent, returnsthan thosewith ahigher risk profile. For example, investing cashinto bank accounts is considered low risk/low return, while theshare market has historically had higher volatility and higherreturns over the longer term.

Liquidity riskLiquidity risk is the risk that your investment cannot be bought,sold, cashed, transferred or rolled over as quickly as you mightwish.Different investmentshavedifferent transactionprocessingtimes, and thus different levels of liquidity risk.

Investment transactions, withdrawals, rollovers and transfersfromyour superannuationaccountarenormallyprocessedwithin30 days of us receiving all the necessary information. Someinvestments, referred to as illiquid assets, require a longer periodto be redeemed. This longer redemption period is imposed bythe underlying investment manager because some or all of theassets within the investment are illiquid. Account fees willcontinue to be charged while invested in illiquid investmentoptions.

Investment manager riskInvestmentmanager risk is the risk that a particular investmentmanager will under-perform its stated objectives, peers orbenchmarks. The performance of your managed funds is partlydependent on the performance of the investment managers,who may not achieve their investment objective. Changes instaff within the investment management teammay also affectperformance. Thedegreeof success of an investmentmanager’sstrategies and methodologies can vary according to economicandother conditions.We reserve the right to change investmentmanagers, change the investment options offered by them,introduce new investment options or cease to offer investmentoptions. In some cases this may mean that your investmentsmay have to be sold. If this occurs, there is a risk that you mayincur losses (including taxes and transaction costs), or miss outon potential gains.

For further information on the risks of investing, please referto section 4 of the additional information booklet.

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What risks apply to investing?

Standard Risk MeasureThe standard risk measure is based on industry guidance to allow investors to compare investment options that are expected todeliver a similar number of negative annual returns over any 20-year period.

The table below sets out the standard risk measure bands/labels used for each investment option based on the estimated numberof negative annual returns that an investment optionmay experience over any 20-year period. Negative annual returnsmay not occurin consecutive years.

Estimated number of negative annual returns over any 20 year periodRisk labelRisk band

Less than 0.5Very Low1

0.5 to less than 1Low2

1 to less than 2Low to Medium3

2 to less than 3Medium4

3 to less than 4Medium to High5

4 to less than 6High6

6 or greaterVery High7

The standard risk measure is not a complete assessment of all forms of investment risk. For instance, it does not detail what the sizeof a negative return could be or the potential for a positive return to be less than an investor may require to meet their objectives.Further, it does not take into account the impact of administration fees and tax on the likelihood of a negative return.

Members should still ensure they are comfortablewith the risks andpotential losses associatedwith their chosen investment option(s).

For the standard riskmeasure for each of the investment options available, refer to the Summit investment options document locatedat northonline.com.au/summit.

For further information on standard risk measure, please refer to section 4 of the additional information booklet.

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The total fees and costs you pay include the fees of Summit Personal Super and Personal Pension as well as the underlying fees andcosts of any investment option(s) you choose.

It is important that you understand the fees and costs of any investment options you choose and that those fees and costs are inaddition to the fees we charge.

For detailed information about theunderlying fees and costs associatedwith anyparticular investment option, refer to that investmentoption’s PDS. Visit northonline.com.au or contact your financial adviser to obtain up-to-date copies.

DID YOU KNOW?

Small differences in both investment performance and fees and costs can have a substantial impact on your long term returns.For example, total annual fees and costs of 2% of your account balance rather than 1% could reduce your final return by up to 20%over a 30 year period (for example, reduce it from $100,000 to $80,000).You should consider whether features such as superior investment performance or the provision of better member services justifyhigher fees and costs.You or your employer, as applicable, may be able to negotiate to pay lower fees. Ask the fund or your financial adviser.1

TO FIND OUTMORE

If you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities andInvestmentsCommission (ASIC)website (www.moneysmart.gov.au) has a superannuation calculator tohelp you checkoutdifferentfee options.

This document shows the fees and other costs that you may be charged. These fees and other costs may be deducted from yourmoney, from the returns on your investment or from the assets of the superannuation entity as a whole.

Other fees, such as activity fees, advice fees for personal advice and insurance fees, may also be charged, but these will depend onthe nature of the activity, advice or insurance chosen by you. Entry fees and exit fees cannot be charged.

Taxes, insurance fees and other costs relating to insurance are set out in another part of this document.

You should readall of the informationabout fees andother costs because it is important tounderstand their impact on your investment.

The fees and other costs for each investment option offered by the entity are set out in the underlying investment option's PDS.

1 The statement that your employer may be able to negotiate to pay lower fees is prescribed by law and is not applicable to this product.

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Fees and other costs

Summit Personal Super and Personal Pension

How and when paidAmountType of fee

The cash account investment fee is deducted frominterest paid from the underlying investments ona monthly basis prior to the declaration of thecrediting rate for the cash account.

0.45% pa of the balance of your cash account.

The cash account investment fee will be appliedfrom 1 April 2020.

Investment fee(i)

The administration fee is calculated bymultiplyingthe proportion of your account value in eachinvestment menu by the administration fee rate

Administration fee(i)(ii) Summit/NorthSelect(% pa)

InvestorSelectand cashaccount(% pa)

Portfoliobalance($) applicable to your opening total portfolio value on

the day of the fee deduction and is deducted fromyour cash account each month from the date thatyour account commenced.0.73750.9475First 125,000

0.28750.5475Next 125,000upto 250,000

0.28750.2975Next 250,000upto 500,000

0.28750.2975Next 500,000upto 1,000,000

0.11250.1225Over1,000,000

The trustee fee is calculated on your portfoliobalance and deducted from your cash account onyour monthly account anniversary.

Plus 0.10% pa of your portfolio balance.

Not applicable.Nil. However, underlying buy/sell costs(iii)mayapply.

Buy-sell spread

Not applicable.Nil. However, an underlying buy/sell costs(iii)mayapply.

Switching fee

Not applicable.Nil.Advice fees relating toallmembers investingin a particular investment option

Brokerage feesarededucted fromyour cashaccountat the time that trade is settled or, if youuse a panelbroker, the day your panel broker sends us yourtrade information.

0.11%of the total of each listed security purchaseor sale subject to a minimum fee of $34. If youuse a panel broker, a settlement fee of $10.25also applies.

Other fees and costs (iv)

In specie tranfer fees are deducted from your cashaccount at the time of the transfer.

Plus $25.63 per listed security, ETF, ETC or AREITfor inspecie transfers in; and

$100 for each asset for in specie transfers out.

Stamp duty may apply.

Deducted from your cash account, in accordancewith the terms of the insurance policy.

Plus insurance fees (v)will apply if your haveinsurance cover.

Deducted from your cash account as agreedbetween you and your financial adviser.

Plusmember advice fees as agreed between youand your financial adviser.

The telegraphic transfer fee is deducted from yourcash account at the time of the withdrawal.

Plus $9 per withdrawal if you have requested atelegraphic transfer.

Not applicable.Nil. However, underlyingmanagementcosts(iii)may apply.

Indirect cost ratio(i)

(i) If your account balance for a product offered by the superannuation entity is less than $6,000 at 30 June each year, or at the time you exit youraccount, the total combined amount of administration fees, investment fees and indirect costs charged to you is capped at 3% (after the benefitof any tax deduction passed on to you) of the account balance. Any amount charged in excess of that cap will be refunded.

(ii) Refer to the administration fees section of this PDS for further information.(iii) Refer to the underlying fees and costs of investment options section of this PDS for further information.(iv) Refer to the other fees and costs section of this PDS for further information.(v) Refer to your insurer's insurance PDS for further information on insurance fees (premiums) and other charges.

24

Additional explanation of fees and costsThis section provides extra information on the fees and costs that apply to Summit Super and Pension.

Administration feesThe administration fee covers all costs and expenses incurred inthe administration of your Summit Super and Pension account,excluding all investment costs.

These fees are generally not negotiable by you. From time totime, these feesmaybenegotiatedby your financial adviser. Thenature of these variations are dependent on the arrangementbetween us and your adviser. As a result, we may rebate part ofthe administration fee chargedbyus. If applicable, these rebateswill be directly paid to your cash account once or on a monthlybasis, depending on the nature of the rebate.

The administration fee is calculated according to the fees andcosts table, subject to theSummitminimumadministration fee,which applies only to Summit Personal Super. The minimumadministration fee is calculated as the greater of:

– $396 ($33 per month), or– $200 plus 2.5% of your portfolio balance, capped at $660

pa ($55 per month)

Benefit frommultiple accountsThegroupingofaccountsallowsyou to reduce theadministrationfee you pay. When accounts are grouped, their balances arecombined to calculate the total portfolio value which is appliedto all accounts.

Individual fee aggregationWe automatically combine the account balances of up to six ofyour accounts to determine the administration fee rate. Theaccount types thatwe combine include Summit Personal Super,Summit Personal Pension and Summit Money Master.

Family groupsFamily groups can be set up by your financial adviser throughNorthOnlinebynominatingaprimarymemberwithin the familygroup. All members of the family group must have the samefinancial adviser and one of the following relationships to theprimary member to be eligible for family grouping:

– spouse– de facto– parent– child– sibling– grandparent, or– grandchild.

Amaximumof fourmembersareallowed ina family group,withup to six accounts per member.

Self managed super funds (SMSFs), trusts and companies areeligible to be included in a family group, if each member of theSMSF, beneficiary of the trust or director of the company has avalid relationship to the primary member.

Family fee aggregationFamily fee aggregation allows you and members of your family(family group) to combine the account balances of your SummitPersonal Super, Summit Personal Pension and Summit MoneyMaster accounts. The administration fee applied to eachaccountwithin a family groupwill be calculated based on the combinedbalance of up to six accounts for each family member. Where aprimary member ceases to hold an eligible account, the familygroup will be terminated.

Trustee feeThe trustee fee is 0.10% pa of your portfolio balance.

Other fees and costsBrokerage feesWhen purchasing or selling listed securities, brokerage fees willapply. These fees include GST and are an additional cost to you.

Standard brokerage fees of 0.11% of the total of each listedsecurity purchase or sale apply, subject to aminimum fee of $34per trade. These fees will be will be directly debited from yourcash account at the time the trade is settled.

If youuseapanel broker, thebrokerage fee is negotiatedbetweenyou and the panel broker, and a settlement fee of $10.25 willapply in addition to any brokerage fees. The settlement fee willbe deducted fromyour cash account on the day the panel brokersends us your trade information.

Please ask your financial adviser for details on current brokeragerates.

In specie transfer feeWhen transferring assets in or out of your account, in specietransfer fees will apply. These fees are an additional cost to you.

For an in specie in transfer, a transfer fee of $25.63 per asset willapply for each listed security, ETF, ETC and AREIT you request totransfer in. This cost is charged by the broker and not by us. Thisfee will be deducted from your cash account after the assettransfer has been processed.

For an in specie out transfer, a transfer fee of $100 per assetapplies to each managed fund or listed security you request totransfer out. This fee will be deducted from your cash accountat the time the units being transferred are removed from youraccount. If there are insufficient funds in your cashaccount someof the assets may be sold to fund these costs.

Insurance feesInsurance fees (premiums) are dependent on the cover selected,age, gender, occupation, health and other factors. If insurancecover is provided, premiumsarededucted fromyour cashaccountin advance. Refer to your nominated insurer's PDS for furtherinformation. Your financial adviser can provide you with apersonalisedquote. Formore informationabout insurance, referto the Insurance section.

Reimbursement of insurance administration costs

Under agreements with the life insurers, NMMT is entitled toreceive payments from life insurers to reimburse costs incurredin relation to the administration of your insurance.

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Member advice feesYoumay agree to pay your financial advisermember advice fees (MAF) from your Summit account, which is remuneration they receivefor providing you with financial advice in relation to this product. You should discuss MAF with your financial adviser to ensure youunderstand them and how they are calculated. MAF that you agree to pay your financial adviser will be deducted from your accountin accordance with your instructions to us, and paid to your financial adviser on your behalf.

MAF may comprise of either one or a combination of the following:

How and when paidMember advicefor options

Member advice fee types

A one-off dollar fee as agreed with your financial adviser, which is deducted from youraccount.

A one-off dollarfee

Member advice fee – initial

A fee you may agree to pay yourfinancial adviser for initial financialadvice. This may include initial, planpreparation and research, and adviceimplementation.

The fee will be deducted from your account at the time your account is established,subject to your account balance.(i)

Where your account balance is not sufficient to pay this fee at establishment, the feewill be deducted once your portfolio balance exceeds the minimum requirement.

A one-off dollar fee as agreed with your financial adviser that is deducted from youraccount.

A one-off dollarfee

Member advice fee–additional advice

A fee you may agree to pay yourfinancial adviser for additionalfinancial advice.

The fee will be deducted from your account at the time we receive your instructions,subject to your account balance(i) and any member advice fees already paid during youranniversary year.

A regular dollar and/or percentage feededucted fromyour cash account on yourmonthlyor quarterly account anniversary, as agreed with your financial adviser.

A regular dollarand/orpercentage fee

Member advice fee – ongoing

An ongoing fee you may agree to payyour financial adviser for ongoingfinancial advice.

The percentage fee will accrue daily and be deducted from your account at yournominated frequency of either monthly or quarterly. Fees will only be deducted up tothe amount determined by your account balance(i) at the end of that period and subjectto any member advice fees already paid during your anniversary year.

For full withdrawals, the fee will accrue up until the date you exit and will be deductedfrom your withdrawal balance.

Where youmake a partial withdrawal, the feewill accrue for the time it remained in theaccount and will be deducted from your account during the period.

Where fees are calculated on a percentage basis, they may be applied across the totalportfolio balance or sub class of assets.

A dollar or percentage based fee charged on listed security trades as agreed with yourfinancial adviser. This fee is only charged on adviser initiated transactions (eg switchesand ad hoc rebalances).

Anongoingdollaror percentage fee

Member advice fee – listed securities

Anongoing feepaid fromyour accountto your financial adviser for financialadvice when trading listed securities.

A percentage of each initial and/or future contribution as agreed with your financialadviser.

A percentage ofeachcontribution

Member advice fee – contributions

A fee you may agree to pay yourfinancial adviser for financial adviceon initial and/or future contributions.

The fee will be calculated as a percentage of each initial and/or future contributionsmade to your account anddeducted fromyour cashaccount at the time the contributionis received.

Deductions for member advice fees are subject to minimum account balances. Refer tomember advice fee limitswithin the fees and othercosts section in this PDS for further details.

(i)

In all circumstances, you control theMAFpayments and can instruct us to changeor ceasepayments. This instructionmust be receivedby us inwriting. Your instructionswill generally be actionedwithin two business days, but itmay take longer depending on processingrequirements. We will also process instructions from your financial adviser to reduce MAF payments.

In the event we receive inconsistent instructions from you and your financial adviser we will always act in accordance with yourinstructions.

Where you enter into an agreement with your financial adviser for MAF, it is possible that your financial adviser may transfer theadvisory services they provide you to another financial adviser. This may occur in circumstances such as, but not limited to, yourfinancial adviser retiring, changing roles, merging advice practices or selling all or part of their practice.

Where any such changes occur, youwill be notifiedwithin 30 days of us becoming aware of any such change, and yourmember advicefee arrangements will continue to be paid to the new financial adviser, unless you instruct us otherwise.

You should refer to your Statement of Advice from your financial adviser for details of the MAF arrangements between you and yourfinancial adviser.

26

Member advice fee limitsThemaximumMAF that you canagree topay your financial adviser fromyour account (excluding any remuneration that your financialadviser charges you directly) is dependent on your account value and is outlined in the following table.

MaximumMAF payable to your financial adviser:

MaximumMAF payable by you (inclusive ofGST, net of RITC) pa

MaximumMAF payable to your financialadviser (inclusive of GST) pa

Account balanceFee type

NilNilUnder $1,500MAF(initial, additionaladvice, ongoing,listedsecurities)

2.51% of your total account balance pa(i)2.69% of your total account balance pa(i)$1,500 to $10,000

$5,125plus2.51%of your total accountbalancepa(i)

$5,500plus 2.69%of your total account balancepa(i)

Over $10,000

4.10% of each contribution or rollover4.40% of each contribution or rolloverN/A(iii)MAF (contributions)(ii)

Based on the anniversary of your account establishment date.(i)Your financial advisermaybe restricted fromapplyingmember advice fees to ongoing contributions as these fees are prohibitedby some financial services licensees. Please confirm with your financial adviser.

(ii)

MAF (contributions) is not based on your account balance.(iii)

Limitswill bemonitored and verified against your account valueeach time aMAF is charged during the account anniversary year.We reserve the right not to deduct fees that we believe areunreasonable.

The remuneration that your financial adviser receives differsfrom the amount you pay from your cash account due to thereduced input tax credit (RITC). RITC is a partial rebate of theGSTpayable to financial advisers that we pass directly onto you.Therefore, you are not charged the entire amount that thefinancial adviser receives as remuneration.

Capacity to index member advice feesWhere you agree to pay your financial adviser a dollar amountfor themember advice fee – ongoing, you can also agree for thisamount to be indexed each year on your account anniversarydate or on a date agreed with your financial adviser.

You may choose from twomethods of indexation:

– Fixed percentage (up to 7% pa), or– Consumer Price Index (CPI)—using the most recently

published CPI.

Underlying fees and costs of investment optionsThe fees and costs of any investment options selected by youand your financial adviser are in addition to the fees we chargefor accessing these investment options.

Details of the various types of fees and costs charged by theunderlying investment managers are set out below.

You can find an up-to-date list of the underlying investmentoption fees and costs reflecting the underlying investmentoption's PDS disclosure on North Online or in theSummit investment options document.

Formoredetailed informationabout feesandcostsof aparticularinvestment option, refer to that investment option’s PDS. VisitNorth Online to obtain the most up-to-date copy of the PDSprovided by the relevant fundmanager or contact your financialadviser.

Management costsManagement costs are the ongoing fees and expenses ofinvesting in an investment option and include managementfees, expense recoveries, performance fees (if applicable) andindirect costs.

Managers of the investment options generally expressmanagement costs as a percentage per annum of the net assetvalue of the investment option.

Termdeposits andmost listed securities do not have underlyingmanagement costs, however they may apply for Australian realestate investment trusts (AREITs), exchange traded funds(ETFs), listed investment companies (LICs) and listed investmenttrusts (LITs).

27

Transactional and operational costsIn addition tomanagement costs, transactional andoperationalcostswill generally be incurredwhendealingwith theunderlyingassets of an investment option. They includebrokerage, clearingcosts, stamp duty, the buy and sell spreads of any underlyingfunds and certain costs associated with holding derivatives ordirect investments in real property.

Transactional and operational costs will differ according to thetypes of assets held by the investment option andwhether theyare traded inAustralia or overseas. Transactional costs vary basedon relative costs of investing with a particular fund managerand/or a particular type of investment.

Termdeposits andmost listed securities do not have underlyingtransactional and operational costs, however theymay apply forAustralian real estate investment trusts (AREITs), exchangetraded funds (ETFs), listed investment companies (LICs) and listedinvestment trusts (LITs).

Buy/sell costsMost investment options, excluding listed securities and termdeposits, have buy/sell spreads. This is the difference betweenthe buy unit price and the sell unit price and is the fundmanager’s estimates of the costs of buying and selling assets ofthe investmentoptiondue to investments andwithdrawals fromthe fund.

When you invest in amanaged fundwepurchase the equivalentunits for you at the buy price. When determining your accountvalue, we then value these units using the sell price, which isgenerally lower than the buy price. The buy/sell cost representsthis reduction in value.

Buy/sell costs are additional costs to the investor and arereflected in the unit price and are not charged separately. Theyare not paid to us, they are used by the fund manager to meettransaction costs. The buy/sell costs will vary depending on theinvestment option selected.

Additional fee and cost informationFund manager paymentsNMMTmay receive payments of up to 0.53% pa or fixedpayments fromfundmanagers foramounts invested inparticularinvestment options made available to you. Payments receivedare determined by the agreements NMMT has with applicablefundmanagers. Thesepayments and theirmethodof calculationmay change from time to time and are not an additional cost toyou. All fund manager payments are agreed on arm's lengthterms.

Increases or alterations in chargesThe trustee can annually adjust themaximumdollar amount orpercentage amount of any fee or charge to reflect any increasein the CPI. You will be notified of this via the Trustee annualreport.

We reserve the right to add or alter any of the charges and feesoutlined in this PDS at the discretion of the trusteewithout yourconsent. With the exception of CPI related increases, youwill beinformed of any alteration to the charges and/or fees at least30 days before they occur.

The Trust Deed also permits the trustee to charge other feessuch as:

– entry fee– expense recovery fee– transaction fee– benefit payment fee.

The trustee does not currently charge these fees.

Taxation and feesTheactual amountof fees and costs youpay for Summit PersonalSuper accounts and NCAP accounts may be reduced by up to15%. This is because superannuation funds currently receive a15% tax deduction for deductible expenses for super and NCAPaccounts. The benefit of this tax deduction is passed on to you.

The tax deduction does not apply for other Summit PersonalPension accounts.

The fees described in the tables of fees and other costs sectioninclude, if applicable, GST less any RITC where relevant.

For more information about tax and your superannuation,refer to section 6 of the additional information booklet.

28

Example of annual fees and costsThis table gives an example of how the fees and costs foraccessing the Summit Select Diversified Active – Balanced Fundfor this superannuationproduct canaffect your superannuationinvestment over a one-year period. You should use this table tocompare this superannuation product with other similarsuperannuation products.

Balance of $50,000Example

For every $50,000 you have in thesuperannuation product, you will becharged $0 per each year.

NilInvestmentfee

And, you will be charged $710 each yearin administration fees.

$660 paplus 0.10%pa

Plus

Administrationfees(i)

And, indirect costs of $0 each yearwill bededucted from your investment.

0.00% paPlus

Indirectcosts for thesuperannuationproduct

If your balancewas $50,000, then for thatyear you would be charged fees of $710for the superannuation product.

Equals

Cost of product(ii)

The standard percentage-based administration fee applicable toanaccount balance invested in the Summit SelectDiversifiedActive– Balanced investment option is 0.7375% pa. However, based onthe account balance of $50,000, the administration fee applicablein this example is the minimum administration fee of $200 plus2.5% of the portfolio balance, capped at $660 pa, plus the trusteefee of 0.10%pa. Theminimumadministration fee has been appliedinstead of the standard percentage-based administration fee asthe percentage-based administration fee on a balance of $50,000is $368.75, which is less than the minimum administration feeapplicable of $660 pa. For account balances where thepercentage-based administration fee is greater than theminimumadministration fee, theminimumadministration feedoesnot apply.The administration fee for an account balance invested in theSummit Select Diversified Active – Balanced Fund is 0.7375% paplus the trustee fee of 0.10% pa.

(i)

Additional fees and costsmay apply, includingmember advice feesas agreed with your financial adviser and underlying investmentoption fees and costs – refer to example 1underadditional exampleof total annual fees and costs of this PDS for more information.

(ii)

Additional examples of total annual fees and costsThe following examples illustrate how the cumulative effect ofthe fees and costs of Summit Super and Pension, as well as theunderlying fees and costs of certain types of investment options,can affect your superannuation investment over a one-yearperiod, and how they can vary depending on the investmentoptions you select.

These examples are for illustrative purposes only.

The actual fees and costs that you will be charged will dependon your total account value, the investment options you chooseand the transactions you carry out.

Example 1 - Managed fund on Summit/North Select

Balance of $50,000Example - Summit SelectDiversified Active -Balanced Fund

For every $50,000 you have in theSuperannuation product, you will becharged $710 per each year.

$710 paCost ofSummitPersonalSuper andPersonalPension (i)

And, other costs of $530 each year willbe deducted from your investment.

1.06% paPlus

Other costsfor theinvestmentoption(ii)

If your balancewas $50,000, then for thatyear youwould be charged total fees andcost of $1,240 for holding the SummitSelect Diversified Active - Balanced Fund.

Equals

Total fees and costs(iii)

(i) The standard percentage-based administration fee applicable toanaccountbalance invested in theSummit SelectDiversifiedActive– Balanced Fund is 0.7375% pa plus the trustee fee of 0.10% pa.However, based on the account balance of $50,000, theadministration fee applicable in this example is the minimumadministration feeof $200plus2.5%of theportfoliobalance, cappedat $660 pa, plus the Trustee fee of 0.10% pa. The minimumadministration fee has been applied instead of the standardpercentage-based administration fee as the percentage-basedadministration fee on a balance of $50,000 is $368.75, which is lessthan the minimum administration fee applicable of $660 pa. Foraccount balances where the percentage-based administration feeis greater than the minimum administration fee, the minimumadministration fee does not apply.

(ii) This amount comprises estimates of underlying management,transactional andoperational costs of the Summit SelectDiversifiedActive - Balanced Fund based on the last financial year.

(iii) Additional fees and costs may apply, includingmember advice feesas agreed with your financial adviser. And, a buy/sell margin of0.36%applieswhenever you invest in the Summit SelectDiversifiedActive - Balanced Fund (this will equal $18 for every $5,000 youinvest).

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Example 2 - Managed fund on Investor Select

Balance of $50,000Example - VanguardBalanced Index Fund

For every $50,000 you have in theSuperannuation product, you will becharged $710 per each year.

$710 paCost ofSummitPersonalSuper andPersonalPension (i)

And, other costs of $160 each year willbe deducted from your investment.

0.32% paPlus

Other costsfor theinvestmentoption (ii)

If your balancewas $50,000, then for thatyear youwould be charged total fees andcost of $870 for holding the VanguardBalanced Index Fund.

Equals

Total fees and costs (iii)

(i) The standard percentage-based administration fee applicable toan account balance invested in the Vanguard Balanced Index Fundis 0.9475% pa plus the Trustee fee of 0.10% pa. However, based onthe account balance of $50,000, the administration fee applicablein this example is the minimum administration fee of $200 plus2.5% of the portfolio balance, capped at $660 pa, plus the Trusteefee of 0.10% pa. Theminimumadministration fee has been appliedinsteadof the standard percentage-based administration fee as thepercentage-based administration fee on a balance of $50,000 is$473.75, which is less than the minimum administration feeapplicable of $660 pa. For account balances where thepercentage-based administration fee is greater than theminimumadministration fee, theminimumadministration feedoesnot apply.

(ii) This amount comprises estimatesofunderlyingmanagement costs,and certain transactional and operational costs, of the VanguardBalanced Index Fund based on the last financial year.

(iii) Additional fees and costs may apply, includingmember advice feesas agreed with your financial adviser. And, a buy/sell margin of0.22% applieswhenever you invest in the Vanguard Balanced IndexFund (this will equal $11.00 for every $5,000 you invest).

Example 3 - Term deposit

Balance of $50,000Example – AMP Term Deposit

For every $50,000 you have in thesuperannuation product, you willbe charged $710 each year.

$710 paCostof Summit SuperandPensionproduct(i)

And, other costs of $0 each yearwillbededucted fromyour investment.

NilPlus Other costs forthe investmentoption(ii)

If your balance was $50,000, thenfor that year youwould be chargedtotal fees and costs of $710 forholding an AMP Term Deposit.

Equals Total fees andcosts(iii)

The standard percentage-based administration fee applicable to anaccount balance invested in the AMP Term Deposit is 0.7375% paplus the trustee fee of 0.10% pa. However, based on the accountbalanceof $50,000, the administration fee applicable in this exampleis theminimumadministration fee of $200 plus 2.5% of the portfoliobalance, capped at $660 pa, plus the Trustee fee of 0.10% pa. Theminimumadministration feehasbeenapplied insteadof the standardpercentage-based administration fee as the percentage-basedadministration fee on a balance of $50,000 is $368.75, which is lessthan the minimum administration fee applicable of $660 pa. Foraccount balances where the percentage-based administration fee isgreater than the minimum administration fee, the minimumadministration fee does not apply.

(i)

There are no underlying fees and costs for Term Deposits.(ii)Additional fees and costs may apply, including member advice feesas agreed with your financial adviser. Buy/sell costs do not apply toTerm Deposits.

(iii)

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Example 4 - Listed securities

Balance of $50,000Example – Listed shares inS&P/ASX 300 index

For every $50,000 you have in thesuperannuation product, youwillbe charged $710 each year.

$710 paCost of SummitPersonal Super andPersonal Pensionproduct(i)

And, other costs of $0 each yearwill be deducted from yourinvestment.

NilPlus Other costs forthe investmentoptions(ii)

If your balancewas $50,000, thenfor that year you would becharged total fees and costsof $710 for holding listed sharesin the S&P/ASX 300 index.

Equals Total fees andcosts(iii)

The standard percentage-based administration fee applicable toan account balance invested in listed shares in the S&P/ASX 300 is0.9475% pa plus the trustee fee of 0.10% pa. However, based onthe account balance of $50,000, the administration fee applicablein this example is the minimum administration fee of $200 plus2.5% of the portfolio balance, capped at $660 pa, plus the Trusteefee of 0.10%pa. Theminimumadministration fee has been appliedinstead of the standard percentage-based administration fee asthe percentage-based administration fee on a balance of $50,000is $473.75, which is less than the minimum administration feeapplicable of $660 pa. For account balances where thepercentage-based administration fee is greater than theminimumadministration fee, theminimumadministration feedoesnotapply.

(i)

There are no underlying fees and costs for listed shares, howeverunderlyingmanagement, transactional and operational costsmayapply for AREITs, ETFs, LICs and LITs.

(ii)

Additional fees and costsmay apply, includingmember advice feesas agreedwith your financial adviser.And, a brokerage feewill applywhenever you trade listed securities (this will equal $34 for every$5,000 you invest in a single trade, unless you use a panel brokerin which case brokerage fees are negotiated between you and thebroker and we will charge an additional settlement fee of $10.25per trade).

(iii)

Example 5 - MyNorth Managed Portfolio on Investor Select

Balance of $50,000Example – Research ChoiceBalanced Accumulation Portfolio

For every $50,000youhave in thesuperannuationproduct, youwillbe charged $710 each year.

$710 paCost of SummitPersonal Super andPersonal Pensionproduct (i)

And, other costs of $520 eachyear will be deducted from yourinvestment.

1.04% paPlus Other costs forthe investmentoption (ii)

If yourbalancewas$50,000, thenfor that year you would becharged total fees and costs of

Equals Total fees andcosts (iii)

$1,230 for holding the ResearchChoice Balanced AccumulationPortfolio.

(i) The standard percentage-based administration fee for an accountbalance invested in the Research Choice Balanced AccumulationPortfolio is 0.9475% pa plus the Trustee fee of 0.10% pa. However,based on the account balance of $50,000, the administration feeapplicable in this example is the minimum administration fee of$200 plus 2.5% of the portfolio balance, capped at $660 pa, plus theTrustee fee of 0.10% pa. Theminimumadministration fee has beenapplied instead of the standard percentage-based administrationfee as the percentage-based administration fee on a balance of$50,000 is $473.75,which is less than theminimumadministrationfee applicable of $660 pa. For account balances where thepercentage-based administration fee is greater than theminimumadministration fee, theminimumadministration feedoesnot apply.

(ii) This amount comprises estimates of the underlying managementcosts and certain transactional and operational costs for theResearch Choice Balanced Accumulation Portfolio.

(iii) Additional fees and costs may apply, includingmember advice feesas agreed with your financial adviser. And, an estimated buy/sellcost of 0.35% applies whenever you invest in the Research ChoiceBalanced Accumulation Portfolio (this will equal $17.50 for every$5,000 you invest).

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Defined feesActivity feesA fee is an activity fee if:

1. the fee relates to costs incurred by the trustee of thesuperannuationentity that are directly related to anactivityof the trustee:i. that is engaged in at the request, or with the consent,

of a member orii. that relates to a member and is required by law, and

2. those costs are not otherwise charged as anadministrationfee, an investment fee, a buy sell spread, a switching fee,an advice fee or an insurance fee.

Administration feesAn administration fee is a fee that relates to the administrationor operation of the superannuation entity and includes coststhat relate to that administration or operation, other than:

1. borrowing costs; and2. indirect costs that are not paid out of the superannuation

entity that the trusteehas elected inwritingwill be treatedas indirect costs andnot fees, incurred by the trustee of theentity or in an interposed vehicle or derivative financialproduct; and

3. costs that are otherwise charged as an investment fee, abuy/sell spread, a switching fee, an activity fee, an advicefee or an insurance fee.

Advice feesA fee is an advice fee if:

1. the fee relates directly to costs incurred by the trustee ofthe superannuation entity because of the provision offinancial product advice to a member by:i. a trustee of the entity, orii. another person acting as an employee of, or under an

arrangement with, the trustee of the entity, and2. those costs are not otherwise charged as anadministration

fee, an investment fee, a switching fee, an activity fee oran insurance fee.

Buy/sell spreadsA buy sell spread is a fee to recover transaction costs incurredby the trustee of the superannuation entity in relation to thesale and purchase of assets of the entity.

Exit feesAn exit fee is a fee, other than a buy-sell spread, that relates tothe disposal of all or part of a member's interests in asuperannuation entity.

Indirect cost ratioThe indirect cost ratio (ICR), for a MySuper product or aninvestment option offered by a superannuation entity, is theratio of the total of the indirect costs for the MySuper productor investment option, to the total average net assets of thesuperannuation entity attributed to the MySuper product orinvestment option.

Note: A dollar based fee deducted directly from amember’saccount is not included in the indirect cost ratio.

Investment feesAn investment fee is a fee that relates to the investment of theassets of a superannuation entity and includes:

1. fees in payment for the exercise of care and expertise inthe investment of those assets (including performancefees); and

2. costs that relate to the investments of assets of the entity,other than:i. borrowing costs; andii. indirect costs that are not paid out of the

superannuation entity that the trustee has elected inwriting will be treated as indirect costs and not fees,incurredby the trusteeof theentity or in an interposedvehicle or derivative financial product; and

iii. costs that are otherwise charged as anadministrationfee, a buy/sell spread, a switching fee, an activity fee,an advice fee or an insurance fee;but does not include property operating costs.

Switching feesA switching fee is a fee to recover the costs of switching all orpart of a member’s interest in the superannuation entity fromone investment option or product in the entity to another.

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For most people, insurance is an important part of any financial plan. Without insurance you and your family may not be able tocontinue the lifestyle that you have worked hard to achieve.

Summit Super and Pension gives you the option of applying for insurance as a part of your account. Insurance is offered through thefollowing insurers:

– TAL– AIA– AMP Life.

You can choose:

– Life insurance (Personal Super and Personal Pension)– Total and permanent disability insurance (Personal Super only)– Income insurance (Personal Super only).

Insurance cover is provided under insurance policies issued by your nominated insurer and held by the Trustee.

To apply for insurance cover you will need to obtain the applicable insurance PDS from your financial adviser. You should consider theinsurer's PDS before deciding to acquire insurance. Your insurance can only be provided through your Summit Super and Pension ifyour application is accepted by the insurer and you have provided us with a written election that you want to take out or maintainthe insurance even if your account is, or becomes inactive (i.e. doesn't receive a contribution or rollover for 16 months), has a balancebelow $6,000 or you are under age 25.

If you do notmake awritten election to keep your insurance, premiumsmay not be paid fromyour Summit Super and Pension accountto the insurer. This will mean you may not have insurance cover.

Payments of any super benefits are subject to you satisfying a condition of release under superannuation law. Any Life or TPD benefitsthat become payable from your insurance cover will be paid into your cash account prior to being released by the Trustee. Any Incomeinsurance benefits will be paid to you directly by the Insurer on the Trustee’s behalf.

For information on the insurance cover available refer to the insurance PDS for each insurer at northonline.com.au/summit.

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Insurance available through Summit PersonalSuper and Pension

In the event of your death while you are a member of Summit, we will release the total amount in your account in the form of asuperannuation death benefit. You may choose one of the following options for nominating how a death benefit would be paid inthe event of your death:

– Binding death benefit nomination– Non-lapsing binding death benefit nomination– Non-binding death benefit nomination, or– Reversionary pension.

If you do not nominate a binding death benefit nomination, you should consider making a will. Your financial adviser can assist youin assessing your estate planning options.

Regardless of the option chosen, the trustee must generally ensure that the benefits are paid to your dependants (as defined in theFund’s Trust Deed and applicable superannuation law) and/or your legal personal representative.

For further information on how benefits will be paid upon death, refer to section 5 of the additional information booklet.

Invested assets upon deathAll assets will remain invested as per your account investment instructions until alternative instructions are received from a validbeneficiary or legal personal representative.

This amount and any insurance benefits (if applicable) will then be paid by the trustee to beneficiaries. If you hold a term deposit itwill continue to be invested until the maturity of the asset, unless otherwise notified by a valid beneficiary or legal personalrepresentative as determined by the trustee.

Investment instructions, adviser remuneration and financial adviser accessAny existing investment instructions, regular savings plans, member advice fees and financial adviser access may also be cancelledupon receipt of notification of the client’s death.

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How your benefit will be paid upon death

Taxation informationAs an incentive to save for your retirement, the super systemoffers some attractive tax advantages.

Generally, your super may be taxed:

– when contributions are made– on your earnings while your money is invested in super

(maximum of 15%)– when youwithdraw yourmoney from super under age 60.

We recommendyou checkwith your financial adviser or taxationprofessional as individual circumstances may differ and taxinformation may change in the future.

For further information on taxation, refer to section 6 of theadditional information booklet or refer to the AustralianTaxation Office website at ato.gov.au.

Tax file number notificationYour tax file number (TFN) is confidential. Before you provideyour TFN we are required to tell you the following:

Under the Superannuation Industry (Supervision) Act 1993, thetrustee is authorised to collect, use anddisclose your TFN,whichwill only be used for lawful purposes.

Thesepurposesmay change in the future as a result of legislativechange. The trustee may disclose your TFN to another superprovider when your benefits are being transferred, unless yourequest inwriting that the trustee of your superannuation fundnot disclose your TFN to any other super provider.

It's not an offence not to quote your TFN. However, giving yourTFN to the fund will have the following advantages (whichmaynot otherwise apply):

– The fundwill be able to accept all types of contributions toyour account(s).

– The tax on contributions to your super account(s) will notincrease.

– Other than the tax thatmay ordinarily apply, no additionaltax will be deducted when you start drawing down yoursuper benefits. This affects both contributions to yoursuperannuation and benefit payments when you startdrawing down your superannuation benefits, and

– Itwillmake itmucheasier to trace different super accountsin your name so that you receive all your super benefitswhen you retire.

Summit Personal Super members

The trustee is required by law to refund any membercontributions received if a TFN has not been provided within 30days. The trustee is entitled to deduct an administration fee, anytransaction costs and premiums that have been paid in relation

to cover for a specific period. If you do not or cannot provide avalid TFN, wemay not be able to accept you as amember of thefund.

An additional tax applies to employer contributions when wedo not have your TFN. This tax is called the no-TFN tax and is30% plus Medicare levy and is calculated and deducted at theearlier of 30 June each year and when you leave MyNorth. Thistax is on top of the 15% contributions tax paid on thesecontributions. You may be eligible for a refund of no-TFN taxpaid if you provide us with your TFN within four financial yearsfrom the start of the financial year when the contribution wasmade. Any refund will be added to your super benefit and willbe subject to the usual cashing restrictions and tax rules.

Summit Personal Pension members

If you are over the age of 60 at the commencement of yourpension, no TFN is required as all benefits are tax free.

You should be aware that if you do not provide your TFN, anyadditional tax on your benefits paid to the ATO (such as tax onwithdrawals and pension payments) cannot be reclaimed fromthe Fund even if you have subsequently provided your TFN.

Investing in Summit Super and Pensioncompared to investing directlyKey differences between investing directly and investing inSummit Super and Pension include:

Direct investmentSummit Super and Pension

You generally require large sumsof money to invest in eachwholesale investment.

You will have access to a range ofwholesale investments thatgenerally have lower fees thanretail investments.

You will receive a separate reportfor each investment.

You will receive comprehensive,consolidated reporting.

You will have direct ownership ofyour investments and will beeligible to exercise all associated.rights (such as voting orparticipating in corporateactions).

NMMT Limited is the legal ownerof the investments andNMSuperis the beneficial owner of yourinvestments.

You may receive regularcommunications frominvestmentmanager.

You won’t receive anycommunications frominvestmentmanager.

Your cooling off rights may beexercised directly against theinvestment manager.

Your cooling off rights may beexercised directly against thetrustee.

You have access to investmentmanagers’ complaints resolutionarrangements.

You have access to Summit Superand Pension complaintsresolution arrangements.

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Further information you need to know

Cooling-off periodA 14-day cooling-off period will apply to your initial investmentin Summit Super and Pension.

If, during the cooling-off period, you decide that the investmentdoes not meet your needs, then simply advise us in writing.

The 14 days start when confirmation of your membership isreceived by you or 5 business days after your application isaccepted, whichever is earlier.

If you cancel your membership we will refund your investment,reduced or increased for market movements in your choseninvestmentoption(s).Wewill alsodeduct any taxorduty incurredand any other fees previously described in this PDS, pro-ratedfor the period you have held your Summit account. As a resultthe amount returned to you may be less than your originalinvestment.

Delays may be experienced if the investment option(s) selectedhave redemption restrictions imposed by the underlyinginvestment manager.

If you satisfy a condition of release under superannuation lawwe can refund the initial investment amount directly to you.However, ‘preserved’ or ‘restrictednon-preserved’ benefits cannotbe refunded directly to you under the 14-day cooling-off period.Wewill roll over or transfer theseamounts to the superannuationfund or RSA you nominate.

Anti-Money Laundering andCounter-Terrorism Financing (AML/CTF)ActWeare required to complywith the Anti-Money Laundering andCounter-Terrorism Financing (AML/CTF) Act. This means beforewe can accept you as a member you need to provide certainidentification information and verification documentation. Wemay also need additional customer identification informationand verification fromyouas youundertake further transactions,including a withdrawal or transfer in relation to your account.

We will need to identify and verify:

– you as a member prior to accepting your super or pensionapplication

– your estate. If you die while you are receiving pensionpayments, we will need to identify and verify yourreversionary/beneficiary arrangementsprior to transferringthe pension payments

– anyone acting on your behalf. If you nominate arepresentative to act on your behalf,wewill need to identifyandverify thenominated representativeprior toauthorisingthem as an added signatory to your account

– amember and their self managed super fund (SMSF) priorto processing a rollover to the SMSF. We will only processthe rollover onceall relevant informationhasbeen receivedand your identity and that of the SMSF has been verified.

The customer identification requirements form part of yourapplication. You will need to ensure you provide any necessarysupporting documentation to the application to your financialadviser. In some circumstances, in accordance with the AML/CTF legislation, we may need to re-verify information or requireadditional information from you.

By applying for a Summit Personal Super or Summit PersonalPension product, you acknowledge that we may delay or refuseany request or transaction at our discretion. This could includedelaying the pension payments or withdrawals if we deem thatthe request or transactionmay breach our obligations, or causeus to commit or participate in an offence under the AML/CTFlegislation, and we will incur no liability to you if we do so.

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Privacy collection statementWewill usually collect personal information directly from you,your financial adviser or anyone authorised by you.

The personal information we collect from you will be used to:

– establish and manage your account– ensure compliance with all applicable regulatory or legal

requirements– perform any appropriate related functions– manage and resolve complaints made– undertake market research and analysis for product and

service improvement– provide you with information about financial services

providedbyus, othermembers of theAMPgroupor by yourfinancial adviser through direct marketing. If you do notwant this please contact the North Service Centre atnorth@amp.com.au or on 1800 667 841.

If you do not provide the required information, we will not beable to perform the activities above.

We are required or authorised to collect your personalinformation under various laws including those relating totaxation and Anti Money Laundering and Counter TerrorismFinancing laws.

We will only share your personal information:

– withothermembersof theAMPgroupandexternal serviceproviders, including your financial adviser, that we need todeal with for the purposes described above

– as required by law or regulations with courts, tribunals orgovernment agencies

– with persons or third parties authorised by you, or ifrequired or permitted by law

– with your parent or guardian, if you are under age 18.

Some external service providers we need to deal with can belocated or host data outside Australia. A list of countries wherethese providers may be located can be obtained via our privacypolicy. We take all reasonable steps to ensure that any datashared with external service providers is shared securely toprotect your information.

Where you provide us with the personal information of otherindividuals, it is your responsibility to:

– inform the other individuals that you have provided theirpersonal information to us; and

– provide themwith a copy of this Privacy CollectionStatement.

Our privacy policy provides further information about how youcan access or update your personal information or make acomplaint about a breach or potential breach of our privacyobligations. You can view our privacy policy online atamp.com.au/privacy or contact us on 1800 667 841 for a copy.

ComplaintsIf you need any additional information about the operation ormanagement of your account, or if you have a concern orcomplaint, then please contact:

– your financial adviser– call the North Service Centre on 1800 667 841– email us at north@amp.com.au, or– write to us at:

North Service CentreGPO Box 2915MELBOURNE VIC 3001

Our customer service officers are available to answer yourenquiries and respond to your complaints. Wewill try to resolveyour enquiry or complaint as quickly as possible. To help us dothis, please give us as much information as possible about yourcomplaint, including your name and account number.

If you have a concern or complaint about your adviser or thefinancial product advice you received, please approach theAustralian financial services licensee forwhomyour adviserwasacting.

If you have a concern or complaint regarding an investmentacquired through this service, please contactususing the contactdetails above. We can direct your complaint or facilitate aresolution with the relevant investment manager.

We have established procedures to deal with any complaints. Ifyou make a complaint, we will:

– acknowledge its receipt and ensure an appropriate personproperly considers the complaint, and

– respond to you as soon as we can.

If your complaint cannot be resolved at first contact, then wewill keep you advised at regular intervals of the status of yourcomplaint.

If we cannot resolve your complaint to your satisfaction or youhave not had a response from us within 45 days, then you mayhave the right to lodgea complaintwith theAustralian FinancialComplaints Authority (AFCA).

AFCA will provide fair and independent financial servicescomplaint resolution that is free to consumers and will acceptcustomer complaints.

Contact details for AFCA are:

Web: afca.org.au

Email: info@afca.org.au

Telephone: 1800 931 678 (free call)

Mail: GPO Box 3, Melbourne VIC 3001

Consolidation of multiple accountsEach year the trustee will identify and reviewmembers whohave multiple accounts within the Fund. Where the trusteereasonably determines that it is in the best interest of themember, the member’s accounts will be consolidated and themember will receive an exit statement. Members may beprovided the opportunity to choose not to consolidate theiraccounts.

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Payments of benefits to an eligible rolloverfundAn eligible rollover fund (ERF) is a special type of super fund thatcanacceptbenefits transferred fromanother super fundwithouta member’s consent. Typically an ERF has a conservativeinvestment strategy, and the administration fees chargedby thefund cannot exceed the fund’s earnings.

There are a number of circumstances where your benefitin Summit Personal Super and Summit Personal Pension maybe transferred to an ERF. One situation is if your account valuefalls belowtheminimumrequired in the Summit Personal Super.Upon transfer to an ERFwewill issue youwith an exit statementand the ERF will write to you to advise that it has received yourbenefit and will provide the options available to you.

Wemay also pay your benefit to an ERF if we lose contact withyou and, after a reasonable time, we are unable to locate you.

Once your benefit is transferred into an ERF, you will no longerhave access to your Summit Personal Super accountand/or Summit Personal Pension account you may haveotherwise had access to.

The ERF for Summit Super and Pension is:

AMP Eligible Rollover FundPO Box 300PARRAMATTA NSW 2124Phone: 131 267Fax: 1300 301 267

Further informationFor further information on any of the following topics, referto section 7 of the Additional information booklet availableon North Online:– family law and superannuation– supply of member information to the ATO– the Trust Deed– relationship between the trustee and some companies

in which the Fund will invest– relationship between the trustee and some service

providers– direct debit service agreement– temporary residents leaving Australia.

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Contact us1800 667 841phonenorthonline.com.au/summitwebnorth@amp.com.auemailNorth Service CentremailGPO Box 2915MELBOURNE VIC 3001

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