STATEMENT DISCLOSURE PRODUCT KINETIC SUPER

Transcription

1 KINETIC SUPER PRODUCT DISCLOSURE STATEMENT 1 July 2017

2 KINETIC SUPER PRODUCT DISCLOSURE STATEMENT 1 JULY 2017 CONTENTS 1. About Kinetic Super 2 2. How super works 3 3. Benefits of investing 4 with Kinetic Super 4. Risks of super 6 5. How we invest your money 6 6. Fees and costs 8 7. How super is taxed Insurance in your super How to open an account 15 Phone am to 8.00pm (AEST) weekdays Address Kinetic Super Locked Bag 5091 Parramatta NSW 2124 Fax Website kineticsuper.com.au info@kineticsuper.com.au ABN Unique Superannuation Number (USI) PSL0001AU Things you should know: This Product Disclosure Statement (PDS) is a summary of significant information about Kinetic Super s accumulation product. Within this PDS are references to more information that is important to understand. This important information is called Incorporated Information and forms part of this PDS. You should consider both this PDS and the Incorporated Information before making a decision about the product. The information provided in this PDS is general information only and doesn t take into account your personal financial situation or needs. You should obtain financial advice tailored to your personal circumstances. Information contained in this PDS is up-to-date at the time of preparation but may change from time to time. When a change is not materially adverse, it will be updated and published on the Kinetic Super website at kineticsuper.com.au. You can obtain this PDS and the Incorporated Information, as well as any updates relating to changes that are not materially adverse, by visiting kineticsuper.com.au or if you would like a paper copy or an electronic copy free of charge please contact us on Prepared and issued by Kinetic Superannuation Ltd ( Trustee ) (ABN AFSL RSE L ) as Trustee for Kinetic Superannuation Fund ( Kinetic Super or Fund ) (ABN RSE R ) which includes Kinetic Smart Pension. This Product Disclosure Statement relates only to Kinetic Super s accumulation product. 1

3 1. ABOUT KINETIC SUPER Kinetic Super is the industry fund that s passionate about keeping people connected to their super because we know things change. Wherever you work, whatever you do, we can help you take control of your super at every stage of your life and career. For over 20 years, we ve worked throughout Australia across various industry sectors. Today we manage over $3 billion in retirement savings and operate for the benefit of over 250,000 members. We re committed to providing quality products for our members with low fees, a range of investments, strong long-term investment performance and great value insurance. We re the fund that challenges attitudes towards super and helps people bring the same energy and control they have for their life, to their super. We re the super that moves with you. A super solution for your employees Kinetic Super offers an accumulation product for employers seeking a simple superannuation solution for employees who haven t nominated a fund or for individuals who want to participate in Kinetic Super. Membership types You can become a member of Kinetic Super s accumulation product as: An Employer Sponsored member employees nominated by their employer to be a member or who have employer contributions made to their Kinetic Super account because they have exercised Choice of Fund through their employer. A Personal member individuals who are not employer sponsored members, including the self employed. MySuper authorised Kinetic Super includes an authorised MySuper product (invested in the Growth investment option) as well as a range of other investment options (asset class options and pre-mixed options) and can accept all Superannuation Guarantee (SG) contributions from employers. Trust Deed The Fund is governed by a Trust Deed (as amended from time to time) which sets out the rights of members and beneficiaries, and the duties and responsibilities of the Trustee. Service providers The Trustee of the Fund, Kinetic Superannuation Ltd, has engaged a number of service providers to assist with the management, operation and administration of the Fund including an administrator, custodian and asset consultant. Insurance benefits are underwritten by an insurance company (Insurer). For more information about who we are and how we operate, visit the Kinetic Super website. More information You can find more information about the Trustee, executive information, the MySuper dashboard (and other dashboards as they become available) and other documents or information required under superannuation law such as PDSs, Financial Services Guide (FSG), the Trust Deed and board attendance records in the About us section on the Kinetic Super website. 2

4 2. HOW SUPER WORKS Super is a long-term investment Super is a means of saving for your retirement. You build up super while you re working to help ensure you can have a comfortable retirement. Australia has a compulsory system of superannuation, which means the money for your retirement comes mostly from compulsory super contributions (known as Superannuation Guarantee or SG contributions) that your employer pays into your super fund. By law, most employers have to pay a certain percentage of your Ordinary Time Earnings (OTE) to a super fund nominated by you, or your employer s default fund, if you don t choose a fund. Super receives special tax treatment and is a tax-effective way of saving for retirement. You ll find more information about tax in the How super is taxed section of this PDS. The rate of SG contributions payable by employers is set by government legislation. You ll find more information about SG contributions at ato.gov.au. Boost your super You can make different types of contributions to your super: Salary sacrifice money contributed into your super via an arrangement with your employer to make a deduction from your gross (before-tax) pay. Voluntary member contributions money contributed by you or via your employer, deducted from your net (after-tax) pay. Depending on your level of income, by making voluntary after-tax contributions you may be eligible for a government co-contribution. Alternatively, you may be able to claim a tax deduction for personal contributions you make into your super. Spouse contributions money paid by your spouse into your account which may provide your spouse with a tax offset. There are government limitations on contributions to super. From 1 July 2017, the amount of total super savings you have may affect the contributions that can be made for you or the tax you pay. You ll find more information about limits or caps at ato.gov.au. Choice of fund Generally, you have the right to choose the super fund into which your employer pays your SG contributions known as Choice of Fund. Contact your employer to check whether you re eligible to choose a fund. If you don t nominate a fund, your employer will pay your super to its chosen default super fund. To nominate Kinetic Super as your fund of choice, you can complete the Choice of super fund form available on the Kinetic Super website or request a copy by calling and hand it to your employer or payroll. Accessing your super Super is designed to support you later in life but there may be other circumstances in which you can access your money. There are government limitations on when you can access your super (called conditions of release ). Depending on the condition of release you satisfy, you can access your super as a lump sum and/or pension. From 1 July 2017, limits apply to the amount you can take as a pension with tax-free investment earnings. 3

5 There are certain circumstances in which your super may be transferred without your consent to: an eligible rollover fund (ERF) the Australian Taxation Office (ATO) as lost or unclaimed super. You ll find more information and definitions about lost or unclaimed super at ato.gov.au. General information about super is available at moneysmart.gov.au. More information You should read the information about contributions, preservation and the circumstances in which benefits can be paid out of Kinetic Super in the Kinetic Super Contributions, Features and Benefits Incorporated Information. You should read this before making a decision. Go to kineticsuper.com.au to view or download the Incorporated Information, or call us on The material relating to contributions, preservation and benefit payments may change between the time you read this PDS and the day you acquire this product. 3. BENEFITS OF INVESTING WITH KINETIC SUPER Kinetic Super offers an accumulation product. This means any contributions or other amounts paid into your account grow over time along with any investment returns (which may be positive or negative) less any fees, costs or other charges (e.g. insurance fees and taxes). Benefits of being a member As a Kinetic Super member you can: choose from eight investment options (including the Growth (MySuper) option) change investment options with no switching fees (buy/sell spreads may apply) contribute via BPAY or direct debit access your account anywhere and anytime via Member Online Services or our member app make a binding death benefit nomination access automatic insurance cover and special insurance offers if you re eligible The Trustee has a Privacy Policy to protect your personal information access general advice relating to super and intra-fund personal advice in relation to your Kinetic Super account from dedicated Member Education & Advice Consultants at no additional cost (any advice you receive from Member Education & Advice Consultants is provided by and is the responsibility of a third party not the Trustee). 4

6 Personalise your super Kinetic Super allows you to personalise your super to meet your specific needs with the following features: Choice of how your super is invested you can choose from eight investment options. The Growth option forms part of Kinetic Super s authorised MySuper product. Choose one option or a mix of several options. Refer to part five of the PDS for more information. Flexible insurance cover we offer Death, Total & Permanent Disablement (TPD) and Income Protection insurance cover. Eligible Employer Sponsored members will receive automatic Death & TPD insurance cover. Refer to part eight of the PDS for more information about insurance. More information You should read the information about the significant features and benefits in the Kinetic Super Contributions, Features and Benefits Incorporated Information. You should read this before making a decision. Go to kineticsuper.com.au to view or download the Incorporated Information, or call us on The material relating to significant features and benefits may change between the time you read this PDS and the day you acquire this product. Choice of beneficiary nominations you have the option to make binding or non-binding beneficiary nominations. A pension product you can convert your super savings in Kinetic Super to a pension in certain circumstances. Kinetic Super offers an account-based pension for members who have finished work on or after reaching their preservation age (or are otherwise able to access their super in cash) with tax-free investment earnings and a transition-to-retirement pension for eligible members who have reached their preservation age but not fully finished work (investment earnings are not tax-free). Kinetic Smart Pension is not covered in this PDS. Visit kineticsuper.com.au to view or download the PDS or call us on You should consider the Kinetic Smart Pension PDS before deciding whether to acquire a pension product from the Fund. 5

7 4. RISKS OF SUPER What you should know All investments carry risk. Different investment options may carry different levels of risk depending on the assets of each investment option. Assets with the highest expected long-term returns (such as shares and property) may also carry the highest level of short-term risk. The significant risks associated with Kinetic Super investment options include inflation risk, risks associated with underlying individual investments, general market risk, interest-rate risk, currency risk and derivatives risk. These risks will vary depending on the investment option and its underlying assets. Other general risks The value of your investment will vary. The level of returns will vary and future returns may differ from past returns. Returns aren t guaranteed and you may lose some of your money. Super laws may change in the future. The amount of your future super savings (including contributions and investment returns) may not be enough to provide adequately for your retirement needs. The level of risk for you will vary depending on a range of factors including your age, investment time frame, where you ve invested your other money and your risk tolerance. Part five of this PDS outlines the risk profile of the Growth (MySuper) investment option. More information You should read the information about risks, including the risk profile of each investment option in the Kinetic Super Risks Incorporated Information. You should read this before making a decision. Go to kineticsuper.com.au to view or download the Incorporated Information, or call us on The material relating to risks may change between the time you read this PDS and the day you acquire this product. 5. HOW WE INVEST YOUR MONEY You should consider the likely investment return, the risk and your investment time frame when choosing a MySuper product or an investment option. Kinetic Super offers the following investment options to accumulation members: Pre-mixed options Growth (MySuper) Aggressive Moderate Asset class options Australian Shares Overseas Shares Property Bonds Cash You can choose to invest your super in any one or a combination of options. You can also choose to invest your current account balance and future contributions in different ways. If you don t make an investment choice, we will invest your super in Growth (MySuper) which is the default investment option. Insurance proceeds received by the Fund will be invested in the Cash option. 6

8 This information reflects the manner in which objectives and strategies have been formulated by the Trustee pursuant to superannuation law and discretionary powers under the Trust Deed. Growth (MySuper) (default option) Suitability Investment return objective Strategic asset allocation (benchmark) Strategic asset allocation (ranges) This may include both overseas and Australian assets. Minimum suggested investment time frame Risk band 6 Risk level Estimated number of negative annual returns over any 20-year period This option is generally suitable for members with a medium-term investment time frame prepared to accept potentially modest to material fluctuations in asset values over shorter time periods. It is also the default option in which members who don t exercise an investment choice will be invested. Members may elect to make an investment choice at a later stage. To achieve a return (net of fees and taxes) of at least 3% per year above the Consumer Price Index over rolling five-year periods. We have also formulated a return target for the Growth (MySuper) option in accordance with legislative requirements. The return target is shown in the product dashboard which you can view on the Kinetic Super website. Shares 55% Property 13% Private capital 8% Bonds 24% Cash and cash-like assets* 0% Shares 35% to 75% Property 3% to 23% Private capital 0% to 18% Bonds 14% to 34% Cash and cash-like assets* 0% to 10% 5 years High 4 to less than 6 * Includes term deposits, commercial paper and floating rate notes. You can switch investment options at any time by filling in the Investment choice form or by logging in to your online account at kineticsuper.com.au and making your investment choice online. There is no switching fee, however buy/sell spreads may apply. More information You should read the information about investments including details of all investment options, how to switch investment options and the extent to which labour standards or environmental, social or ethical considerations are taken into account in the Kinetic Super Investments Incorporated Information. You should read this before making a decision. Go to kineticsuper.com.au to view or download the Incorporated Information, or call us on The material relating to investments may change between the time you read this PDS and the day you acquire this product. 7

9 8 6. FEES AND COSTS Did you know? Small differences in both investment performance and fees and costs can have a substantial impact on your long-term returns. For example, total annual fees and costs of 2% of your account balance rather than 1% could reduce your final return by up to 20% over a 30-year period (for example, reduce it from $100,000 to $80,000). You should consider whether features such as superior investment performance or the provision of better member services justify higher fees and costs. You or your employer, as applicable, may be able to negotiate to pay lower fees. Ask the Fund or your financial adviser. To find out more If you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities and Investments Commission (ASIC) website moneysmart.gov.au has a superannuation fee calculator to help you check out different fee options. Fees and costs may be paid directly from your account or may be deducted from investment returns or Fund assets. You can use the fees and costs information below to compare costs between different super products. The fees and costs are the same for all investment options, except for indirect costs which vary depending on the investment option s underlying investment costs. Fees and costs for the Growth (MySuper) option are summarised below. MySuper product (Growth option) Type of fee Amount How and when paid Investment fee Nil Not applicable, however indirect investment costs, included in the indirect cost ratio, apply Administration fee $80.60 p.a. ($1.55 per week) % of assets p.a. (capped at $500 p.a.) Buy/sell spread Buy spread: 0.11% Sell spread: 0.11% Switching fee Nil Not applicable Deducted from your account monthly or on the date your account is closed (on a pro-rata basis) Deducted before unit prices are declared (usually weekly) Exit fee $50 Deducted from your account for each withdrawal or if your account is closed Advice fees relating to all members investing in a particular MySuper product or investment option Other fees and costs 1 Indirect cost ratio (ICR) 2 Nil Depends on the activity or insurance relevant to your account Estimated 0.48% of assets p.a. Not applicable, however fees relating to the provision of financial product advice are included in the administration fees Deducted from your account, where applicable Deducted before gross earnings of the option are received by the Fund and taken into account in the calculation of unit prices

10 1 Other fees and costs may apply, such as activity fees or insurance fees. You ll find more information in the Kinetic Super Fees and Costs Incorporated Information. 2 ICR includes estimated performance related fees and is subject to change from time to time. The ICR is calculated based on available information from underlying managers, taking into account the Fund s experience for the year ending 30 June 2016, the Fund s experience for the 6 months to 31 December 2016 and the Fund s investment portfolio as at 31 December 2016 (as the experience for the year to 30 June 2016 alone does not provide a reasonable estimate of the ICR). Note: The above table shows fees charged to members for the investment option. Some expenses may also be paid from Fund reserves. See the Kinetic Super Fees and Costs Incorporated Information for more details. Example of annual fees and costs This table gives an example of how the fees and costs for the Growth (MySuper) option for this superannuation product can affect your superannuation investment over a one-year period. You should use this table to compare this super product with other super products. EXAMPLE - Growth (MySuper) option BALANCE OF $50,000 Investment fees 0.0% For every $50,000 you have in the MySuper product you ll be charged $0 each year. PLUS Administration fees PLUS Indirect costs for the superannuation product EQUALS Cost of product $80.60 p.a. ($1.55 per week) % p.a. (capped at $500 p.a.) And, you ll be charged $80.60 in administration fees each year regardless of your balance plus $ based on a percentage of assets. 0.48% p.a. And, indirect costs of $ each year will be deducted from your investment. If your balance was $50,000, then for that year you ll be charged fees of $ for the superannuation product. Note: Additional fees may apply. And, if you leave the superannuation entity (or receive a payment), you will be charged an exit fee of $50 and a buy/sell spread which also applies whenever you make a contribution, exit, rollover or investment switch. The buy/sell spread for exiting is 0.11% (this will equal to $55 for every $50,000 you withdraw). Note: Defined fees shown in the above tables can be found in the Kinetic Super Fees and Costs Incorporated Information available from kineticsuper.com.au. What you should know The Trustee can change the amount of fees without your consent. Any material increases in fees will be notified at least 30 days in advance where required. Estimated fees or costs may vary from year to year depending on the experience of Kinetic Super and its underlying investments. You should read the information about the fees and costs including defined fees and fees and costs applicable to all investment options in the Kinetic Super Fees and Costs Incorporated Information. You should read this before making a decision. Go to kineticsuper.com.au to view or download the Incorporated Information, or call us on The material relating to fees and costs may change between the time you read this PDS and the day you acquire this product. 9

11 7. HOW SUPER IS TAXED 10 Taxes may apply to your super contributions, investment returns and withdrawals. Generally, however, any taxes are at concessional rates. Taxation rules are subject to change and your personal circumstances. For example, different tax treatment applies where we don t hold your Tax File Number (TFN) or you are a former temporary resident. Contributions Concessional contributions (e.g. employer contributions including salary sacrificed amounts and deductible member contributions made by eligible persons) are usually subject to a tax rate of up to 15% provided we hold your TFN. Non- concessional contributions (e.g. non- deductible member contributions) are not usually subject to tax. If you are a high income earner the tax rate on concessional contributions can be 30%. If your concessional contributions and non- concessional contributions in a financial year exceed government contribution limits, additional (much higher) taxes may apply to the amount of contributions in excess of the contribution limits (excess contributions). Note: from 1 July 2017, the limits (and tax) applicable to you will be affected by the amount of total super savings you have in the Australian super system. We usually deduct contributions tax at the maximum rate of 15% from member accounts monthly and pay tax to the ATO (at regular intervals) as required. Any difference between the tax we deduct from accounts and the tax we subsequently pay to the ATO is retained in the Fund reserve. You (or we) may also be required to pay additional tax relating to excess contributions to the ATO from your super if the excess contributions are retained in the Fund or as otherwise required by the ATO. In some circumstances you may be able to obtain a refund of excess concessional or non-concessional contributions. Any refund may also attract additional tax. You ll find more information about the rules relating to tax rates, excess contributions tax and refunds at ato.gov.au. Other payments into super Other payments that can be paid into super include amounts arising from personal injury settlement amounts and the proceeds from the sale of a small business. The rules relating to these payments are complex and there may be taxation implications for you. Taxes may apply to transfers of super into your account from an untaxed source (e.g. certain public sector schemes and other amounts paid into the Fund such as certain elements of foreign pension transfers). You ll find more information at ato.gov.au. We recommend you seek advice from a licensed or authorised adviser about these types of payments. Investment returns Investment earnings are usually subject to a tax rate of up to 15%, however the effective tax rate may be less due to tax credits or other rebates the Fund receives in respect of investment income tax. This tax is taken into account in the calculation of the Fund s unit prices for accumulation accounts. Withdrawals If you are under age 60 but have reached your preservation age, the taxable component of lump sum super payments is usually taxed at a maximum rate of 15% (plus the Medicare levy). A tax-free threshold, which usually increases from year to year, applies. Any tax is usually deducted from the lump sum before it is paid. Lump sum benefits paid on or after age 60, death benefits paid to eligible dependants and terminal illness benefits are generally tax free. Different tax rules apply to benefits paid in the form of a pension (depending on the type of pension you receive). Generally, transfers to another super fund don t incur tax.

12 Income protection insurance payments are usually subject to tax based on the recipient s marginal tax rate. Tax relating to withdrawals or benefits is usually deducted prior to any payment being made. The Medicare levy will generally be applied. Refer to the ATO if you re exempt from paying the Medicare levy. The Trustee has broad power under the Trust Deed to manage any tax liabilities incurred by Kinetic Super or in respect of members or contributions. We may take whatever action we consider necessary or appropriate to calculate, pay, deduct or take account of any tax. We manage the Fund s contribution tax liabilities by deducting tax at the maximum applicable rate, and apply the benefit from any tax deductions received in the manner set out in the Kinetic Super Fees and Costs Incorporated Information available from kineticsuper.com.au. You ll find more information about tax at ato.gov.au. You should obtain taxation advice that takes into account your personal circumstances from your taxation adviser. You should provide your TFN when acquiring this product. If your account was established by your employer, your employer will usually provide your TFN to the Fund. If the Fund doesn t hold your TFN, higher tax will apply to your concessional contributions, we won t be able to accept after-tax member contributions from you, the tax on super benefits paid to you may be higher and it may be more difficult to locate any lost super or to consolidate your super. 8. INSURANCE IN YOUR SUPER Kinetic Super offers insurance that changes (or can be changed) according to your circumstances, helping find a balance between what our members need and what they can afford at different times in their lives. For new members receiving this PDS from 1 March 2017 the insurance we offer includes: Starter Pack If you are an eligible Employer Sponsored member (see page 2 for an explanation of this), you ll automatically receive Death & TPD insurance cover when you join the Fund. We call this our Starter Pack cover. The level of cover you will receive with our Starter Pack is shown on page 12. Booster Pack If you automatically received our Starter Pack insurance cover when you joined Kinetic Super, you ll be upgraded to 6 units of Death and TPD cover when your balance reaches $3,000 or more before the last Friday in a month (with effect from that last Friday) except in certain circumstances such as where you have reduced your cover. We call this our Booster Pack cover. Additional costs and conditions (including eligibility criteria) apply. Personalised Cover You can apply for additional units of Death & TPD cover to meet your needs at any time. An additional cost will apply. You will be asked to provide further health evidence depending on your circumstances. Income Protection cover This cover that provides you with a regular income if you re unable to work as a result of illness or injury. You can apply for this cover at any time. Additional costs and eligibility criteria apply. Eligibility To be eligible to receive Starter Pack Cover, you must satisfy certain criteria including: you re an Employer Sponsored member an initial contribution from your employer is received by the Fund within 180 days from the date you commenced work (if known) or the beginning of the period to which your employer s contribution relates (whichever is the later date) you haven t previously opted out of cover or had cover lapse, and you re aged less than

13 If you re not eligible for Starter Pack cover, you can still apply for cover. In some circumstances Starter Pack cover (and any upgrade to the Booster Pack cover) will be for death only. To apply, visit kineticsuper.com.au, log into your online account, select Insurance Details and hit the link to apply. Alternatively, you can fill in the Insurance application and personal statement form available at kineticsuper.com.au. The Insurer may ask you to provide further health evidence when assessing your application. Limited Cover applies in certain circumstances including if you re not actively employed on the date Starter Pack cover commences or when cover is upgraded to the Booster Pack. You ll find more information in the Kinetic Super Insurance Incorporated Information. Commencement of cover Starter Pack Cover generally commences when you join your employer provided a contribution is received by the Fund within 180 days from the date you commenced work. If you re eligible for Starter Pack Cover (for Death & TPD), the cost of that cover will, unless you cancel it, be deducted from your account. Personalised Cover commences only after the Insurer has assessed and accepted your application. Income Protection Cover will commence on either: the day your application form is received, provided your application is made within the Insurer s specified limits and terms; or once it is assessed and accepted by the Insurer. You ll find more information in the Kinetic Super Insurance Incorporated Information. Cost of cover The cost of any Death & TPD Cover (including Starter Pack Cover) you may have depends on the number of units of cover, your age at your next birthday and Occupational Category. The cost of any voluntary Income Protection cover you obtain depends on the amount and nature of the benefit (i.e. the waiting period and benefit payment period you elect) as well as your Occupational Category. Occupational Categories White Collar where the duties of your occupation are limited to professional, managerial, administrative, clerical, secretarial or similar White Collar natured tasks that don t involve manual work and are undertaken entirely within an office environment (excluding reasonable travel time from one office environment to another). Standard where you don t meet the criteria of what is considered White Collar or we don t know the duties of your occupation when you receive cover. All new members are classed as Standard and will remain so until we receive notification from you to confirm your occupation enables you to receive White Collar rates and the Insurer accepts your status. Amount and cost of Starter Pack cover Age next Birthday Death Cover TPD Cover Total Weekly cost White Collar Total Weekly cost Standard $8,500 $29,600 $0.06 $ $53,000 $39,800 $0.30 $ $60,000 $55,500 $0.58 $ $55,800 $60,300 $0.69 $ $60,800 $54,900 $1.07 $ $29,500 $46,600 $1.12 $ $27,000 $37,300 $1.28 $ $22,500 $24,400 $1.26 $ $15,500 $14,600 $1.14 $ $6,300 $4,200 $0.60 $ $1,600 $1,000 $0.15 $

14 There are costs associated with any insurance cover provided to you. Any insurance fees will be payable by you by being deducted directly from your account monthly in arrears and paid to the insurer. The amount of cover provided with any additional units of Death & TPD Cover depends on how many units you apply for and your age, as set out in the Kinetic Super Insurance Incorporated Information. The amount of Income Protection Cover depends on the amount you choose and your income. You can only be paid an insured amount if you satisfy the relevant criteria in the insurance policy and the payment is permitted under the Trust Deed and super legislation. Applying for Personalised Cover or Income Protection Cover Everyone s situation is different. Depending on your circumstances, you may need more or additional types of cover to help relieve the burden you and your family may potentially face when you die, become totally and permanently disabled or if you re unable to work as a result of illness or injury. To apply for or personalised your cover, visit kineticsuper.com.au, log in to your online account, select Insurance Details and hit the link to apply. Alternatively, you can fill in the Insurance application and personal statement form available at kineticsuper.com.au. Reduce, cancel or change your cover at any time Action Form Online Reduce you have the option to reduce the number of units you hold in each type of cover including Income Protection Cover. Cancel you can cancel all or some types of cover you may have at any time. You cannot have TPD Cover if you cancel your Death Cover. Increase/change increase units of Death & TPD cover or change your cover including applying for Income Protection Cover. Complete the Insurance application and personal statement form Complete the Insurance cancellation form Complete the Insurance application and personal statement form Visit kineticsuper.com.au, log in to your online account, select Insurance Details and hit the link to apply Not available Visit kineticsuper.com.au, log in to your online account, select Insurance Details and hit the link to apply All forms listed above are available at kineticsuper.com.au or by calling

15 Special offers One of the benefits of being a Kinetic Super member is the ability to take advantage of our special offers, which include: New Member Insurance Offer a range of offers are available to new eligible employer-sponsored members including applying for additional Death & TPD cover or Income Protection cover without having to provide full health evidence. Insurance transfer if you have Death, TPD or Income Protection insurance cover outside of Kinetic Super you can apply to transfer an amount of cover equivalent to the level of cover you currently have with your former super fund. Life events cover increase your Death & TPD Cover (without providing health evidence) within 120 days of a life event occurring (i.e. birth of a child, marriage or divorce, initial mortgage of your primary residence etc.). Maintain existing cover where you have applied and been accepted for Personalised Cover or transferred insurance and your cover is due to reduce because of your age, you may apply to increase the number of units to maintain an equivalent level of cover, without the need for further health evidence. This must be done before the cover actually reduces. Conditions and eligibility criteria apply for all the special offers mentioned above and are subject to the Insurer s approval. Please refer to the Kinetic Super Insurance Incorporated Information or contact us for more information. When cover stops Your insurance cover will stop in certain circumstances such as: if you have insufficient funds in your account to cover the cost of your insurance when you reach the cover expiry age if you are an Employer Sponsored member, your balance is below $6,000 and we haven t received a contribution via an employer for 10 months or more. Other restrictions and exclusions also apply. You ll find more information in the Kinetic Super Insurance Incorporated Information. More information You should read the information about insurance including when cover starts and ends, eligibility criteria for commencement of cover and payment of insured benefits, the level and types of cover available, premium costs, exclusions and other important terms and conditions in the Kinetic Super Insurance Incorporated Information. You shouldread this before making a decision. Go to kineticsuper.com.au to view or download the Incorporated Information, or call us on The material relating to insurance may change between the time you read this PDS and the day you acquire this product. Insurance terms and conditions (in particular, eligibility conditions, cancellation terms, as well as other exclusions) may affect your entitlement to insurance cover and/or the payment of insured benefits. You should read the Kinetic Super Insurance Incorporated Information before deciding whether the insurance is appropriate for you. The terms and conditions in the insurance policy are subject to change from time to time. 14

16 9. HOW TO OPEN AN ACCOUNT Becoming a Kinetic Super member Your employer may have established an account for you with Kinetic Super or you can join yourself. If your employer hasn t established an account for you, you can join: Online 1. Read this PDS and the Incorporated Information 2. Visit the website and select Become a member 3. Once your completed application is accepted by us, you ll receive an confirming your membership number. Form 1. Read this PDS and the Incorporated Information 2. Fill in the Member application form available on the website or call Send the completed form to: Kinetic Super Locked Bag 5091 PARRAMATTA NSW 2124 Effective date of your membership Joined via your employer the effective date of your membership depends on when contributions are received into your account but may be deemed to be an earlier date (usually the date you commenced work with your employer) for commencement of insurance cover purposes. Joined via an application or online the effective date of your membership is the date the Trustee accepts your application. Confirmation of your membership with Kinetic Super Once your account has been established, you ll receive confirmation of your membership with Kinetic Super in your Welcome mail. This will include your membership number, your Occupational Category, if you have insurance cover and your weekly insurance premiums (if eligible). It s important you check the information we have is correct. You can update your details online at any time by visiting kineticsuper.com.au and selecting Register and Member Onine Services for your online account. As a member you can choose how your super is invested, your insurance cover, types of contributions you d like to make, whether to transfer super from other funds into your Kinetic Super account and how your super is paid when you die. To tell us the choices you want to make for your super, complete the relevant form(s). If you don t fill in and return the relevant form(s), we will invest your super in the Growth (MySuper) option and, if you re eligible, you ll be provided with Starter Pack Cover. If we don t receive a contribution or payment for you, we may treat it as if your account was never opened and Starter Pack Cover never commenced. Read the Kinetic Super Incorporated Information before making any choices or other decisions. 15

17 How to become a participating employer 1. Read this PDS and the Incorporated Information 2. Visit kineticsuper.com.au and choose Join Employer Online Services 3. Once you have filled in your application, you ll receive an confirming your employer number. Once your employer account is established, we ll send you an confirming your employer number, business contact details and also your payment options. Cooling-off period members and employers If you apply for membership with Kinetic Super (that is, your employer hasn t established a Kinetic Super account for you), you have a cooling-off period in which to cancel your membership in writing within 19 days of the Fund accepting your application. A new participating employer may also cancel their account in writing within 19 days of the date in which the Fund receives the employer s initial contribution for the first employee joined to the Fund by the employer. In some circumstances, cooling off cannot be exercised. For example, if a member exercises a right or power they have. Enquiries and complaints If you have a general enquiry or want to raise a concern, you should first contact us on: Phone info@kineticsuper.com.au Address Kinetic Super Locked Bag 5091 PARRAMATTA NSW 2124 If you re not happy with our initial response, you can make a formal complaint: In writing you can complaints@kineticsuper.com.au or send your complaint via post to the above address. Make sure you attention your complaint to the Complaints Officer. Although you are not required to submit your complaint in writing, we encourage you to as it allows us to address the issue faster. Via form you can also complete the Complaint registration form available at kineticsuper.com.au on request and either post, fax or it to us. Via phone call and make a verbal complaint. More information You should read information about opening an account, cooling-off and complaints handling in the Kinetic Super Contributions, Features and Benefits Incorporated Information. You should read this before making a decision. Go to kineticsuper.com.au to view or download the Incorporated Information, or call us on The material relating to opening an account, cooling-off and complaints handling may change between the time you read this PDS and the day you acquire this product. 16

18 Kinetic Super Locked Bag 5091 Parramatta NSW 2124 T E info@kineticsuper.com.au kineticsuper.com.au Ratings and awards are just one factor to consider when choosing a super fund. See kineticsuper.com.au/super/ join-us/awards for more information. Chant West has given its consent to the inclusion in this PDS of the logos and ratings provided by Chant West in the form and context in which they are included. For further information about the methodology used by Chant West, see SuperRatings does not issue, sell, guarantee or underwrite this product. Go to for details of its ratings criteria. KS/PDS /17 ISS11