GROSVENOR PIRIE SUPER PENSION PRODUCT PRODUCT DISCLOSURE STATEMENT Issued Date 30 September2017

Transcription

1 f GROSVENOR PIRIE SUPER PENSION PRODUCT PRODUCT DISCLOSURE STATEMENT Issued Date 30 September2017 This is the Prduct Disclsure Statement (PDS) fr pensin prducts ffered frm Grsvenr Pirie Super, a sub plan f the Grsvenr Pirie Master Superannuatin Fund Series 2 ABN: Registratin Number: R FUND S CONTACT DETAILS: Telephne (02) inf@gpml.cm.au Mail GPO Bx 263, Sydney NSW 2001 Website Trustee and Issuer: Diversa Trustees Limited ABN: RSE Licence N.: L AFSL: GPO Bx 3001 Melburne VIC 3001 Investment Manager & Prmter : Grsvenr Pirie Management Limited ABN: AFSL: GPO Bx 263 Sydney NSW 2001 Tel: inf@gpml.cm.au Imprtant: Issued by Diversa Trustees Limited (ABN , AFSL , RSE Licence L ), as trustee f Grsvenr Pirie Master Superannuatin Fund Series 2, ABN: (the Fund ). The infrmatin in this Prduct Disclsure Statement (PDS) is up t date at the time f issue. Hwever, infrmatin in this PDS is subject t change frm time t time. The Trustee reserves the right t update infrmatin that is nt materially adverse at any time. Updated infrmatin can be btained frm the Fund website r by calling us n Yu may request a paper cpy f this PDS and any updated infrmatin at any time and we will prvide this t yu within 8 business days, free f charge. The PDS is a summary f the significant infrmatin which yu need t cnsider befre making a decisin abut the Grsvenr Pirie Super. This PDS is an imprtant dcument which describes the main features f the superannuatin prduct that is being ffered. The infrmatin in this dcument is f a general nature nly. It des nt take int accunt yur individual bjectives, financial situatin r needs. Therefre yu shuld cnsider whether this infrmatin is apprpriate fr yu having regard t yur wn circumstances befre relying n it. We recmmend yu seek advice frm a licensed financial adviser befre making any decisins abut this prduct.

2 Imprtant ntice IMPORTANT NOTICE This PDS describes the main features f the pensin prducts ffered frm Grsvenr Pirie Super. This PDS shuld be read befre making a decisin t acquire a pensin frm the Fund. It will help yu t: decide whether this prduct will meet yur needs; and cmpare this prduct with thers yu may be cnsidering. The infrmatin prvided in the PDS is f a general nature nly. It des nt take int accunt yur individual bjectives, financial situatin r needs. Because f that, yu shuld cnsider the apprpriateness f this prduct having regard t yur bjectives, financial situatin and needs, and we recmmend yu seek advice frm an apprpriately qualified financial adviser befre investing. Due t the level f investment returns earned by the Fund s investment ptins and the Fund s fees and csts, yu may get back less than yu paid in if yu leave the Fund r an investment ptin. If yu wuld like t btain further infrmatin abut the Fund please phne Grsvenr Pirie n between the hurs f 9:00am t 5:00pm Mnday t Friday (Sydney Time). Alternatively, yu may send an message: inf@gpml.cm.au r visit the website: We are bliged t give yu further infrmatin which is publicly available and might reasnably influence yur decisin whether t acquire this prduct. We will tell yu if there is a charge t prvide yu with this further infrmatin. The Fund ffers a 14-day cling-ff perid in sme circumstances. (Refer page 20 fr further details). The Trustee has a cmplaints / dispute reslutin prcedure in place fr Fund members. (Refer page 21 fr further details). This PDS des nt cnstitute and shuld nt be cnstrued as an ffer, invitatin r recmmendatin by the Trustee r ther related cmpanies in any state, cuntry r jurisdictin (ther than Australia) where such ffer, invitatin r recmmendatin may nt be lawfully made. Applicatins frm utside Australia will nt be accepted. T access infrmatin regarding Trustee details and plicies that a trustee must make available n the Fund s website, please visit: Members wh acquire a Grsvenr Pirie Super Pensin Prduct will be invested in the Fund s GPML Accunt Based Pensin Investment Strategy. UP TO DATE INFORMATION If there is any change t the infrmatin in this PDS that is nt materially adverse, rather than reissuing this PDS, updates will be displayed n the Funds website. Up t date infrmatin that may be available frm the Fund s website frm time t time includes infrmatin abut returns, asset allcatins and changes t superannuatin legislatin. Paper cpies f any updates may be requested free f charge by calling the Fund n: r alternatively by sending a written request t: Grsvenr Pirie Management Limited, GPO Bx 263, Sydney NSW 2001 r inf@gpml.cm.au. DISCLAIMER - TRUSTEE Neither the Trustee nr any service prvider t the Fund can guarantee the perfrmance f the Fund, the repayment f capital r any particular rate f return frm the Fund. Investment in the Fund is subject t investment risk, including pssible delays in pensin payments r repayment upn withdrawal and lss f capital r incme. Yu shuld read this dcument in full befre making a decisin t acquire the prduct. The Trustee s related entities d nt guarantee r have any liability in cnnectin with the perfrmance by the Trustee f its bligatins under this PDS. The Trustee reserves the right t amend the terms and cnditins f the Fund in accrdance with the prvisins f the Trust Deed and superannuatin law including investments available frm the Fund. Superannuatin pensins are subject t pensin standards under Gvernment legislatin and in the event f any cnsistency between this PDS and any mandatry standards, the standards will prevail. The Trustee may als withdraw this PDS and clse the pensin prducts r the Fund. Where a persn has made a statement in this PDS r a statement in this PDS has been based n a statement made by a persn, that persn has cnsented t the statement being included in this PDS in the frm and cntext in which it is included, and that persn s cnsent has nt been withdrawn befre the date f this PDS.

3 CONTENTS Prduct Disclsure Statement Page 3 ~ 4 Key Infrmatin Summary Page 4 ~ 9 Accunt Based Pensins Page 10 ~ 11 Risks Page 12~ 14 Investments Page 13 ~ 17 Fees and Other csts Page 17~ 20 Taxatin Page 20 Cling ff Perid Page 21 Enquiries and Cmplaints Reslutin Additinal Fund Infrmatin Page 21 Fund structure and service prviders Page 21 ~ 22 Trust Deed Page 22 Regular Reprts n Yur Investment Page 23 Restrictins n when yu may access yur benefits Page 23 Allcatin f Earnings Plicy Page 23 Death Benefit Nminatin (Dependants / Interdependency) Page 23 Splitting f Superannuatin Benefits Upn Relatinship Breakdwn Page 24 ~ 24 Privacy Page 24 ~ 25 Glssary Page 25 Instructins fr Cmpleting the Applicatin Frms Page 26 Other Frms (Optinal) - Page 2 -

4 Abut Grsvenr Pirie Super Benefits f the Fund s Pensin Prducts KEY INFORMATION SUMMARY Grsvenr Pirie Super is a sub plan f the Grsvenr Pirie Master Superannuatin Fund Series 2. The Fund is gverned by a trust deed which sets ut the rights f members and beneficiaries, and the rights, duties and respnsibilities f the Trustee. The bjectives f the Fund, in simple terms, are: T prvide secure incme with a lw risk f capital lss ver the shrt t medium term, with sme capital grwth ver the lng term. That includes a bias twards Australian assets and an active asset allcatin and security selectin The Fund prvides pensin prducts that are designed t prvide a simple and affrdable way fr yu t prvide fr yur retirement. Taxatin benefits in, r withdrawing frm, an Accunt Based Pensin. (Refer t pages 4 ~ 9). Pensins receive cncessinal tax treatment. While yur mney is invested Net investment incme n pensin assets and capital gains are nt subject t tax. Regular Pensin Payments If yu are aged 60 r mre payments are tax free if paid frm a taxed surce. When yu leave the Prduct r Fund Lump sum withdrawals that are nt rlled ver int anther superannuatin fund may be subject t lump sum tax unless yu are aged 60 r mre (in which case benefits are tax free if paid frm a taxed surce). (Refer t pages 17 ~ 20). Risks There is always a level f risk assciated with investing because different asset classes (shares, prperty, fixed interest and cash) tend t perfrm differently ver different perids. Returns frm Fund investments will vary. Investments in the Fund are nt guaranteed and may rise and fall in value. (Refer t pages 10 ~11) Investment strategy The investment strategy applicable t an Accunt Based Pensin is: GPML Accunt Based Pensin Strategy Refer t pages 12 ~ 14 fr mre infrmatin abut the investments. Types f Pensin Prducts available frm the Fund The Fund ffers ne pensin prduct: Standard Accunt Based Pensins Prviding yu meet certain eligibility cnditins fr cmmencement f a pensin, yu can start a pensin with superannuatin savings accumulated within the Fund and/r frm ther surces. Yu can have mre than ne pensin in the Fund. Benefits Yur pensin accunt is made up f yur initial investment amunt, plus investment earnings, if any, less any fees and csts, and withdrawals. (Refer t page 23) Restrictins n access t benefits and withdrawals Minimum Initial investment Fees and Other Csts $20,000 Investment fee Administratin fee Buy/Sell Spread Switching fee Exit fee 0.44% p.a. $104 per year ($2 per week) Plus 1.11% p.a. 0.03% buy, 0.03% sell. Nil $85 (GST nt applicable) There are n restrictins n accessing yur - Page 3 -

5 Advice fee relating t all members investing in a particular investment ptin Nil Indirect cst rati 0.03% Availability f additinal infrmatin The Trust Deed is available fr inspectin by cntacting the Trustee at the cntact details n the frnt page f this PDS. A cpy can als be accessed nline at Cling-ff perid Cnfirmatin f transactins Handling cmplaints Regular reprting n yur investment (Other fees and csts may apply. Refer t pages 13 ~ 17) A 14-day cling ff perid applies t yur cmmencement f an Accunt Based Pensin.(Refer t page 20) We shall cnfirm in writing the receipt f yur initial investment and the payment f any lump sum withdrawals. Yu may btain cnfirmatin f ther transactins by cntacting the Fund n We have a cmplaints handling prcedure in place. (Refer t page 21) As a member f the Fund, yu will receive the fllwing: Member infrmatin Each year, yu will receive an individual member statement that utlines yur investment as at the preceding 30 th June. The transactins that will appear n yur statement will include: balance as at previus year, net investments earnings, withdrawals, any fees and csts deducted directly frm yur accunt, any death benefit binding nminatins in place and the member balance at the end f the year. All member statements will be sent by pst unless the Administratr receives written cnsent t send yur statements by electrnic frm. Fund infrmatin Each year, yu will receive r have access t an Annual Reprt that will prvide yu with infrmatin n the management and the financial psitin f the Fund as at the preceding 30 th June. The Annual Reprt will be available frm Fund s website: unless yu request that Fund infrmatin be sent t yu (free f charge) by pst r in electrnic frm. Appinting a financial adviser Auditing Privacy Insurance Benefits Other imprtant infrmatin Glssary Applicatin frms Yu may appint a financial adviser t act n yur behalf; hwever, befre we act n any request we require yur written authrisatin. Please nte: yur nminated adviser is nt an agent r representative f the Trustee. Any financial services prvided by the adviser are agreed upn between the member and Adviser. The Trustee will nt pay any withdrawals r rllvers directly t a financial adviser; such payments will nly be made t yu r anther superannuatin fund. Each year the Financial Statements f the Fund are audited by an independent qualified auditr. The privacy f all members is very imprtant t us, and as such we have a written privacy plicy in place. (Refer t pages 24 ~ 24) Insurance benefits cannt be attached t yur pensin accunt. Hwever yu may be able t btain, r maintain, insurance cver fr Death nly, Death & Ttal and Permanent Disablement, and Incme Prtectin in an accumulatin accunt in the Fund. (Refer t page 9 fr mre infrmatin). Additinal Fund Infrmatin (Refer t pages 21 ~ 26) Glssary f terms used in this PDS and by the superannuatin industry. (Refer t pages 24 ~ 25). Applicatin Frms are available n request frm Grsvenr Pirie ACCOUNT BASED PENSIONS Imprtant: The pensin yu can draw frm yur pensin accunt in a year is subject t limits prescribed by the Gvernment. This prduct may nt prvide a pensin fr the rest f yur life. Payments will nly cntinue t be paid until the balance in yur accunt is zer. The amunt f the balance in yur accunt is determined by the amunt f yur initial investment, the investment returns earned (including any negative returns) by the Fund, the Fund s fees and csts, and hw much pensin has already been paid t yu. If yu leave the Fund r clse yur pensin accunt, the amunt that yu get back will be the balance f yur accunt less any fees, csts and tax payable. This may be - Page 4 -

6 less than that paid in. Abut Accunt Based Pensins An accunt based pensin allws yu t receive (r draw dwn) yur superannuatin benefits as a regular incme stream. If yu are under age 60, an accunt based pensin ptentially enables yu t pay less tax than yu might therwise incur. The Fund ffers standard accunt based pensins t eligible members: A standard Accunt Based Pensin fr thse wh have retired r satisfied sme ther cnditin f release which allws full access t a member s superannuatin benefits; and A standard Accunt Based Pensin prvides the retiree with cntinual access t the capital sum invested and flexibility as t the amunts drawn dwn. The retiree bears the risk that the amunt invested runs ut prir t death. This sectin f the PDS summarises the key features f accunt based pensins. Accunt Based Pensins are subject t pensin standards cntained in superannuatin legislatin which must be adhered t by the Trustee. This PDS des nt describe all f the pensin standards. If yu require any further infrmatin cntact Grsvenr Pirie. Accunt Based Pensins hw d they wrk? Accunt Based Pensins are a tax effective structure which prvide an incme stream, r pensin, in retirement. Any investment earnings (net f relevant fees and csts), which are tax exempt, are added t the pensin accunt. Pensin payments and any ther fees and csts are taken int accunt in determining yur accunt value. Yu can select the level f pensin t receive (subject t Gvernment prescribed limits), and the payments cntinue until n mnies are left in yur member accunt. It is imprtant t understand that there is n guarantee that pensin payments will cntinue fr any particular perid, r fr the rest f yur life. The length f time ver which pensin payments cntinue will depend primarily n the fllwing factrs: The amunt f yur initial investment; The amunt f pensin payments received each year; The amunt f investment earnings (which may be psitive r negative); The amunt f fees and csts applicable t yur investment r accunt; and Any lump sum withdrawals taken (where permissible). Initial Investment: A standard Accunt Based Pensin can be purchased with superannuatin benefits r payments which are unrestricted nn-preserved benefits (i.e. n satisfactin f a cnditin f release). In summary, prviding yu meet the eligibility cnditins fr the receipt f cntributins by a superannuatin fund, the Fund can accept the fllwing types f cntributins r ther amunts n yur behalf t an accumulatin accunt prir t cmmencement f yur pensin: Yur wn cntributins Cntributins frm yur emplyer Cntributins frm yur spuse, and Rllvers r transfers frm ther acceptable superannuatin prducts. Cntributins can be made by: Direct transfers frm yur emplyer s payrll system (if yur emplyer permits) Direct depsit int the Fund s bank accunt. A minimum Initial Investment f $20,000 is required t establish an accunt in the Grsvenr Pirie Super Fund s - Pensin Prduct Cntributins t yur Grsvenr Pirie Super accumulatin accunt t start a pensin can be made at any time prir t yur pensin cmmencing, subject t cntributin rules and a wrk test under superannuatin legislatin. OPENING A PENSION WITH MULTIPLE ROLLOVERS OR TRANSFERS If yu currently d nt hld an Accumulatin Accunt with Grsvenr Pirie Super, fr any applicatin t pen a pensin accunt with multiple rllvers r mre than a single transfer in frm ther superannuatin r pensin accunt(s) (i.e. additinal cntributins r rllver amunts), we will pen a temprary accunt in yur name t receive these funds. These amunts will be held in cash in yur temprary accunt until all rllvers r amunts intended fr the purchase f the pensin are received r until 30 days frm the day the temprary accunt was first pened. Please nte that by signing and submitting an applicatin frm, yu are giving cnsent t allcate any multiple rllvers and cntributins t the abve mentined temprary accunt prir t establishment f yur pensin accunt. Yur funds will nly be held in the temprary Accumulatin accunt fr a maximum f 30 days. After 30 days, all amunts in the accunt will be rlled acrss t cmmence yur new pensin accunt. If yu d nt wish t prceed with cmmencing with yur new pensin accunt, yu can nly transfer these amunts t anther cmplying superannuatin fund r will need t satisfy a cnditin f release befre these funds can be released t yu. ADDITIONAL CONTRIBUTIONS OR TRANSFERS AFTER PENSION HAS COMMENCED - Page 5 -

7 Yu cannt make further cntributins t yur pensin accunt nce it has started, s yu may wish t cnslidate yur varius superannuatin balances (including external accunt balances) n yur existing Grsvenr Pirie accumulatin accunt befre yu start yur pensin accunt. If there are any additinal cntributins r transfers received after a pensin accunt is established, thse mnies will need t be invested either int a new r existing accumulatin accunt. A new accunt based pensin can be cmmenced by recntributing yur existing Grsvenr Pirie pensin(s) and yur super int a new pensin accunt. In rder t d this, yu are required t cmplete the Rllver Frm t transfer superannuatin benefits frm anther superannuatin fund, yu must prvide rllver details fr each fund. Simply cmplete this frm and return it t Grsvenr Pirie fr prcessing. Befre clsing any ther superannuatin accunt that yu may have, yu shuld cnsider what csts yu may incur, what benefits yu may lse r any ther significant implicatins f clsing yur accunt. Fr advice that takes int accunt yur financial situatin, needs r bjectives we recmmend yu cntact an apprpriately qualified financial adviser. Generally, n tax is applied n amunts rlled ver int the Fund, r transferred frm yur accumulatin accunt in the Fund, t cmmence yur pensin accunt unless the rllver cntains an untaxed element. In this case, the Trustee is generally required t deduct tax at 15% n that amunt. Please cntact Grsvenr Pirie by phning fr mre infrmatin abut amunts that can be paid int the Fund prir t cmmencement f a pensin and a summary f relevant taxatin infrmatin. Hw d I start an Accunt Based Pensin? T cmmence a pensin cmplete the Pensin Applicatin Frm Accunt Based Pensin Applicatin r nline at T make an investment t start yur pensin, yu can: Request the transfer f yur benefits frm yur accumulatin accunt in Grsvenr Pirie Super; and/r Request the transfer f ther benefits yu may hld in ther superannuatin funds using the Rllver Frm r by prviding the details n the Applicatin Frm: and/r Send yur superannuatin cntributin with yur applicatin (if yu are still eligible t cntribute t a superannuatin fund and meet a Cnditin f Release) by EFT t BSB , Accunt Number A standard Accunt Based Pensin is nly available t members wh have retired r satisfied sme ther cnditin f release which prvides them with unrestricted access t their superannuatin savings. Pensin Payments: Gvernment legislatin requires that payment amunts must meet minimum limits based n minimum payment percentage depending n yur age and yur accunt balance. The minimum annual pensin payment percentages fr a financial year are set ut belw: Age* Percentage f accunt balance** Under 65 4% % % % % % % * yur age at cmmencement r each 1 July thereafter ** yur accunt balance at cmmencement r each 1 July thereafter. Frm time t time, the Gvernment may make changes t the pensin standards. Up t date infrmatin abut any changes made t the minimum pensin payment limits are available t yu at r n request free f charge by cntacting the Administratr n: r alternatively by sending a written request t: GPO Bx 263, Sydney NSW 2001 r inf@gpml.cm.au. The minimum pensin payment amunt fr the financial year in which a pensin is cmmenced is adjusted prprtinately fr pensins cmmenced part way thrugh a year. A minimum pensin payment is nt required in the first year fr pensins cmmenced in June. Transfers t anther superannuatin fund d nt cunt twards meeting the minimum pensin payment requirements. Fr a standard Accunt Based Pensin, yu can select any amunt f pensin incme abve this minimum that yu wish (n maximum payment applies). Yu shuld be aware that the size f yur annual pensin payments will affect hw lng yur pensin lasts. Als, transfers frm a pensin accunt t anther accunt r superannuatin fund, dn t cunt tward meeting the minimum payment requirement. Pensin payments can be made n a mnthly, quarterly r annual basis by a direct depsit t yur bank accunt. Pensin payments are subject t any benefit payment requirements in Gvernment legislatin. - Page 6 -

8 Pensin Payment Adjustments: The amunt and frequency f pensin payments (subject t the prescribed Gvernment payment limits) can be changed at any time by ntifying Grsvenr Pirie n T enable this alteratin t take effect frm the next pensin payment, yur request wuld have t be received by the 15 th day f the mnth immediately preceding the mnth in which the payment is t be altered. The Trustee has the right t restrict withdrawals and changes t yur pensin amunts and frequency. Any variatin in yur pensin payment will be treated as a regular pensin payment (nt a cmmutatin) unless yu elect (where permissible) that the amunt is nt a pensin payment. Yur pensin payments will be autmatically adjusted as at July 1 st each year (where necessary) t ensure the Gvernment s prescribed minimum payment is made. Withdrawals: Fr a standard Accunt Based Pensin yu may withdraw (cmmute) all r part f yur pensin as a lump sum. Payments made in cmmutatin r part cmmutatin f yur pensin are generally subject t tax at lump sum rates based upn the cmpnents f yur benefit and yur age n the date f payment. See page 19 fr infrmatin abut the current lump sum tax rates. Yu shuld discuss yur intentin t cmmute with an apprpriately qualified adviser befre yu take any actin in that respect. Any withdrawals are als subject t any benefit payment requirements in Gvernment legislatin. On death: Benefits will generally be paid t ne r mre f yur dependants r legal persnal representative. Yur dependants generally include yur spuse (including a qualifying de fact spuse f the same r ppsite sex), child, a persn financially dependent n yu, r smene with whm yu have an "interdependency relatinship". (See page 23 fr mre infrmatin regarding "interdependency relatinships".) There are varius types f beneficiaries nminatin available: a) Reversinary Beneficiary Befre yur pensin starts, yu can nminate yur spuse (including a defact spuse f the same r ppsite sex) as a reversinary beneficiary, that is, a beneficiary wh can cntinue t receive yur pensin in the event f yur death. This means that if yu die with mney in yur pensin accunt, a reversinary pensin may cntinue t be paid t yur spuse. Yu can als nminate yur child as yur reversinary beneficiary if n the date f yur death yur child is: under age 18; r ver age 18 but under age 25 and financially dependent n yu; r permanently disabled. Pensin payments t yur child will be required t be paid as a lump sum by the time the child reaches age 25 unless the child is permanently disabled. The laws are cmplex and yu shuld seek apprpriate prfessinal advice befre nminating yur child as a reversinary beneficiary. Death benefits can nly be paid as a pensin t a reversinary beneficiary wh is a dependant at the date f a member s death. b) Death Benefit Nminatins Yu can chse t nminate a beneficiary fr payment f a lump sum death benefit, either n a nn-binding basis r n a nn-lapsing binding basis. Nn- Binding Death Benefit Nminatins: A nn-binding death benefit nminatin is a written request made by the member that suggest t The Trustee the beneficiaries that may receive his/her benefit in the event f the member s death. The Trustee has the final say as t wh shuld get death benefits. The Trustee will cnsider the member s nminatin but is nt bund t fllw it. The Trustee has the discretin t pay t any f the member s dependants r legal persnal representative (s) r a cmbinatin f bth. Yu can nminate a beneficiary fr payment f a lump sum death benefit, n a nn-binding basis, by cmpleting a Nn- Binding Nminatin f Beneficiaries frm available frm r n request by cntacting Grsvenr Pirie n Alternatively, send a written request t: GPO Bx 263, Sydney NSW 2001 Nn-Binding nminated beneficiaries may be changed at any time by written ntice. Nn-lapsing Binding Death Benefit Nminatins: A binding death benefit nminatin is a written directin t the Trustee that sets ut the and/r legal persnal representative, as decided by a member, t receive his/her benefit in the event f the member s death. When yu make a valid nn-lapsing binding nminatin, yu decide wh receives yur benefit when yu die, and hw much f the benefit they receive. Nn-lapsing binding nminatins d nt have an expiry date and will remain valid until yu either revke yur nminatin r update yur nminatin. T ensure yu make a valid binding nminatin: - Page 7 -

9 each death benefit nminee must be either yur dependant r yur legal persnal representative (as defined in Superannuatin Law) yu must ensure that the prprtin f the benefit that will be paid t yur nminated persn r each f thse nminated persns is certain and ascertainable. If it is nt clear what percentage is t be paid t whm and/r the percentages d nt add up t 100%, yur nminatin will be invalid yur nminatin must be in writing yu must sign and date yur nminatin in the presence f tw witnesses, being persns: - each wh has turned 18 years ld; and - neither f whm is mentined in the nminatin; and yur nminatin must cntain a declaratin signed and dated by the witnesses stating that the nminatin was signed by yu in their presence. If a binding death benefit nminatin is valid and in effect at the date f the member s death, the Trustee must pay yur benefit t the beneficiaries nminated in the prprtins set ut in the member s binding death benefit nminatin. Hwever the Trustee is nt required t cmply with a death nminatin if the Trustee is aware that the payment under the nminatin, r the ldgement f failure t revke the nminatin wuld be a breach f a Curt Order. In the event a persn yu nminate is nt a dependant at the time f yur death, e.g. because they have died befre yu, yur nminatin will n lnger be valid and the Trustee will pay the benefit in its abslute discretin. We recmmend that yu peridically review yur nminatin as it is yur respnsibility t ensure that yur Binding Nminatin cntinues t be apprpriate in accrdance with yur persnal circumstances. Withut a change directed by yu, a nn-lapsing binding nminatin will cntinue n even if yur persnal circumstances change and the Trustee is bund t act upn it if it is valid and in effect at the time f a member s death. Yu can make a death benefit nminatin by cmpleting the relevant Grsvenr Pirie Nminatin f Beneficiaries Frm. Yu can btain a cpy f the frm by cntacting Grsvenr Pirie n r by accessing the GPML website, Alternatively, yu can send a written request t: GPO Bx 263, Sydney NSW 2001 Yu may revke r update yur nn-lapsing binding nminatin at any time by writing t the Trustee. Wh can I nminate as a beneficiary? Yu can nminate a dependant r yur legal persnal representative. If yu nminate yur Legal Persnal Representative it is imprtant that yu have a valid Will and keep it up-t date, as the Trustee must pay yur death benefit t yur estate. Under superannuatin law, dependants include the fllwing: any spuse (including a same-sex legal r defact partner), any child (including a child f a spuse), any persn in an interdependent relatinship with yu, r any ther persn wh the Trustee cnsiders was dependent n yu fr maintenance r supprt, at the date f yur death. Smene can be in an interdependent relatinship with yu if: yu have a clse persnal relatinship, yu live tgether, ne r each f yu prvides the ther with financial supprt, and ne r each f yu prvides the ther with dmestic supprt and persnal care. Dependency can als arise where tw peple have a clse persnal relatinship but dn t live tgether r prvide each ther with financial supprt r persnal care because f physical, intellectual r psychiatric disability. Fr mre infrmatin n dependants please cntact the Fund. Hw d I ensure my binding death benefit nminatin is valid? When yu initially fill in yur frm yu must d the fllwing: cmplete all sectins f the frm ensure the beneficiaries are dependants r yur Legal Persnal Representative ensure the benefit allcatin between yur beneficiaries adds up t %, and ensure yu sign and date the frm in frnt f tw witnesses, wh must be ver 18 years f age and nt nminated as beneficiaries. Yur nminatin may becme invalid if: ne f yur beneficiaries dies befre yu d, ne f yur nminated dependants is nt a dependant at the time f yur death, yu are n lnger a member f Grsvenr Pirie Super at the time f yur death, r the nminatin was nt made directly by yu (it is the Trustee plicy n t accept nminatins thrugh Pwer f Attrneys, r frm anyne ther than yu). If yur nminatin is invalid at the time f yur death, the Trustee will treat it as a nn-binding nminatin and the Trustee will pay the benefit at its abslute discretin. What will the Administratr d? It s imprtant that, like a Will, yu keep yur binding nminatin up-t-date. We ll write t yu and cnfirm any - Page 8 -

10 new, amended r cancelled nminatin. The payment f all benefits is subject t the terms f the Trust Deed gverning the Fund. Death Benefit Nminatins in Yur Annual Member Statement We will cnfirm yur death benefit nminatin details each year with yur Annual Member statement. It is imprtant that yu take nte f this and review yur nminatin t ensure it cntinues t suit yur circumstances especially if this has changed. Yu can update r revke yur death benefit nminatin at any time by writing t the Trustee. Prtability: Under prtability arrangements members can rllver r transfer their accunts int a fund f their chice. Prtability rules mean members can transfer part r all f the accunt balance f their benefit t anther superannuatin fund nce every 12 mnths. The prtability rules allw the Trustee t refuse a prtability request in sme circumstances, fr example, an amunt f less than $5,000 is left in the accunt. The maximum time perid fr trustees t transfer benefits in cases where members have requested that their benefits be transferred t anther fund is 30 days frm the date f the initial request and relevant infrmatin is prvided t a fund. Additinal infrmatin may be required in the case f a request t transfer benefits t a self-managed superannuatin fund. If yu request t transfer yur superannuatin accunt t anther fund, the Trustee must be satisfied that yu have received r knw that yu can request all the infrmatin yu reasnably need t understand the impact f yur request n yur benefits. If yu require any further infrmatin prir t making a prtability request, cntact the Fund n: r alternatively by sending a written request t: GPO Bx 263, Sydney NSW 2001 r inf@gpml.cm.au under the AML/CTF legislatin. Yu will be ntified f any requirements when applicable. If yu d nt cmply there may be cnsequences, fr example, a delay in the payment f yur benefits. As a result f these refrms, the Trustee has becme subject t supervisin by anther regulatry bdy (called AUSTRAC), which has respnsibility fr the AML/CTF legislatin. The Trustee is required t prvide yearly cmpliance reprts t AUSTRAC and ntify AUSTRAC f suspicius transactins. This may invlve the prvisin f persnal infrmatin abut yu t AUSTRAC. Fr mre details abut hw the Trustee handles yur persnal infrmatin, see pages 24 t 24 f this PDS. Insurance: Insurance benefits are nt available with yur pensin accunt. If yu wuld like t maintain r btain insurance cver, yu shuld retain r pen an accumulatin accunt in the Fund. The fllwing insurance cver may be available t accumulatin members f the Fund: Death nly Death and ttal and permanent disablement Incme prtectin. Fr mre infrmatin abut insurance available t accumulatin members f the Fund, refer t the Grsvenr Pirie Super PDS and Incrprated Infrmatin available frm r n request by phning Benefit Payment Requirements: When any benefit is paid frm yur pensin accunt in the Fund, it must cmprise bth tax-free and taxable cmpnents, in the same prprtins that such cmpnents make up the value f yur pensin accunt balance at the date yur pensin cmmenced. Yu cannt nminate t withdraw specific cmpnents frm yur interests in the Fund. As a result f Gvernment anti-mney laundering and cunterterrrism financing legislatin (AML/CTF legislatin), yu may be required t prvide prf f yur identity prir t being able t access yur benefits in cash (lump sum r pensin payments), called custmer identificatin and verificatin requirements. These requirements may als be applied by the Trustee frm time t time in relatin t the administratin f yur superannuatin benefits as required r cnsidered apprpriate - Page 9 -

11 SUMMARY It is imprtant t understand that: RISKS diversificatin in the investments made. Diversificatin f investments can help manage investment risk. GPML Accunt Based Pensin investment strategy emplys different degrees f diversificatin in underlying assets r asset types. All investments carry risk Different investment strategies may carry different levels f risk depending n the assets that make up the strategy Assets with the highest lng-term returns (such as shares and prperty) may als carry the highest level f shrt-term risk. The significant risks assciated with this prduct include investment. Other general risks are: The value f yur investment will vary The level f returns will vary, and future returns may differ frm past returns Returns are nt guaranteed, and yu may lse sme f yur mney The amunt f yur superannuatin savings (including returns) may nt be enugh t prvide adequately yur retirement Yur level f risk will vary depending n a range f factrs including yur age, investment timeframe, where ther parts f yur wealth are invested and yur risk tlerance. The purpse f this sectin is t elabrate the types f risks that may apply t yur investment. While we are nt able t remve all the risks assciated with yur investment, the Investment Manager emplys a range f investment risk management strategies t identify, evaluate and manage these risks. Investment risk means the value f yur investment culd fall. Rises and falls in investment value ccur fr a variety f reasns. Factrs that can negatively impact n yur investments include: Changes in the ecnmic and plitical climate Changes in gvernment plicies and laws including superannuatin, taxatin and scial security laws Mvement in currency markets (freign currency risk is described in mre detail belw) Changes in interest rates The general state f the Australian and internatinal ecnmies Use f derivatives; Inadequate diversificatin; and Investment decisins made by the Investment Manager and any external fund managers. The risk f an investment is measured by the likely fluctuatins (that is, rises and falls) in returns. In general, the higher the expected returns, the higher the risk assciated with the investment. Investment risk is influenced by the extent f Risk prfile Investments with a higher prprtin f grwth assets, such as shares and prperty, have histrically prvided better lngterm returns than thse which have a higher expsure t incme prducing assets, such as fixed interest and cash. Hwever, investments with a higher prprtin f grwth assets are als generally subject t a higher risk f a shrt-term lss in value. Investments with a higher prprtin f incme prducing assets are generally subject t a lwer risk f a shrtterm lss in value. The Standard Risk Measure is based n industry guidance t allw members t cmpare investment ptins that are expected t deliver a similar number f negative annual returns ver any 20 year perid. The Standard Risk Measure is nt a cmplete assessment f all frms f investment risk, fr instance it des nt detail what the size f a negative return culd be r the ptential fr a psitive return t be less than a member may require t meet their bjectives. Further, it des nt take int accunt the impact f administratin fees and tax n the likelihd f a negative return. Members shuld ensure they are cmfrtable with the risks and ptential lsses assciated with the investment ptin(s) they chse. The Standard Risk Measure is gruped int the fllwing bands: Risk Band Risk Label Estimated number f negative annual returns ver any 20 year perid 1 Very Lw Less than Lw 0.5 t less than 1 3 Lw t medium 1 t less than 2 4 Medium 2 t less than 3 5 Medium t high 3 t less than 4 6 High 4 t less than 6 7 Very high 6 r Greater Our investment strategy s risk prfile is based n the nature f the underlying investments and is shwn in terms f the likelihd f negative annual returns ver a specified perid. The risk prfile f the investment strategy is utlined further belw. The risk prfile is nt a cmplete assessment f all frms f investment risk, fr instance it des nt detail what the size f a negative return culd be r the ptential fr a psitive return t be less than a member may require t meet their bjectives. - Page 10 -

12 Further, it des nt take int accunt the impact f administratin fees and tax n the likelihd f a negative return. Members shuld still ensure they are cmfrtable with the risks and ptential lsses assciated with GPML Accunt Based Pensin investment strategy. Sme specific investment risks assciated with particular investments are described in further detail belw. Hw we manage investment risks The investment strategy fr this prduct takes int accunt a range f criteria including: Derivatives Risk the membership prfile the risks invlved in making, hlding and realising investments, and the likely return frm thse investments the cmpsitin f the investments as a whle including the extent t which the investments are diverse r invlve the ptin being expsed t risks frm inadequate diversificatin the liquidity f investments. liquidity psitin f the Fund and will take such actin as may be required t enable the Fund t discharge its liabilities and meet its cash flw requirements in the best interests f members as a whle. Fr example we may alter the transfer, withdrawal r investment prcesses; alter the Fund s allcatin t cash; freeze withdrawals frm illiquid r impaired assets temprarily r permanently; r cease accepting further investments in illiquid r impaired assets temprarily r permanently. Lngevity Risk If yu leave the Fund r clse yur pensin accunt, the amunt yu get back will be the balance f yur accunt after taking int accunt any applicable fees, csts and taxes. This may be less than yu paid in. Yu shuld als be aware that the pensins available frm the Fund may nt prvide yu with a pensin fr the rest f yur life. Payments will nly cntinue until yur accunt balance is exhausted. Yur investment is nt guaranteed. The value f yur investment can rise r fall. Neither the Trustee, any related entities r any ther persn referred t in this dcument guarantee the capital invested, yur accunt, underlying investments r the perfrmance f investments. Derivatives are generally cntracts that call fr mney t change hands at sme future date, such as cmpany issued ptins r listed exchange traded warrants r freign exchange cntracts. Derivatives may be used; hwever they are nt permitted fr gearing r speculative purpses. Diversificatin risk This prduct des nt ffer a chice f investment ptins it has a single investment strategy. The extent f diversificatin may impact the amunt f investment risk assciated with a particular investment strategy. Diversificatin in underlying assets r investments may help yu t realise yur gals and ptentially mderate the risk f lwer investment returns. Freign Currency Risk Investment in internatinal equities may give rise t freign currency expsure. This means the value f freign investments may vary as exchange rates change. Fluctuatins in freign currency can have bth a psitive and negative impact n the investments with expsure t internatinal equities, depending n hw the investments are made. Liquidity Risk Investments may becme illiquid due t market develpments r ther factrs (that is, they cannt be readily cnverted t cash, at all r quickly enugh t meet liabilities, in particular benefit payments). We manage, analyse and mnitr the - Page 11 -

13 INVESTMENTS Yu shuld cnsider the likely investment return, the risk and yur investment timeframe when making an investment decisin. Members are invested in a single investment strategy referred t as the GPML Accunt Based Pensin strategy. GPML Accunt Based Pensin Investment Strategy Suitability This strategy is intended t be suitable fr retirees seeking a cnservative investment ptin. Objective This ptin aims t prvide secure incme with a lw risk f capital lss ver the shrt t medium term, with sme capital grwth ver the lng term. That includes a bias twards Australian assets and an active asset allcatin and security selectin Return CPI % per annum ver rlling five year Objective perids (after fees and taxes) Investment The ptin aims t invest predminantly in Strategy defensive investments such as fixed interest and cash, with a mderate investment in grwth assets such as shares. The ptin s expsure t these asset classes will be btained primarily by hlding assets directly, including Exchange Traded Funds Asset Classes and Benchmark Allcatins Upper Limit Lwer Limit Benchmark: Australian shares* 30% 10.0% 25.0% Internatinal shares* 10% 0.0% 5.0% Ttal grwth 30.0% Australian fixed interest 75% 50.0% 65.0% Cash 15% 2.5% 5.0% Ttal incme 70.0% Minimum 2 t 6 years Suggested Investment Timeframe Risk level Band 5: Medium t High (3 t less than 4 estimated negative annual returns ver any 20 year perid) * includes prperty securities and Real Estate Investment Trusts In summary, the GPML Accunt Based Pensin strategy invests primarily in cash and ther fixed interest assets but als includes sme shares and prperty investments. Envirnmental, Scial, Ethical and Other Values Labur standards, envirnmental, scial r ethical cnsideratins are nt taken int accunt when cnsidering the investments f the Grsvenr Pirie Super investment ptin. The investment ptins may be changed frm time t time. The Trustee may clse, remve r add investment ptins. Variatins in actual allcatins f assets may ccur frm time t time fr varius reasns including asset allcatin decisins and market fluctuatins. Fr infrmatin abut actual asset allcatins frm year t year, refer t the Fund s Annual Reprt. The investment strategies and bjectives are subject t review by the Trustee frm time t time with the assistance f advisers r ther service prviders as it may determine, t ensure they meet the requirements set dwn by superannuatin legislatin and fr peratinal purpses There are perids when uncertainty ccurs in investment markets encmpassing equities, fixed interest securities and prperty. In these situatins, strategic actin may need t be taken t make changes t the underlying allcatin f assets r investment categries. Any decisin will be taken depending n the length f time the uncertainty is expected t persist. Market cnditins are mnitred cnstantly fr such strategic mves t be implemented. In uncertain perids fr investment markets, we may seek the advice r recmmendatin frm the Investment Manager r external managers. The bjective f the strategy is measured against the Cnsumer Price Index plus 0.75% per annum ver rlling five year perids (after fees and taxes). The bjective is nt a prmise r guarantee f a particular return r benefit but is used as a basis fr measuring the perfrmance f the strategy. While we have full respnsibility fr the investment f the Fund s assets, we have appinted Grsvenr Pirie as the Investment Manager t manage the investments. Investment Returns: The Fund perates n a unitised investment basis which means the value f yur accunt will be linked t units that may increase (r decrease) in value depending n the perfrmance f the Fund s investment ptins and underlying investments. Net investment returns are passed n t members thrugh changes in the value f units. Fr mre infrmatin abut unit pricing see page 23 f this PDS. Fr infrmatin abut the investment returns f the Grsvenr Pirie Super Pensin strategy, refer t the latest Annual Reprt, available n Grsvenr Pirie s website: Please nte, past investment perfrmance is nt a reliable indicatr f future investment perfrmance. FEES AND OTHER COSTS - Page 12 -

14 DID YOU KNOW? Small differences in bth investment perfrmance and fees and csts can have a substantial impact n yur lng-term returns. Fr example, ttal annual fees and csts f 2% f yur accunt balance rather than 1% culd reduce yur final return by up t 20% ver a 30-year perid (fr example reduce it frm $100,000 t $80,000). Yu shuld cnsider whether features such as superir investment perfrmance r the prvisin f better member services justify higher fees and csts. Yu r yur emplyer, as applicable, may be able t negtiate t pay lwer fees. Ask the fund r yur financial adviser. TO FIND OUT MORE If yu wuld like t find ut mre, r see the impact f the fees based n yur wn circumstances, the Australian Securities and Investments Cmmissin (ASIC) website ( has a superannuatin calculatr t help yu check ut different fee ptins. Fr a list f definitins relating t fees please visit FEES AND OTHER COSTS: This sectin shws fees and ther csts that yu may be charged. These fees and ther csts may be deducted frm yur mney, r frm the return f yur investment r frm the assets f the superannuatin entity as a whle. Other fees, such as activity fees and advice fees fr persnal advice may als be charged, but these will depend n the nature f the activity r advice chsen by yu. Taxes are set ut n pages 17 ~ 20 f this PDS. Yu shuld read all f the infrmatin abut fees and ther csts, because it is imprtant t understand their impact n yur investment.. Grsvenr Pirie Super - Pensin TYPE OF FEE AMOUNT HOW AND WHEN PAID Investment fee 0.44% p.a. Indirectly applied thrugh the unit price calculatin Grsvenr Pirie Super - Pensin TYPE OF FEE AMOUNT HOW AND WHEN PAID Buy-sell spread 1.11% p.a. Accrued and reflected in the unit price when the unit price is calculated and paid in arrears 0.03% buy, 0.03% sell. Switching fee Nil N/A Exit fee Advice fee relating t all members investing in the investment ptin Other fees and csts 1 Indirect cst rati $85 (GST nt applicable) Nil Taken int accunt when the unit prices fr payments in and benefit payments/transfers ut are calculated* Deducted directly frm yur accunt when yu leave the Fund The trustee f Grsvenr Pirie Super Pensin Prduct des nt prvide r charge fr advice. If yu have a financial planner, yu can agree t pay a fee t the adviser that is deducted frm yur accunt balance. Varies Other fees and csts may apply. Refer t Additinal Explanatin f Fees and Csts sectin belw. 0.03% Deducted frm the Investment Returns f the underlying Investments 1 Other fees and csts may apply. Refer t the Additinal Explanatin f Fees and Csts sectin belw * The buy-sell spread is a mechanism t recver transactin csts incurred by the Trustee in relatin t the purchase, r sale, f assets fr Grsvenr Pirie Super Pensin Prduct when mnies mve int, r ut f, the Fund r Investment Optin. Administratin fee $104 per year ($2 per week Plus Calculated and deducted directly frm yur accunt balance n a mnthly basis, payable in arrears Additinal Explanatin f Fees and Csts Adviser Remuneratin: - Page 13 -

15 If yu use an adviser, he/she may charge an adviser service fee (upn yur instructin) up t 1.1% per annum f yur average accunt balance each year which may be paid t yur adviser. Fr example, n a $50,000 investment, the maximum adviser service fee wuld amunt t apprximately $550 fr the year. The service fee is set by negtiatin between yu and yur adviser. The fee is deducted frm yur accunt balance mnthly and paid t yur adviser quarterly in arrears, until yu instruct us therwise. The fee is in additin t the management csts applicable t this prduct. - Page 14 -

16 Activity fee Family Law Charges: Family Law fees Amunt Hw and when paid Family Law Charges and Superannuatin Splitting Request fr infrmatin by member Nil Request fr infrmatin by nn member - $55.00 Implement an Order t split r flag an interest - $55.00 Pay ut a Family Law benefit - $55.00 N/A Payable directly by the nnmember at the time f request. Payable directly by the member at the time f request by bth parties. Deducted frm the member s accunt when paying ut f a benefit frm the accunt. When a member buys r sells units, this initiates a need fr the Trustee t trade the underlying assets that relate t the particular investment transactin. This trading generates transactin csts such as brkerage, settlement csts (including custdy csts), gvernment taxes/duties/levies, bank charges and accunt transactin charges which are paid frm the Fund s investments. These transactin csts are reflected in a buy/sell spread that is taken int accunt in the calculatin f unit prices. The buy/sell spread is the difference between the entry price and exit price f units and is an additinal cst incurred by members each time they invest (including via rllvers frm ther funds) r withdraw funds. The buy/sell spread is retained within the Fund and cntributes twards the transactin csts assciated with the Fund buying r selling assets in relatin t investment transactins initiated by members r relating t the administratin f member accunts. The spread ensures that thse members jining r leaving the Fund cntribute twards these transactin csts and ther investrs wh are nt jining r leaving at that particular time are nt disadvantaged. The buy/sell spread fr the Fund s investment strategy is made up f the fllwing csts: In additin, where we incur legal expenses in respnding t matters arising frm flagging r splitting yur benefits, these expenses will be deducted frm yur accunt. Investment Strategy: Buy Sell Dishnur fee: Where a cntributin r rllver cheque is dishnured, a fee f $50.00 may be charged against the individual member s accunt balance. Grsvenr Pirie Super Accunt Based Pensin Investment strategy 0.03% 0.03% Operatinal Risk Reserve: Australian superannuatin funds are required t have an Operatinal Risk Reserve (ORR). This is required by the Australian Prudential Regulatin Authrity (APRA) and is intended t ensure that superannuatin funds have access t financial resurces t cver lsses, csts and expenses that may be incurred in the event f an peratinal risk. The Operatinal Risk Reserve is currently cllected at a rate f 0.05% p.a. which frms part f the Administratin Fee. The ORR will be maintained t meet the trustee s requirements, hwever if there are insufficient funds t maintain the ORR, additinal funds may be allcated in the frm f an additinal ne-ff fee deductins frm member s accunts. Members will be prvided ntice in advance if an additinal ne-ff deductin will be made Buy/Sell Csts Fr example, if yu invest $10,000 in the GPML Accunt Based Pensin Investment strategy, yu will incur a buy cst f 0.03% f the transactin amunt, being $3, at the time yu invest. The Buy cst is added (+) t the net asset value price (NAV) f the underlying assets per unit t determine an entry price ( Buy price ). The Sell cst is subtracted (-) frm the NAV t determine an exit price ( Sell price ). As the impsitin f a buy/sell spread is built int the unit price, it des nt appear n statements t members as a separate fee. Fr further infrmatin abut unit prices, refer t the infrmatin abut Allcatin f Earnings Plicy n page 23 Taxatin: GST, Stamp Duty and Taxatin: Gds and Services Tax (GST) may apply t fees and charges. All fees and charges listed in this dcument are inclusive f GST - Page 15 -