PRAEMIUM SMA SUPERANNUATION FUND ( Fund )

Transcription

1 ( Fund ) Trustee: Fund: The Trust Cmpany (Superannuatin) Limited, ABN: , AFSL: Fund ABN.: RSEL N.: L Fund Registratin N.: R Address: Level 20 Address 357 Cllins Street PO Bx 322 Melburne VIC 3000 Cllins Street West VIC 8007 Fr the Year Ended 30 June 2015 This Annual Reprt shuld be read in cnjunctin with the annual member statement recently prvided t yu, which shws yur member entitlement in the Fund as at 30 June If yu wuld like a hard cpy f this Annual Reprt sent t yu free f charge, please cntact us n This Annual Reprt is issued by the trustee f the Fund, The Trust Cmpany (Superannuatin) Limited (Trustee). Neither the Trustee, any underlying investment manager nr ther service prvider t the Fund guarantee yur accunt r the investment perfrmance f any investment ptins ffered, specific investments r the repayment f capital. Investments in the Fund are subject t ecnmic cnditins and investment risk including lss f incme and capital invested. The infrmatin is f a general nature nly and has been prepared withut taking int accunt yur investment bjectives, financial situatin and needs. Befre making any investment r ther decisins in relatin t the Fund yu shuld cnsider btaining prfessinal financial advice frm a licensed r authrised financial adviser. Fund Investments and Perfrmance: There are several investment strategies in the Fund as utlined belw. Unless therwise specified, the infrmatin in this Annual Reprt relates t the Fund as a whle, which is referred t as the Praemium SMA Superannuatin Fund ( Fund ). The infrmatin is intended t prvide an understanding f the management, financial cnditin and investment perfrmance that is applicable t members participating in the Fund. The Fund invests in listed shares and interest bearing securities, managed funds, cash and prperty. The risk prfile f an investment in the Fund will depend n the Mdel Prtfli chsen. The risk f an investment is measured by the likely fluctuatins (that is, rises and falls) in returns. Refer t the current Prduct Disclsure Statement (PDS) fr the Fund fr mre detailed infrmatin abut these investment strategies and investment risks. The PDS is available by cntacting us n r n ur website at In general, the higher the expected returns, the higher the risks assciated with an investment. Separately Managed Accunts: When yu invest in the Fund a Fund Accunt is established fr yu which is linked t a Separately Managed Accunt (SMA) in the registered Managed Investment Scheme in which the Trustee invests. The SMA hlds yur investment prtfli. Yur investment prtfli can be cnstructed by using a range f available investment strategies and Mdel Prtflis that yu select with yur Appinted Financial Adviser. Members can nly jin the Fund if they have a financial adviser. Page 1

2 Investment bjectives and strategies: The general investment bjectives f the Fund are: PRAEMIUM SMA SUPERANNUATION FUND Fr the Perid Ended 30 June 2015 T ffer members a range f different investment ptins bth by risk prfile and style t suit their individual circumstances and prmte diversificatin f member strategies. T achieve cmpetitive investment returns fr its members cmmensurate with risk. In rder t achieve the investment bjectives the investment strategy determined by the Trustee is t: Select an apprpriate range f managed funds and direct investment ptins (listed securities) t be made available t members via Separately Managed Accunts. Ensure that the managed funds ffered t members maintain an apprpriate investment grade standard and that listed securities cntinue t meet the criteria listed in the Fund Investment Strategy. The Fund prvides Members with range f investment strategies including: Australian Equities Internatinal Equities Prperty Alternative Ethical Diversified Fixed Incme Cash. Each investment strategy ffers ne r mre Mdel Prtflis (r investment ptins ), with specific bjectives. The bjectives are nt a frecast r guarantee f any particular return but a benchmark against which the Trustee assesses the perfrmance f the Fund s investments. Numerus Mdel Prtflis are available via the Praemium SMA Superannuatin Fund and are utlined in the Mdel Prtflis sectin f the PDS. Fr infrmatin abut the underlying investment managers in these investment ptins, please refer t the latest PDS available n request by calling us n r frm ur website at Investment management: In determining the investment strategies and Mdel Prtflis made available t Members, the Trustee seeks prfessinal investment advice and takes int accunt superannuatin legislatin (including ensuring that adequate assets are kept in cash t meet all current liabilities) and the distributin mechanism fr the Praemium SMA Superannuatin Fund. This prfessinal investment advice is prvided t the Trustee by Praemium Australia Limited in its capacity as Asset Cnsultant t the Fund. Grss Assets f the Fund: As at 30 June 2015, all assets f the Fund were invested either in the Fund bank accunt r in a registered managed investment scheme managed by Praemium Investment Management (Australia) Limited (ABN , AFSL N ). The managed investment scheme invests acrss a range f asset classes. The value f each class and the percentage that it represents f the Fund s Assets are set ut belw: % f Fund Assets 30 June June 2014 Amunt % f $ Fund Assets Amunt $ Cash and liquids 1.16% 1,015, % 2,324,380 Managed investment scheme 98.12% 85,750, % 1,865,890 Other* 0.72% 628, % 14,490 Ttal Assets % 87,393, % 4,204,760 * Other includes deferred tax assets, accunts receivables and sundry assets. Page 2

3 Fr the Perid Ended 30 June 2015 Significant Investments: As at 30 June 2015 assets held which individually represent greater than five (5) per cent f the ttal assets f the Fund r the ten (10) highest percentage f the ttal assets (taking int accunt all prducts ffered frm the Fund), were as fllws: Asset % $ ANZ (Cash at Bank) IShares UBS Cmpsite Bnd ETF Units Fully Paid Ibbtsn Internatinal Shares BetaShare Australian High Interest Cash ETF Plentex Limited IShares MSCI Japan ETF IShares Glbal 100 ETF IShares MSCI Emerging Markets Vanguard Australian Prperty Security Index ETF IShares MSCI EAFE ETF ,425,013 9,316,823 6,650,077 5,899,089 4,544,483 2,307,199 1,826,533 1,747,878 1,677,963 1,625,527 Allcatin f Earnings: The net return achieved by the Mdel Prtflis selected by a Member, after taking int accunt gains r lsses f a revenue r capital nature, any applicable expenses r tax, and interest n the cash hldings in respect f a Member, is passed n t the Member. Taxes relating t investment incme and capital gains are applied at the Fund level. T the extent practicable, the affect f these taxes is passed n t Members based n the individual investments in their SMA, hwever this may nt ccur in all circumstances r may be based n reasnable estimates. Members wh leave the Fund will nt receive the benefit f un-recuped capital lsses. The value f a Member s Fund Accunt will reflect the perfrmance f underlying investments attributable t the Member s SMA, based n market valuatins prvided as at the clse f business n the previus day. Updated valuatins f yur SMA will generally be available nline each Business Day (see the current PDS fr mre infrmatin abut available nline reprts). Incme and distributins frm investments will be accrued in yur cash hlding in the SMA until re-invested in a Mdel Prtfli. Refer t the current PDS fr mre detailed infrmatin abut calculatin f earnings. The PDS is available by cntacting us n Refer t yur annual member statement fr infrmatin abut the grss investment perfrmance f each f the Mdel Prtflis, as well as the net investment perfrmance fr yur prtfli f investments. Please nte, past investment perfrmance is nt a reliable indicatr f future investment perfrmance. Derivatives: The Fund will nt directly invest in instruments that are, r appear like, derivatives arising frm its investment activities, hwever derivatives may be utilised by external managers in sme Mdel Prtflis. 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. While derivatives may be used in a prtfli, they are nt permitted fr gearing r speculative purpses. Refer t the current PDS fr infrmatin abut which Mdel Prtflis may utilise derivatives. The PDS is available by cntacting us n Page 3

4 Fr the Perid Ended 30 June 2015 Reserves: Operatinal Risk Reserve: The Federal Gvernment as part f its Strnger Super refrms has impsed a requirement fr funds frm 1 July 2013 t establish and maintain an Operatinal Risk Reserve (ORR) t specifically cver ptential lsses arising frm peratinal risks that may affect the Funds business peratins. An peratinal risk is the risk f a lss resulting frm inadequate r failed internal prcesses, peple and systems, r frm external events. The ORR may be drawn upn t assist in cmpensating members r the Fund in the event f an peratinal risk having materialised. The ORR is currently invested in cash. The Trustee will implement the ORR thrugh the fllwing means: retaining interest earned in the fund bank accunt/s and cntribute t the building f the ORR; Implementing a direct member fee (frm 1 August 2015). The mvement f the ORR during the year ended 30 June 2015 is as fllws: Balance as at 1 July 2014 $0 Transfer int reserve $3,515 Transfer ut f reserve $0 Balance as at 1 July 2015 $3,515 Refer t the current Prduct Disclsure Statement (PDS) fr the Fund fr mre detailed infrmatin abut the Operatinal Risk Reserve. The PDS is available by cntacting us n Page 4

5 Fr the Perid Ended 30 June 2015 Financial Statements The audit f the Praemium SMA Superannuatin Fund fr the perid ended 30 June 2015 has been cmpleted and the Auditr has issued an unqualified pinin n the fund s financial statements. Yu may btain a cpy f the audited accunts and the auditr s reprt by calling us n The fllwing abridged financial infrmatin has been taken frm the audited financial statements fr the Praemium SMA Superannuatin Fund fr the year ended 30 June 2015 as it relates t the Fund: Statement f Financial Psitin as at 30 June Investments $ $ Managed investment schemes 85,750,090 1,865,890 85,750,090 1,865,890 Other Assets Cash and cash equivalents 1,015,243 2,324,380 Receivables 577,174 14,490 Deferred tax asset 51,403-1,643,820 2,338,870 Ttal Assets 87,393,910 4,204,760 Liabilities Investment Purchase Payable 2,585, ,788 Current tax liabilities 54,365 52,794 Deferred tax liabilities - 1,670 Other payables 222, ,018 Ttal Liabilities 2,862, ,270 Net Assets 84,531,238 3,678,490 Represented by: Liability fr Accrued Benefits Allcated t members accunts Operatinal Risk Financial Requirement 84,527,723 3,515 3,678,490 - Ttal Liability fr Accrued Members Benefits 84,531,238 3,678,490 Page 5

6 Fr the Perid Ended 30 June 2015 Operating Statement fr Year Ended 30 June $ $ Revenue Investment revenue 1,437,181 1,096,888 Member Cntributins 6,731, ,123 Emplyer Cntributins 1,334,100 81,987 Benefits transferred in 49,883,793 2,391,333 Pensin transferred in 33,629,694 1,788,415 Other revenue 6, Ttal Revenue 93,023,296 5,586,007 Expenses Investment Management Expense 315,282 56,929 Insurance cver 429,768 10,891 Administratin & Advice Fees Interest expense Fund Management and Administratin: The Fund: The Praemium SMA Superannuatin Fund is spnsred by Praemium Australia Limited. The Praemium SMA Superannuatin Fund was established by a gverning trust deed and rules dated 15 September 2011, as amended frm time t time. The aim f the Fund, in simple terms, is: 976, , ,721, ,418 Benefits accrued as a result f peratins befre incme tax 91,301,583 5,339,590 Incme tax expense 8,225 43,833 Net benefits accrued as a result f peratins 91,293,358 5,295,757 T prvide a secure, flexible, and transparent way fr its Members t save fr their retirement taking int accunt the financial advice prvided t Members by their Appinted Financial Adviser. T maintain administrative and peratinal systems that will prvide excellence in custmer service and quality t all Members f the Fund. T generate slid returns fr its Members ver the medium t lng term, by utilising the strengths f an experienced investment prvider and t build a strng financial fundatin fr all superannuatin Members and their individual requirements. The Trustee: The Trust Cmpany (Superannuatin) Limited (ABN , AFSL N , RSE Licence Number L ) is the Trustee f the Fund and is respnsible fr making sure the Fund is run in accrdance with the Trust Deed and gverning legislatin. The Trusteewrks n members behalf t ensure the best pssible management and perfrmance by the Fund and the Trustee s first and fremst respnsibility is t prtect and advance the interests f the Fund s members. The Trust Cmpany (Superannuatin) Limited is the issuer f this Annual Reprt. Page 6

7 Fr the Perid Ended 30 June 2015 The directrs f The Trust Cmpany (Superannuatin) Limited at the end f the reprting perid were: M. Cerché (Chairpersn), appinted 1 September 2014 M. Jnes, appinted 1 September 2014 A. de Vries, appinted 1 September 2014 V. Parrtt, appinted 1 September 2014 During the year The Trust Cmpany (Superannuatin) Limited was appinted as trustee fllwing the retirement f CCSL Limited (RSE N L ). The Trust Cmpany (Superannuatin) Limited was appinted as trustee n 30 Nvember The directrs f CCSL Limited during the reprting perid t the time f retirement were as fllws: M. Cerché (Chairpersn), appinted 13 April 2005 M. Jnes, appinted 13 April 2005 A. de Vries, appinted 15 April 2011 V. Parrtt, appinted 15 April 2011 Indemnity Insurance: The Trustee has a prfessinal indemnity insurance plicy t indemnify the Trustee and its Directrs in case f certain lsses due t a claim against the Trustee. Nt all lsses are cvered by the insurance plicy and the extent f any indemnity is subject t the terms f that plicy. Apprved Guarantee: T satisfy capital requirements under superannuatin legislatin, the Trustee has the benefit f an apprved guarantee f $5 millin frm a financial institutin (in respect f the due perfrmance f its duties). A cpy f the apprved guarantee is available fr perusal at the Trustee s ffices. Service prviders: The Trustee uses a number f prfessinal service prviders t ensure the Fund perates as efficiently as pssible and in relatin t the Fund s investments. These may change at the discretin f the Trustee frm time t time. Service prviders include: Administratr: Grsvenr Pirie Management Limited (AFSL: ) Custdian: RBC Investr Services Trust (ABN: ) Transfers t an Eligible Rllver Fund (ERF): Subject t any requirement n the Trustee t transfer lst accunts t the Australian Taxatin Office (ATO), yur benefits may be autmatically transferred t an eligible rllver fund (ERF) if ne f the fllwing circumstances arises: Yu have left emplyment and have nt, within 90 days theref, instructed the Trustee t pay yur benefit t yu (where permissible under preservatin restrictins) r t anther superannuatin arrangement. Yu becme lst. Yu may be cnsidered lst if there have been n cntributins r rllvers n yur behalf fr at least 5 years r ne piece f fund dcumentatin r crrespndence t yu has been returned unclaimed. The Trustee s nminated ERF is the Super Mney Eligible Rllver Fund (SMERF) (ABN ). Page 7

8 The cntact details f SMERF are: Super Mney Eligible Rllver Fund PO Bx A2499 Sydney Suth, NSW 1235 PRAEMIUM SMA SUPERANNUATION FUND Fr the Perid Ended 30 June 2015 If yur superannuatin benefits are transferred t SMERF, yur persnal infrmatin will be passed n t SMERF s they can establish and administer yur accunt. Once yur benefit is transferred t the ERF yu becme a member f the ERF and cease t be a member f the Praemium SMA Superannuatin Fund. Any insurance cver applicable t yu in the Praemium SMA Superannuatin Fund will als cease. The ERF has different investments and fees and csts t the Praemium SMA Superannuatin Fund. The ERF des nt prvide insurance cver. If yu wuld like further infrmatin abut the features f the ERF, cntact the SMERF fr a cpy f SMERF s prduct disclsure statement. Disclsure f Interest: The Trust Cmpany (Superannuatin) Limited is als the trustee f Super Mney Eligible Rllver Fund (SMERF) (ABN ) and receives remuneratin in this capacity. Other Infrmatin General: If yu have any queries abut the Fund s peratins please cntact us n Phne: , during ffice hurs, r write t us at Praemium SuperSMA, PO Bx 322, Cllins Street West, Victria Yu als shuld find mst infrmatin that yu need t knw abut the Fund Page 8

9 Frmer Temprary Residents Superannuatin: PRAEMIUM SMA SUPERANNUATION FUND Fr the Perid Ended 30 June 2015 The Trustee has an bligatin t pay unclaimed superannuatin f a nn-resident t the Cmmissiner f Taxatin under Divisin 3 f Part 3A f the Superannuatin (Unclaimed Mney and Lst Members) Act The Trustee relies n ASIC relief t the effect that the Trustee is nt bliged t ntify r give an exit statement t a nn-resident in circumstances where the Trustee pays unclaimed superannuatin t the Cmmissiner f Taxatin. Als, please nte that nn-residents have a right t make applicatin t the Cmmissiner f Taxatin in rder t claim the unclaimed superannuatin under Divisin 4 f Part 3A f the abve mentined Act. Fr further infrmatin, g t r cntact the Australian Taxatin Office n Mre infrmatin: Further infrmatin is available n request. Fr mre infrmatin abut the Fund please cntact us n phne: and ask fr the current PDS r visit ur website at r write us t Praemium SuperSMA, PO Bx 322, Cllins Street West, Victria Disclaimer: Reasnable care is taken t ensure that infrmatin is crrect, but neither the Trustee nr its service prviders accept respnsibility fr any errrs, misprints r fr anyne acting n this infrmatin. The Trustee reserves its right t crrect any errrs r missins. The terms f yur membership in the Fund are set ut in the Fund s Trust Deed and any applicable insurance plicy. Shuld there be any incnsistency between the Annual Reprt and the Fund s Trust Deed, the terms f the Fund s Trust Deed will prevail. 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. The Trustee may als withdraw the PDS and clse the Fund. Page 9