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 2014 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, 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. 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 Investment Mdel 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 In general, the higher the expected returns, the higher the risk 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 Investment Mdels that yu select with yur Appinted Financial Adviser. Page 1

2 Fr the Perid Ended 30 June 2014 Objectives and strategies: The general investment bjectives f the Fund are: 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 Investment Mdels (r investment ptins ), with specific bjectives. The Investment Mdels available via the Praemium SMA Superannuatin Fund fr each investment strategy are utlined in the Investment Mdels sectin f the PDS. A cpy f the latest PDS is available n request r n ur website at 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. In determining the investment strategies and Investment Mdels 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. Grss Assets f the Fund: As at 30 June 2014, all assets f the Fund were invested either in the Fund bank accunt r in a registered managed investment scheme managed by Praemium 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 2013 Amunt % f $ Fund Assets Amunt $ Cash and liquids 55.28% 2,324, % 207,108 Equities: public cmpanies 44.38% 1,865, % 8,074,622 Unlisted Unit Trust 0.00% % 1,839,590 Cash Management in Trust 0.00% % 892,230 Other* 0.34% 14, % 38,981 Ttal Assets % 4,204, % 11,052,441 * Other includes deferred tax assets, accunts receivables and sundry assets. Page 2

3 Fr the Perid Ended 30 June 2014 Significant Investments: As at 30 June 2014 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 Mutual Limited (Mutual Cash Term Depsits & Bank Bills) IShares Cre S&P 500 ETF CDIS 1:1 ISH S&P 500 IShares MSCI EAFE ETF CDIS 1:1 ISHEAFE IShares MSCI Emerging Markets ETF CDIS 1:1 ISHMSCIEM Australia and New Zealand Banking Grup Limited FPO Cmmnwealth Bank f Australia FPO Natinal Australia Bank Limited FPO SPDR S&P/ASX 200 Fund ETF Units Fully Paid ,359, , , , , , , , , , Allcatin f Earnings: The net return achieved by the Investment Mdels 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 an Investment Mdel. 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 Investment Mdels, 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 Investment Mdels. 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 Investment Mdels utilise derivatives. The PDS is available by cntacting us n Page 3

4 Fr the Perid Ended 30 June 2014 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 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 as required. As at 30 June 2014 the balance f the ORR is Nil Financial Statements The audit f the Praemium SMA Superannuatin Fund (encmpassing all prducts ffered frm the Fund) fr the perid ended 30 June 2014 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 2014 as it relates t the Fund: Statement f Financial Psitin as at 30 June Investments $ $ Shares in listed cmpanies 1,865,890 8,074,622 Unlisted Unit Trust - 1,839,590 Cash Management in Trust - 892,230 1,865,890 10,806,442 Other Assets Cash and cash equivalents 2,324, ,018 Receivables 14,490 4,376 Deferred tax asset - 2,722 Stckbrker Debtr - 31,883 2,338, ,999 Ttal Assets 4,204,760 11,052,441 Liabilities Investment Purchase Payable 205,788 0 Current tax liabilities 52,794 17,430 Deferred tax liabilities 1,670 35,166 Other payables 266,018 18,411 Ttal Liabilities 526,270 71,007 Net Assets available t pay Benefits 3,678,490 10,981,434 Represented by: Liability fr Accrued Members Benefits Allcated t members accunts 3,678,490 10,981,434 Ttal Liability fr Accrued Members Benefits 3,678,490 10,981,434 Page 4

5 Fund Management and Administratin: The Fund: PRAEMIUM SMA SUPERANNUATION FUND Fr the Perid Ended 30 June 2014 Operating Statement fr Year Ended 30 June $ $ Revenue Investment revenue 1,096, ,269 Member Cntributins 227, ,611 Emplyer Cntributins 81, ,418 Benefits transferred in 2,391,333 8,639,252 Pensin transferred in 1,788,415 - Other revenue Ttal Revenue 5,586,007 9,916,550 Expenses Management Expense 56, ,263 Insurance cver 10,891 11,272 General administratin 178,598 33,612 Praemium SMA Superannuatin Fund is a prduct f the Praemium SMA Superannuatin Fund Registratin Number: R The name f the fund changed frm One Step Superannuatin Fund t Praemium SMA Superannuatin Fund during the year. The Praemium SMA Superannuatin Fund is spnsred by Praemium Australia Limited. 246, ,147 Benefits accrued as a result f peratins befre incme tax 5,339,590 9,731,403 Incme tax expense 43,833 50,731 Benefits accrued as a result f peratins 5,295,757 9,680,672 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: 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 legal entity respnsible fr managing the Fund is a trustee cmpany, The Trust Cmpany (Superannuatin) Limited (TTCSL), ABN: , AFSL: , RSE N.: L The Trustee f the Fund changed effective 30 Nvember 2014 frm CCSL Limited t TTCSL. The peple invlved with the management f Praemium SuperSMA (including the Bard f Directrs) remain the same and as such this change will have n affect n yur membership with Praemium SuperSMA Page 5

6 Fr the Perid Ended 30 June 2014 The CCSL Limited Bard f Directrs during the year ended 30 June 2014 cmprised: Mark Cerche (Chairman) Appinted 13 April 2005 Murray Jnes Appinted 13 April 2005 Andrew de Vries Appinted 15 April 2011 Vincent Parrt Appinted 15 April 2011 Disclsure f Interest: CCSL Limited is the trustee f Super Mney Eligible Rllver Fund (SMERF) (ABN ), which is the Eligible Rllver Fund (ERF) nminated fr Praemium SMA Superannuatin Fund, and receives remuneratin in this capacity (fr mre infrmatin abut the ERF, see further belw). The trusteeship f SMERF is likely t change t The Trust Cmpany (Superannuatin) Limited in 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. Underlying Investment Managers: AIW Dealer Services Pty Limited (ABN ) AltaVista Research Pty Ltd (ABN ) Arnhem Investment Management Pty Ltd (ABN ) Ausbil Investment Management Limited (ABN ) Baillieu Hlst Ltd (ABN ) BlackRck Investment Management (Australia) Limited (ABN ) Burrell Stckbrking Pty Ltd (ABN ) Chimaera Private Limited (ABN ) DNR AFSL Pty Ltd (ABN ) ETF Prtfli Slutins Pty Ltd (ABN ) Ethical Investment Advisers Pty Ltd (ABN ) Fat Prphets Pty Ltd ( ) Hyperin Asset Management Limited (ABN ) JBWere Pty Ltd (ABN ) Lnsec Limited (ABN ) Mrningstar Australasia Pty Limited (ABN ) Navin Asset Management Pty Ltd (ABN ) NEO Financial Slutins Pty Ltd (ABN ) Newprt Private Wealth Pty Ltd (ABN ) Perennial Value Management Limited (ABN ) Pinn Deavin Securities (ABN ) Raltn Asset Management Ltd (ABN ) Three Pillars Prtfli Managers Pty Limited (ABN ) UBS Glbal Asset Management (Australia) Ltd (ABN ) Urquhart Sextn Financial Planning Pty Ltd (ABN ) WB Financial Management Pty Ltd (ABN ) 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. Page 6

7 Fr the Perid Ended 30 June 2014 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 ). The cntact details f SMERF are: Super Mney Eligible Rllver Fund PO Bx A2499 Sydney Suth, NSW 1235 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. Other Infrmatin General: If yu have any queries abut the Fund s peratins please cntact us n Ph: , during ffice hurs, r write us t Praemium SuperSMA, PO Bx 322, Cllins Street West, Victria Yu als shuld find mst infrmatin that yu need t knw abut the Fund in the current PDS, in this Annual Reprt and in yur Annual Member Statement. A cpy f the latest PDS is available n request r n ur website at Yu have the right t inspect r request cpies f infrmatin abut the Fund including the fllwing: Trust Deed APRA Annual Returns Audited Financial Accunts and Auditr s Reprts. Requests shuld be in writing and addressed t the Trustee as stated abve. Page 7

8 Fr the Perid Ended 30 June 2014 Enquiries and Cmplaints: If yu have an enquiry r cmplaint, please call us n and we will wrk with yu t reslve yur cmplaint as sn as pssible. If yu are nt satisfied with the way yur matter is handled, please write t us at: Praemium SuperSMA, PO Bx 322, Cllins Street West, Victria If yu are still nt satisfied with the way we handle yur cmplaint r its reslutin, yu may wish t cntact the Superannuatin Cmplaints Tribunal (SCT). Yu can cntact the SCT n fr the cst f a lcal call, r address any crrespndence t the SCT at: Superannuatin Cmplaints Tribunal, Lcked Bag 3060MELBOURNE VIC Cntributins surcharge: During the reprting perid, we may have received a surcharge assessment frm the Australian Taxatin Office (ATO). The amunt payable in respect f members is deducted frm the relevant member s accunt and remitted t the ATO. Frmer Temprary Residents Superannuatin: 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 r the Fund please cntact us n ph: 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. End. Page 8