Fees and costs. Fact sheet. Information in this Fact sheet is current as at 1 July Contents. Contents. Overview 3 Fees and Costs 4

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1 Fees and costs Fact sheet Information in this Fact sheet is current as at 1 July 2016 Contents Overview 1 Fees and costs 2 Contents Overview 3 Fees and Costs 4

2 The information in this document forms part of the Member Booklet dated 1 July 2016 for the RBF Tasmanian Accumulation Scheme. You should read the Member Booklet in conjunction with this Fact sheet. This Fact sheet is a summary of significant information and contains references to other important information in Fact sheets each of which forms part of the Member Booklet marked by the symbol {. You should read and consider that information before making a decision in relation to the RBF Tasmanian Accumulation Scheme. To obtain copies of the Member Booklet or the Fact sheets (free of charge) visit our website at or call the RBF Enquiry Line on Issued by the Retirement Benefits Fund Board (ABN ), the trustee of the Retirement Benefit Fund (RBF) (ABN ). The information in this Fact sheet is of a general nature only. It does not take into account your personal objectives, financial situation or needs. Accordingly, before acting on the contents of this Fact sheet or the Member Booklet, you should consider whether it is appropriate to you, having regard to your objectives, financial situation and needs. You should consider speaking with a financial adviser before making any decisions about this product. If you would like personal financial advice, you can call to book an appointment with a Financial Planner at RBF Financial Planning Pty Ltd (ABN , AFS Licence No ). RBF Financial Planning Pty Ltd is a wholly owned subsidiary of the RBF Board and operates as a separate legal entity from RBF. The Retirement Benefits Fund Board is not licensed to provide financial advice to RBF members. The Retirement Benefits Fund Board does not accept responsibility for any financial advice or services provided by RBF Financial Planning Pty Ltd because RBF Financial Planning Pty Ltd is solely responsible for any financial advice or financial services it provides. If you would like general information about your super you can make an appointment with one of RBF s Superannuation Consultants, simply contact the RBF Enquiry Line on At RBF, we strive to provide accurate and up-to-date information to our members. However, things may have changed since the date of publication of this fact sheet. Information contained in this Fact sheet that is not materially adverse may be updated at any time without prior notification to you. Updated information can be downloaded from our website A hard copy will also be posted free of charge by calling the RBF Enquiry Line on The privacy of your personal information is important to RBF. We understand the need for confidentiality. RBF will hold your personal information securely and use it only for the purposes described in the RBF Privacy Policy available at Your personal information including sensitive health information may be transferred between RBF, RBF s administrator Mercer Outsourcing (Australia) Pty Ltd (ABN , AFSL ), RBF Financial Planning Pty Ltd (ABN , AFSL ) and the Colonial Mutual Life Assurance Society Limited (ABN , AFSL ) trading as Commlnsure, the Insurer.

3 Consumer advisory warning 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. Your employer may be able to negotiate to pay lower contribution fees and management costs where applicable *. 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 ( has a superannuation fee calculator ** to help you check out different fee options. * To help you compare different super products, all super fund trustees are required by law to include this statement. However, at RBF fees cannot be negotiated. ** You can use this calculator to calculate the effect of fees and costs on super account balances. Overview This document shows the fees and other costs that you may be charged. These fees and other costs may be deducted from your money, from the returns on your investment or from the assets of the RBF Tasmanian Accumulation Scheme as a whole. You can use the table on page 2 to compare fees and costs with other super products. Other fees, such as activity fees, advice fees for personal advice and insurance fees, may also be charged, but these will depend on the nature of the activity, advice or insurance chosen by you. You should read all the information about fees and other costs because it is important to understand their impact on your investment. Some important terms used in this Fact sheet are defined at the back of this document. Information regarding insurance costs is detailed in the Fact sheet: Insurance in your super and information about taxation is contained in the Fact sheet: How super is taxed ; both Fact sheets can be obtained from our website or by calling the RBF Enquiry Line on Fees and costs Fact sheet 1

4 Fees and costs RBF Investment Account, RBF Account Based Pension and RBF Transition to Retirement Account Based Pension The table below shows the fees charged for each account that you have. For example, if you have an RBF Investment Account, RBF Account Based Pension or an RBF Transition to Retirement Account Based Pension, the fees are calculated based on the account balance of each account and deducted from that account. Please note a buy-sell spread may also apply to transactions made to your account. Type of fee Amount How and when paid Investment fee The following investment fees are charged according to your chosen Member Investment Choice option(s): Administration fee Buy-sell spread management fee ranging from 0.04%pa to 0.80%pa; and an estimated performance fee ranging from 0.00%pa to 0.12%pa (for details of the investment fees please refer to the section opposite). The following administration fees are charged: a dollar based administration fee of $78pa or $1.50 per week; and an asset based administration fee of 0.29%pa of your account balance (capped at $1,500pa). 0.00% 0.65% depending on the chosen Member Investment Choice option. Investment management fees (including any performance fees if applicable) are deducted from the investment earnings and reflected in the weekly unit price. The administration fees are deducted directly from your account each week. The spread will be reflected in the unit price and applied to your account balance or transaction as applicable. Refer to the section on Additional explanation of fees and costs on page 4 for further details of the buy-sell spreads. Switching fee Nil Not applicable. Exit fee Nil Not applicable. Advice fee relating to all members investing in a particular Member Investment Choice option. Nil Not applicable. Other fees and costs See note 1 below See note 1 below Indirect cost ratio Nil Not applicable. Investment fees Investment fees are asset based percentage fees charged by RBF for managing your investments and are made up of an investment management fee and, if applicable, an investment performance fee. Investment fees are deducted weekly from investment earnings before the unit prices are determined. Investment management fees are set by RBF to recover the costs incurred by RBF in managing the investments of each Member Investment Choice option. The costs incurred by RBF differ between investments and may vary over time. Accordingly the investment management fees set by RBF will differ between each Member Investment Choice option and are subject to change. RBF may also incur performance fees as part of managing your investments. RBF may pay performance fees to investment managers who deliver investment returns that outperform a predefined target. RBF will recover any performance fees paid to investment managers from members if and when they are incurred. Performance fees may vary from year to year and there is no guarantee that a manager will earn a performance fee in any given year. All of RBF s Member Investment Choice options except RBF s Fixed Interest and RBF Cash options have some exposure to investment managers that may be entitled to receive a performance fee. The table overleaf shows the estimated investment management fees and performance fees applied to each Member Investment Choice option for the period from 1 July 2016 to 30 June Other fees and costs may apply. See Additional explanation of fees and costs on page 4 of this Fact sheet for further details. 2 Fees and costs Fact sheet

5 RBF MyPath target group 2 Estimated investment management fee 3 %pa of your account balance Estimated performance fee 3 %pa of your account balance RBF MyPath RBF MyPath RBF MyPath RBF MyPath RBF MyPath RBF MyPath RBF MyPath RBF MyPath RBF MyPath RBF MyPath RBF MyPath Conservative RBF Choice options Diversified options RBF Growth RBF Balanced RBF Moderate RBF Conservative RBF Socially Responsible Investments Asset class options RBF Australian Shares RBF International Shares RBF Property RBF Fixed Interest 0.38 Not applicable RBF Cash 0.04 Not applicable Registered to the Retirement Benefits Fund Board ABN Default investment option for the RBF Investment Account. 3 The investment management fees and investment performance fees (Fees) in the table are the estimated Fees for the period from 1 July 2016 to 30 June Estimated Fees are our best estimates based on recent experience and our current long term expectations for ongoing investment costs. The actual investment costs incurred may differ from our estimates and may vary from year to year. We monitor the ongoing investment costs for each investment option. Each year the actual fees paid for the previous financial year will be disclosed in your annual Member Benefit Statement. Fees are deducted weekly from investment returns and reflected in the unit prices. 4 Default investment option for RBF Account Based Pension and RBF Transition to Retirement Account Based Pension. Example of annual fees and costs RBF MyPath (RBF Investment Account default) This table gives an example of how the fees and costs for the RBF MyPath Member Investment Choice option can affect your super investment over a one year period. You should use this table to compare this product with other super products. This example is based on the RBF MyPath target group. The investment management fees for this investment option vary depending on which RBF MyPath target group you are in. Example RBF MyPath Balance of $50, Investment fee 0.64% 5 For every $50,000 you have in the RBF MyPath investment option you will be charged $320 each year. PLUS Administration fees PLUS Indirect costs for RBF MyPath EQUALS Cost of product 0.29%pa PLUS $78pa ($1.50 per week) Note: * Additional fees may apply. And, for every $50,000 you have in the fund you will be charged $145 PLUS $78 each year. Nil And, indirect costs of $0 each year will be deducted from your investment. If your balance was $50,000, then for that year you will be charged fees of $543 for the RBF MyPath option. RBF Balanced (RBF Account Based Pension and RBF Transition to Retirement Account Based Pension default) The RBF Balanced option is the default Member Investment Choice option for the RBF Account Based Pension and the RBF Transition to Retirement Account Based Pension. It is also available to RBF Investment Account members. The following table shows how the fees and costs for the RBF Balanced option can affect your super investment over a one year period. You should use this table to compare this product with other super products. Example RBF Balanced Balance of $50,000 Investment fees PLUS Administration fees PLUS Indirect costs for RBF Balanced EQUALS Cost of product 0.59% 5 For every $50,000 you have in the RBF Balanced investment option you will be charged $295 each year. 0.29%pa of your account balance + $78pa ($1.50 per week); And, for every $50,000 you have in the fund you will be charged $145 each year PLUS $78 each year. Nil And, indirect costs of $0 each year will be deducted from your investment. If your balance was $50,000, then for that year you will be charged fees of $518 for the RBF Balanced option. Note: *Additional fees may apply. 5 Investment fees in the above tables include estimates of investment management fees and estimates of performance fees. The Investment fees may vary depending on actual costs incurred and performance fees payable. Performance fees are paid to investment managers who deliver investment returns that out perform a predefined target. Fees and costs Fact sheet 3

6 Additional explanation of fees and costs Activity fees The following fees are additional costs that are only charged at your request or with your consent. Activity fee Amount 6 How and when paid Request for family law information fee 7 The fee charged when you, your spouse, or an authorised representative make a request for information under the Family Law Act (Cth). Family law account splitting fee 7 The fee charged to affect a payment split resulting from a court order or super agreement. Review of RBF decision The fee for requesting the RBF Board to refer a matter to the Supreme Court of Tasmania. $487 (318 fee units) $606 (396 fee units) $306 (200 fee units) The fee applies for each request for information form received by RBF for processing and will be invoiced to the person making the request. The fee is payable prior to the information being released by RBF. Where a request for information specifically requests that the only information required is the withdrawal benefit in relation to the member, no fee will be charged. The fee applies for each account to be split. The fee is charged equally to both parties and will be deducted from each party s benefit at the time the benefit is split. Where all of the benefit is going to the non-member spouse that party will be charged the whole fee. If you do not accept a decision of the RBF Board, you may within six months of notification of an RBF Board decision, require the RBF Board to refer the matter to the Supreme Court of Tasmania. At the time of making the request you must pay the RBF Board this fee. 6 Based on fee unit value as at 1 July Fee unit values automatically change on 1 July of each year. The fee amount is calculated as the number of applicable fee units multiplied by the fee unit value. Fee unit values are determined in accordance with the Fee Units Act 1997 (Tas). 7 For more information about the treatment of your RBF super for family law purposes please read the RBF Family Law brochure available at Advice fees If you get personal financial planning advice in relation to your RBF super from RBF Financial Planning, or designated Financial Planners approved by RBF, you may elect to have all or part of the fee for the cost of the advice (up to a maximum of $5,000) deducted from your RBF Investment Account, RBF Account Based Pension account or RBF Transition to Retirement Account Based Pension account. The Statement of Advice or other written advice provided by the planner will state the fees (if any) that you will pay. You may be required to maintain a minimum account balance. RBF Financial Planning Pty Ltd (ABN , AFS License No ) is a wholly owned subsidiary of the RBF Board and operates as a separate legal entity. Buy-sell spreads A buy-sell spread may apply to transactions made to your account. This includes contributions, Member Investment Choice switches, withdrawals and deductions, such as fees or insurance premiums. The buy-sell spread is an additional cost to the member requesting the transaction that represents the estimated transaction costs that are incurred when buying or selling the underlying assets that make up each Member Investment Choice option. The purpose of a buy sell spread is to equitably allocate transaction costs to those members who have incurred them. Buy-sell spreads ensure that members who transact infrequently do not unfairly bear transaction costs generated by members who transact more frequently. The buy-sell spreads are not a fee paid to RBF but are used to meet underlying asset transaction costs when incurred. Unit prices are calculated by dividing the Member Investment Choice option net asset value by the total number of units held by members in that Member Investment Choice option. The buy spread is added to the unit price to obtain the buy price and the sell spread is deducted to obtain the sell price. The difference between the investment option buy price and the sell price is the total buy-sell spread for that option. Buy-sell spreads are expressed as a percentage of the Member Investment Choice option s net asset value. The actual buy-sell spread incurred may vary due to rounding. The buy-sell spread applicable to each Member Investment Choice option is shown in the table below. RBF MyPath options Buy % Sell % RBF MyPath RBF MyPath RBF MyPath RBF MyPath RBF MyPath RBF MyPath RBF MyPath RBF MyPath RBF MyPath RBF MyPath RBF MyPath Conservative RBF Choice options Diversified options RBF Growth RBF Balanced RBF Moderate RBF Conservative RBF Socially Responsible Investments Asset class options RBF Australian Shares RBF International Shares RBF Property RBF Fixed Interest RBF Cash Nil Nil 4 Fees and costs Fact sheet

7 GST and tax The fees quoted in this section include the Goods and Services Tax (GST) where applicable and are net of any applicable reduced input tax credits. Administration fees are also inclusive of any applicable tax deductions. Tax and investment management fees are deducted from weekly investment earnings before unit prices are determined. Investment earnings are taxed up to a maximum of 15% but may be lower depending on which Member Investment Choice option(s) you choose. Insurance premiums Defined fees Activity fees Please read the important information about taxation in the How super is taxed section of the RBF Tasmanian Accumulation Scheme: Member Booklet available at Please read the important information about insurance premiums in the Insurance in your super section of the RBF Tasmanian Accumulation Scheme: Member Booklet available at An activity fee relates to costs incurred by the RBF Board that are directly related to an activity that is undertaken at your request, or with your consent, or which relates to you and is required by law; and those costs are not otherwise charged as any other fee described in this section. Administration fees An administration fee is a fee that includes costs incurred by the RBF Board that relate to the administration or operation of the RBF Tasmanian Accumulation Scheme and are not otherwise charged as another fee. Buy-sell spreads A buy-sell spread is a fee to recover transaction costs incurred by the RBF Board in relation to the sale and purchase of underlying assets within the investment options available. Exit fees An exit fee is a fee to recover the costs of disposing of all or part of members interests in the RBF Tasmanian Accumulation Scheme. RBF does not charge exit fees. Indirect cost ratio The indirect cost ratio for an investment option is the ratio of the total indirect costs for an investment option, to the total average net assets attributed to the investment option. Dollar-based fees deducted directly from your account are not included in the indirect cost ratio. The indirect cost ratio is not applicable for the RBF Tasmanian Accumulation Scheme. Investment fees Investment fees are fees that relate to the investment of the underlying assets of the investment option and are not charged as any other fee described in this section. Investment fees include: a fees in payment for the exercise of care and expertise in the investment of those assets (including performance fees); and b costs incurred by the RBF Board in relation to the investment of assets of the entity. Switching fees A switching fee is a fee to recover the costs of switching all or part of a member s investment from one or more investments options to other investment options. RBF does not charge switching fees. These fee definitions are maintained in this Fact sheet. You can obtain a copy of this Fact sheet by visiting our website at and going to the Fees and costs page by clicking My super. Advice fees An advice fee relates directly to costs incurred by the RBF Board because of the provision of financial product advice to you by the RBF Board, or another person acting as an employee of, or under an arrangement with, the RBF Board and those costs are not otherwise charged as another fee explained in this section. Fees and costs Fact sheet 5

8 Grow your super Even a little extra can make a difference. For simple things you can do to boost your super visit Contacting RBF Contact RBF if you would like additional information or assistance. RBF Enquiry Line: or (international) Visit: Fax: (03) or (international) Write: RBF, Reply Paid 446, Hobart TAS 7001 Office: Ground Floor, 21 Kirksway Place, Hobart Ground Floor, Cimitiere Street, Launceston AL/S/00330 (V12-07/16) Issued by Retirement Benefits Fund Board ABN as Trustee for Retirement Benefits Fund (RBF) ABN RBF19968_Fees and costs_0616_fa 6 Fees and costs Fact sheet