Asgard Employee Super Account

Transcription

1 Asgard Employee Super Account Supplementary Product Disclosure Statement (SPDS) Issued 30 September 2017 This SPDS, dated 30 September 2017, relates to the Asgard Employee Super Account Product Disclosure Statement (PDS) dated 1 July 2017 and the Additional Information Booklet, which forms part of the PDS. The Additional Information Booklet comprises of three parts: Part 1 General (Issued 1 July 2017) Part 2 Investment (Issued 1 July 2017) Part 3 Insurance (Issued 30 September 2017) This SPDS is issued by BT Funds Management Limited ABN AFSL , RSE Licence L ( BTFM, we, us, or the Trustee ), the trustee of, and the issuer of interests in the superannuation fund known as the Asgard Independence Plan Division Two ABN (the Fund) which Asgard Employee Super is a part of. The Unique Superannuation Identifier (USI) for Asgard Employee Super is ASG0007AU. BTFM is also the trustee of, and the issuer of interests in the BT Institutional Conservative Growth Pooled Superannuation Trust ABN (Asgard MySuper PST). This SPDS should be read together with the PDS and the Additional Information Booklet. Terms defined in the PDS and the Additional Information Booklet have the same meaning in this SPDS unless otherwise stated. The information in this SPDS does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regards to these factors before acting on it. 1

2 Changes to the Asgard Employee Super Account PDS Changes to the front cover of the PDS On the front cover, replace the About this Product Disclosure Statement with the following: This PDS summaries the key information you need to make a decision about the Asgard Employee Super Account (Asgard Employee Super). It includes references to important additional information contained in the Additional Information Booklet which is incorporated by reference into, and taken to be included in this PDS marked with. The Additional Information Booklet comprises of three parts: Part 1 General (Issued 1 July 2017) Part 2 Investment (Issued 1 July 2017) Part 3 Insurance (Issued 30 September 2017) You should read the PDS and the Additional Information Booklet (Parts 1 to 3) (which together form part of the PDS) before making a decision about Asgard Employee Super. In addition, the Asgard Employee Super Account List of Available Investment Options Booklet (List of Available Investment Options Booklet) sets out the list of available investment options and includes the investment selection form. The PDS, Additional Information Booklet and the List of Available Investment Options Booklet are available free of charge at asgard.com.au, or by calling us on Asgard Employee Super is available from financial advisers across Australia. The offer or invitation to which the PDS and the Additional Information Booklet relates is only available to persons receiving the PDS and the Additional Information Booklet in Australia. The Trustee may at its discretion refuse to accept applications from any person. Changes to the inside of the front cover of the PDS On the inside of the front cover, replace the section under the sub-heading Insurance with the following: Asgard Employee Super provides insurance through group policies (Master Policies) with an insurer. The cover under these group policies are provided by: > > for the period up to and including 31 December 2017, AIA Australia Limited ABN , AFSL (AIA); and > > for the period on and from 1 January 2018, Westpac Life Insurance Services Limited ABN , AFSL (WLISL). In this document, Insurer refers to AIA Australia Limited for cover up to and including 31 December 2017, and Westpac Life Insurance Services Limited for cover on and from 1 January All insurance benefits are subject to the terms and conditions contained in the relevant Master Policies. The insurance benefits provided by the Master Policies and described in the PDS and Additional Information Booklet are liabilities of the Insurer. They are not deposits in, or liabilities of, and are not guaranteed by any other bank or company whether related to the Insurer or not. We are the policyholder under the Master Policies with the Insurer. On the inside of the front cover, replace the section under the sub-heading Consent to be named with the following: Each of Asgard, Advance, AIA and WLISL has consented to being named in the PDS and the Additional Information Booklet and for the inclusion of information attributed to it, in the form and context in which it appears, and has not withdrawn its consent before the date the PDS and the Additional Information Booklet was prepared. 2

3 Changes throughout the PDS Replace each reference to the Additional Information Booklet Part 4 Investment Selection in the PDS with the List of Available Investment Options Booklet. Changes to the About Asgard Employee Super Account section of the PDS On page 3 of the PDS, replace the fourth paragraph under the sub-heading Overview of Asgard Employee Super with the following: Asgard Employee Super also provides insurance through Master Policies which are issued by AIA up to and including 31 December 2017, and WLISL for cover on and from 1 January The insurance available are Life Protection, Total and Permanent Disablement Protection and Salary Continuance Insurance. For more information, please see the 8. Insurance in your super section of this PDS. Changes to the Benefits and features of Asgard Employee Super Account section of the PDS On page 9 of the PDS, replace the section under the sub-heading Insurance with the following: Asgard Employee Super offers Life Protection, Total and Permanent Disablement Protection and Salary Continuance Insurance through Master Policies which are issued by AIA up to and including 31 December 2017, and WLISL for cover on and from 1 January Changes to the Fees and other costs section of the PDS Under the heading Fees and other costs, replace pages 10 to 16 of the PDS with the following: DID YOU KNOW? Small differences in both investment performance and fees and costs can have a substantial impact on your long term returns. For example, total annual fees and costs of 2% of your account balance rather than 1% could reduce your final return by up to 20% over a 30 year period (for example, reduce it from $100,000 to $80,000). You should consider whether features such as superior investment performance or the provision of better member services justify higher fees and costs. You or your employer, as applicable, may be able to negotiate to pay lower fees. Ask the fund or your financial adviser. TO FIND OUT MORE If you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities and Investments Commission (ASIC) website (moneysmart.gov.au) has a superannuation calculator to help you check out different fee options. This SPDS shows fees and other costs that you may be charged. These fees and costs may be deducted from your money, from the returns on your investment or from the assets of the superannuation entity as a whole. 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. Taxes, insurance fees and other costs relating to insurance are set out in another part of the PDS and in the Additional Information Booklet. You should read all the information about fees and other costs because it is important to understand their impact on your investment. The fees and other costs for the MySuper product offered by the superannuation entity, and each Option offered by the entity are set out in the table on the following pages. 3

4 Asgard Employee Super Account Type of fee Amount How and when paid Asgard MySuper Asgard SMA Funds Asgard Managed Profiles Investment fee Nil Nil Nil Not applicable Administration fee 1 $6.00 per month ($72 pa) PLUS 0.60% pa of your account balance PLUS Trustee fee Not applicable PLUS Expense Recovery legislative requirements and government levies 4 Estimated to be approximately $40 pa. The exact amount charged to your account will be confirmed in your periodic Investor Report for the relevant period. Account balance Asgard SMA Funds % pa of your account balance 2 Asgard Managed Profiles % pa of your account balance 3 First $50, % % Next $50, % % Next $150, % % Next $750, % % Balance over $1,000, % % A discount on the Administration fee may apply based on the total value of applicable accounts in your employer s plan. Please read the Additional explanation of fees and costs in the PDS, and in section 5. Fees and other costs of the Additional Information Booklet Part 1 General. Trustee fee % pa of your account balance. This fee is paid to us for our services in overseeing the account s operations and for providing access to the account s managed investments. Expense Recovery legislative requirements and government levies 4 Estimated to be approximately $40 pa plus 0.03% pa of your account balance for expenses incurred in relation to the Operational Risk Financial Requirement (ORFR). The exact amount charged to your account will be confirmed in your periodic Investor Report for the relevant period. This fee is paid to us for our services and costs incurred in administering and operating Asgard Employee Super. The dollar-based Administration fee is deducted from your account balance on the first day of every month. The percentage-based Administration fee is calculated based on your account balance at the end of each month and deducted from your cash account at the beginning of the next month. You ll pay full fees in the month your account is opened. The amount of these fees may be negotiated with us and your employer. Calculated based on your account balance at the end of the month and deducted from your cash account at the beginning of the next month. Calculated based on the expenses incurred, and deducted from your cash account at the time the expense is applied annually. The ORFR expense is calculated as a percentage of your account balance, and is deducted from your cash account at the time the expense is applied. Expense Recovery is payable to us and will not be passed on to your financial adviser, or your financial adviser s dealer group. 1. The amount of these fees may be negotiated with your employer and us. Please see the Additional explanation of fees and costs section in 5. Fees and other costs in the Additional Information Booklet Part 1 General for more information. 2. A minimum administration fee of $5.77 per month applies if your account balance is less than $7,500, except when a Regular Deposit Plan of at least $250 exists and a regular deposit is made in that month. 3. A minimum administration fee of $9.61 per month applies if your account balance is less than $10,000, except when a Regular Deposit Plan of at least $250 exists and a regular deposit is made in that month. 4. We have discretion in deciding whether to pass on to members all or a portion of the expenses incurred in each financial year, by us operating the Fund. We intend to exercise our right to recover expenses in respect of costs that relate to your account which include, paying compulsory government levies and complying with legislative prudential requirements such as statutory charges, licensing fees, registry costs, audit fees, government duties, government levies, the cost of complying with legislative and prudential requirements and various other disbursements. The amount shown is an estimate. For more information, please see the Additional explanation of fees and costs section in 5. Fees and other costs in the Additional Information Booklet Part 1 General. 4

5 Asgard Employee Super Account Type of fee Amount How and when paid Asgard MySuper Asgard SMA Funds Asgard Managed Profiles Administration PLUS fee 1 (continued) Expense Recovery general Not applicable Buy-sell spread 3 Estimated at 0.36% of the amount invested in Asgard MySuper Lifestage Investment Option, and incurred when you invest in the relevant Asgard MySuper Lifestage Investment Option. Expense Recovery general 2 This is the recovery of expenses incurred in operating the Asgard Employee Super Account. Historically, estimated to be 0.28% pa, if your account had less than $500,000 and for the portion of account balances over $500,000, the Expense Recovery was historically nil. The exact amount charged to your account will be confirmed in your periodic Investor Report for the relevant period. Estimate at 0.24% to 0.48% of the amount invested in or withdrawn from the relevant Asgard SMA Funds portfolio, and incurred when you invest in and sell from the relevant Asgard SMA Funds portfolio you selected. The amount you pay for specific Asgard SMA Funds portfolios are shown in the List of Available Investment Options Booklet. Estimated at 0.00% to 2.50% of the amount invested in or withdrawn from, the relevant managed investment, and incurred when you invest in or sell from the relevant managed investments you select. The amount of buy-sell spread depends on the managed investments you select. If you invest in a term deposit, generally no buy-sell spread will apply to this managed investment. The amount you pay for specific managed investments is shown in the List of Available Investment Options Booklet or other disclosure document for each managed investment. Calculated based on your account balance and deducted from your cash account at the time the expense is applied annually. We do not charge a buy-sell spread. A buy-sell spread may be charged by the investment managers of an underlying managed investment. The amount of buy-sell spread depends on the managed investments you selected. Any buy-sell spread that is charged on a buy or sell of units in a managed investment is applied before the unit price is provided to us. The amount you pay for specific managed investments is shown in the PDS or other disclosure document for each managed investment. For further details, please see the Buy-sell spread section in the Additional explanation of fees and costs in this PDS. Switching fee Nil Nil Nil Not applicable Exit fee Nil Nil Nil Not applicable Advice fee Nil Nil Nil Not applicable relating to We do not charge Advice all members fees. However, you may investing in agree to pay Adviser fees to a particular your financial adviser. Please MySuper see Personal advice fees product or in the PDS and in section Investment 5. Fees and other costs in Option. the Additional Information Booklet Part 1 General. 1. The amount of these fees may be negotiated with your employer and us. Please see the Additional explanation of fees and costs section in 5. Fees and other costs in the Additional Information Booklet Part 1 General for more information. 2. This is the recovery of expenses incurred in operating the Asgard Employee Super Account. The amount deducted from your cash account may vary from month to month, depending on the amount of authorised expenses. 3. Estimates are based on figures for the 2017/2018 financial year and are subject to change without notice. Please see the underlying investment manager s product disclosure statement for the specific managed investment for the specific amount you pay. 5

6 Asgard Employee Super Account Type of fee Amount How and when paid Asgard MySuper Asgard SMA Funds Asgard Managed Profiles Other fees and costs 1 Personal advice fees, as negotiated and agreed with your financial adviser. This amount of any Personal advice fee may vary. Please see the Additional explanation of fees and costs in this PDS and in the Additional Information Booklet Part 1 General for details of how Personal advice fees are calculated. PLUS Insurance fees if you have insurance in Asgard Employee Super The amount of any Insurance fees may vary. Please see the Additional explanation of fees and costs in this PDS and the Additional Information Booklet Part 3 Insurance for details of how Insurance fees are calculated. PLUS Activity fee (rapid withdrawal facility) 0.25% of the withdrawal amount or $50.00 (whichever is greater). This fee is not subject to GST. PLUS Brokerage fee Not applicable Brokerage fee Not applicable Brokerage fee For trade values up to and including $30,000, the Brokerage fee is $25.00 (incl. GST net of RITC) per trade. For trades valued over $30,000, the Brokerage fee is % (incl. GST net of RITC) of the value of the trade. Personal advice fees paid to your financial adviser for advice and related services are deducted from your cash account monthly in arrears (or at the time your account is closed, if applicable). This fee is paid to us for insurance premiums paid to the Insurer and costs incurred in relation to the provision of insurance. It is deducted from your cash account monthly in advance. See the Additional Information Booklet Part 3 Insurance for the applicable Insurance fees. This fee is paid to us for our services and costs incurred in administering the Rapid Withdrawal Facility. It is deducted from your cash account at the time of withdrawal. When trading shares, a Brokerage fee is charged by the broker. For share purchases, the Brokerage fee is added to the share trade value, and the total amount is deducted from your Share Trading Account. For share sales, the Brokerage fee is deducted from the next sale proceeds, and the next amount is credited to your Share Trading Account. Please see 5. Asgard Managed Profiles in Additional Information Booklet Part 2 Investment for further details. 1. Please see the Additional explanation of fees and costs section in this PDS and in 5. Fees and other costs in the Additional Information Booklet Part 1 General for further information about these fees and costs, such as Activity fees, Personal advice fees, and insurance fees. 6

7 Asgard Employee Super Account Type of fee Amount How and when paid Asgard MySuper Asgard SMA Funds Asgard Managed Profiles Indirect cost ratio Investment manager fees, performancerelated fees and other indirect costs Investment manager fees of 0.50% pa of the Asgard MySuper Lifestage Investment Option s asset value PLUS Investment manager fees, performancerelated fees and other indirect costs Not applicable 1 Investment manager fees, performancerelated fees and other indirect costs Not applicable 1 Investment manager fee is deducted from the assets of the Asgard MySuper Lifestage Investment Option and reflected in the daily unit price. Estimated performance-related fees of 0.03% to 0.04% 2 pa of the Asgard MySuper Lifestage Investment Option s asset value PLUS Estimated other indirect costs of 0.12% to 0.23% 3 pa of the Asgard MySuper Lifestage Investment Option s asset value. Estimated total indirect cost ratio of 0.65% to 0.77% of the Asgard MySuper Lifestage Investment Option s asset value. Performance-related fees are deducted from the assets of the relevant Asgard MySuper Lifestage Investment Option and reflected in the daily unit price when investment performance targets are met. Other indirect costs are incurred in managing the underlying investment assets of the Asgard MySuper Lifestage Investment Option and are reflected in the daily unit price. 1. Fees and costs are also payable in relation to the underlying investments. For more information on the fees and costs relating to your underlying investments, please see the Additional explanation of fees and costs section in 5. Fees and other costs in the Additional Information Booklet Part 1 General and the List of Additional Investment Options Booklet. 2. The amount of performance-related fees is an estimate in relation to the 12 months to 30 June The performance-related fees shown are not a representation of likely future performance. Please see the Additional explanation of fees and costs section in 5. Fees and other costs in the Additional Information Booklet Part 1 General for more information. 3. The amount of other indirect costs is an estimate of the additional costs incurred in managing the underlying assets of the investment option in relation to the 12 months to 30 June Please see the Additional explanation of fees and costs section in 5. Fees and other costs in the Additional Information Booklet Part 1 General for more information. 7

8 Asgard Employee Super Account Type of fee Amount How and when paid Asgard MySuper Asgard SMA Funds Asgard Managed Profiles Indirect cost PLUS ratio (continued) Cash account fee Not applicable Cash account fee This fee is the difference between: > > the interest earned by the Cash Account Administrator 1 on the underlying bank accounts (including term deposits) maintained within the Westpac Group, in which your cash account is deposited, and > > the declared interest rate 2 that is payable to you and your cash account. The Cash account fee is estimated to be 1.45% pa, but may vary from time to time. This estimate is based on the average fee for the financial year ended 30 June This fee is charged by the Cash Account Administrator 1 for the administration of your Asgard SMA Funds and Asgard Managed Profiles cash account. The Cash account fee accrues daily. It s charged in Asgard SMA Funds and Asgard Managed Profiles before interest is calculated and credited to your account at the end of each month. The Asgard SMA Funds and Asgard Managed Profiles Cash Account fee is not separately deducted from your cash account. It s paid as an expense out of the cash deposited in the underlying bank accounts (including term deposits) the Cash Account Administrator maintains with Westpac Group. For Asgard MySuper Lifestage Investment Options the cash account is cleared at the end of each business day. No interest is earned and no Cash account fee is charged. 1. The Cash Account Administrator is BT Portfolio Services Limited ABN (BTPS). BTPS is a related body corporate of BTFM. 2. The declared interest rate may change from time to time but will be greater than 0%. For the current interest rate declared on your cash account, speak with your financial adviser or call us. You can use the information set out in the table on the following page to compare the fees and costs with those for other super products. The calculator referred to in the Consumer Advisory Warning in the Fees and other costs section of this SPDS can be used to calculate the effect of fees and costs on account balances. 8

9 On page 16 of the PDS, replace the section under the sub-heading Example of annual fees and costs with the following: Example of annual fees and costs This table gives an example of how the fees and costs for the Asgard MySuper 1960 s Lifestage Investment Option for this superannuation product can affect your superannuation investment over a one year period. You should use this table to compare this superannuation product with other superannuation products. Example Asgard MySuper 1960 s Lifestage Investment Option Balance of $50,000 Investment fees Nil For every $50,000 you have in the superannuation product you will be charged $0 each year PLUS Administration fees 0.60% pa of your account balance + And, you will be charged $412 in administration fees each year $72 pa ($6 per month) + $40 (Expense Recovery legislative requirements and government levies) 1 PLUS Indirect costs for the superannuation product % pa of your account balance And, indirect costs of $355 each year will be deducted from your investment EQUALS Cost of product If your balance was $50,000 then for that year you will be charged fees of $767 3 for the superannuation product. 1. The Expense Recovery is an estimate only. The exact amount deducted from your account, will be confirmed in your periodic Investor Report. This example estimated the Expense Recovery legislative requirements and government levies amount to be approximately $40 pa and includes expenses we recover for compliance with legislative and prudential standards and paying compulsory government levies. 2. The amount includes investment manager fees, as well as the estimated performance-related fees and estimated other indirect costs for the Asgard MySuper 1960 s Lifestage Investment Option in relation to the year ended 30 June Please see the Additional explanation of fees and costs section in 5. Fees and other costs in the Additional Information Booklet Part 1 General for more information. 3. Additional fees and costs may apply. This example does not take into account all the fees and costs that may apply to your account, for example, transaction costs may apply. Please see the Additional explanation of fees and costs in the PDS and in the Additional Information Booklet Part 1 General for information about the fees and other costs that may apply. This example is illustrative only and fees and costs may vary depending on the investment option you choose. Note: Additional fees may apply. Please refer to the Additional explanation of fees and costs section in 5. Fees and other costs of the Additional Information Booklet Part 1 General for more information. This example is illustrative only. What it costs you will depend on the investment option you choose. 9

10 Example of annual fees and costs This table gives an example of how the fees and costs for accessing the Asgard SMA Funds Balanced Portfolio through the superannuation product can affect your superannuation investment over a one year period. You should use this table to compare this superannuation product with other superannuation products. Example Asgard SMA Funds Balanced Portfolio Balance of $50,000 1 Investment fees Nil For every $50,000 1 you have in the superannuation product you will be charged $0 each year PLUS Administration fees % pa of your account balance % pa of your account balance (Trustee fee) + $ % pa of your account balance (Expense Recovery legislative requirements and government levies) % pa of your account balance (Expense Recovery general) 3 And, you will be charged $ in administration fees each year PLUS Indirect costs for the superannuation product EQUALS Cost of product 1.45% of your cash account balance (Cash account fee) 4 And, indirect costs of $36.25 each year will be deducted from your investment If your balance was $50,000 1 then for that year you will be charged fees of $ for the superannuation product. 1. In this example, it is assumed that $50,000 is invested in the Asgard SMA Funds Balanced Portfolio (with an additional $2,500 held in the cash account). 2. The Expense Recovery is an estimate only. The exact amount deducted from your account, will be confirmed in your periodic Investor Report. This example estimated the Expense Recovery legislative requirements and government levies amount to be approximately $ % pa of your account balance and includes expenses we recover for compliance with legislative and prudential standards and paying compulsory government levies. 3. The Expense Recovery is an estimate only. The exact amount deducted from your account, will be confirmed in your periodic Investor Report. This example estimated the Expense Recovery general amount to be approximately 0.28% pa of your account balance and is for the recovery of expenses incurred in operating the Asgard Employee Super Account. 4. The amount of the Cash account fee is based on the assumption that $2,500 is held in the cash account. The amount of the Cash account fee will vary depending on the amount you hold in your cash account. 5. Additional fees and costs may apply. This example does not take into account all the fees and costs that may apply to your account, for example, transaction costs may apply. Please see the Additional explanation of fees and costs in the PDS and in the Additional Information Booklet Part 1 General for information about the fees and other costs that may apply. This example is illustrative only and fees and costs may vary for your actual investment. The example only shows the fees and costs that relate to accessing investments through the superannuation product and not the fees and costs of the underlying managed investments. Additional costs will be charged by the issuers of those underlying managed investments that you decide to invest in. Please refer to the following example that illustrates the combined effect of the fees and costs. 10

11 Example of total costs This table illustrates the combined effect of fees and costs of the superannuation product and the fees and costs for an investment in Asgard SMA Funds Balanced Portfolio through the superannuation product over a one year period, based on the same assumptions as the Example of annual fees and costs provided on the previous page. Example Asgard SMA Funds Balanced Portfolio Balance of $50,000 1 Cost of product If your balance was $50,000 1, then for that year you will be charged fees of $ for the superannuation product PLUS fees and costs for an investment in Asgard SMA Funds Balanced Portfolio 1 EQUALS total combined costs of investing in the Asgard SMA Funds Balanced Portfolio through the superannuation product 0.86% of your account balance (Management costs) % of your account balance (Net transactional and operational costs) 4 And, fees and costs of $595 each year will be deducted from your investment $1, In this example, it is assumed that $50,000 is invested in the Asgard SMA Funds Balanced Portfolio (with an additional $2,500 held in the cash account). 2. Please see Example of annual fees and costs provided on the previous page for information regarding the cost of the superannuation product and applicable assumptions. 3. The amount includes the management fees and indirect costs, such as estimated performance-related fees and estimated other indirect costs (as applicable), for the Asgard SMA Funds Balanced Portfolio. It is an estimate of the relevant fees and costs for the Asgard SMA Funds Balanced Portfolio in relation to the 12 months to 30 June For more information regarding these fees and costs, please see the Underlying fees and costs (for Asgard SMA Funds and Asgard Managed Profiles) section in 5. Fees and other costs in the Additional Information Booklet Part 1 General. 4. Please see the Other transactional and operational costs section in 5. Fees and other costs in the Additional Information Booklet Part 1 General. 5. Additional fees and costs may apply. This example does not take into account all the fees and costs that may apply to some or all of the available investments, such as Adviser establishment fees, other advice fees, cash account fees, transaction fees, transaction costs, any applicable buy-sell spread charges, Family Law Act fees, or Government or bank fees. The actual fees and other costs incurred are dependent on the investments you decide to transact in. Please see the Additional explanation of fees and costs in the PDS and in the Additional Information Booklet Part 1 General for information about the fees and other costs that may apply. This example is illustrative only and fees and costs may vary for your actual investment. For more information regarding the fees and costs of underlying investments, please see the List of Available Investment Options Booklet available at asgard.com.au > Products & Services > Asgard Employee Super > Brochures & forms > For you or by calling us on On page 16 of the PDS, replace the section GST and taxes under the sub-heading Additional explanation of fees with the following: The fees and other costs shown in this section don t take into account any income tax benefit (if applicable) but do include any applicable Goods and Services Tax (GST) and any available stamp duty and are net of any available Reduced Input Tax Credits (RITCs), unless otherwise stated. The benefit of tax deductions to Asgard Employee Super, if any, will be passed on to you in the form of a reduced fee or cost. On page 17 of the PDS, replace the second paragraph in the section Insurance fees under the sub-heading Additional explanation of fees with the following: We receive up to 14% (including any applicable GST) of insurance premium payments from the Insurer as remuneration for the administrative services we provide. This remuneration is included in the insurance premium rate. 11

12 Changes to the Additional Information booklet Part 1 General Changes to the front cover of the Additional Information Booklet Part 1 General On the front cover, replace the About this Additional Information Booklet with the following: This document is Part 1 of the Additional Information Booklet for Asgard Employee Super Account (Asgard Employee Super). The information in this document is incorporated by reference into, and taken to be included in the Product Disclosure Statement (PDS) for Asgard Employee Super dated 1 July The Additional Information Booklet comprises of three parts: Part 1 General (Issued 1 July 2017) Part 2 Investment (Issued 1 July 2017) Part 3 Insurance (Issued 30 September 2017) You should read the PDS and the Additional Information Booklet (Parts 1 to 3) (which together form part of the PDS) before making a decision about Asgard Employee Super. In addition, the Asgard Employee Super Account List of Available Investment Options Booklet (List of Available Investment Options Booklet) sets out the list of available investment options and includes the investment selection form. The PDS, Additional Information Booklet and the List of Available Investment Options Booklet are available free of charge at asgard.com.au, or by calling Asgard Employee Super is available from financial advisers across Australia. The offer or invitation to which the PDS and the Additional Information Booklet relates is only available to persons receiving the PDS and the Additional Information Booklet in Australia. The Trustee may at its discretion refuse to accept applications from any person. Changes to the Important information section of the Additional Information Booklet Part 1 General On page 3 of the Additional Information Booklet Part 1 General, replace the section under the subheading Insurance with the following: Asgard Employee Super provides insurance through group policies (Master Policies) with an insurer. The cover under these group policies are provided by: > > for the period up to and including 31 December 2017, AIA Australia Limited ABN , AFSL (AIA); and > > for the period on and from 1 January 2018, Westpac Life Insurance Services Limited ABN , AFSL (WLISL). In this document, Insurer refers to AIA Australia Limited for cover up to and including 31 December 2017, and Westpac Life Insurance Services Limited for cover on and from 1 January All insurance benefits are subject to the terms and conditions contained in the relevant Master Policies. The insurance benefits provided by the Master Policies and described in the PDS and Additional Information Booklet are liabilities of the Insurer. They are not deposits in, or liabilities of, and are not guaranteed by any other bank or company whether related to the Insurer or not. We are the policyholder under the Master Policies with the Insurer. On page 3 of the Additional Information Booklet Part 1 General, replace the section under the subheading Consent to be named with the following: Each of Asgard, Advance, AIA and WLISL has consented to being named in the PDS and the Additional Information Booklet and for the inclusion of information attributed to it, in the form and context in which it appears, and has not withdrawn its consent before the date the PDS and the Additional Information Booklet was prepared. 12

13 Changes throughout the Additional Information Booklet Part 1 General Replace each reference to the Additional Information Booklet Part 4 Investment Selection in the Additional Information Booklet Part 1 General with the List of Available Investment Options Booklet. Changes to the How super is taxed section of the Additional Information Booklet Part 1 General On page 22 of the Additional Information Booklet Part 1 General, replace the section Taking a cash lump sum as a result of a terminal medical condition under the sub-heading Taking a cash lump sum benefit with the following: A super lump sum payment is tax-free if you suffer from a terminal medical condition. You ll be viewed as suffering from a terminal medical condition if two registered medical practitioners certify, jointly or separately, that you suffer from an illness, or have incurred an injury that is likely to result in your death within a period of 24 months from the date of the certification (the certification period ) and for each of the certificates, the certification period has not ended. One of the certifying practitioners must be a specialist practising in an area related to your injury or illness. If you satisfy this condition of release, all benefits which have accrued up to this time become unrestricted nonpreserved. This condition of release also covers the certification period, meaning that any further benefits accrued within the 24 months certification period will also be treated as unrestricted non-preserved benefits. Please note: Prior to 1 January 2018, the requirements that need to be met for payment of an insurance benefit on grounds of terminal illness are different to the requirements for terminal medical condition. This means you may not be eligible for an insured benefit on grounds of terminal illness even if you can access your benefit on grounds of terminal medical condition. Please note that, prior to 1 January 2018 the certification period for payment of an insurance benefit on the grounds of terminal illness is 12 months. On and from 1 January 2018, the certification period that needs to be met for payment of an insurance benefit on grounds of `terminal illness is 24 months, which is the same certification period as the requirements for `terminal medical condition. If you withdraw your entire superannuation benefit (eg on grounds of suffering a terminal medical condition ), or if there are insufficient funds in your account to cover your insurance premiums, any insurance cover you hold in Asgard Employee Super will cease and you may therefore not be eligible to claim for an insured benefit (including on grounds of terminal illness ). For more information, please see the Additional Information Booklet Part 3 Insurance, or call us on Changes to the Fees and other costs section of the Additional Information Booklet Part 1 General On page 24 of the Additional Information Booklet Part 1 General, replace the section GST on fees under the sub-heading Additional explanation of fees and costs with the following: The fees and other costs shown in this section don t take into account any income tax benefit (if applicable), but do include any applicable Goods and Services Tax (GST) and any available stamp duty, and are net of any available Reduced Input Tax Credits (RITCs), unless otherwise stated. In the event of any change in taxation laws or their interpretation which affects the rate of GST payable or the RITCs that may be received, the amounts deducted from your account balance in respect of the fees and costs applied to your account may be varied or adjusted to reflect such changes without your consent or prior notice to you. On page 24 of the Additional Information Booklet Part 1 General, replace the sections Investment manager fees, Wholesale prices and Investment manager fee rebates and Performance-related fees under the subheading Additional explanation of fees and costs with the following new section: Indirect costs (for Asgard MySuper) Indirect costs are an estimate of the costs incurred in managing the underlying assets of the Asgard MySuper Lifestage Investment Option which directly or indirectly reduce the return on Asgard MySuper Lifestage Investment Options. These indirect costs are reflected in the unit price of the relevant Asgard MySuper Lifestage Investment Options and are an additional cost to you. They include investment manager fees, estimated performance-related fees and estimated other indirect costs. These costs are not directly charged or retained by us in our capacity as the trustee of the Fund. 13

14 The Asgard MySuper Lifestage Investment Option s investment manager fee is calculated on the net asset value and reflected in the relevant Asgard MySuper Lifestage Investment Option s daily unit prices. The standard investment manager fee for the Asgard MySuper Lifestage Investment Options is 0.50% pa of the investment option s asset value, as shown in the Indirect cost ratio in the fee table in the PDS. Please see the Performance-related fees (for Asgard MySuper) and Other indirect costs (for Asgard MySuper) sections for more information on the other indirect costs applicable to the Asgard MySuper Lifestage Investment Options. Performance-related fees (for Asgard MySuper) The investment managers of the Asgard MySuper Lifestage Investment Options may be entitled to performance-related fees. Performance-related fees, if applicable, will increase the indirect cost ratio for the relevant investment. Performance-related fees range from 0.03% to 0.04% 1 pa of your Asgard MySuper Lifestage Investment Option. The more exposure an Asgard MySuper Lifestage Investment Option has to an underlying managed investment that charges performance-related fees, the greater the potential impact that this will have on your investment in that Asgard MySuper Lifestage Investment Option. Generally, performance-related fees will only apply and be charged when specific performance targets are met. There is no guarantee that a performance-related fee will be paid, and the actual fees paid are likely to vary. The actual performance-related fees payable will vary depending on factors such as changes in funds under management, changes in the asset allocation and/or underlying manager weights, changes to underlying manager fee arrangements and contribution of underlying manager performance toward overall fund performance. Generally, a performance-related fee will only be charged in respect of an Asgard MySuper Lifestage Investment Option when the investment return outperforms either the relevant benchmark or a specific performance hurdle return. Usually, any prior underperformance must be made good before an underlying investment manager qualifies for a performance-related fee. These fees are generally paid at least annually (performance period). Performance-related fees affect the Asgard MySuper Lifestage Investment Option s return and therefore the value of your investment in the relevant Asgard MySuper Lifestage Investment Option. Example If an underlying investment manager managing 10% of the assets of the investment option and it outperforms their investment performance target by 3% for the year and has an agreed performance fee rate of 20%, the performance-related fee applicable to the investment option is 0.06% (3% x 20% x 10%). If you have $50,000 invested in the investment option you would effectively pay a performance-related fee of $30 ($50, %) for that year. Note: this example is provided by way of illustration only and is not an estimate or guarantee of investment returns or the performance-related fees that may apply. A performance-related fee may still be payable where the Asgard MySuper Lifestage Investment Option s overall performance has declined over the performance period. This is because one or more underlying investment managers within the Asgard MySuper Lifestage Investment Option may have outperformed the benchmark or their performance hurdle over that period. Where an underlying investment manager s cumulative performance for a period is less than the relevant benchmark or performance hurdle, this underperformance may be carried forward to the following period and no further performance-related fees will be either reflected in the unit price or paid in respect of the underlying investment manager until the underperformance is recouped. In rare circumstances, such as where there is a large withdrawal from an Asgard MySuper Lifestage Investment Option or where an investment manager is replaced, any negative performance-related fee accrual (representing underperformance) may be reset to zero or a lower amount that we believe is appropriate. We do not expect a negative accrual to be reset solely due to a sustained period of poor performance or weak market conditions The performance-related fees are estimated amounts in relation to the 12 months to 30 June The performance-related fees are not a representation of likely future performance.

15 On page 25 of the Additional Information Booklet Part 1 General, before the section Share brokerage under the sub-heading Additional explanation of fees and costs, insert the following new sections: Other indirect costs (for Asgard MySuper) Other indirect costs include: > > certain transactional and operational costs (refer to the section below); and > > underlying fund costs where applicable these costs are deducted from the net income of the relevant investment option indirectly through an underlying managed investment through which an Asgard MySuper Lifestage Investment Option s assets are held and managed. The amount included in the fee table in the Fees and other costs section of the PDS constitutes an estimated amount of the other indirect costs incurred in connection with managing the underlying assets of each Asgard MySuper Lifestage Investment Option calculated with reference to the financial year ending 30 June 2017 and may vary from time to time. These other indirect costs are reflected in the unit price of the Asgard MySuper Lifestage Investment Option and are an additional cost to you. We have relied on the information provided by the underlying managed investments where applicable and have made reasonable enquiries where necessary to determine the appropriateness of the other indirect costs provided. Transactional and operational costs Transactional and operational costs are incurred when assets are bought and sold. These costs include brokerage, clearing and settlement costs, applicable stamp duty and the difference between the price paid for acquiring or disposing of an asset and its actual value at that time. Part of these costs are recouped through the buy-sell spread. Please refer to the Buy-sell spread section in Additional explanation of fees and costs in the PDS for more information on buy-sell spreads applicable to managed investments available through Asgard Employee Super. Where transactional and operational costs arise from trading activity to execute the investment strategy for an underlying managed investment, and are not the result of buying or selling units in the managed investment, these costs are not recouped by the relevant investment managers (eg by the buy-sell spread in the case of a managed investment). They are an additional cost to you at the time of the managed investment directly or indirectly undertaking the trading activity, and are included in the managed investment s unit price. An estimate of the buy-sell spreads and the transactional and operational costs (transaction costs) for the Asgard MySuper Lifestage Investment Options for the 12 months to 30 June 2017 are set out in the table below. Further information regarding the amount of the transactional and operational costs for Asgard SMA Funds and each managed investment available through Asgard Managed Profiles is provided in the List of Available Investment Options Booklet and the product disclosure statement or other disclosure document(s) for the relevant managed investments, which may be obtained on request and free of charge from your adviser. Asgard MySuper 1940 s Lifestage Investment Option Asgard MySuper 1950 s Lifestage Investment Option Asgard MySuper 1960 s Lifestage Investment Option Asgard MySuper 1970 s Lifestage Investment Option Asgard MySuper 1980 s Lifestage Investment Option Asgard MySuper 1990 s Lifestage Investment Option Asgard MySuper 2000 s Lifestage Investment Option (A) Total transaction costs (%) (B) Costs recouped from the buy/ sell spread (%) (C) = (A) - (B) Net transaction costs 1 (%) (D) Transaction costs disclosed in Indirect costs (%) (E) = (C) - (D) Transaction costs not disclosed in Indirect costs (%) These are the estimated net transaction costs that reduced the performance of the relevant investment option(s) for the 12 months ended 30 June

16 Borrowing costs Borrowing costs are the costs to fund the purchase or borrowing of an asset, such as interest, establishment fees, administrative fees and government charges. Indirect borrowing costs for the Asgard MySuper Lifestage Investment Options are paid out of the relevant underlying managed investments and reflected in the unit prices. They are an additional cost to you. Our estimate of these costs for the financial year ended 30 June 2017 are 0.00%. On page 25 of the Additional Information Booklet Part 1 General, replace the first paragraph in the section Insurance administration fees under the sub-heading Additional explanation of fees and costs with the following: We may, but currently don t, charge you a monthly Insurance administration fee of up to $2.56 (including any applicable GST) per month on each type of insurance selected. The Insurance administration fee covers the cost associated with establishing and maintaining your insurance and is unrelated to the fees the Insurer pays us for administration services. It s not a fee payable to the Insurer for your insurance. On page 26 of the Additional Information Booklet Part 1 General, replace the section Underlying fees and costs under the sub-heading Additional explanation of fees and costs with the following new sections: Underlying fees and costs (for Asgard SMA Funds and Asgard Managed Profiles) For Asgard SMA Funds and Asgard Managed Profiles, the managed funds and exchange-traded funds (managed investments) offered through Asgard Employee Super are managed and operated by investment managers that charge fees and other costs for the management and administration of the managed investments. The investment returns for each managed investment are net of fees and other costs. That is, the fees and other costs are deducted from the value of the managed investment before the unit price is calculated. Some of the underlying investment managers may be entitled to performance fees in addition to the management fees they receive. The method for calculating these performance fees varies between the managed investments. If charged, typical performance fees for an underlying managed investment are estimated to be between 15% and 30% of the investment s outperformance of a defined benchmark, but actual performance fees may fall outside this range. In addition to the ongoing fees and other costs for the managed investments, some investment managers charge contribution and withdrawal fees. These may be charged either: > > as an amount added (or subtracted) as part of the entry (or exit) price, when you acquire (or dispose of) an investment (depending on whether a contribution or withdrawal fee is being charged) or > > by deducting an amount from your account balance, when you acquire (or dispose of) your investment. The fees and costs for the investments available through Asgard SMA Funds and Asgard Managed Profiles, including management costs (including management fees, performance fees and other indirect costs) and transactional and operational costs, are set out in the List of Available Investment Options Booklet. The amount of these fees varies between investment managers and may be varied at any time by an investment manager, without notice to you. To understand all of the fees and costs that might be payable for a managed investment, you should read the PDS, the List of Available Investment Options Booklet, and the underlying investment s product disclosure statement or other disclosure documents. You can obtain a copy of the underlying managed investment s disclosure document on requested and free of charge from your adviser. Any fees or costs relating to a managed investment disclosed in this document are provided by external investment research providers or the relevant issuers and are not verified by the Trustee. The method of calculation of the fees and costs is not uniform and varies between investment options. This should be considered when comparing investment options, and you should refer to the disclosure documents for the relevant investment options to obtain more information about the applicable fees and costs. Wholesale prices and management fee rebates (for Asgard SMA Funds and Asgard Managed Profiles) The managed investments offered through Asgard Employee Super are predominantly wholesale managed investments. By investing in these managed investments through Asgard Employee Super, members will generally be charged lower management fees than other retail super members. We have been able to negotiate rebates on the management fees charged by some investment managers. Any management fee rebate will be paid in full to members with an account open at the time the rebate is received and processed by us, which is generally quarterly. Management fee rebates can range from 0% to 60% of the management fees charged by the investment managers and may vary from time to time. Please note: the management fees (included as part of management costs) for the managed investments offered through Asgard SMA Funds include any management fee rebates, whereas the management fees for the investments offered through Asgard Managed Profiles don t take into account management fee rebates. On page 27 of the Additional Information Booklet Part 1 General, replace the last paragraph in the section Variation of fees and other costs under the sub-heading Additional explanation of fees and costs with the following: Before making an investment decision, you should refer to the current underlying Investment manager fees applying to your account which are available at any time by logging on to the Investor Online, as well as the List of Available Investment Options Booklet, the Available Products List and any related updating information that will be applicable to your investment in Asgard Employee Super. 16