Product Disclosure Statement

Transcription

1 Product Disclosure Statement Issued 6 August 2018 Contents 1. About QIEC Super How super works Benefits of investing with QIEC Super Risks of super How we invest your money Fees and costs How super is taxed Insurance in your super How to open an account... 8 Important information This Product Disclosure Statement (PDS) is prepared in accordance with Subdivision 4.2B of Division 4 Part 7.9 of the Corporations Regulations 2001, and provides a summary of the key information you need to make a decision to open an accumulation style superannuation account with QIEC Super. It includes references to additional information provided in Fact Sheets and the Insurance Guide on QIEC Super s website that form part of this PDS. Directions to the Fact Sheets are shown at the end of each section (if applicable) and are marked with this logo: This is important information that should be considered before making a decision to invest in this financial product. If you do not have access to the internet and you would like a copy of this PDS or any of the Fact Sheets referenced within, please contact QIEC Super on The information in this document is general information only and doesn t take into account your personal financial situation or needs. You may wish to consult a licensed financial adviser to obtain financial advice that is tailored to suit your personal circumstances. Contact us If you have any questions or would like more information about QIEC Super, contact us at qiec.com.au or call QIEC Super Pty Ltd (ABN ), the Trustee of QIEC Super (ABN ), is Corporate Authorised Representative No under AFSL No and is authorised to provide general financial product advice in relation to superannuation. QIEC MySuper Product Unique Identifier

2 1 About QIEC Super QIEC Super is an Industry Super Fund which means that we do not pay commissions to sales agents and return all profits to our members. QIEC Super has 29 years experience providing superannuation for the sole benefit of employees in the non-government education sector, child and other care and community services in Queensland. As a member of QIEC Super you can take advantage of any of the following benefits: a choice of ten investment options (see page 4); QIEC MySuper is the default investment option for members in the accumulation category and offers a Balanced Growth portfolio; automatic Death, Total and Permanent Disablement and Income Protection insurance cover (see page 7); personal financial planning services (with costs outlined on pages 5 and 6); access to YourSuperFuture, our online financial planning tool; A QIEC Income Stream account is available. For those nearing retirement, the Transition to Retirement Account is designed to allow you (but does not require you) to lessen your fulltime workload, whilst the Retirement Income Account is for those who are fully retired. You should read the QIEC Income Stream PDS available at qiec.com.au/forms-and-resources/ publications; access to our experienced Client Services Managers (CSMs) who can visit you and help you with all things super related; the option to open an account for your Spouse with QIEC Super; and access to our easy-to-use Member Online system. To make comparing investment options between superannuation funds simple, a MySuper product dashboard is available at qiec.com.au/members/what-we-offer/performance/ qiec-mysuper-dashboard Fund Governance more information on Fund Governance and Director remuneration is available at qiec.com.au/about-us/about-qiec-super/fund-governance 2 How super works Superannuation is a long-term investment designed to help you accumulate the savings you need to enjoy the life you want in retirement. Superannuation includes a compulsory element through the regular contributions your employer pays on your behalf. The Australian Government provides a range of incentives for people to save for their retirement through superannuation. As a result, super is taxed differently from other investments and there can be significant tax advantages in saving for your retirement through super. For more information about taxation see Section 7 on page 6. Choosing your super fund Most people can choose which super fund they would like their super contributions paid into, but in some cases your super fund may be determined by the terms of your employment. If you don t have a choice about your super fund or don t tell your employer where to pay your super, they will put it into a super fund that they ve chosen. Growing your super The different types of contributions are: Employer contributions: in most cases Superannuation Guarantee Law requires your employer to contribute a percentage of your Ordinary Times Earnings to your superannuation account (SG contributions). Salary Sacrifice contributions: arranging for your employer (if they allow) to deduct money from your pay (before tax is taken out) and deposit this into your QIEC Super account. Salary Sacrifice contributions may reduce the amount of personal income tax you may pay. Personal contributions: adding some of your after-tax money into your QIEC Super account. You may or may not choose to claim a tax deduction for these contributions. Government Co-contribution: if you make personal contributions (from your after-tax money) into your super, and meet all eligibility criteria, you will qualify to receive a special payment from the Government into your super. Spouse contributions: made on your behalf by your spouse. Low Income Super Tax Offset (LISTO): The LISTO is a Government super payment to help low income earners save for their retirement. Please remember that the Government has placed limits on the amount of contributions that receive concessional tax treatment. Extra tax is payable by you if you exceed these limits. Please refer to the Contributions Fact Sheet for further information. If you have a super balance of $1.6 million as at 30 June of any year, you cannot make any non-concessional contributions to super, nor are you eligible for the Co-contribution or LISTO. As contributions are made to your account, deductions are made for tax, administration fees and insurance fees. Investment earnings (that may be positive or negative) are also applied to your account balance. Rollovers If you have super in other funds, you can transfer it into your QIEC Super account. This might be a good idea because the more super funds you are in, the more fees you may pay. We recommend checking your Insurance with QIEC Super is adequate for your needs, prior to cancelling other superannuation that may provide Insurance cover for you. Also please note your other superannuation funds may apply an exit or termination fee. Investing your super QIEC Super has ten investment choice options each with a different level of risk. To find out more, please see Section 5 on page 4. Withdrawals Money contributed into superannuation is preserved. This means that you cannot access it until you have retired and have reached preservation age (between 55 and 60 depending on when you were born). However, there are some special circumstances where you can withdraw it earlier. Refer to the Claiming a benefit Fact Sheet. 2 QIEC Super Product Disclosure Statement

3 2 How super works (cont.) QIEC Income Streams are designed to provide a regular income for your retirement. The Transition to Retirement Account and Retirement Income Account are investments that give retirees and those nearing retirement (who have at least reached preservation age) a regular superannuation benefit payment as income*. If you require assistance on the best income stream option for you, QIEC Super is able to provide access to our preferred financial planning provider. * Please note that Temporary Residents are not eligible to commence a QIEC Income Stream You should read the Insurance Guide, Contributions Fact Sheet, Claiming a benefit Fact Sheet, Member investment choice and asset classes Fact Sheet and QIEC Income Stream PDS before making a decision. Go to qiec.com.au/forms-and-resources/publications and click on Product Disclosure Statements Please note: The information in the Fact Sheets may change between the time when you read this PDS and the day you sign the Member Application Form. 3 Benefits of investing with QIEC Super QIEC Super is your educated choice to help maximise your retirement savings. As a member, you will benefit from: Value for money super fund QIEC Super is a benefit for members fund, which means that after investment taxes and costs are taken out of returns, all profits are returned to our members. Investment choice We know that many of our members are taking more interest in how their super is invested. That s why we ve provided you with ten investment options to choose from. You don t have to put all your money into one option you can mix and match them if you wish. Insurance QIEC Super has you covered How many people insure their house and car but forget what s most important their own lives and their family s financial support. Employee members joining QIEC Super will automatically receive the default level of Death, Total and Permanent Disablement and Income Protection insurance. Insurance cover is provided at group (discounted) premium rates and the cost is deducted from your super account. See Section 8 for more details. Communicating with you If you provide QIEC Super with your / mobile phone number, we will primarily communicate with you electronically and will provide you with digital access to (or send you digital versions of): Compulsory communications - Annual Member Statements, Financial Services Guides updates, Significant Event Notices Optional communications - s, newsletters Fund Marketing - Including such items as ebulletins, Event Invitations and Fund promotions Third Party Products and Services from QIEC Super. Please note that although QIEC Super may have your / mobile phone number, while the Fund is transitioning to digital communications, some Fund communications may still be issued via hard copy. QIEC Super will also utilise SMS notifications to advise you of progress of requests you have with the Fund and to advise you of important information. If you wish to opt-out of digital communication for either compulsory or optional communications, or both or to advise your notification preferences, please contact QIEC Super on , or complete the enclosed Member Application Form. In future, QIEC Super may further utilise digital communications via Member Online. Financial advice As a QIEC Super member, you can access limited personal advice i.e. advice limited to your QIEC Super account which has regard to your objectives, financial situation or needs. This is available through the online tool YourSuperFuture 1. Comprehensive personal advice is available to QIEC Super members through QIEC Financial Planning 2, and may be subject to a fee (refer page 6). You can choose to meet with one of QIEC Financial Planning s financial advisers who are qualified to cover a wide range of issues which may include non superannuation matters. Face-to-face contact QIEC Super has dedicated Client Services Managers to help our members and employers. They are available to conduct member information sessions in workplaces all over Queensland. These information sessions are designed to help members understand the benefits of superannuation and of being part of QIEC Super. Retirement options QIEC Super offers a choice of two Income Stream accounts. For those nearing retirement, a Transition to Retirement account is available, or for retired members, QIEC Super offers a Retirement Income account. QIEC Income Streams have been specifically designed to provide you with a regular payment in retirement. For eligibility requirements and full details, please read the QIEC Income Stream PDS before making a decision. 1 YourSuperFuture advice is provided by My Super Future Pty. Ltd. (ABN ) Australian Financial Services Licensee (AFSL no ). 2 QIEC Financial Planning advice is provided by My Super Future Pty. Ltd. (ABN ) AFSL no The Trustee is not responsible for, and does not accept liability for the products or services or actions of My Super Future Pty. Ltd. You should use your own judgement before taking up any product or service offered by My Super Future Pty. Ltd. QIEC Super Product Disclosure Statement 3

4 4 Risks of super All investments have some level of risk. Super funds invest in a range of asset classes such as cash, fixed interest, property and the share market and each asset class has a different level of risk. Some of the investment options offered by QIEC Super are diversified and are invested across a range of asset classes, whereas some investment options are asset class specific. The potential investment return, and the level of risk of losing money, is different for each investment option depending on the underlying mix of assets. Those assets with potentially the highest return over the longer term (such as shares) also have the highest risk of losing money in the short term. When considering your investment in super, it is important to understand that: returns for different investment options may go up and down; returns are not guaranteed; you may lose some of your money; previous returns don t predict future performance; laws affecting your superannuation may change; and the amount of your superannuation savings (including contributions and investment returns) may not be enough to adequately provide for your retirement. The appropriate level of risk for you will depend on your age, investment timeframe, where other parts of your wealth are invested, and how comfortable you are at the possibility of losing some of your super in some years. QIEC Super Financial Planning can help you understand investment risk and help design an investment strategy that is right for you. You should read the Member investment choice and asset classes Fact Sheet before making a decision. Go to qiec.com.au/forms-and-resources/publications then click on Fact Sheets. Please note: The information in the Fact Sheets may change between the time when you read this PDS and the day you sign the Member Application Form 5 How we invest your money QIEC Super has ten investment options. Each one has a different level of risk and potential level of returns. WARNING: You should consider the likely investment return, risk and your investment time frame when choosing which option(s) to invest in. QIEC MySuper (default) High Growth Conservative Growth Cash Fixed Interest Socially Responsible Investment (SRI) Infrastructure Australian Equities International Equities Property You can choose one option or a combination of different options. If you don t make a choice, your super will be invested in the QIEC MySuper option, the default option, which is summarised in the table below. In relation to the investment options other than the SRI option, the Trustee believes that consideration of environment, social, governance (ESG) or other sustainability related factors can assist in delivering superior long term risk adjusted returns and deliver on stated investment objectives for members. The Trustee engages fund managers to assist in the investment selection process and these managers are responsible for identifying, assessing and managing ESG risks that relate to individual investments. The Trustee will consider ESG factors when making investment decisions but does not have a predetermined approach regarding consideration of ESG factors. Details of the Trustee s considerations in respect of the SRI option are available in the Member investment choice and asset classes Fact Sheet. Investment details for the QIEC MySuper option (the default investment option for all members) Investment return objective 1 Description of investment return To achieve a crediting rate equivalent to CPI plus 3% per annum over rolling ten year periods. Please note: This is an objective only, it is not guaranteed This option caters for investors with an investment timeframe of 5 to 7 years, who are willing to take moderate risks with their money. This option invests in a diversified set of asset classes with a bias towards growth assets like shares and property. Mix of asset classes 2 Strategic asset allocation Australian Equities % (16-36%) International Equities (Hedged) % (15-35%) Property % (2-18%) Infrastructure % (2-18%) Growth Alternatives...9.0% (5-15%) Australian Fixed Interest...4.5% (0-18%) International Fixed Interest...4.5% (0-18%) Defensive Alternatives % (0-10%) Cash...3.0% (0-15%) Minimum suggested time frame Five years Risk Level 3 High. Estimated number of negative annual returns is 4.2 over any 20 year period. 1 The investment objective is the investment return this option will seek to achieve after fees, costs and taxes. For example, if the objective for an investment option is inflation +3% and the inflation rate is 3.3% then the objective return would be 6.3%. 2 The asset allocations for the investment option are the benchmark allocations set by the Trustee. 3 The risk level is based on a standard risk measure. Please read the Member investment choice and asset classes Fact Sheet for more information. 4 QIEC Super Product Disclosure Statement

5 5 How we invest your money (cont.) Please note: Information about the current and historical performance of QIEC Super s investment options is available on the Fund s website qiec.com.au/members/what-we-offer/performance/investmentperformance. Please also note that past performance is not a reliable indicator of future performance. You can allocate your money to one or more of the available investment options when completing the Member Application Form. Subsequent changes can be made by completing a Change to Member Investment Choice Form available at qiec.com.au/forms-and-resources/forms or through Member Online. Any switch request will be processed in accordance with the weekly declared crediting rate policy as set out in the Member investment choice and asset classes Fact Sheet available at qiec.com.au/forms-and-resources/publications. We may change the types of investments included in each investment option, or add or remove one of our investment options at any stage. We will tell you if we make significant changes to the investment options. You should read the Member investment choice and asset classes Fact Sheet before making a decision. Go to qiec.com.au/forms-and-resources/publications then click on Fact Sheets. Please note: The information in the Fact Sheets may change between the time when you read this PDS and the day you sign the Member Application Form 6 Fees and costs Did you know? Small differences in both investment performance, 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 advisor. 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. * QIEC Super does not negotiate fees and other costs with members. Fees and other costs This document shows 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 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 this document. 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 each investment option offered by QIEC Super, are set out in the Fees and costs Fact Sheet available at qiec.com.au/forms-and-resources/publications Main fees and costs for the QIEC MySuper option This section provides a summary of the main fees and costs for the QIEC MySuper investment option which is the Fund s default option for members who do not choose an option. QIEC MySuper Fees and Costs Type of fee or cost Amount How and when paid Investment fees Indirect investment fee 0.17% Deducted from investment returns prior to the determination of crediting rates 1 Administration fees Indirect administration fee 0.30% Deducted from investment returns prior to the determination of crediting rates Fixed administration fee $1.75 per week Deducted from your account monthly Buy-sell spread Nil Not applicable Switching fee $20 First switch each financial year is free, with each subsequent switch subject to this fee, which is deducted from your account. Exit fee $55 Deducted from your account at the time of any lump sum payment Advice fees Relating to all members investing in the MySuper product or other investment option(s) Other fees and costs No extra cost Included as a benefit of your membership. Your Super Future 2 online advice tool is available through your Member Online account Refer to the Fees and Costs Fact Sheet 3 available at qiec.com.au/forms-and-resources/publications Indirect Cost Ratio 0.98% 4,5 Deducted from investment returns prior to the determination of crediting rates 1 Includes performance based fee of 0.07%. 2 The YourSuperFuture tool is provided by MySuper Future Pty Ltd (ABN ). Australian Financial Services Licensee (AFSL ). 3 The indirect fees and costs outlined in the table do not include amounts for property operating costs or borrowing costs, which may apply. For details of these, and other fees and costs, including activity fees and advice fees, refer to the Fees and costs Fact Sheet available at qiec.com.au/forms-and-resources/publications 4 This is the current Indirect Cost Ratio for the default QIEC MySuper investment option. This figure may change for each investment option each year. 5 These costs are an estimate, derived from the actual costs for the QIEC MySuper option for the year ended 30 June QIEC Super Product Disclosure Statement 5

6 6 Fees and costs (Cont.) Tax and insurance For information about tax, refer to Section 7 of this PDS. The Fund passes the benefit of any taxation deductions indirectly to members. For insurance fees, refer to Section 8 of this PDS and the Insurance Guide available at qiec.com.au/forms-and-resources/publications Fees and costs may be reviewed at any time by the Trustee. However, members will generally be notified in writing at least 30 days in advance of any increase to a fee charged by the Trustee. However, increases in costs beyond the control of the Trustee may be advised later. Example of annual fees and costs for a MySuper product This table gives an example of how the fees and costs for the MySuper option for this superannuation product can affect your superannuation investment over a one (1) year period. You should use this table to compare this product with other superannuation products. EXAMPLE QIEC MySuper BALANCE OF $ Investment fees Indirect investment fee 0.17% PLUS Administration fees Indirect administration fee 0.30% Fixed administration fee PLUS Indirect costs for the QIEC MySuper investment option 0.98% EQUALS Cost of product $816 $1.75 per week For every $ you have in the MySuper option, indirect investment fees of $85 1 will be deducted from your investment each year And, you will be charged $150 each year as an indirect administration fee which will be deducted from your investment, Plus $91 in fixed administration fees regardless of your balance And, indirect costs of $490 each year will be deducted from your investment If your balance was $50,000, then for that year you will be charged fees and costs of $816 for the QIEC MySuper option. 1 Includes performance based fee of 0.07%. Note additional fees may apply. And, if you leave the Fund, you may be charged an exit fee of $55 for withdrawals made from your account, other than transfers to a QIEC Income Stream. For definitions of different fee types you should read the Fees and costs Fact Sheet before making a decision, available at qiec.com.au/forms-and-resources/publications Please note: The fees and costs may change between the time when you read this PDS and the day you sign the Member Application Form. Where fee and cost information in this PDS changes, but the changes are not materially adverse, QIEC Super may not update this PDS. Instead, the updated information will be available at any time at qiec.com.au/forms-and-resources/publications. You may request a copy of such updated information be sent to you, free of charge. You should read the Fees and costs Fact Sheet and Insurance Guide before making a decision. For the definitions of the fees and costs described in this section, please refer to the Fees and costs Fact Sheet on our website. Go to qiec.com.au/forms-and-resources/publications then click on Fact Sheets. Please note: The information in the Fact Sheets may change between the time when you read this PDS and the day you sign the Member Application Form. 7 How super is taxed There are a number of ways that super is taxed: 1. Contributions into your super that are made by your employer (SG contributions), or made by you before tax is taken out of your pay (salary sacrifice) or made by you for which a tax deduction is claimed, are taxed at 15%. Contributions into your super made from your after-tax income (personal contributions) and the Government Co-contribution are not taxed. 2. Withdrawals from your account may be taxed if you are aged less than 60. Once you turn 60, generally no tax will apply to withdrawals. 3. Investment earnings are generally taxed at 15%. The Government has placed limits on the amount of contributions that receive tax concessions in a financial year. The above tax rules apply except if you exceed the before or after-tax contribution limits or if you have not supplied your TFN. If you exceed the contribution limits you will pay extra tax. QIEC Super will pay the tax applying to your account directly to the Australian Tax Office and deduct this tax from your account balance. 6 WARNING: If you don t tell us your Tax File Number (TFN), you may pay extra tax on your contributions or when you later access your benefit, or you may not be able to make certain contributions. It will also be more difficult to trace different superannuation benefit amounts made in your name to other funds during your working life as you change employers. TFN s are used to track down lost super so that you receive all your super benefits when you retire. You should read the How super is taxed Fact Sheet and Contributions Fact Sheet before making a decision. Go to qiec.com.au/forms-and-resources/ publications then click on Fact Sheets. Please note: The information in the Fact Sheets may change between the time when you read this PDS and the day you sign the Member Application Form. QIEC Super Product Disclosure Statement

7 8 Insurance in your super You never know what will happen tomorrow so it is important to prepare yourself today with adequate insurance cover. With QIEC Super you can make sure that both you and your family will be looked after if the unexpected happens. On first joining QIEC Super, if you are an Employee Member* you will automatically receive 1 unit each of Death and Total and Permanent Disablement (TPD) insurance cover and 4 units of Income Protection (IP) insurance cover. This is called automatic acceptance. Automatic cover is only available on first joining the Fund. You can vary your cover and can choose up to 3 units of Death and TPD insurance and 7 units (or 9 units for Teachers/White Collar Workers^) of IP without providing evidence of health, subject to completing a fund membership application form, and provided you meet certain eligibility criteria. For more information on the amount of cover available, eligibility criteria, exclusions and when a benefit may be payable, please read the Insurance Guide. Death and Total and Permanent Disablement cover For Employee Members the default level of cover is 1 unit of Death cover and 1 unit of TPD cover. For this combination of Death and TPD cover the fee is $3.77 per unit per week. Benefits scale Fees Age Death Insurance Benefit TPD Insurance Benefit 15 to 39 $181,500 $181, $148,400 $148, $121,900 $121, $90,100 $90, $63,600 $63, $37,100 $37, $37,100 $29, $37,100 $22, $37,100 $14, $37,100 $7, $21,200 Death Insurance Fee per week per unit Income Protection cover TPD Insurance Fee per week per unit $1.74 $2.03 New Employee Members who join QIEC Super will automatically receive 4 units of IP cover which provides a maximum benefit of up to $4,400 per month. The benefit payable will depend on your income and the number of units you hold. The maximum benefit payable if you are adequately insured is equivalent to 95% of your salary inclusive of the 15% superannuation contribution to your member account (subject to a maximum limit of $25,000 per month). The cost of Income Protection fees are determined by an age based rate. Each unit is valued at $1,100 per month. Aged based scale for Income Protection fees Age Fee per week per unit (one unit $1,100) 15 to 28 $ $ $ $4.52 Income Protection benefits are payable for a maximum period of 5 years, commencing after the 60 day waiting period. The waiting period commences from the date a medical practitioner certifies that you are temporarily totally disabled. You must be totally disabled for at least 14 of the first 19 consecutive days of the waiting period to qualify for a benefit. You can also apply for a 30 day waiting period. The following benefit payment periods are also available: 2 year benefit. A 30, 60 or 90 day waiting period is available under this option. If you have Income Protection cover with the Fund you can reduce your benefit payment period to 2 years at any time. However, if you later wish to increase your benefit period to 5 years, you need to apply and be accepted by the insurer for this cover. Extended benefit ceasing at age 67. A 30 or 60 day waiting period is available under this option. You need to apply and be accepted by the insurer for this cover. Please refer to the Insurance Guide for further details. Changing insurance cover You can apply for additional units of Death, TPD and IP insurance at any time by completing an Application to increase insurance Form available at qiec.com.au/forms-and-resources/forms. Acceptance of cover is subject to assessment by the insurer. For Employee Members Death insurance cover is available up to a maximum of $5 million. TPD insurance cover is limited to $2 million. You can also request to decrease or cancel your cover at any time. You must do so in writing to QIEC Super (contact details are on page 8). Please note that unless you give written notification to QIEC Super to cancel your automatic insurance cover, the cost of the cover will be deducted from your account at the end of each month. Making a claim If you make an insurance claim, the insurer and QIEC Super will determine whether you are entitled to be paid based on the terms of the policy, the Fund s rules and the law. You should read the Insurance Guide before making a decision. Go to qiec.com.au/forms-and-resources/ publications then click on Fact Sheets. Please note: The information in the Fact Sheets may change between the time when you read this PDS and the day you sign the Member Application Form. * An Employee Member is a member who is employed by a QIEC Super contributing employer and is neither a spouse member nor a self-employed member. Spouse and selfemployed members are not eligible for automatic acceptance. For the terms and conditions of insurance cover for spouse and self-employed members, please refer to the Insurance Guide available at qiec.com.au ^ Teacher/White Collar Worker the duties of your occupation are limited to professional, managerial, teaching, administrative, clerical, secretarial or similar white collar tasks, which do not involve manual work and are undertaken entirely within an office environment or classroom (except workshops). QIEC Super Product Disclosure Statement 7

8 9 How to open an account To join QIEC Super, you must be employed by a QIEC Super contributing employer, or be the spouse of an existing member. 1. Read this PDS, the Fact Sheets and the Insurance Guide referred to within, which form part of the PDS. 2. Complete the Member Application Form available at the back of this PDS. 3. Send it back to us either directly or through your employer; or 4. Complete an online application at Your employer and you can then start to make regular and/or lump sum payments into your QIEC Super account. We will write to you to confirm that your membership account with QIEC Super has been activated and to tell you more about your account details. Spouse accounts Spouse and Family Law members are eligible to join the Fund. Please refer to this PDS and Fact Sheets relating to your terms and benefits. Spouse and Family Law members have access to a 14 day cooling off period. Go online and save time If you register for Member Online you can: access the YourSuperFuture online advice tool; view your 30 June balance history from previous financial years; view your member statements; make investment choice switches; view your contribution history - contributions made by either employers or personal contributions since the last statement; obtain an account balance; view your current member details and update changes; and search for and consolidate any super you have elsewhere. To register for Member Online simply go to qiec.com.au and click the Login button and follow the instructions. Confused? Call our Client Contact Centre on and a friendly representative will guide you through the process. Accessing more information about QIEC Super membership Because the information in this PDS is controlled by regulations limiting its size, we have a lot more important information to tell you. Directions to find much of this additional information has already been provided at the end of the various sections in this PDS. There are however three Fact Sheets (see directions) that contain information about other superannuation matters such as who will receive your benefit in the event of your death; what happens if you become a lost member or have an unclaimed benefit; fund compliance; who manages QIEC Super; privacy and how to make an enquiry or complaint to the Fund and the Superannuation Complaints Tribunal. Please read all the Fact Sheets to gain a better understanding of your membership with QIEC Super. Enquiries and complaints If you are not happy with any aspect of your contact with QIEC Super and wish to make a complaint, please contact the call centre on or lodge a complaint in writing to: The Complaints Officer PO Box Brisbane Adelaide Street Qld 4000 Ph: info@qiec.com.au Complaints can also be made in person at the QIEC Super administration office, via mail or . QIEC Super will address your concerns and try to quickly resolve them. The Trustee aims to resolve all complaints as soon as possible, but no longer than 90 days from the date of receipt. If you are dissatisfied with our handling of your complaint or the Trustee s decision or if the complaint is not resolved within 90 days, you may contact the Superannuation Complaints Tribunal (SCT). The SCT will only consider your complaint once you have exhausted our internal complaint resolution procedures. The SCT can be contacted on or info@sct.gov.au The SCT will be replaced by the Australian Financial Complaints Authority (AFCA) from 1 November From that date, if an issue has not been resolved to your satisfaction, you can lodge a complaint with AFCA, who will provide a fair and independent complaint resolution service that is free to consumers. Further details on the operation of AFCA will be available on the Fund website before that date. AFCA s contact details are: GPO Box 3 Melbourne Vic 3001 Ph: info@afca.org.au website: Contact Us If you have an enquiry or complaint, please contact us: By phone: By info@qiec.com.au By fax: By mail: PO Box Brisbane Adelaide Street QLD 4000 In person: Level 2 - West Tower 410 Ann Street Brisbane QLD 4000 Office hours: 8:00 am to 5:00 pm, Monday to Friday You should read the Nominating a beneficiary Fact Sheet, Lost member and unclaimed money Fact Sheet and Miscellaneous information Fact Sheet before making a decision. Go to qiec.com.au/forms-and-resources/publications then click on Fact Sheets. Please note: The information in the Fact Sheets may change between the time when you read this PDS and the day you sign the Member Application Form. This information is of a general nature and does not take account of your individual financial situation, objectives or needs. Before acting on this advice, you should consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. You should read this PDS before making any decisions. If you require specific advice, you should contact a licensed financial adviser. QIEC Super Pty Ltd (ABN ), the Trustee of QIEC Super (ABN ), is Corporate Authorised Representative No under AFSL No and is authorised to provide general financial product advice in relation to superannuation. QIEC MySuper Product Unique Identifier QIEC Super Product Disclosure Statement QSS-PDS-AUG18

9 Member Application Form ALL SECTIONS MUST BE COMPLETED PLEASE NOT PLEASE USE BLOCK LETTERS 0001MAF1709MEM This form should be used to open a QIEC Super Accumulation account for yourself or your spouse. Sections to complete differ depending on the type of membership. These are outlined to the right. Please complete and sign ALL relevant sections. ARE YOU JOINING QIEC SUPER AS A; NEW MEMBER (Complete sections A, B, C, D, E & F) SPOUSAL MEMBER (Complete sections A, C, D, G, H & I) ARE YOU A MEMBER OF QIEC SUPER? YES NO If YES, Member No: Note: if you have changed your name since first becoming a member please attach a certified copy of your Marriage Certificate, Deed Poll or a Statutory Declaration as proof. SECTION A: PERSONAL DETAILS SECTION A: PERSONAL DETAILS (CONTINUED) PERSONAL DETAILS DATE OF BIRTH GENDER COMMUNICATION OPTIONS Please advise your notification preferences / / MALE FEMALE TITLE MR MRS MISS MS DR FIRST NAME MIDDLE NAME FAMILY NAME RESIDENTIAL ADDRESS STREET NUMBER STREET NAME SUBURB/TOWN STATE POSTCODE POSTAL ADDRESS (If same as above, write as above ) PO BOX SUBURB/TOWN SMS None To opt-out of digital access for any of the following types of communication, please cross the appropriate box/es. Compulsory communications Annual Member Statements, Financial Services Guides updates, Significant Event Notices Optional communications s, newsletters To unsubscribe from either of the following forms of communication, please cross the appropriate box/es. Fund Marketing Including such items as ebulletins, Event Invitations and Fund promotions Third Party Products and Services. MEMBER ONLINE: To register for Member Online simply go to qiec.com.au and click the login to Member Online and follow the instructions. Confused? Call our Client Contact Centre on and a friendly representative will guide you through the process. TAX FILE NUMBER (TFN) I have read the information concerning Tax File Numbers (TFN) and understand a failure to provide my TFN will result in tax implications on my Concessional Contributions and the inability of the Fund to receive any Non-Concessional Contributions. I further understand the Fund will only use my TFN for the approved purposes. STATE POSTCODE MY TAX FILE NUMBER IS CONTACT DETAILS When you provide QIEC Super with your /mobile phone number, you will automatically be provided with digital access to key Fund communications. ADDRESS YOUR TELEPHONE NUMBER MOBILE NUMBER Keeping your details up-to-date is important to us so if you wish to change your communication preferences at any time, please telephone us on FINDING OTHER SUPER The ATO offers a SuperMatch facility, which allows QIEC Super to use your TFN to search for any superannuation you may have in other Funds, or held by the ATO. However, QIEC Super requires your consent to use your TFN for this purpose. I consent to allow QIEC Super to: (a) use my TFN to search the Australian Taxation Office s (ATO) SuperMatch service for any super I may have; (b) transfer any super-related monies held by the ATO to my QIEC Super account and to notify me; and (c) advise me of any other super found and give me the opportunity to transfer it into my QIEC Super account. This consent is ongoing until I revoke it with the Fund in writing or by calling For further information on the collection and use of TFNs please refer to How super is taxed Fact Sheet available at qiec.com.au PLEASE COMPLETE DETAILS ON THE NEXT PAGE 1 QIEC Super Pty Ltd (ABN ), the Trustee of QIEC Super (ABN ), is Corporate Authorised Representative No under AFSL No QIEC MySuper Product Unique Identifier MAF1709MEM 9

10 Member Application Form 0001MAF1709MEM SECTION B: INSURANCE (NEW MEMBER) NOTE: FOR SPOUSAL MEMBER INSURANCE GO TO SECTION H AUTOMATIC COVER QIEC Super automatically provides you with 1 unit each of Death and TPD insurance and 4 units of Income Protection insurance, the cost of which is deducted from your account balance. You can increase your Death and TPD cover to 3 units and Income Protection cover to 7 units (or 9 units for Teachers/White Collar Workers), without the need to supply further medical information subject to completing a membership application form, and provided you meet certain eligibility criteria. If you require more cover, QIEC Super will send you an Application to increase insurance Form to complete or you can download a copy from our website, qiec.com.au/forms-and-resources/forms. The value of unit based Death and TPD cover decreases as you get older. As an alternative, you may apply for fixed amount cover Death and TPD (fees increase as you get older). However, the minimum fixed amount cover you must have is equivalent to the value of 1 unit (based on your current age). For further information, please refer to the Insurance Guide available at qiec.com.au/forms-and-resources/publications. Please note: If you elect more than 3 units of Death and TPD cover (or an equivalent fixed amount cover) or 7 units (or 9 units for Teachers/White Collar Workers) of Income Protection cover, your application will need to be assessed and approved by the Fund s insurer. Please refer to the Insurance Guide (as above). IMPORTANT: IF YOU DO NOT COMPLETE THIS SECTION YOU WILL AUTOMATICALLY RECEIVE THE DEFAULT LEVEL OF DEATH AND TPD COVER ACCORDING TO YOUR AGE AND INCOME PROTECTION COVER. THE COST OF THE INSURANCE COVER WILL BE DEDUCTED FROM YOUR ACCOUNT. WORK STATUS Are you currently working and actively performing your normal duties? DEATH AND TPD INSURANCE UNIT BASED COVER I would like the following units of Death and TPD cover: Total number of Death units required Total number of TPD units required OR FIXED AMOUNT COVER (must be at least the value of 1 unit based on your current age) I would like to fix my Death cover at an amount of $.00 I would like to fix my TPD cover at an amount of $.00 INCOME PROTECTION INSURANCE UNIT BASED COVER Total number of Income Protection units required YES If you require 8 or 9 units, please confirm that you are a Teacher/White Collar Worker* NO * Teacher/White Collar Worker the duties of your occupation are limited to professional, managerial, teaching, administrative, clerical, secretarial or similar white collar tasks, which do not involve manual work and are undertaken entirely within an office environment or classroom (except workshops). Income Protection benefit period and waiting period required: Benefit Period Waiting Period 30 Days 60 Days 90 Days 5 Years (Default) (Default) NA 2 Years OR Note: If you do not make a selection, the default benefit period is 5 years and the default waiting period is 60 days. You cannot hold both a 5 year and 2 year benefit If you join the Fund outside of 6 months of becoming eligible, the following will be subject to completion of the Personal Statement and approval by the insurer: Increasing your benefit period from 2 years to 5 years (regardless of whether you previously held a 5 year benefit) Reducing the number of days of your waiting period OPT OUT OF INSURANCE You may elect NOT to take up this cover under QIEC Super. If so, please cross the appropriate box: I do not wish to be covered for: Death TPD Income Protection SECTION C: MEMBER INVESTMENT CHOICE QIEC MySuper % High Growth % Conservative Growth % Cash % Fixed Interest % Socially Responsible Investment % Infrastructure % Australian Equities % International Equities % Property % TOTAL 100% You are able to choose one investment option, or a mix of different options. Please nominate your chosen combination of investment options. Refer to How we invest your money section of the PDS and Member investment choice and asset classes Fact Sheet available at qiec.com.au for further information. Your first investment switch each financial year is free, with each subsequent switch charged at $20. For more information surrounding processing times and effective dates of switches, see Member investment choice and asset classes Fact Sheet (as above). I understand that if I do not complete this section, my current account balance (if any) and future contributions will be invested in the default QIEC MySuper option, unless I select otherwise. If you choose more than one investment option, your nominated percentage for each option can include up to 2 decimal places and must total 100%. FOR EXAMPLE: QIEC MySuper 50% Cash 20% Property 10% Australian Equities 20% Total 100% NEW MEMBER APPLICANTS PLEASE COMPLETE DETAILS ON THE NEXT PAGE. SPOUSAL MEMBER APPLICANTS PLEASE COMPLETE DETAILS ON PAGE 4. QIEC Super Pty Ltd (ABN ), the Trustee of QIEC Super (ABN ), is Corporate Authorised Representative No under AFSL No QIEC MySuper Product Unique Identifier MAF1709MEM 10

11 Member Application Form 0001MAF1709MEM SECTION D: PREFERRED BENEFICIARIES A new preferred nomination will apply to all of your accounts in the Fund. If more space is required please attach an additional sheet. Surname Given Name Relationship % Allocation Please note: the total must equal 100% or this nomination will not be valid. This nomination is not binding upon the Trustee of the Fund. The final decision as to who a benefit will be paid rests with the Trustee. 100% BINDING AND NON-LAPSING BINDING DEATH BENEFIT NOMINATIONS QIEC Super allows Binding Death Benefit nominations, including non-lapsing binding nominations, which means that if you nominate an eligible dependant/s, the Trustee will be bound by your nomination. To make a binding nomination please complete a Binding Nomination of Beneficiaries Form. To make a non-lapsing binding nomination, please complete a Non-Lapsing Binding Nomination Form located at qiec.com.au/forms-and-resources/forms. NEW MEMBER APPLICANTS PLEASE COMPLETE SECTIONS E and F (BELOW). SPOUSAL MEMBER APPLICANTS PLEASE GO TO SECTION G (PAGE 4). SECTION E: CONTRIBUTIONS (NEW MEMBER) PERSONAL CONTRIBUTIONS AND TRANSFERS If you wish to make personal contributions, please read our How super works Fact Sheet located at qiec.com.au/formsand-resources/publications. Alternatively, give us a call on If you wish to complete a rollover, please complete a Member Rollover Authorisation Form at the back of this PDS or download a copy from qiec.com.au/forms-and-resources/forms. EMPLOYER DETAILS Does your employer currently contribute to QIEC Super? YES NO If YES, please write EMPLOYER NUMBER EMPLOYER NAME PO BOX STATE SUBURB/TOWN POSTCODE DATE COMMENCED WITH EMPLOYER SECTION F: USE OF INFORMATION AND DECLARATION In signing this application, I: acknowledge I have read and understood the terms of the most recent QIEC Super PDS - including the sections on lnvestment Choice and lnsurance, and acknowledge it does not constitute personal advice - and accept that all conditions relating to Member lnvestment Choice, are subject to change from time to time at the discretion of the Trustee Board; agree to be bound by the terms and conditions contained in the Trust Deed (as amended from time to time) declare I have obtained financial advice from a qualified advisor concerning my investment in QIEC Super, or have consciously decided not to obtain financial advice agree that QIEC Super may communicate information regarding QIEC Super benefits and services to me from time to time via or mobile phone declare that the information in this application form is true and correct to the best of my knowledge and belief Your privacy is important to us When your personal details are provided to QIEC Super, they are securely stored and accessible only to authorised personnel and third parties for the purpose of administering your account. If you would like to see QIEC Super s Privacy Policy visit qiec.com.au/privacy-policy or call us on for a copy of the Privacy Policy. SIGNATURE (NEW MEMBER APPLICANT) EMPLOYER PHONE NUMBER EMPLOYER ADDRESS DATE / / IF YOU ARE A NEW MEMBER APPLICANT YOUR APPLICATION PROCESS HAS FINISHED. PLEASE ENSURE YOU HAVE COMPLETED ALL RELEVANT SECTIONS OF THIS FORM. QIEC Super Pty Ltd (ABN ), the Trustee of QIEC Super (ABN ), is Corporate Authorised Representative No under AFSL No QIEC MySuper Product Unique Identifier MAF1709MEM 11