Choice of Superannuation Fund Employer Guide

Transcription

1 Choice of Superannuation Fund Employer Guide ANZ Super Advantage May 2005

2 2 ANZ Choice of Superannuation Fund Employer Guide ASA ANZ s commitment to making Choice of Superannuation Fund (COF) easy has never been stronger! On 14 March 2005, the Federal Government released COF regulations which clarified the obligations that you as an employer will need to meet under the COF legislation and what your employees will need to do to assist you in meeting them. As an employer with an ANZ Super Advantage plan, we are committed to supporting you throughout the lead up to COF commencement on 1 July and beyond. In this Employer Guide we guide you through COF, recap the facts of COF legislation and answer key questions you may have about the new information released on 14 March and how this impacts you. Finally, we reinforce the strength of your existing ANZ Super Advantage plan and the variety of choice it offers your employees. We hope you find this update valuable and keep it as an easy reference tool as we make our way closer to 1 July 2005! Index COF facts your questions answered Page 3 What is ANZ doing to help you and your employees through this period of change? Page 8 ANZ Super Advantage is choice ready Page 8 ANZ s SuperChoice clearing service will be FREE*, easy and ready for July Page 9 We are committed to keeping you and your employees informed Page 10 *The clearing service will be free of charge for many employers. The service will be free where employers nominate ANZ Super Advantage as their default fund and where 50% of employees have their contributions paid to that fund. The 50% assessment will be based on the total number of employees whose contributions are being administered through the SuperChoice system. ANZ Managed Investments Limited ABN AFSL (ANZMI) is the Trustee of the Fund, and the issuer of this Employer Guide. ANZMI is a subsidiary of ING Australia Limited ABN (INGA). An investment in ANZ Super Advantage is neither a deposit nor a liability of Australia and New Zealand Banking Group Limited ABN or its related companies (ANZ Group), INGA, ING Bank (Australia) Limited ABN or any other company in the ING Group. In this Employer Guide, the terms 'us', 'we' and 'our' refer to ANZMI.

3 COF facts your questions answered To help you navigate your way to 1 July with ease, we will: > recap on COF legislative facts, and > provide you with a quick way to identify new information that has come to light over the past month. This information will be visible by the change in background colour in this section of the guide, as demonstrated below. Essentially, new information released on 14 March and since this time, include: > the minimum level of life insurance cover that the employer default fund is required to offer > the information an employee making a new fund choice must give to their employer > the content of the standard choice form; and > the support the Federal Government through the Australian Taxation Office (ATO) will offer employers and their employees. Lets recap the facts What is COF and why has it been introduced? COF legislation will allow many employees to choose an eligible choice fund into which their Superannuation Guarantee (SG) contributions will be paid. COF has been introduced to provide employees with the ability to take control of their superannuation, which for many will be their largest source of retirement savings. The ability to choose a superannuation fund will commence on 1 July This is a very important date. Who will COF legislation apply to? The government has estimated that COF legislation will affect 4.82 million employees and 654,000 employers in the Australian workforce. (Source: The Association of Superannuation Funds of Australia ASFA) Who will COF NOT apply to? Generally, COF legislation will not require an employer to contribute to an employee s chosen fund where they fall within one of the following groups: > some public sector employees > employees whose contributions are made under or in accordance with, Certified Agreements or Australian Workplace Agreements under either the Industrial Relations Act 1988 or the Workplace Relations Act 1996 > employees subject to certain Victorian government employment agreements in force under the Employee Relations Act 1992 of Victoria and which continues to be in operation under section 515 of the Workplace Relations Act 1996 > employees who currently have all or part of their contributions made under, or in accordance with, a State industrial award. However, the Government intends to use the Corporations Act 2001 (Cth) to override state laws and give choice to employees working for a corporation and who are subject to a state award from 1 July 2006 > some employees who are receiving defined benefits. This includes those employees who have reached their maximum benefit in their scheme and their employer does not need to make further SG contributions, or who, on their termination of employment would be entitled to the same amount of benefit from the defined benefit scheme whether or not they chose a new fund, or where the defined benefit scheme is in surplus > employees whose contributions are made under a law of the Commonwealth, of a State or of a Territory It is important to note that all employees on federal awards have COF, whether the award states that super contributions must be made to a specified fund or not. 3 ANZ Choice of Superannuation Fund Employer Guide ASA As indicated above, this legislation only applies to those making or receiving SG contributions after 1 July 2005, having no bearing on contributions paid before this time or to future employer contributions outside of SG contributions (e.g. salary sacrifice). The ATO has advised that where an employer is not sure of what award or industrial agreement (if any) their employees are covered by, they can check with their employer association or the WageNet website at (for federal awards and agreements and links to information on state awards), or phone the workplace relations department in their state or territory.

4 What will an employee need to do if they have COF? Under COF, an employee can do one of two things: > do nothing and stay in their employer s default eligible choice fund, or > By providing written notice containing all the necessary information. The information that needs to be provided by the employee, as outlined in the standard choice form is: 4 ANZ Choice of Superannuation Fund Employer Guide ASA > choose an alternative eligible choice fund (the chosen fund ) to which their employer will have to contribute SG contributions on their behalf. If an employee does not exercise choice, then an employer can choose a complying superannuation fund/scheme or Retirement Savings Account (RSA) to contribute SG benefits to. It is expected that this default eligible choice fund will be the existing employer sponsored superannuation fund that is in place as at 30 June 2005, (eg. ANZ Super Advantage). Where an employee is covered under a Federal Award and the Federal Award nominates a fund or list of funds, then the employer must choose one of these funds as the employer default fund in respect of that employee. What will an employee need to do if they wish to make a new fund choice (i.e. direct their SG contributions to another fund)? 1. Gather information about the superannuation options that are available to them prior to making a choice, in order to help determine which will be the most suitable to meet their ongoing needs and objectives. To assist employees in doing this, the standard choice form released on 14 March 2005 by the ATO contains a Tips for Comparing Funds section. This section highlights fees, death and disability insurance, investment choice and investment performance as key issues employees should consider both within their existing employer superannuation fund and any other fund they are considering as an alternative. A standard choice form must be given by an employer to their eligible employees (i.e. employees that have choice). Employees can also obtain information on comparing funds in Super Choices, which is being sent to employers by the ATO, and is available from or by phoning Of course, this support is in addition to the information that can be gained by seeking financial advice from a financial planner. 2. Notify their employer of their fund choice. Employees can make a new fund choice in one of three ways: > By completing a standard choice form. When completed correctly, the standard choice form will provide an employer with all the information necessary for them to contribute to the new chosen fund > By completing a pre-populated document which may be supplied by a superannuation fund. This document may have the fund details completed, leaving blank fields to simply fill in > the full name and contact details of the fund > the employee s account name in the fund > the number or other unique identifier (if any) that the fund uses to refer to the employee s account > the fund s ABN (if it has one) > what method their employer can use to make superannuation contributions to the fund and any necessary details to enable the payment to be made > the superannuation product identification number (if any) > the unique identifier or number (if any) the employer uses to refer to the employee (such as a payroll number), and > a written statement, provided by or on behalf of the trustee of the fund, that the fund is a resident regulated fund and can accept your contributions (commonly referred to as a Letter of Compliance) > if the fund is a self managed superannuation fund, evidence from the ATO that the fund is a regulated superannuation fund. This information must include either the notice of registration called Advice about Regulation of your Superannuation Fund (for a new fund) or the letter of compliance called Self Managed Superannuation Fund Compliance Notice (if the fund has been in existence for two years or more). If an employee makes a new fund choice, an employer has two months to prepare to make contributions to that fund. After this, any SG contributions they make for that employee must be to their chosen fund, otherwise the Choice Shortfall penalty will apply. It is important to note that the introduction of COF legislation does not change the timing of when SG contributions have to be paid (ie each quarter, by the 28 October, January, April and July). What is a standard choice form and how can an employer access one? The standard choice form is an ATO approved form, designed to be provided by employers to their employees who are eligible for COF. Employers should receive copies of the standard choice form with a comprehensive COF guide in a mail out from the ATO in April. A copy of the form can also be downloaded from or by phoning the ATO Superchoice Infoline on

5 If the employer s accountant is listed with the ATO as the point of contact, this information will be sent to them, not the employer directly. The purpose of the standard choice form is to provide: > within 28 days of becoming aware that an employee s chosen fund is no longer an eligible choice fund; and finally, > within 28 days of an employer changing the default eligible choice fund to those employees who are impacted. > the method in which an employer informs an employee that they have COF > a section for the employer to detail which superannuation fund they will contribute to (ie the employer default fund). In addition, if the employee does not choose a fund and if the employer makes additional contributions in excess of the SG, whether they will continue to make these additional contributions to the chosen fund of the employee > options for employees to do nothing or to choose a fund > steps to assist the employee in making a choice > tips for comparing funds > a section for the employee to detail their chosen fund or to elect to remain in their previous employer default fund. Employers are able to provide a standard choice form on paper or electronically. This means that an employer will have the choice to make photocopies of the form to give to employees or to use if they communicate with their employees that way. In which circumstances will a standard choice form NOT need to be provided by an employer to their employee? The Government has legislated that after 1 July 2005 a standard choice form does not need to be provided by an employer to an employee who: > is ineligible for COF > after 1 July 2005, has requested a standard choice form in writing, but has already received a standard choice form within the previous 12 months. However, in this instance, the employer can provide a form at their discretion. The Government has also indicated that a standard choice form may not need to be provided by an employer to an employee where: > the employee has already been required to choose a superannuation fund as a condition of their employment. In this case the employer will not have a default fund in place, or > the employee has already chosen a fund before 1 July ANZ Choice of Superannuation Fund Employer Guide ASA Although it will be simpler for an employer to issue the standard choice form to their employees, they can if desired, distribute an alternative document, providing it contains all the information provided on the standard choice form. At what time will a standard choice form need to be provided by an employer to their employee? Before 29 July 2005, employers will need to provide a standard choice form to each eligible employee (an employee that has COF) employed as at 1 July The standard choice form can be given to an employee prior to 1 July 2005 at an employer s discretion. It is important to note that this mass distribution of standard choice forms should only be required once (unless the employer decides to change their default fund). Employers will then only need to distribute standard choice forms on a case by case basis (as outlined below). After 1 July 2005 employers will also need to provide employees with a standard choice form in the following circumstances: > to all new employees (employed on or after 1 July 2005) within 28 days of their commencement > within 28 days of an employee requesting one in writing, unless they have already been given a standard choice form in the last twelve months What level of responsibility will an employer have for an employee fund choice? An employer is not liable to compensate any person for loss or damage arising from any action they take in complying with COF legislation. Employers should be aware, however, they can only provide factual information to employees unless they are licensed to give financial advice. Factual information includes details about the obligations an employer has under COF, and what an employee can do to nominate a super fund as their chosen fund. What penalties will exist for employers who do not comply with COF legislation? As mentioned above, COF legislation does not change when an employer must pay their SG contributions for an employee. COF legislation however, does require that when an employee provides an employer with all the required information for their chosen fund and the employer has had two months to prepare to make contributions to that fund, any SG contributions made for that employee after this period must be made to their chosen fund. If this does not occur the choice shortfall penalty will apply. The choice shortfall penalty may also apply where an employer does not give an employee a standard choice form in the required timeframe.

6 6 ANZ Choice of Superannuation Fund Employer Guide ASA The choice shortfall penalty is part of the SG charge and is approximately 25% of the SG contributions that should have been made to an employee s chosen fund limited to $500 per quarter or a longer period as determined by the Commissioner of Taxation. An interest component and administration charge will also be payable. The choice shortfall, interest component and administration charge is payable to the ATO and is not tax deductible to the employer. The choice shortfall and interest component is then remitted to the employee s superannuation fund by the ATO. For the first year of COF (1 July July 2006), the ATO has indicated that where an employer demonstrates they have made a genuine effort to comply with the choice requirements, they will generally have any choice shortfall penalty reduced to nil. These decisions will be made on a case-by-case basis. What insurance implications will COF legislation have on an employer s default fund? Prior to 14 March, we knew that the default eligible choice fund into which many employers would contribute on behalf of their employees (who do not make a new fund choice after 1 July 2005) would be required to offer some form of life insurance in respect to death. On 14 March this insurance requirement was clarified in the COF legislation. The minimum level of life insurance (death only) that an employer will be required to offer through their default fund must be either: > a minimum level of cover based upon a premium of at least $0.50 per week or an equivalent (e.g. $1.00 per fortnight) for those under 56 years of age, or > prescribed minimum amounts for certain age groups (see table below). Age of employee 20 to 34 $50, to 39 $35, to 44 $20, to 49 $14, to 55 $7,000 Minimum level of member life insurance What are the exceptions to the minimum insurance requirements? There are a number of circumstances where an employer s default fund is not required to offer minimum levels of insurance. These circumstances include: > where an employer is contributing to a fund before 1 July 2005 and that fund does not meet the above insurance requirements, the employer may continue to make contributions to that fund (or a successor fund) for its employees (both new and existing) until 30 June From 1 July 2008, these employers will be required to begin paying to a fund which meets the insurance requirements. ANZ Super Advantage offers insurance which meets the COF requirements. If you do not currently have insurance under your existing plan, please contact your ANZ Superannuation Relationship Manager or ANZ Financial Planner who can assist you. > where an employer is contributing to a fund under a federal award > where an employer is contributing to a Retirement Savings Account (RSA) or a capital guaranteed fund > where an employer is contributing to a fund that provides insurance cover (equal to or greater than the minimums detailed above) for the relevant employee outside of the employer default superannuation fund, provided the employer does not receive a potential benefit (eg key-man insurance) > where an employer is contributing to a fund that does not offer insurance to a particular employee because of the employee s health, occupation (e.g. a high risk occupation), hours worked (e.g. casual employment) or other circumstances determined by the insurer > where an employer is contributing to a fund on 11 March and the rules of the fund determined that at least $50,000 would be payable on death and the employer continues to contribute to that fund, or a successor fund. Will COF affect those employers who contribute to the Superannuation Holding Accounts Special Account (SHASA formerly known as SHAR or SHAA)? On 14 March, the Government also indicated that the SHASA will no longer be needed when COF regulations come into effect due to the ability of RSAs to offer similar low cost benefits. Given this, the Government has stated that they will change the law to allow a twelve month transitional period until 30 June 2006 for employer contributions into the SHASA to comply with COF requirements where the employee does not make a choice. After this time the SHASA will be closed to new employer deposits. Prior to directing contributions to SHASA between 1 July 2005 and 30 June 2006, an employer should confirm that the legislation has been changed to allow this transition period. Employers can check this at or by phoning Are there any record keeping requirements under COF? Employers will need to show that they have met their COF obligations. This is in addition to the records employers are already required to keep for SG contributions. Records that will need to be kept by an employer under COF include: > details of which employees do not have to be offered COF

7 > records to show that a standard choice form has been provided to all eligible employees > records confirming that their employer fund meets the insurance requirements > written information the employee provides when they nominate their chosen fund, and; > receipts or other documents issued by the fund showing that the employer has made SG contributions for that employee to the chosen fund. COF records must be kept in English, for five years, and must be readily accessible. What does COF mean for Portability legislation? Where COF gives employees the option to make a new fund choice, Portability legislation may allow them to consolidate their superannuation funds into a single account. However, generally for portability to apply, an employee s fund must not have received an employer contribution for six months. After six months the superannuation benefits in this inactive fund may become portable, allowing them to be rolled over. Employees should check with their own superannuation provider to determine if they allow the rollover of benefits before Portability legislation applies (i.e. before the six month period is up). How can you find out more? For further information about COF legislation contact your ANZ Superannuation Relationship Manager or ANZ Financial Planner. 7 ANZ Choice of Superannuation Fund Employer Guide ASA What will the Government do to educate consumers about the introduction of COF legislation? On 14 March the Government confirmed its commitment to conduct a comprehensive community education campaign. The campaign commenced mid April 2005 and will cost $19.7 million over a two year period. The campaign will focus on helping employers and employees to understand COF and how to meet their obligations. The ATO is providing employers with a comprehensive information booklet and copies of the standard choice form to help them meet their choice obligations. To obtain further information and assistance on COF, employers can call or visit as outlined in the more information section of the standard choice form.

8 8 ANZ Choice of Superannuation Fund Employer Guide ASA What is ANZ doing to help you and your employees through this period of change? ANZ Super Advantage is choice ready With the arrival of COF legislation we believe that many employers and their employees will take an even greater interest in understanding how their existing super arrangement meets their needs. ANZ Super Advantage is choice ready, to meet your needs in complying with the new legislation and your employees need to ensure they are obtaining value and choice through their current super arrangement. ANZ Super Advantage meets these needs by offering a range of key benefits including: Consistent and reliable servicing You can access prompt and efficient ongoing servicing from: > *SuperChoice, ANZ s online superannuation servicing system, which is being enhanced to include a super clearing service that will be free, easy and ready for July; and through > your dedicated administration team. Your employees can access: > online support, to check account balances and transaction histories and switch between investment funds at any time; as well as > dedicated telephone member servicing. Investment choice You can provide your employees with access to a wide range of investment choice: > across the risk profile spectrum; and > through funds managed by ING, OptiMix Manage the Managers portfolios, and other leading fund managers. Flexible and convenient insurance options You can offer your employees a choice of convenient insurance options that include: > Death Only cover > Death and TPD; and > Group Salary Continuance. If you are an employer who will need to offer the minimum level of insurance coverage in respect to death to comply with COF legislation, and your current arrangement with us does not presently meet this requirement, you will also have the flexibility to add this to your plan! Integrated member benefits You can offer your employees access to a range of extra benefits including: > a comprehensive member education program to assist them in making the most of their superannuation; as well as > ongoing investment updates and communications. Stability and security Your employer plan is supported by: > ING s investment management, trustee and administration expertise > ANZ s comprehensive corporate superannuation advice and financial planning services; together with > A communications program that helps make COF easy. *The clearing service will be free of charge for many employers. The service will be free where employers nominate ANZ Super Advantage as their default fund and where 50% of employees have their contributions paid to that fund. The 50% assessment will be based on the total number of employees whose contributions are being administered through the SuperChoice system. To find out more about your insurance requirements under COF, see the COF facts your questions answered section of this guide, speak to your ANZ Superannuation Relationship Manager or your ANZ Financial Planner.

9 ANZ s SuperChoice clearing service, will be FREE*, easy and ready for July! SuperChoice, ANZ s online superannuation servicing system is being enhanced in readiness for the commencement of COF. This system will help reduce the potential administrative burden you could face as an employer if you are required to submit contributions to multiple funds through multiple providers after 1 July. How will the SuperChoice clearing service work? Employer SuperChoice Through the SuperChoice clearing service you will have the flexibility not only to make contributions to your ANZ Super Advantage plan, but to any other complying super fund your employees select. The service will accept payment from you and remit to other superannuation funds for the benefit of your employees it s that simple! *The SuperChoice clearing service will be free of charge to employers who nominate ANZ Super Advantage as their default super fund, and where at least 50% of your employees have their superannuation contributions paid to that fund. Contributions to employer s ANZ default superannuation fund ANZ Super Advantage External funds External funds External funds 9 ANZ Choice of Superannuation Fund Employer Guide ASA Contributions to other complying superannuation funds your employees select External funds More details on how the SuperChoice clearing service will operate and high level steps employers will need to complete to use the service are available from your ANZ Superannuation Relationship Manager or ANZ Financial Planner. This information and our SuperChoice training manuals will be updated in the lead up to 1 July as the enhancements progress. In addition, an online tutorial will also be available over the coming months to help guide you through the clearing service as well as other areas of the SuperChoice system, quickly and easily. To realise the benefits of ANZ s superannuation clearing service, and to be prepared for COF, ensure you are registered for SuperChoice now! You can register for SuperChoice by calling and requesting a SuperChoice Registration Form. Alternatively, complete the form included in this information pack. An ANZ representative will contact you to provide an ID and password following your SuperChoice registration. These will be provided within three days of the SuperChoice team receiving your registration request. Don t forget, we are committed to maintaining efficient working relationships with existing outsourced payroll solutions If you are an employer who currently uses an outsourced payroll solution to administer payment of employee SG contributions, you will continue to be supported by ANZ under the COF regime. We currently accept employer contribution reports from payroll providers and are committed to developing the existing strong relationships with these groups to ensure contributions are received and processed quickly and efficiently. We will also continue to accept paper based remittances! While we still believe electronic contribution remittance through SuperChoice will be the preferred option for most employers, we understand that some employers prefer to remit contributions offline. So, if you currently make SG contributions and remittances to us through paper and cheque, you will still be able to do so after COF commences. However, contributions and remittances to any fund other than ANZ Super Advantage will need to be processed through SuperChoice so we encourage you to make the switch and register now! *The clearing service will be free of charge for many employers. The service will be free where employers nominate ANZ Super Advantage as their default fund and where 50% of employees have their contributions paid to that fund. The 50% assessment will be based on the total number of employees whose contributions are being administered through the SuperChoice system.

10 10 ANZ Choice of Superannuation Fund Employer Guide ASA We are committed to keeping you and your employees informed ANZ s COF communication program continues full steam ahead As part of our commitment to keeping you and your employees informed, our COF updates will continue to be mailed to you, and where appropriate, to your employees. These communications are designed to help explain COF, its potential impacts, and what we are doing to prepare for its commencement. Member updates are designed to assist in explaining COF to your employees and will contain information about current employer superannuation arrangements. Employer and Member updates can be accessed via This Employer Guide is part of our client communications program, which includes a range of other initiatives. The activities and dates associated with this program are listed below for your easy reference. Employer communications > The Federal Government (ATO) mailing to all employers about COF will occur in April. This mailing includes a comprehensive information booklet for employers, a copy of the employee guide Super Choices as well as copies of the standard choice form. If the employer s accountant is listed by the ATO as the point of contact, this mailing will be sent to them and not the employer. This mailing coincides with the launch of the ATO website and the Superchoice Infoline, > This ANZ Employer COF Guide has been designed to follow the information you will have received from the Federal Government and is part of a comprehensive information pack containing an Employer COF timeline/checklist, a copy of a standard choice form that is pre-populated with ANZ Super Advantage fund details and a SuperChoice registration form to ensure you are prepared for COF. These materials will also be available to you via > Articles to keep you abreast of COF developments will also be available to you in upcoming quarterly editions of the ANZ Super Update for employers. This publication can be found on or will be ed directly to you from your ANZ Superannuation Relationship Manager or ANZ Financial Planner. The next edition of the ANZ Super Update will be available mid May. > An Introduction to ANZ Super Advantage brochure to assist you in explaining the benefits of the fund to new staff will be available in May. Copies of this brochure can be requested from your ANZ Superannuation Relationship Manager or ANZ Financial Planner. > Brochures explaining the benefits of the ANZ Super Advantage Personal Division will also be available in May. Copies of this brochure can be requested from your ANZ Superannuation Relationship Manager or ANZ Financial Planner.

11 Member communications > As you may be aware, ANZ Super Advantage provides your employees with access to a comprehensive member education program to assist them make the most of their superannuation. Our member education covers key investment topics and is relevant to all members regardless of age, risk tolerance, existing wealth or current level of investment knowledge. The material includes superannuation fundamentals like household budgeting and personal cash flow, through to investment concepts like gearing and compounding. Member education can be accessed in two ways: > Online The online education site is simple to use and easy to navigate with information on savings tips and strategies and key themes of financial investment. There are also other tools like calculators that can assist members to model scenarios based on their own or hypothetical situations. During May, our online education site will be enhanced to provide information on COF, what it means for an employee and how they can activate a choice if they are eligible. To review this program log on to > Workplace seminars Workplace seminars allow members to access additional financial information. Seminars, including those based on COF legislation, can be organised through your ANZ Superannuation Relationship Manager or ANZ Financial Planner and comprise presentations and support tools to help employees understand their superannuation. > The Federal Government (ATO) has indicated that information on COF will be mailed to members in mid May, in addition to undertaking consumer COF advertising. Details of the proposed mailing are yet to be clarified, however there are indications that this information will be in alignment with that found on the employee section of In addition to the support found on this website, the ATO Superchoice Infoline, , will also be available to members from April onwards. > The next edition of the ANZ Super Advantage quarterly newsletter, sent directly to all your employees, will be a COF special edition. This edition of the ANZ Super Advantage will be mailed to members after the Federal Government launches its member initiatives mentioned above, in mid May. Copies of the ANZ Super Advantage newsletter will be available to you prior to the mailing from or directly from your ANZ Superannuation Relationship Manager or ANZ Financial Planner. > The Introduction to ANZ Super Advantage and personal division brochures outlined in the Employer communications section above will also be directly accessible to your employees from in May. 11 ANZ Choice of Superannuation Fund Employer Guide ASA To find out more about ANZ s comprehensive COF client communication program, please contact your ANZ Superannuation Relationship Manager or ANZ Financial Planner.

12 L2385, 05/05 Further information If you have any questions, please feel free to contact us at: GPO Box 4028 Sydney NSW Website ANZ Managed Investments Limited ABN AFSL Kent St Sydney NSW 2001 This material was prepared as at 5 May 2005 and reflects the legislation which was operational at this date but may be subject to change. It may not be reproduced without prior written approval. This material is not intended to constitute personal advice and must not be relied as such. This material has been prepared without taking into account a potential investor's objectives, financial situation or needs. Before making a decision based on this material, a potential investor should consider the appropriateness of the advice, having regard to their objectives, financial situation and needs. Before acquiring a product or deciding whether to continue to hold a product, investors should consider the relevant Product Disclosure Statement which is available at