The Employee Retirement Plan

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1 Employer Administration Guide Preparation date: 1 July 2007 This Product Disclosure Statement was issued by the Trustee of The Universal Super Scheme R : MLC Nominees Pty Limited ABN AFSL RSE L Superannuation Fund Number SPIN MLC0193AU Ground Floor, MLC Building Miller Street North Sydney NSW 2060 mlc.com.au A National Australia Group company

2 Employer Administration Guide How to use this document This product disclosure statement for (PDS) comprises the following 2 separate documents: Document Name Information provided Who needs to read the document? The Employee Retirement Plan Product Guide The Employee Retirement Plan Employer Administration Guide Contained in a separate document and provides information in relation to The Employee Retirement Plan. This document it provides employers with an application form and information on setting up and administering an Employer Plan. Members and Employers Employers only Throughout this Employer Administration Guide: References to: you, your To be read as: An Employer of.

3 Contents 1. An Overview of 2 Why choose 2 Starting your Employer Plan 2 Cooling off period 3 2. Contributing to your Employer Plan 4 How to make ongoing employer contributions 4 When do contributions have to be made? 4 Tax File Numbers 4 3. Managing your Employer Plan 5 Managing Employee information 5 What happens when an employee leaves? 5 Tax Deductions 5 4. Insurance cover 6 Employer default cover 6 5. How we will communicate with you 7 6. Application Forms 9 At the back of this PDS Contact Details x

4 1 An Overview of An Overview of Why choose The Employee Retirement Plan? (TERP) caters for employers who wish to use a simple and convenient product that assists them to meet their Superannuation Guarantee obligations without the time consuming burden of administration and trustee responsibilities. With TERP, there are no onerous trustee responsibilities to distract you from running your business. To open an account for employees simply complete the forms in the back of this PDS. You control who is eligible to join the Employer Plan and the level of contributions (subject to Superannuation Guarantee obligations), while giving employees a sound superannuation vehicle with many features including: competitive investment and administration fees; a tax advantaged investment; Death and Total and Permanent Disablement insurance; individual member accounts; optional personal contribution and salary sacrifice facility; and a facility to accept superannuation lump sum rollovers from other funds. TERP keeps paperwork to a minimum for you, and as an employer, there are no separate charges to operate your Employer Plan. You simply make contributions for each of your employee s. Starting your Employer Plan Getting started with TERP is a simple step by step process: 1. Make an application You must provide MLC with a completed Application Form, which can be found at the back of this Administration Guide. You must provide the minimal requirements to establish an account ie employee s full name, Tax File Number, address and date of birth. Post the application to: PO Box 1315 North Sydney NSW Make an initial contribution You can make an initial contribution by sending a cheque made payable to MLC Nominees Pty Limited, crossed Not negotiable, with the completed Initial Contribution Remittance Advice. 3. MLC will confirm the application MLC will confirm acceptance of your application by sending an employer Welcome Kit. If, for any reason MLC cannot accept the application, MLC will return the money. MLC is not bound to accept an application. A member s benefit comprises of a member s account balance, and insurance if applicable, and is generally paid to the member upon retirement on or after the Preservation Age (refer to The Employee Retirement Plan Product Guide), or in other special circumstances. At the time of payment, MLC will deal directly with your employee or their beneficiaries without you becoming unduly involved. TERP accepts Superannuation Guarantee contributions, salary sacrifice, personal contributions and award contributions as well as superannuation lump sum rollovers, Superannuation Guarantee Vouchers, Government co-contributions and payments from the Superannuation Holding Accounts Reserve. Please contact your Plan Adviser if you require further information on superannuation contributions.

5 1 Cooling off period You have a 14 day period in which to check that this product meets your needs. The 14 day period starts from when the first employee enrolled in TERP receives the confirmation of the initial investment or 5 days after we accept the first contribution for that employee, whichever is the earlier. You may cancel the investment by advising MLC in writing or by facsimile. You must sign all requests. On receiving the request MLC will terminate the investment. We will return the employer contributions to a superannuation fund, approved deposit fund or retirement savings account nominated by you. You must nominate that superannuation arrangement within one month of notifying us of the cancellation request. If the money invested includes the employee s contributions, we will pay the contributions to a superannuation fund, approved deposit fund or retirement savings account nominated by the employee. If those contributions are not accepted, we may pay those amounts into an Eligible Rollover Fund (refer to Transfer to an Eligible Rollover Fund in The Employee Retirement Plan Product Guide for more information). An Overview of The amount will be adjusted in accordance with the Corporations Act for any increase or decrease in the interest rate up to the time we receive notification from you, as well as any tax or duty paid or payable. You may also be charged any administrative costs incurred by us in relation to the acquisition and termination of your Employer Plan.

6 2 Contributing to your Employer Plan Contributing to your Employer Plan How to make ongoing employer contributions After making a contribution, you will receive two copies of a Contribution Return Form confirming the receipt date and the amounts contributed for each employee. To make the next contribution, complete one copy of the Contribution Return Form with details of the next contribution and which employees to allocate these contributions to, and return it with a cheque for the total amount of contributions made payable to MLC Nominees Pty Limited to the address at the back of this PDS. Contributions received on a business day before 3 pm Sydney time by MLC s Registered Office in North Sydney will be credited to members in your Employer Plan effective the day the cheque is received. Contributions received on a business day after 3 pm Sydney time by MLC s Registered Office in North Sydney will be credited to members in your Employer Plan effective the following business day. Information the Trustee needs before processing contributions TERP can accept employer, Government co contributions and personal contributions. It is important that all contributions are correctly classified, otherwise they may be taxed incorrectly and/or there may be delays in applying the contributions to members accounts. The Trustee has the right to reject any contributions, transfers or rollovers. When do contributions have to be made? Superannuation guarantee (SG) contributions must be made on a quarterly basis. The deadlines for making these quarterly SG contributions are: SG Quarter Ending 30 September 28 October 31 December 28 January 31 March 28 April 30 June 28 July Due date for payment of quarterly SG contributions Penalties may apply if you miss these deadlines. These penalties are enforced by the Australian Taxation Office. You need to make regular contributions to make sure there is sufficient money in a member s account to pay insurance premiums. Failure to provide sufficient funds to cover insurance may result in the insurance cover lapsing. Tax File Numbers (TFN) When your employee gives you a TFN declaration you are required by law to provide the TFN to us. Penalties can apply if you fail to quote the TFN to us within 14 days. If we do not receive sufficient information to enable an employee to be admitted to TERP or to accept any contributions or transfers we will hold the contributions in the account described in Interest on contributions and superannuation income rollovers in Product Guide until accepted or returned.

7 Managing your Employer Plan 3 Managing Employee information You are responsible for adding or enrolling new eligible employees to your Employer Plan. If MLC does not receive adequate details to set-up a new employee, we will contact you or the Plan Adviser to obtain these details. If these details are not received within 28 days any contribution relating to these employees will be refunded to you. The following information must be provided to enable MLC to set up an account for a new employee: Tax Deductions All contributions that you make on behalf of an employee are generally tax deductible from business income. A tax deduction will not generally be available for any contributions made after a person has reached age 75. For more information refer to Tax and your super section in Product Guide. Managing your Employer Plan Full Name Address Date of Birth Tax File Number You should update details for existing members in your Employer Plan on a regular basis to ensure that their insurance cover and information appearing on their Annual Statement is correct. You can enrol new employees, change existing members details and notify MLC when employees cease employment by: using your Contribution Return Form; or sending MLC details in writing. Certified documentation from the employee will be required when a name change is requested. What happens when an employee leaves? You need to inform MLC promptly when an employee ceases employment and provide us with the date that this is effective. Prompt notification means that we can keep your Employer s Plan membership up to date and ensure that any ex-employee s account is treated appropriately within TERP. You also need to send us any contributions that are owing to this employee as soon as possible. If you send us contributions for an ex-employee who has already withdrawn their benefits from TERP or transferred their benefits out of TERP, we may not be able to allocate these contributions and will refund them to you. You will then have to forward these contribution to the new superannuation provider that the ex-employee is now using or to the ex employee themselves, depending on their circumstances.

8 4 Insurance cover Insurance Cover Employer default cover: If you are establishing a new default Employer Plan or transferring your existing default Employer Plan to a new superannuation provider, generally your Employer Plan must at least provide Death only cover to a level no less than either: i The insurance cover automatically provided in TERP complies with both the minimum premium and level of Death cover required by employer default cover. the amount of cover that a premium of 0.50 per week can buy, or a fixed level of cover based on the employee s age: Age of employee Level of death cover , , , , , and over 0

9 Communication How often What s in it Contribution Return Form Confirmation letters Other communication as necessary How we will communicate with you Following each cheque processed Following each enquiry As it occurs Confirmation and a detailed list of how each cheque received has been distributed to each member, as per your request. Confirmation of resolution of enquiry. In addition to the regular communications above, you may also hear from us when: There are material changes or significant events affecting the Scheme. There are changes that are not materially adverse. These will be updated and made available to you at mlc.com.au You request information. 5x How we will communicate with you

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11 Employer Application This application form is valid from 01 July 2007 and is attached to the PDS with a preparation date of 01 July 2007 MLC Nominees Pty Limited ABN AFSL No RSE L MLC Limited ABN AFSL No The Universal Super Scheme R Superannuation Fund Number Employer details Application and Declaration Company Name or Trading Name (the Employer ) maximum 40 characters (Please use capitals only) Postal Address Contact Name Phone Number Fax Number Address Postcode An application for admission to is made by the Employer. No application is required by the employee. Employees will become members of at the time the employer makes the initial contribution in respect of that employee. Employers must complete the relevant details relating to new employees who are to become members on the remittance slip accompanying the first contribution made in respect of that employee. Application is made by the Employer on its own behalf to become a participating employer in, which forms part of The Universal Super Scheme. The Employer applies on behalf of its employees in respect of which it will from time to time contribute to. The application consists of this form (in respect of the Employer) and the employee details provided in the Initial Contribution Remittance Advice together with the initial contribution (in case of the employees). The application is accepted and admission to commences when the initial contribution is accepted. I/We apply to become a participating employer under The Universal Super Scheme and agree to be bound by the trust deed governing this Scheme, as amended from time to time, and for MLC Nominees Pty Limited to act as trustee of. I/We have read and understood the attached The Employee Retirement Plan Product Disclosure Statement dated 1 July I/We acknowledge that an investment in The Employee Retirement Plan does not represent a deposit with or a liability of National Australia Bank Limited (ABN ) or other member company of the National Group and is subject to investment risk including possible delays in repayment and loss of income and capital invested. I/We acknowledge that none of MLC Nominees Pty Limited, MLC Limited, National Australia Bank Limited or other member company in the National Group or appointed investment managers, guarantee the capital value or performance of The Employee Retirement Plan. Name Position Signature Date 1 of 4

12 Financial Adviser use only Name* Code division* Authorised Persons I/We authorise MLC Limited and MLC Nominees Pty Limited to accept the signature or instructions, for the purposes of administering the plan, from any of those authorised persons whose signatures appear below. Name Account number* MEID Business phone number Fax number Position Signature Date Name address Signature* Phone Number Emil Address Fax number Date Signature Name * must be completed Phone Number Emil Address Fax number Signature Name Phone Number Emil Address Fax number Signature 2 of 4

13 Initial Contribution Remittance Advice MLC Nominees Pty Limited ABN AFSL No RSE L MLC Limited ABN AFSL No The Universal Super Scheme R Superannuation Fund Number Plan Name Pay period ended Employee details (Please use capitals only) Employer Salary Sacrifice** Member Contributions Contributions Contribution Account Number (if known) Mr/Mrs/Miss/Ms* Given Names* Surname* Date of Birth* Mailing Address* Postcode Date joined employer* Tax File Number* Account Number (if known) Mr/Mrs/Miss/Ms* Given Names* Surname* Date of Birth* Mailing Address* Postcode Date joined employer* Tax File Number* Account Number (if known) Mr/Mrs/Miss/Ms* Given Names* Surname* Date of Birth* Mailing Address* Postcode Date joined employer* Tax File Number* * This information is compulsory in respect of an initial contribution made on behalf of an employee. ** Employer contributions and salary sacrifice are displayed as one amount upon receipt. Subtotals 3 of 4

14 Plan Name Pay period ended Employee details (Please use capitals only) Employer Salary Sacrifice** Member Contributions Contributions Contribution Member Number (if known) Mr/Mrs/Miss/Ms* Given Names* Surname* Date of Birth* Mailing Address* Postcode Date joined employer* Tax File Number* Member Number (if known) Mr/Mrs/Miss/Ms* Given Names* Surname* Date of Birth* Mailing Address* Postcode Date joined employer* Tax File Number* Member Number (if known) Mr/Mrs/Miss/Ms* Given Names* Surname* Date of Birth* Mailing Address* Postcode Date joined employer* Tax File Number* * This information is compulsory in respect of an initial contribution made on behalf of an employee. ** Employer contributions and salary sacrifice are displayed as one amount upon receipt. Subtotals TOTAL Employer Signature Date Make cheque for total contributions payable to MLC Nominees Pty Limited. 4 of 4

15 Contact details General contacts Contact details ' Telephone Call the MLC Service Centre on: (from anywhere in Australia) Or if outside Australia: Postal PO Box 1315 North Sydney NSW Fax : Website mlc.com.au Registered office for MLC Nominees Pty Limited is: Ground Floor, MLC Building Miller Street North Sydney NSW 2060 i For advice about your investments or insurance, call your financial adviser. If you don t currently have a financial adviser and would like one, call the MLC Service Centre on and we can arrange for a financial adviser to contact you.

16 20462 MLC 06/07

Updating your account details

MLC MasterKey Business Super MLC MasterKey Personal Super Updating your account details MLC Nominees Pty Limited ABN 93 002 814 959 AFSL No. 230702 RSE L0002998 The Universal Super Scheme R1056778 ABN