AIA SUPERANNUATION FUND

Transcription

1 AIA SUPERANNUATION FUND ANNUAL REPORT TO MEMBERS FOR THE YEAR ENDING 30 NOVEMBER 2013 This Annual Report forms Part 2 of your Annual Periodic Statement. It should be read with the Annual Member Statement which forms Part 1. General Disclaimer This Annual Report is issued by CCSL Limited ( the Trustee ), ABN , AFSL No , as trustee of The AIA Superannuation Fund ( the Fund ). The information provided in this report is in accordance with the requirements of the Corporations Act Any information is of a general nature only and has been prepared without taking into account your investment objectives, financial situation and needs. Before making any investment decisions in relation to the Fund, you should consider the Product Disclosure Statement ( PDS ) for the Fund and obtain professional financial advice from a licensed or authorised financial adviser. A current PDS is available by contacting the Fund (contact details on the back page). Whilst all due care has been taken in the preparation of this Annual Report, the Trustee reserves its right to correct any errors or omissions. The terms of your membership in the Fund are set out in the Fund s Trust Deed. Should there be any inconsistency between this Annual Report and the Fund s Trust Deed, the terms of the Fund s Trust Deed will prevail. Message from the Trustee The Trustee presents the Annual Report for the AIA Superannuation Fund ( the Fund ) for the year ended 30 November This Annual Report should be read in conjunction with your Annual Member Statement, which shows your member entitlements in the Fund as at 30 November The Fund is designed to provide security for you and your dependants in the form of death and/or disability benefits through the Superannuation Life Cover Plan, which is underwritten by the AIA Australia Limited. Note: You do not have an ongoing accumulated superannuation balance within the Fund. The Fund operates purely to provide you with insurance cover within the superannuation environment, which means that you may be eligible to claim a tax deduction on your contributions (i.e. the premiums you pay towards your insurance policy). This Annual Report provides you with an update on the progress and overall operation of the Fund, along with information on proposed or recent changes to superannuation resulting from new legislation. Please take the time to read this Annual Report and if you have any queries or require further information, contact the Fund Administrator (contact details on the back page). AIA Superannuation Fund Trustee s Annual Report to Members for Year ending 30 November 2013 Page 1

2 Some questions and answers regarding the AIA Superannuation Fund. Question: Who runs the Fund? Answer: The Fund is set up as a trust and is governed by a legal document called a Trust Deed. The Trustee is responsible for running the Fund in accordance with its Trust Deed. The Trustee of the Fund is CCSL Limited. The Trustee has taken out indemnity insurance to protect the Trustee, its Directors and the Fund against certain liabilities that is consistent with the size and nature of its business and industry standards. During the year to 30 November 2013, the Trustee was assisted in the management of the Fund by a number of appointed service providers, including: 1. Administration: Insurance & Superannuation Administration Services Pty Ltd 2. Insurer: AIA Australia Limited 3. Auditor: PriceWaterhouseCoopers 4. Risk Management Auditor: Grant Thornton Question: What type of superannuation fund is this? Answer: The Fund only provides lump sum insurance benefits for death and/or total and permanent disablement and disability income benefits. There is no investment element. The Fund only accepts contributions for the provision of insurance benefits. You cannot make contributions to this Fund to generate accumulation benefits from investments. Your insurance cover in the Fund is provided within the superannuation environment, which means you may be able to claim a tax deduction on your contributions (i.e. the premiums you pay towards your insurance policy), provided you meet the eligibility criteria for such a deduction. Question: Are there any fees payable by the member? Answer: Members in the retail plan are not currently charged any fees against their account. You will be notified in advance of any fee changes. Employers pay any applicable fees for Members in the corporate plans (AROSS). Question: Are there different requirements for the Fund compared to taking out a non superannuation policy with AIA? Answer: Yes. This is not an ordinary (non superannuation) insurance product. There are strict rules governing superannuation contributions, rollovers, transfers and benefit payments. These rules must be strictly adhered to and in most cases prevent payments directly to (ex) members (these payments must be rolled over). The Trustee has procedures in place to ensure all statutory obligations are met within appropriate time standards. However these requirements may cause delays in paying the funds to the member or rolling over to another superannuation fund in comparison to a non superannuation insurance product. Question: Who can contribute to the fund? Answer: The Fund will accept contributions from members, members spouses and from employers of members. Government co-contributions are not accepted by the Fund. AIA Superannuation Fund Trustee s Annual Report to Members for Year ending 30 November 2013 Page 2

3 Question: What are the implications if the member s employer has made the contribution to pay the insurance premium? Answer: The Fund needs to know if contributions are being made by an employer. If the contributions are being made by the employer, the employer can claim the contributions as a tax deduction. These contributions will count as part of the member s concessional contribution limit. The employer can use these contributions to meet (or help meet) the employer s obligation for superannuation guarantee. It is important to correctly record whether the employer is making the contribution. If you would like to confirm or change the current status of the contributions from your employer please contact the administrator on (03) or enquiries@iasas.com.au. For more information about concessional contributions please refer to Section 1.1 on page 5. Question: What are the requirements if the member has made a personal contribution to pay the insurance premium and intends to claim a tax deduction? Answer: If contributions are being made by the member personally (not by an employer) the Fund initially classifies these contributions as member personal. In late July or early August the Fund will write to any member who has made personal contributions to request that the member advise the Fund if the member intends to claim all or part of the contribution as a personal taxation deduction. Members can only claim the contribution if they did not receive and/or were not entitled to employer superannuation contributions during the tax year in which the contribution was made or if the member satisfies the conditions for being substantially self employed for the tax year in which the contribution was made. The request that is sent to members is called a S Notice. This notice also gives the member the opportunity to advise if the contributions should be recorded as employer contributions. If the member intends to claim all or part of the contribution as a personal tax deduction the notice must be returned to the Fund administrator by the earliest of; 1. The date the member lodges their personal tax return for the tax year which has ended on the previous 30th June, 2. The next 30th June, 3. The date the member exits the Fund If the member returns the Notice, the Fund administrator will send an acknowledgement to the member and the acknowledgement should be retained with the member s taxation records/receipts. If the member does not return the Notice by the above dates the Fund is obliged to treat the contributions as member non concessional and the member cannot claim the contribution as a tax deduction. Question: What if a member has made a contribution to pay the insurance premium where they expect to receive a government co-contribution credit? Answer: If a member makes a personal contribution where they will not claim the contribution as a personal tax deduction they may be entitled to a government co-contribution credit. The rules regarding what amount of any co-contribution credit may be received are administered by the Australian Taxation Office (ATO) and require the Fund to lodge an advice with the ATO by 30 th October each year identifying member personal contributions. The ATO then links this information via the member s tax file number with the member s personal tax return. The ATO then works out the amount of the co-contribution credit, however as the Fund does not accept co-contribution credits, eligible members should deal directly with the ATO regarding these amounts. AIA SUPER FUND DOES NOT ACCEPT CO-CONTRIBUTION CREDITS FROM THE ATO AND THE FUND HAS ADVISED THE ATO OF THIS. AIA Superannuation Fund Trustee s Annual Report to Members for Year ending 30 November 2013 Page 3

4 Summary of Fund Financial Information A summary of the Fund s audited accounts for the year ending 30 November 2013 is shown below. The full audited accounts and auditor s report are available for inspection by contacting the Fund Administrator (contact details on the back page). Statement of change in Net Assets $ Statement of change in Net Assets $ Net Assets at 30 Nov ,954 Assets Plus Cash 688,023 Premium refunds Receivables 2,048,644 Interest 12,943 Sundry debtors 5,769 Other Income Prepayments 1,488,067 Contributions Received 37,399,243 Total Assets 4,230,503 Insurance Proceeds 11,534,536 Benefits accrued as a result of 469,187 Less operations before income tax Tax refund Contributions paid in advance 1,488,067 Total income 49,502,863 Insurance Benefits paid 2,048,644 Returned Premiums refundable 68,286 Sundry creditors 69,365 Less Insurance Benefits payable 460,100 Deferred Tax Liabilities General & Income Tax Expenses 3,856 Total Liabilities 3,674,362 Benefits paid and Payable 12,003,723 Life Insurance premiums 37,399,243 Equals Total expenditure 49,406,822 NET ASSETS AT 30 Nov ,041 Equals NET ASSETS AT 30 Nov ,041 Investment Policy, Objective and Strategy The majority of the funds received from members or employers are used to purchase insurance coverage for the members. However, where any funds are received and held by the Fund, the Fund s Investment Policy is used to manage them in a prudent manner consistent with the operational requirements of the members insurance benefits. The objective is to maintain the capital value of the funds held and the funds will be held in deposit or current accounts with an Australian registered bank to achieve this objective. The Trustee does not directly invest any of the assets of the Fund in derivative securities such as options, futures or swaps. AIA Superannuation Fund Trustee s Annual Report to Members for Year ending 30 November 2013 Page 4

5 General Information Regarding Superannuation and the AIA Superannuation Fund The following is provided as general information and may or may not relate directly to AIA Superannuation Fund. We have also made comments about the Fund where we think it will help your understanding. We recommend you obtain licensed or authorised advice that takes into account your own situation. 1.0 Contributions in general Any person under age 65 may contribute to superannuation, regardless of whether or not they are employed. From the ages of 65 to 69, you must have worked at least 40 hours during a continuous 30-day period during the financial year ( work test ) in order to be able to make a contribution to superannuation. From the age of 70 to 74, only mandated employer contributions (Superannuation Guarantee SG or award contributions) can be accepted and personal contributions can be accepted only if you meet the work test. You cannot make personal contributions to superannuation past the age of 74. Generally, from age 75 only mandated employer contributions can be made to superannuation. Contributions made to the Fund in contravention of these eligibility rules must be refunded by the Trustee. A refund may be adjusted for any allowable investment fluctuations and reasonable costs. 1.1 Concessional contributions Concessional contributions include any Superannuation Guarantee (SG) contributions made by your employer(s) on your behalf and any additional contributions you choose to make from your pre-tax salary (salary sacrifice contributions). Concessional contributions also include any contributions made by a self employed person for which a tax deduction is claimed. As per ATO, Concessional contributions include: employer contributions (including contributions made under a salary sacrifice arrangement) personal contributions claimed as a tax deduction by a self-employed person. Income year Amount of general cap $25,000 In accordance with section of the Income Tax Assessment Act 1997 (ITAA 1997), the concessional contributions cap is indexed in line with average weekly ordinary time earnings (AWOTE), in increments of $5,000 (rounded down). The new indexed amount is generally available each February. Parliament recently passed legislation to pause the indexation of the concessional contributions cap at $25,000 up to and including the year. Normal indexation resumes for the year. Any concessional contributions made in excess of the limit of the $25,000 will be taxed at the individuals marginal rate plus Medicare Levy. The liability for the excess tax will be levied on you personally by the ATO. Specifically, you will receive a notice from the ATO requesting payment of the excess tax. In addition, any excess contributions you make above the concessional contribution limit will be counted towards your non-concessional contribution limit. AIA Superannuation Fund Trustee s Annual Report to Members for Year ending 30 November 2013 Page 5

6 People aged 59 years or over on 30 June 2013, and 49 years or over on 30 June 2014 The concessional contributions cap will be temporarily increased to $35,000 for the: financial year if you are aged 59 years or over on 30 June financial year or a later financial year if you are aged 49 years or over on the last day of the previous financial year. The temporary higher cap is not indexed and will cease when the general concessional contributions cap is indexed to $35,000. Concessional contributions cap for those aged 59 years or over on 30 June 2013 and those aged 49 years or over on 30 June 2014 Income year Cap for those aged 59 years or over on 30 June 2013 Cap for those aged 49 years or over on 30 June $35,000 $35, $35,000 $25, Amounts excluded from the concessional contributions cap Some amounts that can be contributed or transferred to superannuation do not count towards your concessional contribution cap. These include: Rollovers (including those from an overseas superannuation fund) subject to some special rules; Government co-contributions. Note: The Fund only accepts contributions to provide insurance benefits for members. 1.2 Non-concessional contributions Non-concessional contributions are contributions you make to superannuation from your after tax salary. You can make up to $150,000 of non-concessional contributions to superannuation each year. This limit will be periodically increased in line with AWOTE so that it is six times the cap on concessional contributions. If you are under the age of 65, you can average this limit over three years. Specifically, you can make contributions of $450,000 in one year, provided you do not make any additional non-concessional contributions for the following two years. Contributions made up to the $150,000 (or $450,000) limit will not be taxed on entry to the Fund. Any contributions in excess of the limit will be taxed at the top marginal rate of 45% plus Medicare Levy. The liability for this tax will be levied on you personally by the ATO. You must then nominate a superannuation fund to release monies to meet this liability. Where you make a single contribution in excess of the 3-year limit (or 1-year limit if you are aged on 1 July of the relevant year), the amount in excess of the limit will be returned to you, as it cannot be accepted by the Fund. AIA Superannuation Fund Trustee s Annual Report to Members for Year ending 30 November 2013 Page 6

7 1.2.1 Other amounts measured against the non-concessional contributions cap The following amounts also count towards your non-concessional contributions cap: Any concessional contributions you make which are in excess of the concessional contributions cap (see above); and The non-taxable portion of any benefit transferred from an overseas superannuation fund Amounts excluded from the non-concessional contributions cap Some amounts that can be contributed or transferred to superannuation are not counted towards your non-concessional contribution cap. They include: Rollovers from within the superannuation system; The taxable portion of a benefit transferred from an overseas superannuation fund. Note the untaxed portion will count towards your non- concessional limit; Government co-contributions; Proceeds from the sale of qualifying small business assets which have been held for 15 years (subject to a lifetime limit of $1 million); and Settlements for personal injury resulting in permanent disablement made to the Fund within 90 days of receiving the payment. Note the Fund does not accept any of the above payments. The Fund only accepts contributions to provide insurance benefits for members. 1.3 Inability to make non-concessional contributions where you have not provided your Tax File Number Under the current legislation, we are required to refund any insurance premiums you have paid into the Fund if you do not provide a valid tax file number. This will result in the cancellation of your AIA Australia Limited insurance policy and the cessation of your cover in the Fund if we do not receive a valid tax file number from you. It is therefore in your best interest to provide your Tax File Number to the Fund. You can provide your Tax File Number by contacting the Fund Administrator (contact details on the back page). Under the Superannuation Industry (Supervision) Act 1993, the Fund is authorised to collect your Tax File Number, which will only be used for lawful purposes. These purposes may change in the future as a result of legislative change. The Trustee may disclose your Tax File Number to another superannuation provider, if your benefits are transferred, unless you request in writing that your Tax File Number not be disclosed to any other superannuation provider. 2.0 Withdrawing benefits from superannuation Since your insurance cover is provided through the superannuation environment, any benefit payable to you by the Fund is subject to preservation requirements stipulated by superannuation law. AIA Superannuation Fund Trustee s Annual Report to Members for Year ending 30 November 2013 Page 7

8 The preserved component of your superannuation benefit must remain within the Australian superannuation system, generally until your permanent retirement from the workforce after you reach your preservation age. Your preservation age is determined in accordance with the following: Date of birth Preservation age Before 1 July July June July June July June July June After 30 June From 1 July 1999, all superannuation contributions (i.e. premiums) and earnings are preserved. Your ability to claim preserved benefits is restricted, however, the law does allow for the release of benefits where you otherwise satisfy a condition of release, including as follows: When you permanently retire from the workforce at or after your preservation age, as outlined in the table above; When you reach age 60 and cease an employment arrangement; When you reach age 65; When you die; When you suffer a terminal illness condition as defined in superannuation legislation. When you have ceased gainful employment with your employer and your account balance is less than $200; If in the Trustee's opinion you are "permanently incapacitated" in accordance with superannuation law (similar to being declared totally and permanently disabled); If the Trustee approves the early release of preserved benefits on the grounds of severe financial hardship. Should you wish to apply for a benefit on these grounds, the application form is available by contacting the Fund Administrator (contact details on the back page); If Medicare / Department of Human Services determines they should be released on predefined compassionate grounds, such as to cover palliative care or funeral costs; The Trustee may release preserved benefits as a Departing Australia Superannuation Payment ( DASP ) where the member was in Australia on a temporary resident s visa and has since permanently departed the country. More details are available by contacting the Fund Administrator (contact details on the back page) or the ATO; and Where the law otherwise permits (for example, to satisfy an ATO Release Authority issued by the ATO for the release of monies from your superannuation benefits to meet any personal tax liability associated with excess concessional or non-concessional contributions). The law also allows the payment of benefits in the form of a Transition to Retirement Pension, once a member has reached their preservation age, but chooses to continue employment. Note, the Fund does not offer pension accounts. You should consult an appropriately licensed adviser should you wish to obtain more information regarding pension accounts. AIA Superannuation Fund Trustee s Annual Report to Members for Year ending 30 November 2013 Page 8

9 2.1 Withdrawals and Proof of identity As a result of Government reforms designed to counteract money laundering and terrorism financing you may be required to provide proof of identity prior to being able to access any benefit in cash (called customer identification and verification requirements). These requirements may also be applied by the Trustee from time to time in relation to the administration of the Fund as required or considered appropriate under the Government s legislation. You will be notified of any requirements when applicable. If you do not comply with these requirements there may be consequences for you, for example, a delay in the payment of your benefits. 2.2 Eligible Rollover Fund The Trustee has selected the Super Money Eligible Rollover Fund ( SMERF ), as the Fund s Eligible Rollover Fund. The trustee of SMERF is CCSL. (CCSL is also the Trustee of the Fund). An Eligible Rollover Fund is a fund designated by APRA to receive and invest the entitlements of superannuation members in certain circumstances. Whilst the Fund is not designed to provide you with a superannuation account balance (i.e. only to provide you with death and/or disability insurance benefits), you may accrue an account balance if you cancel your insurance policy part-way through the year (i.e. your account balance would relate to the refund of the premiums for the remainder of the year). Your account balance may be transferred to the SMERF if: You cancel your policy and you do not provide payment instructions within 90 days; or You become a "lost member", where two pieces of mail are returned to sender and the Fund no longer has updated contact details for you and is otherwise unable to contact you. SMERF does not offer insurance benefits in the event of death or disablement. As such any insurance benefits you may have will cease at the time your benefit is rolled-over to SMERF. SMERF has different fees, costs and investments to the AIA Superannuation Fund. Once your benefit has been transferred to the SMERF, you will have no entitlement to any benefits from the Fund. Instead, you will become a member of the SMERF and be subject to its governing rules. If the Trustee holds your current address or contact details, you will be provided with a PDS from the SMERF upon transfer of your benefit to SMERF. This PDS will outline the operational and membership details of SMERF. A member wishing to locate their benefit after it has been transferred from the Fund, or members who have any enquiries on the nominated Eligible Rollover Fund, should contact SMERF at the following address: Postal address SMERF PO Box A4299 SYDNEY SOUTH NSW 1235 Phone: Fax: smerf@diversa.com.au Web address: AIA Superannuation Fund Trustee s Annual Report to Members for Year ending 30 November 2013 Page 9

10 2.3 Termination of benefits The death and/or disability benefit for a member will terminate on the earliest of the events listed below; The payment of the member s sum insured; The death of the member; Expiry date of the benefit; The date the member s benefit is cancelled; or The date the policy lapses; 2.4 Policy Cancellations Any unused insurance premiums, as a result of cancellation of your policy, must be preserved and retained in the superannuation environment and rolled over to a Complying Superannuation Fund as a Superannuation Termination Payment. 2.5 Taxation in relation to death benefits Death benefits from the Fund are paid as a lump sum. Where a death benefit is paid to a dependant (regardless of age) the benefit will be tax free. Where a death benefit is paid to a non-dependant, the taxable component is generally taxable at 15%, plus the Medicare levy (higher tax may apply if the death benefit contains an untaxed element). Where a death benefit is received by the legal personal representative of a deceased estate, tax is determined according to who is intended to benefit from the estate. 2.6 Nomination of beneficiaries Your Annual Member Statement shows your current nominated beneficiaries, whom you would prefer to receive your superannuation benefits upon your death. It is important that this information is up to date. You can make a change to your nominated beneficiaries at any time, by contacting the Fund Administrator (contact details on the back page). The nomination you make may be either: A binding nomination; or A non-binding nomination. Both are permitted under the Fund s trust deed Non-Lapsing Binding Nomination The Trustee has recently introduced non-lapsing binding nominations into the Fund. This does not replace your existing 3 year expiry binding nomination. If you would like to replace your existing 3 year expiry binding nomination please lodge a non-lapsing binding nomination with the Trustee. If you provide a valid non-lapsing binding nomination to the Trustee, the Trustee must pay the death benefit in accordance with your nomination as long as the person that you nominate to receive the benefit (or a share of the benefit) is eligible to receive it at the date of your death and the nomination is valid. AIA Superannuation Fund Trustee s Annual Report to Members for Year ending 30 November 2013 Page 10

11 A non-lapsing binding nomination is valid for the entire term you are a member, unless another nomination is lodged with the Trustee or this nomination is revoked by you. If anyone you nominate is not entitled to receive a share of your benefit, the Trustee has discretion in deciding who will receive the remaining portion of your benefit. For more information on binding and non-binding nominations, including the conditions that apply to both types of nominations, please refer to the Fund s current PDS Non-binding Nomination If you provide a non-binding nomination to the Trustee, the Trustee will take your wishes into account, along with all other available information, but has complete discretion in deciding who will receive the benefit payable from the Fund on your death and the amount that they will receive. The Trustee may pay the benefit to one or more of your dependants or a person who is in an interdependency relationship with you in whatever proportion the Trustee believes appropriate. Alternatively the Trustee may pay the benefit to your legal personal representative to be distributed as part of your estate. For more information on binding and non-binding nominations, including the conditions that apply to both types of nominations, please refer to the Fund s current PDS. AIA Superannuation Fund Trustee s Annual Report to Members for Year ending 30 November 2013 Page 11

12 Do you require more information about the AIA Superannuation Fund? General The following information is available by contacting the Fund Administrator (contact details on the back page): Product Disclosure Statement ("PDS"); The Fund s Trust Deed and Rules; The latest audited accounts; All member forms, e.g. the Change of Beneficiaries Nomination Form; and Information about your benefit entitlements. Changes to the Fund Whilst it is naturally AIA Australia Limited s and the Trustee s intention that the Fund continues indefinitely, circumstances may arise that would necessitate amendment or even termination of the Fund. Any amendment or termination cannot adversely affect the benefits accrued for each member up to the date of amendment/termination without the consent of members. The Trustee reserves the right to amend the terms and conditions of the Fund in accordance with the provisions of the Trust Deed and superannuation law. Insurance benefits, premiums and insurers may change. Operation of Fund Reserve The Fund operates a Reserve Account. Source and Limits of Reserve The primary purpose of the Reserve is to pay certain Fund expenses properly chargeable to the Fund, at the discretion of the Trustee, as they fall due. The Reserve may also be used to facilitate the funding of the Fund s Operational Risk Financial Requirement (ORFR). In this regard, amounts from the Reserve may be transferred to the Operational Risk Reserve. The Reserve will be invested in line with the Fund s investment strategy, as determined by the Trustee from time to time. Operation Risk Reserve The Federal Government as part of its Stronger Super reforms has imposed a requirement for funds to establish and maintain an Operational Risk Reserve (ORR) to specifically cover potential losses arising from operational risks that may affect the Funds business operations. An operational risk is the risk of a loss resulting from inadequate or failed internal processes, people and systems, or from external events. The ORR may be drawn upon to assist in compensating members or the Fund in the event of an operational risk having materialised. The Trustee will build up the ORR within the Fund to the defined target amount over a 3 year transition period leading up to 30 June To build up the ORR the Trustee will utilise existing unallocated funds within the fund bank account and may require additional contributions from AIA Australia to assist build the ORR to the ORFR target in amount. AIA Superannuation Fund Trustee s Annual Report to Members for Year ending 30 November 2013 Page 12

13 Enquiries and complaints procedure The Trustee is required by law to have an internal dispute resolution process. Under the Superannuation Industry (Supervision) Act 1993 ( SIS ) the Trustee must take all reasonable steps to ensure that there are arrangements in place under which: 1 Members or their beneficiaries have the right to enquire into, or complain about, the operation or management of the Fund; and 2 Those enquiries or complaints will be properly considered and dealt with within 90 days. It is important to distinguish between enquiries and complaints. Enquiries are requests for information about the Fund or your benefits. Complaints are expressions of dissatisfaction. Enquiries If you have any Enquiries you should contact the Enquiries or Complaints Officer (see back page for contact details). Enquiries can be made by telephone on the number shown below or in writing (including ). If the Enquiries or Complaints Officer is unable to deal with your enquiry over the phone you may be asked to put your enquiry in writing and provide a contact address for the reply. You will generally receive a reply to your enquiry within 28 days. However, sometimes further time is required for more complicated matters. If more time is required, you will be contacted. If your enquiry is not resolved to your satisfaction you can call, or fax the Enquiries and Complaints Officer with details of your complaint. Complaints Complaints can be made by telephone or in writing to the Enquiries and Complaint Officer (contact details on the back page). Depending on the nature of your complaint you may be asked to provide your complaint in writing. The matter will be investigated and the Enquiries and Complaint officer will endeavour to advise you of a decision within 60 days of receipt of the complaint, however, complicated complaints may take longer to respond to. Please note that under current superannuation legislation the trustee has up to 90 days from receipt of the complaint to provide a response. Complaints will be dealt with in accordance with CCSL s Privacy Policy and no fees will be applicable Superannuation Complaints Tribunal If you are not satisfied with the Trustee s handling of your complaint or their decision or the Trustee does not respond within 90 days, you may contact the Superannuation Complaints Tribunal. The tribunal is an independent body set up by the Federal Government to assist members or beneficiaries to resolve certain types of complaints with fund trustees. The tribunal may be able to assist you to resolve your complaint, but only if you are not satisfied with the response received from the Trustee s handling of your complaint. If the tribunal accepts your complaint, it may attempt to resolve the matter through conciliation, which involves assisting you and the Fund to come to a mutual agreement. If conciliation is unsuccessful, the complaint is referred to the tribunal for a determination. You should be aware, however, that a party may appeal a decision of the tribunal to the Federal Court. AIA Superannuation Fund Trustee s Annual Report to Members for Year ending 30 November 2013 Page 13

14 If you wish to find out whether the tribunal can handle your complaint and the type of information you would need to provide, phone the following number for the cost of a local call anywhere in Australia: Postal address Superannuation Complaints Tribunal Locked Bag 3060 MELBOURNE VIC 3001 Telephone AIA Superannuation Fund Trustee s Annual Report to Members for Year ending 30 November 2013 Page 14

15 For further information regarding the AIA Superannuation Fund, please contact the Fund as follows: AIA Australia Limited PO Box 6111 ST KILDA ROAD CENTRAL VIC Telephone or (03) Fax or (03) Fund Administrator / Enquiries and Complaints Officer Insurance & Superannuation Administration Services Pty Limited PO Box 810 SOUTH MELBOURNE VIC enquiries@iasas.com.au Telephone (03) Fax (03) Trustee CCSL Limited GPO Box 3001 MELBOURNE VIC 3001 Telephone (03) Fax (03) CCSL Limited (RSE Licence No L , ABN , AFSL No ) as Trustee for AIA Superannuation Fund. AIA Superannuation Fund Trustee s Annual Report to Members for Year ending 30 November 2013 Page 15