The ASC Superannuation Plan ( the Plan ) a plan in the Employer Sponsored Members Division of the Executive. Binding beneficiary nominations

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1 ASC Superannuation Plan a plan in the Employer Sponsored Members Division of The Executive Superannuation Fund [ABN: ] Nomination of Beneficiaries Information guide and form The ASC Superannuation Plan ( the Plan ) a plan in the Employer Sponsored Members Division of the Executive Superannuation Fund ( the Fund ) offers you two types of beneficiary nominations t allow you to confirm your intentions for the payment of the benefit from the Fund upon your death. The two types of nominations are as follows: 1. Binding beneficiary nominations; and 2. Non-binding beneficiary nominations. These nominations apply to lump sum payments only and will apply to any benefits you accrue in any Plan or division of the Fund until such time as the nomination expires, is revoked or replaced with another valid and effective nomination. A summary of each type of beneficiary nomination is outlined below. The Nomination of Beneficiaries Form which you will need to complete to make your beneficiary nomination follows on page 3 of this document. When completing the form, please consider each type of nomination and, where appropriate, seek qualified estate planning, financial or taxation advice prior to choosing which type of nomination is right for you. Binding beneficiary nominations You can elect to make a binding nomination, which means that upon your death, the Trustee is obliged to pay any remaining account balance to the person(s) you have nominated, provided the nomination is valid and effective at the date of death. For a binding nomination to be valid, the nominated individuals must be either a dependant or your legal personal representative at the date of your death. For definitions of these terms, please refer to page 2 of this guide. To be accepted, your binding nomination must be witnessed by two individuals who are over the age of 18 (and not your nominated beneficiaries). A binding death benefit nomination remains valid for only three years from the date it is signed, so you must re-nominate beneficiaries every three years if your nomination is to remain binding on the Trustee. You can also amend or revoke your binding nomination at any time. Any amendment or revocation must also be in writing and signed before two witnesses (as described above). Please note that a valid binding nomination will remain in effect even if your personal circumstances change. It is therefore important that you update or amend your binding death benefit nomination if there is a significant change in your personal circumstances such as marriage, divorce, the death of a nominated beneficiary or the birth of a child, to ensure that your binding nomination continues to reflect your wishes. Where a binding nomination is no longer valid, it becomes a non-binding nomination, whereby the decision as to whom your death benefit is paid lies with the Trustee. If there is any other information you reasonably need to understand your right to make a binding nomination, please contact the Fund Administrator (contact details on the page 4). Non-binding beneficiary nominations By utilising a non-binding beneficiary nomination, you may nominate a dependant and/or legal personal representative to receive your benefit within any Plan or division of the Fund upon your death, however, the Trustee has the discretion to pay your benefit to whom it believes is the most appropriate recipient. Whilst full consideration is given to your wishes when utilising a non-binding beneficiary nomination, it is important to realise that, where you have dependants or a legal personal representative, the Trustee is required, under the Fund s Trust Deed, to pay the benefit to your dependants or legal personal representative in such proportions as the Trustee sees fit. However, in the situation where you do not have any dependants or legal personal representative, the Trustee has the discretion to pay the benefit to a third party who is a non-dependant. In making a decision regarding payment to a non-dependant, the Trustee takes into account your personal circumstances at the time of your death, however, the Trustee may distribute the benefit to individuals that you have not nominated. May 2014 Page 1 of 6

2 ASC Superannuation Plan a plan in the Employer Sponsored Members Division of The Executive Superannuation Fund [ABN: ] It should be noted that different taxation treatment applies to death benefits paid to a non-dependant of the deceased (see the definitions on page 2 of this guide for more details). Note: for taxation purposes, a non-dependant includes a child aged 18 or above (unless the child is otherwise financially dependent or interdependent). For more information about the taxation of benefits, please refer to the Taxation section of the Product Disclosure Statement (PDS) relevant to your category of membership in the Fund (copies of the PDS are available on the Fund s website at or can otherwise be obtained by contacting the Fund Administrator as per the contact details on page 4). If you are unsure which nomination is right for you, seek professional advice. Furthermore, it is always advisable to make a will. If you would like to do so, you should consult a solicitor or the office of the Public Trustee. While the Trustee will take your will into consideration as an indication of your intentions, the Trustee will not be bound to follow it. Investment of superannuation benefits between the date of a member s death and payment to beneficiaries In the event of a member s death, the Trustee will invest the benefit of the deceased member into the Fund s Cash Option upon receipt of relevant written notification. This approach is intended to ensure that the final benefit paid from the Fund corresponds as closely as possible to the value of the deceased member s benefit at the time of their death. The Cash Option is invested entirely in cash assets and, as such, provides a low-risk investment vehicle which is suitable for the investment of superannuation death benefits during the short timeframe in which most death benefits are paid out from the Fund. Further details regarding the Cash Option are available in the PDS relevant to your category of membership in the Fund or in the Member Investment Choice Brochure (this document is available on the Fund s website or by contacting the Fund Administrator as per the contact details on page 4). Definitions Dependant In relation to a member, a dependant includes the spouse of the member, any children of the member (including a child of the member s spouse or someone recognised as a child under the Family Law Act), any person financially dependent on the member and any person with whom the member has an interdependency relationship. Two people have an interdependency relationship if: They have a close personal relationship; and They live together; and One or each of them provides the other with financial support; and One or each of them provides the other with domestic support and personal care. If two people have a close personal relationship but the other criteria above are not satisfied due to the fact that one person suffers from a physical, intellectual or psychiatric disability, they may still have an interdependency relationship. Note: for taxation purposes, a child aged 18 or above is not a dependant (unless financially dependent on the member or interdependent). Refer to the PDS for more details. Legal Personal Representative Non-dependant Spouse Your legal personal representative may be either: Your executor appointed by you under your will to administer your estate; or The administrator appointed by a court to administer your estate where you do not have a will. Beneficiaries / recipients who are not covered by the definition of dependant above will generally be treated as a non-dependant for the purposes of a superannuation death benefit. Note: for taxation purposes, a nondependant includes a child aged 18 or above (unless the child is otherwise financially dependent or interdependent as set out above). Refer to the PDS for more details. A spouse includes a person to whom you are legally married or a person who, although not legally married to you, lives with you on a bona fide domestic basis in a relationship as a couple, and a person with whom you have a relationship that is registered under a State or Territory Law. As a result of recent government reforms, a spouse may include a same-sex partner. This document has been prepared to provide you with general information only and does not take into account your individual objectives, financial situation or needs. Before acting or relying on any information, you should consider whether it is appropriate for your circumstances having regard to your objectives, financial situation and needs. You should obtain and consider carefully the PDS relevant to your category of membership in the Fund prior to making any decision regarding your superannuation benefits, and if required, seek qualified financial, taxation or estate planning advice. May 2014 Page 2 of 6

3 ASC Superannuation Plan a plan in the Employer Sponsored Members Division of The Executive Superannuation Fund [ABN: ] Nomination of Beneficiaries Form Please complete this form if you would like to nominate beneficiaries in respect of your member account in the ASC Superannuation Plan ( Plan ) a plan in the Employer Sponsored Members Division of The Executive Superannuation Fund ( the Fund ). This nomination is for lump sum payments only and will apply to any benefits you accrue in any Plan or division of the Fund until such time as the nomination expires, is revoked or replaced with another valid and effective nomination. 1. Member Details Full Name: Member Number: Date of Birth: Telephone: Residential Address: Suburb: State: Postcode: address: 2. Nomination of Beneficiaries Type of nomination*: Binding (2 witnesses must sign overleaf) Non-Binding (no witnesses required) Full name of nominated beneficiary Address Relationship to you Proportion of Total Benefit (%) ** TOTAL: Important notes: * For information regarding the two types of beneficiary nominations available, please refer to pages 1 2 of the attached Information Guide or the Product Disclosure Statement (PDS) relevant to your category of membership in the Fund. Please consider each type of nomination and, where appropriate, seek qualified estate planning, financial or taxation advice, prior to choosing the one which is right for you. ** 100% of your benefit must be allocated. A binding or non-binding nomination will be invalid if the proportion of the total benefit allocated to your nominated beneficiaries does not exactly equal 100%. You should also note that death benefits paid to non-dependants must be paid as a lump sum and will be subject to tax (including when the benefit comes via your estate). May 2014 Page 3 of 6

4 ASC Superannuation Plan a plan in the Employer Sponsored Members Division of The Executive Superannuation Fund [ABN: ] Nomination of Beneficiaries Form 2A. Witness Signatures - (Only have this section completed by 2 witnesses if you wish to make a Binding Nomination) I acknowledge that I am over 18 years of age and that I have not been nominated on this form and that the form was signed by the member in my presence. I declare that the information I have provided in this form is true and correct. Signature of Witness 1 Signature of Witness 2 Full Name: Date of Birth: Date: Full Name: Date of Birth: Date: Signature: Signature: 3. Authorisation 1. I confirm that I have read and understand the information in the attached Information Guide or the Product Disclosure Statement (PDS) relevant to my category of membership in The Executive Superannuation Fund regarding the nomination of beneficiaries in respect of my member account in the Fund. 2. I confirm that if I make a Binding Nomination, each of the above nominated beneficiaries is my dependant or legal personal representative (as defined in superannuation legislation). 3. I acknowledge that if I make a Binding Nomination, it must be renewed every three years, or it will become invalid. If this occurs, I acknowledge that the Trustee may pay my death benefit to any of my dependants or my legal personal representatives if relevant (whether nominated by me or not) or other person(s) as permitted under superannuation legislation. 4. I acknowledge that I may revoke or amend my nomination at any time by notifying the Trustee in writing. 5. I acknowledge that my nomination is valid only upon receipt of this original document by the Administrator. Member signature: Date: / / Equity Trustees Limited (ABN: ; AFSL No: ) as Trustee for the ASC Superannuation Plan a plan in the Employer Sponsored Members Division of The Executive Superannuation Fund (ABN: ). Please return your form to the Fund Administrator, KPMG Superannuation Services Pty Limited at: Level 4, 10 Shelley Street, Sydney NSW 2000 or PO Box 67, Australia Square NSW AU-FMNATASC@kpmg.com.au Telephone: (02) Fax: (02) Website: May 2014 Page 4 of 6

5 ASC Superannuation Plan a plan in the Employer Sponsored Members Division of The Executive Superannuation Fund [ABN: ] Privacy Statement This privacy statement relates to the collection, use, storage and disclosure of personal information about you in all communications with the Trustee. The Trustee collects personal information about you to: process your enrolment in the Fund (in accordance with the Superannuation Industry (Supervision) Act 1993); administer and manage your participation in the Fund and communicate with you about the Fund; provide you with information about other products or services that may be of assistance to you; and facilitate our internal business operations, including fulfilment of any legal requirements. If you do not provide the personal information sought from time to time, it may mean that your enrolment in the Fund cannot be processed or that services cannot be provided to you. The Trustee may disclose your personal information (as necessary): to its agents, contractors or third party service providers that provide financial, administrative or other services in connection with the operation of the Fund or its business, for example where a fund administrator is appointed; to your financial advisor, or sponsoring employer, if any, unless you tell us not to; Access Effective 21 December 2001, new privacy laws came into effect. Under these laws, you are entitled to request access to personal information held by the Trustee about you and to ask the Trustee to correct this information where you believe it is incorrect or out of date. No fee will be charged for an access request. You may be charged the reasonable expenses incurred in giving you any information you have requested (eg searching and photocopying costs). To access personal information about you, or to obtain more information about your rights or our privacy policy, please contact the Fund as follows: Fund Administrator KPMG Superannuation Services Pty Limited Level 4, 10 Shelley Street SYDNEY NSW 2000 PO Box 67 Australia Square NSW 1215 Ph: (02) Fax: (02) AU-FMNATASC@kpmg.com.au By completing the attached form you agree to the Trustee collecting, using, storing and disclosing personal information about you in accordance with this privacy statement. to an insurer where insurance services are arranged in connection with your enrolment in the Fund; to any new Trustee as may be appointed from time to time; to any party which holds amounts on your behalf which will be transferred to the Fund; and where the law requires or permits us to do so (eg. to law enforcement agencies or other government agencies such as AUSTRAC, the agency responsible for monitoring anti-money laundering and counterterrorism) or if you consent. May 2014 Page 5 of 6

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