Wealth Master Trust deed of amendment

Transcription

1 Governor Phillip Tower 1 Farrer Place Sydney NSW 2000 GPO Box 9925 NSW 2001 Tel (02) Fax (02) CORRS CHAMBI RS WESTGARTK Sydney Melbourne Brisbane Perth N. M. Superannuation Proprietary Limited Wealth Master Trust deed of amendment Ref: MC/JMD AXAA /5 Corrs Chambers Westgarth

2 Date 11 MdJj «&>// Parties N. M. Superannuation Proprietary Limited ABN of Level 10, 750 Collins Street, Docklands, Victoria (Trustee) Background A B C D By trust deed and rules dated 11 September 2007, as amended (Trust Deed), a superannuation fund known as the Wealth Personal Superannuation and Pension Fund (Fund) was established under the Wealth Master Trust. The Trustee is the trustee of the Fund. Under clause 33 of the Trust Deed, the Trustee may amend the Trust Deed and the amendment must be in writing. The Trustee has determined to accept the transfer of members of the Masterplan Managers Superannuation Fund (Masterplan) to the Fund by way of a successor fund transfer on or about 21 May The Trustee wishes to amend the Trust Deed in the manner set out in this deed of amendment, for the purpose of facilitating the transfer by providing for the Benefit entitlements of former members of Masterplan in equivalent terms to their Benefit entitlements under Masterplan. Agreed terms Amendments The Trust Deed is amended in the manner set out in the schedule. Operative time The amendments made by this deed of amendment operate with effect from execution. No declaration or resettlement The Trustee is not by executing this deed of amendment re-declaring or resettling the Fund or any part of it. Governing law This deed of amendment is governed by the law of Victoria /5

3 Schedule - Amendments 1 2 Clause 30.1 is replaced with the following: "30.1 When payable Subject to the Rules, and the rules referred to in clause 4.4, Benefits are payable to Members when a condition of release is satisfied pursuant to the Applicable Requirements and the Trustee accepts a claim for a Benefit. Despite clause 30.1, for Members who transferred to a Fund from the Masterplan Managers Superannuation Fund by a successor fund transfer on or about 21 May 2011, subject to the Rules, Benefits are payable to those Members when a condition of release is satisfied pursuant to the Applicable Requirements." The following new rule 7.1 A is inserted in Schedule 2 after rule 7.1: "7.1A Where: (c) a Member transfers to a Fund by a successor fund transfer; and the provider of the superannuation arrangement that the Member transferred from notifies the Trustee that, immediately before the transfer, a nomination of a person as a reversionary beneficiary was in force in respect of that Member; and that nomination is in a form acceptable to the Trustee, on the Member's commencement of membership of the Fund the nominated person is a Reversionary Beneficiary for the purposes of the Fund." /5 page 2

4 Executed as a deed. THE COMMON SEAL ofn. M. Superannuation Proprietary Limited was hereunto affixed in accordance wittats Constitution in the presence of: /, si $'/'ConmTffn Nv^3 \\ Mzzl J j] Signature Office held j* ) ) a rcithorised person GARY DICKSON Name of authorised person (block letters) Signature of authorised person...coiopajiy.secretary... Office held...heather-ann. Moms Name of authorised person (block letters) /5 page 3

5 Governor Phillip Tower 1 Farrer Place Sydney NSW 2000 GPO Box 9925 NSW 2001 Tel (02) Fax (02) N. M. Superannuation Proprietary Limited Wealth Master Trust deed of amendment Ref: MC/JMD AXM /4 Corrs Chambers Westgarth

6 Date t ioto Parties N. ML Superannuation Proprietary Limited ABN of Level 10, 750 Collins Street, Docklands, Victoria 3008 (Trustee) Background A B C D By trust deed and rules dated 11 September 2007, as amended (Trust Deed), a superannuation fund known as the Wealth Personal Superannuation and Pension Fund (Fund) was established under the Wealth Master Trust. The Trustee is the trustee of the Fund. Under clause 33 of the Trust Deed, the Trustee may amend the Trust Deed and the amendment must be in writing. The Trustee wishes to amend the Trust Deed in the manner set out in this deed of amendment. Agreed terms 1 Amendments The Trust Deed is amended in the manner set out in schedule 1 of this deed of amendment. 2 Operative time The amendments made by this deed of amendment operate with effect from 1 July No declaration or resettlement The Trustee is not by executing this deed of amendment re-declaring or resettling the Fund or any part of it. 4 Governing law This deed of amendment is governed by the law of Victoria /4

7 Schedule 1 General amendments The Trust Deed is amended in the following manner: By replacing the definition of "Adviser" in Clause 1.1 of the Trust Deed with the following new definition: "Adviser" means: (c) any agent, broker or other Person who procures any Person to apply for membership of, or to make a Contribution to, a Fund; any Person who provides advice to a member in relation to a Fund (including, without limitation, in relation to an Investment Authority); or any associate, employer or principal of a Person referred to in items or of this definition. By inserting the following new definitions in clause 1.1 of the Trust Deed in the correct alphabetical order: "Member Advice Fee" means the fee payable pursuant to clause "Plan Anniversary Year" means the period commencing on the date a member joined the Plan and ending 12 months later, and each subsequent 12 month period. By replacing the reference in clause 24.1 to "24.20" with "24.22". By replacing clause 24.9 with the following new clauses: "24.9 Adjustment of fees (other than Member Advice Fee) The Trustee may adjust the maximum dollar amount or percentage amount of any fee payable pursuant to this clause 24 (other than the Member Advice Fee in clause 24.22) on each anniversary of the date of execution of this Deed to reflect any increase in the Consumer Price Index or other appropriate measure of inflation. 24.9A Adjustment of Member Advice Fee The Trustee may adjust the maximum amount of the Member Advice Fee in clause on the commencement of each new Plan Anniversary Year (or such other date as notified by the member to the Trustee) to reflect any increase in the Consumer Price Index or other appropriate measure of inflation." By inserting the following new clauses after clause 24.20: "24.21 Member Advice Fee - Rules /4 page 2

8 6 7 The Trustee may establish rules in relation to Member Advice Fees, including: (c) (d) (e) (f) the name of the Member Advice Fee; the Members to whom the Member Advice Fee relates; the calculation of the Member Advice Fee; the evidence it requires to be satisfied that a Member has agreed to pay a Member Advice Fee to the Member's Adviser; the terms for payment of the Member Advice Fee; and any other rules the Trustee considers appropriate in the context of the Member Advice Fee. The Trustee may determine that any such rules in relation to the Member Advice Fee include the terms and conditions set out in the relevant Offer Document Member Advice Fee - Agreement and payment Terms The Trustee may charge the Member a Member Advice Fee at the specified rate, and in the manner and frequency that is agreed between the Member and the Member's Adviser (which may be monthly, quarterly or some other basis), provided that: (c) (d) the Member has agreed in writing to the payment of the Member Advice Fee to the Member's Adviser (including, if relevant, agreement to any subsequent changes to the Member's Adviser); the Member has specified the applicable fee rate for the Member Advice Fee; the Trustee is satisfied that the Member has not withdrawn their agreement to the payment of the Member Advice Fee; and the amount that is charged as the Member Advice Fee does not exceed the amount set out in the Rules of the relevant Fund, Plan or Category. By replacing paragraph 4 in the text preceding the "Table of Fees" in Appendix A with the following: "4. The Trustee may adjust the maximum dollar amount of any fee payable pursuant this Appendix annually to reflect any increase in the Consumer Price Index or other appropriate measure of inflation." By inserting the following new rows in the correct numerical order in the "Table of Fees" in Appendix A: Member Advice Fee - Contribution (clause 24.22) 5% of Contributions increased to allow for any GST payable by the Trustee and reduced to allow for any reduced input tax credits which the Trustee may be entitled to claim. This fee is deducted from the Contribution at the /4 page 3

9 Member Advice Fee - All other fees (clause 24.22) $10,000 plus 5% per annum of the Member's highest account balance during the Member's Plan Anniversary Year (excluding any amounts which are payable under a guarantee pursuant to clause 4.4) as at the last day of each month. This fee is increased to allow for any GST payable by the Trustee and reduced to allow for any input tax credits which the Trustee may be entitled to claim /4 page 4

10 Executed as a deed. The common seal of N.M. Superannuation Proprietary Limited is affixed in accordance with its Constitution by authority of its directors in the presence of:. ) ) ) ) ) f/<^ ^/^nrmttnnnu \\ s ( «.! ]' V" xs I -o VJ' «/ /-s / / 'V^7 Company Secretaryflffirwrtnt _ Heather-Ann Morris Name of Company Secretary/Bfcsctor (print) Director Name of Director (print) /4 page 5

11 Governor Phillip Tower 1 Fairer Place Sydney NSW 2000 GPO Box 9925 NSW 2001 Tel (02) Fax (02) CORRS CHAMBERS WESTGARTH lawyers N. M. Superannuation Proprietary Limited Wealth Master Trust deed of amendment Ref: MC/JMD AXAA /2 Corrs Chambers Westgarth

12 Date So Jl*0(O Parties N. M. Superannuation Proprietary Limited ABN of Level 10, 750 Collins Street, Docklands, Victoria 3008 (Trustee) Background A B C D E By trust deed and rules dated 11 September 2007, as amended (Trust Deed), a superannuation fund known as the Wealth Personal Superannuation and Pension Fund (Fund) was established under the Wealth Master Trust. The Trustee is the trustee of the Fund. Under clause 33 of the Trust Deed, the Trustee may amend the Trust Deed and the amendment must be in writing. The Trustee has determined to accept the transfer of members of the Summit Master Trust Personal Superannuation & Pension Fund (Transferring Fund), a superannuation fund established under the Summit Master Trust, into the Fund by way of a successor fund transfer. The transfer of members is being implemented in accordance with the successor fund transfer deed dated 1 March 2010 between the Trustee of the Fund and the trustee of the Transferring Fund. The Trustee wishes to amend the Trust Deed in the manner set out in this deed of amendment to facilitate the transfer of members from the Transferring Fund by: in Schedule 1, inserting new definitions into the Trust Deed. In Schedule 2, inserting a new Schedule 3 into the Trust Deed to include rules for the members in the Term Allocated Pensions, Defined Pensions and Complying Pensions Plans. (c) In Schedule 3, inserting new Appendices B1 to B7 to enable the Trustee of the Fund to apply the fee arrangements that applied to transferring members under the Summit Plans specified in Appendices A1 to A7 of the Summit Master Trust deed. Agreed terms 1 Amendments The Trust Deed is amended in the manner set out in schedules 1. 2 and 3 of this deed of amendment /2

13 2 Operative time The amendments made by this deed of amendment operate with effect from 30 June No declaration or resettlement The Trustee is not by executing this deed of amendment re-declaring or resettling the Fund or any part of it. 4 Governing law This deed of amendment is governed by the law of Victoria /2 page 2

14 Schedule 1 General amendments The Trust Deed is amended in the following manner: By inserting the following new definitions in clause 1.1 of the Trust Deed in their correct alphabetical order: "Personal & Pension Fund" means the Summit Master Trust Personal Superannuation & Pension Fund established under the Summit Master Trust. "Summit Master Trust" means the superannuation funds established by trust deed and rules dated 4 June 1993, as amended. "Summit Plans means the Plans identified in Appendix B, in respect of Members who transferred from the Personal & Pension Fund. By replacing the definition of "Binding Nomination" in clause 1.1 of the Trust Deed with the following: "Binding Nomination means. a written direction given to the Trustee by a Member to whom the Trustee has offered the right to give such a direction and which is given in a manner approved by the Trustee pursuant to clause 30.3(c): or subject to the Applicable Requirements, a written direction given to the provider of another superannuation arrangement, where: (i) (ii) the Trustee has received money or assets from that provider in respect of a Member; and that provider has given the direction to the Trustee and identified the direction as a binding nomination, and the Trustee has agreed with that provider or the Member that the direction is to be treated as a Binding Nomination for the purposes of that Member's membership of a Fund. Replacing clause 30.3(c)(ii) and (iii) with the following: "(ii) the Trustee is in receipt of: (A) a current, valid nomination which was given to the Trustee by the Member, in such form and manner as the Trustee specifies from time to time requiring the Trustee to pay some or all of the balance of the Member's Member Account, in the event of the Member's death, to a person or persons mentioned in the nomination (being the legal personal representative and/or Dependants of the deceased Member) (Binding Nomination); or /2 page 3

15 (Hi) (B) a nomination which was given to the provider of another superannuation arrangement by the Member while a member of that superannuation arrangement, which qualifies as a Binding Nomination and which requires the provider to pay some or all of the Member's superannuation benefit, in the event of the Member's death, to a person or persons mentioned in the nomination (being the legal personal representative and/or Dependants of the deceased Member); and the nomination referred to in clause 30.3(c)(ii) complies with any Binding Nomination Guidelines applicable: (A) (B) at the date on which the nomination was made; or where clause 30.3(c)(ii)(B) applies, at the date the person became a Member, /2 page 4

16 Schedule 2 Amendments to introduce rules for Term Allocated Pensions, Defined Pensions and Complying Pensions The Trust Deed is amended by adding the following new Schedule 3 of the Rules after Schedule 2: " Schedule 3 - Rules for Term Allocated Pensions, Defined Pensions and Complying Pensions (Summit Plans) 1 Application of Schedule 3 This Schedule applies to Term Allocated Pension Members Defined Pension Members and Complying Pension Members. In this Schedule: (i) (ii) (iii) (iv) (v) (vi) Complying Pension means a Pension that meets the standards of sub-regulation 1.06(7) of the Superannuation Industry (Supervision) Regulations 1994 (Cth); Complying Pension Member means a Member entitled to a Complying Pension; Defined Pension means a Pension that meets the standards of sub-regulation 1.06(6) of the Superannuation Industry (Supervision) Regulations 1994 (Cth)] Defined Pension Member means a Member entitled to a Defined Pension; Term Allocated Pension means a Pension that meets the standards of sub-regulation 1.06(8) of the Superannuation Industry (Supervision) Regulations 1994 (Cth)-, Term Allocated Pension Member means a Member entitled to a Term Allocated Pension /2 page 5

17 Rules for Term Allocated Pensions Eligibility A Member is eligible to receive a Term Allocated Pension from a Fund if they were receiving a Term Allocated Pension as a member of a Summit Plan. Pension benefits A Term Allocated Pension shall be payable to the Member in accordance with the Applicable Requirements and the terms applicable in the Summit Plan. Rules for Defined Pensions Eligibility A Member is eligible to receive a Defined Pension from a Fund if they were receiving a Defined Pension as a member of a Summit Plan. Pension The Trustee must pay a Defined Pension Member a separate Defined Pension in respect of each Defined Pension that was payable to them as a member of a Summit Plan: commencing on commencement of membership; and terminating on the last day of the period determined in respect of that Defined Pension in the Summit Plan (Agreed Term). Frequency of payment (c) Size of payment The Trustee must pay each pension to a Defined Pension Member at the times and in the manner agreed between the Trustee and the Member. If a Member has not made a selection as to the frequency of the pension, the Trustee must pay the Pension annually. For so long as a Defined Pension is payable, the Trustee must ensure that at least one payment for that pension is made during each Financial Year, unless the Applicable Requirements permit otherwise. The size of the pension payments to a Defined Pension Member in a Financial Year is fixed except that it is indexed as set out in Rule 3.5. Indexation Unless Rule 3.5 applies, the pension is indexed each Financial Year by the percentage that was determined before the commencement of the pension in the Summit Plan /2 page 6

18 (c) (d) Where the percentage agreed under Rule 3.5 would result in a variation between: (i) (ii) Commutation the amount of the pension payment in that Financial Year; and the amount of the pension payment in the previous Financial Year, exceeding the average rate of increase in the Consumer Price Index in the preceding three years, then the pension may only be indexed by the average rate of increase in the Consumer Price Index in the preceding three years. Subject to Rule 3.5(d), the increase in Rule 3.5 or applies from the first pension payment made after the first of October. In the first year of the pension, the increase in Rule 3.5 or will be multiplied by: number of days since the pension commenced until the end of that Pension Year 365 The pension of a Defined Pension Member may be commuted at the Member's request. If a pension is commuted under Rule 3.6, the Trustee will pay the Member the discounted present value of the pension as determined by the Actuary. This amount must not be greater than the sum determined by applying the appropriate pension valuation factor under the Applicable Requirements as if the commencement day of the pension was the day on which the commutation occurred. Terms of reversionary pension A person nominated as a Reversionary Beneficiary on commencement of a Defined Pension Member's pension in a Summit Plan: (i) (ii) is a Reversionary Beneficiary for the purposes of the Fund; and is entitled to the same proportion of the pension on the death of the Defined Pension Member or, if applicable, on the death of another Reversionary Beneficiary, as applied in the Summit Plan. However, if any person nominated as a Reversionary Beneficiary ceases to be a Dependant of the Member at any time before the death of the Member, then: (i) that person is not a Reversionary Beneficiary; and /2 page 7

19 (c) (d) (e) (ii) no part of the pension is payable to that person. An amount of equivalent value (as determined by the Actuary) to that that would have been payable under Rule 3.7 to a person may instead be paid: (i) (ii) to another Reversionary Beneficiary; or to the estate of the Member or a Reversionary Beneficiary, as agreed between the Trustee and the Actuary. Unless these Rules provide otherwise, the pension payable to the Reversionary Beneficiaries is payable on the same terms as the pension was paid to the Member. However, the Reversionary Beneficiary does not become a Member. The pension is not able to be transferred to a person other than: (i) (ii) to a Reversionary Beneficiary on the death of the Member or a Reversionary Beneficiary, as provided under Rules 3.7 or (c); or to the estate of a Member or Reversionary Beneficiary under Rules 3.8 and 3.9. Guaranteed amount of Defined Pension If a Member dies within the Agreed Term and there are one or more Reversionary Beneficiaries, the sum of the proportions of the pension payable to those Reversionary Beneficiaries until the completion of the Agreed Term must equal 100% of the pension payable to the Member. If the Member dies within the Agreed Term and, at the time of the Member's death, there is no Reversionary Beneficiary or no surviving Reversionary Beneficiary, an amount is payable to the Member's estate. That amount is the discounted present value (as determined by the Actuary) of the amount that would have been payable to the Member in the remainder of the Agreed Term. That amount must not exceed the amount that is allowable under the Applicable Requirements. Guaranteed amount on death of Reversionary Beneficiary If: (c) the Member dies within the Agreed Term; and a Reversionary Beneficiary nominated under Rule 3.7 to whom pension payments under Rule 3.8 have commenced to be made also dies within that period ('deceased Reversionary Beneficiary'); and there is: /2 page 8

20 ) (ii) no further Reversionary Beneficiary nominated under Rule 3.7; or no surviving further Reversionary Beneficiary nominated under Rule 3.7, to receive all or part of that proportion of the pension which was being paid to the deceased Reversionary Beneficiary, then an amount must be paid to the estate of the deceased Reversionary Beneficiary. The amount is the discounted present value (as determined by the Actuary) of the amount that would have been paid to the deceased Reversionary Beneficiary in the remainder of the Agreed Term. Commutation factors for Defined Pensions The Trustee must determine the commutation factor to be used when converting a lump sum to a pension, having regard to the advice of the Actuary and the Applicable Requirements. Residual Capital Value The Trustee must, if the Member gave a direction in the Summit Plan at the beginning of the Agreed Term, pay to that Member, that Member's estate or the Reversionary Beneficiary as the case may be, the Residual Capital Value of the Member's pension at the end of the Agreed Term. Borrowing The capital value of a pension and income from it cannot be used as security for a borrowing. Rules for Complying Pensions Eligibility A Member is eligible to receive a Complying Pension from a Fund if they were receiving a Complying Pension as a member of a Summit Plan. Pension benefits A Complying Pension shall be payable to the Member in accordance with the Applicable Requirements and the terms applicable in the Summit Plan. The terms may include that the pension is payable for a minimum period (Guaranteed Period) despite the earlier death of the Member. Terms of reversionary pension A person nominated as a Reversionary Beneficiary on commencement of a Complying Pension Member's pension in a Summit Plan: (i) is a Reversionary Beneficiary for the purposes of the Fund; and /2 page 9

21 (c) (d) (e) (f) (ii) is entitled to the same proportion of the pension on the death of the Complying Pension Member or, if applicable, on the death of another Reversionary Beneficiary, as applied in the Summit Plan. However, if any person nominated as a Reversionary Beneficiary ceases to be a Dependant of the Member at any time before the death of the Member, then: (i) (ii) that person is not a Reversionary Beneficiary; and no part of the pension is payable to that person. Upon the death of a Complying Pension Member, an amount of equivalent value (as determined by the Actuary) to that that would have been payable under Rule 4.2 to the Member may instead be paid: (i) (ii) if the Member has nominated one or more Reversionary Beneficiaries, to those Reversionary Beneficiaries; or if the Member has not nominated one or more Reversionary Beneficiaries, to the estate of the Complying Pension Member, as agreed between the Trustee and the Actuary. Upon the death of a Reversionary Beneficiary, an amount of equivalent value (as determined by the Actuary) to that that would have been payable under Rule 4.3 to the Reversionary Beneficiary may instead be paid: (i) (ii) if the Member had nominated one or more subsequent Reversionary Beneficiaries, to those Reversionary Beneficiaries; or if the Member had not nominated one or more subsequent Reversionary Beneficiaries, to the estate of the Reversionary Beneficiary, as agreed between the Trustee and the Actuary. Unless Rule 4.7 applies, the sum of the proportion of the total pension payable to the Reversionary Beneficiaries upon the death of a Complying Pension Member or Reversionary Beneficiary, as relevant, must be 75% of the Complying Pension payable to the Complying Pension Member, as relevant, at the date of death. Except where these Rules provide otherwise, the pension payable to the Reversionary Beneficiaries is payable on the same terms as the pension was paid to the Complying Pension Member. However, the Reversionary Beneficiary does not become a Member /2 page 10

22 Reversionary Beneficiary is a child Where a Reversionary Beneficiary is a child of a Complying Pension Member or of a former Reversionary Beneficiary, the Pension payable to that child will cease on the earliest of: either: (i) (ii) the child's death. the child's 16 th birthday; or if the child is a full-time student at age 16, at the end of that child's full time studies or on the child's 25 th birthday (whichever occurs sooner); or Reversionary pension to child continues for Guaranteed Period However, if, by the application of Rule 4.4, a pension would otherwise cease within the Guaranteed Period: the pension will continue until the end of the Guaranteed Period if Rule 4.4 would have applied; or an amount is payable to the child's estate under Rule 4.8 if Rule 4.4 would have applied. Restrictions on transfer of Complying Pension A Complying Pension is not able to be transferred to a person other than: to a Reversionary Beneficiary on the death of the Member or the Reversionary Beneficiary; or to the estate of a Member or Reversionary Beneficiary. Guaranteed Period If a Member dies within the Guaranteed Period and there are one or more Reversionary Beneficiaries, the sum of the proportions of the pension payable to those Reversionary Beneficiaries must equal: (i) (ii) until the completion of the Guaranteed Period, 100% of the pension payable to the Member; and after that, 75% of the pension payable to the Member. If the Member dies within the Guaranteed Period and, at the time of the Member's death, there is no Reversionary Beneficiary or no surviving Reversionary Beneficiary, an amount is payable to the Member's estate. That amount is the discounted present value (as determined by the Actuary) of the amount that would have been payable to the Member in the remainder of the Guaranteed Period /2 page 11

23 Guarantee on death of Reversionary Beneficiary If: (c) the Member dies within the Guaranteed Period; and a Reversionary Beneficiary nominated under Rule 4.3 to whom pension payments under Rule 4.7 have commenced to be made also dies within that period (deceased Reversionary Beneficiary); and there is: (i) (ii) no further Reversionary Beneficiary nominated under Rule 4.3; or no surviving further Reversionary Beneficiary nominated under Rule 4.3, to receive all or part of the present value of the pension which was being paid to the deceased Reversionary Beneficiary, then an amount must be paid to the estate of the deceased Reversionary Beneficiary. The amount if the discounted present value (as determined by the Actuary) of the amount that would have been paid to the deceased Reversionary Beneficiary in the remainder of the Guaranteed Period. Commutation factors for Complying Pensions The Trustee must determine the commutation factors to be used when converting a lump sum to a Complying Pension, having regard to the advice of the Actuary. No residual capital value The Complying Pension does not have a residual capital value. Borrowing The capital value of a Complying Pension and income from it cannot be used as security for a borrowing /2 page 12

24 Schedule 3 Amendments to introduce fees for Summit Plans The Trust Deed is amended in the following manner: 1 By replacing clause 24.9 of the Trust Deed with the following: "24.9 Adjustment of fees Except in respect of the Summit Plans, the Trustee may adjust the maximum dollar amount or percentage amount of any fee payable pursuant to this clause 24 on each anniversary of the date of execution of this Deed to reflect any increase in the Consumer Price Index or other appropriate measure of inflation. 2 3 in respect of the Summit Plans, the Trustee may adjust the maximum dollar amount of any fee payable pursuant to this clause 24 on each anniversary of the date of execution of this Deed to reflect any increase in the Consumer Price Index or other appropriate measure of inflation." By replacing the introductory words of clause of the Trust Deed ("Changes to fees") with the following: "Subject to the Applicable Requirements, for any one or more Members other than Members of the Summit Plans, the Trustee may at any time apply or change:..." To apply the fee arrangements that applied to transferring members under the Summit Plans specified in Appendices A1 to A7 of the Summ/t Master Trust deed as at 30 June 2010, by adding the following new Appendices B1 to B7 after Appendix A: /2 page 13

25 Appendix B1 - Fees for the Personal & Pension Fund This Appendix applies to all Plans in the Personal & Pension Fund which were in existence on 1 October 2003 and any other Plans in the Personal & Pension Fund which are not covered by another Appendix. Entry Fee Plans with Individual Members 6% of Contributions and 6% of Member Account credit balance Plans with Pension Members 6% of Contributions and 6% of Member Account credit balance Service Fee 2.5% per annum 2.5% per annum Administration Fee Minimum amount Base amount Percentage Administration Fee (Expenses Reserve Account) Transaction Fee Minimum Amount Base Amount Percentage Termination Fees Rate Period Benefit Payment Fee Employee Member Charge Trustee Charge Minimum Amount Advisor Service Fee $ per annum up to $ per annum 2.5% per annum $ per annum up to $ per annum 2.5% per annum 2.5% per annum 2.5% per annum $ $ % 6% 3 years Nil Nil up to 0.25% per annum $5,000 per annum 1.65% (inclusive of GST) of Member Account Balance $ $ % 6% 3 years Nil Nil up to 0.25% per annum $5,000 per annum (CPI adjusted) 1.65% (inclusive of GST) of Member Account Balance /2 page 14

26 Appendix B2 - Fees for the Personal & Pension Fund - ipac iaccess Personal Superannuation Plan, ipac iaccess Allocated Pension Plan and ipac iaccess Term Allocated Pension Plan This Appendix applies to Individual Members of the ipac iaccess Personal Superannuation Plan, Allocated Pension Members of the ipac iaccess Allocated Pension Plan and Term Allocated Pension Members of the ipac iaccess Term Allocated Pension Plan Subject to paragraph 2, the fees payable in respect of Individual Members in the ipac iaccess Personal Superannuation Plan, Allocated Pension Members in the ipac iaccess Allocated Pension Plan and Term Allocated Pension Members in the ipac iaccess Term Allocated Pension Plan are as described in Paragraph 4 below. The fees payable in respect of Individual Members In the ipac iaccess Personal Superannuation Plan, Allocated Pension Members in the ipac iaccess Allocated Pension Plan and Term Allocated Pension Members in the ipso iaccess Term Allocated Pension Plan, and the manner in which they are deducted may be varied by the Trustee from time to time and new fees may be introduced by the Trustee including advice about any such changes in any report or other communication which is sent to Members before the date from which the changes are to take effect. The Trustee may, in its absolute discretion, waive its entitlement to any fee or accept reduced fees. Entry Fee Portfolio Administration Fee Up to 6% of Contributions increased to allow for any GST payable by the Trustee and reduced to allow for any reduced input tax credits which the Trustee may be entitled to claim. This fee is deducted when the Contribution is deposited into the Member Account. The Portfolio Administration Fee consists of: (c) an ongoing administration fee of the greater of: (i) (ii) $400; and $200 plus a fee of up to 2.5% pa; a Trustee Fee of up to 0.25% pa; a monthly fee of up to $15 per month, increased to allow for any GST payable by the /2 page 15

27 Trustee and reduced to allow for any reduced input tax credits which the Trustee may be entitled to claim. The percentage components of the Portfolio Administration Fee is based on the balance in the Member Account as at the last business day of each month. All Portfolio Administration Fees are deducted from the Cash Holding Account. Cash Holding Account Fee Expense Recovery Fee Transaction Fee Planning & Advice Fee Benefit Payment Fee Up to 2.5% pa. This fee is deducted from the earnings rate of the Cash Holding Account prior to the income Entitlement being declared. Up to 2.5% pa of the balance of the Member Account at the last business day of each month and credited to the Expense Reserve Account. Up to $100 per trade, $30 per security transfer, $10 per tax lot and $500 for portfolio rebalancing. These fees are deducted from the proceeds of the transaction. Up to 3.0% of Member Account credit balance, increased to allow for any GST payable by the Trustee and reduced to allow for any reduced input tax credits which the Trustee may be entitled to claim. This fee is deducted from the Cash Holding Account at the end of each month. Up to $100 for each payment deducted from the Cash Holding Account of an Allocated Pension Member. 5 The Trustee may adjust the maximum dollar amount of any fee payable pursuant to this Appendix B2 annually to reflect any increase in the Consumer Price Index, or other appropriate measure of inflation /2 page 16

28 Appendix B3 - Fees for the Personal & Pension Fund - Generations Personal Super Plan and Generations Personal Pension Plan This Appendix applies to Individual Members of the Generations Personal Super Plan and Pension Members of the Generations Personal Pension Plan Subject to paragraph 2, the fees payable in respect of Individual Members of the Generations Personal Super Plan and Pension Members of the Generations Personal Pension Plan are as described in paragraph 4 below. The fees payable in respect of Individual Members of the Generations Personal Super Plan and Pension Members of the Generations Personal Pension Plan and the manner in which they are deducted may be varied by the Trustee from time to time and new fees may be introduced by the Trustee Including advice about any such changes in any report or other communication which is sent to Members before the date from which the changes are to take effect. The Trustee may, in its absolute discretion, waive its entitlement to any fee or accept reduced fees. Notwithstanding any other provision of the Deed, clause 7.2 of the Trust Deed shall not apply to any commissions or other emoluments received by the Trustee in respect of the investment of the Assets relating to the Generations Personal Super Plan and the Generations Personal Pension Plan. Entry Fee Deferred Entry Fee Individual Members - Generations Personal Super Plan Up to 4.0% of Contributions increased to allow for any GST payable by the Trustee and reduced to allow for any reduced input tax credits which the Trustee may be entitled to claim. This fee is deducted when the Contribution is deposited into the Member's Cash Holding Account or at such other time as agreed between the Trustee and the Member. Up to 1.35% per annum of each Contribution increased to allow for any GST payable by the Trustee and reduced to allow for any reduced input Pension Members - Generations Personal Pension Plan Up to 4.0% of Contributions increased to allow for any GST payable by the Trustee and reduced to allow for any reduced input tax credits which the Trustee may be entitled to claim. This fee is deducted when the Contribution is deposited into the Member's Cash Holding Account or at such other time as agreed between the Trustee and the Member. Up to 1.35% per annum of each Contribution increased to allow for any GST payable by the Trustee and reduced to allow for any reduced input /2 page 17

29 Early Withdrawal Fee Small Account Fee Transaction Fee Minimum Amount Base Amount Individual Members - Generations Personal Super Plan tax credits which the Trustee may be entitled to claim for up to 4 years as agreed. This fee is deducted annually from the Member's Cash Holding Account. Up to 4.92% per annum of each Contribution increased to allow for any GST payable by the Trustee and reduced to allow for any reduced input tax credits which the Trustee may be entitled to claim. This fee is payable by the Member in the manner and on the terms as described in the relevant Offer Document. Up to $125 per annum (inclusive of any net GST payable) and payable by the Member in the manner and on the terms as described in the relevant Offer Document. $ per annum, increased to allow for any GST payable by the Trustee and reduced to allow for any reduced input tax credits which the Trustee may be able to claim. $ per annum, increased to allow for any GST payable by the Trustee and reduced to allow for any reduced input tax credits which the Trustee may be able to Pension Members - Generations Personal Pension Plan tax credits which the Trustee may be entitled to claim for up to 4 years as agreed. This fee is deducted annually from the Member's Cash Holding Account. Up to 4.92% per annum of each Contribution increased to allow for any GST payable by the Trustee and reduced to allow for any reduced input tax credits which the Trustee may be entitled to claim. This fee is payable by the Member in the manner and on the terms as described in the relevant Offer Document. No Small Account Fee is payable by these Members. $ per annum, increased to allow for any GST payable by the Trustee and reduced to allow for any reduced input tax credits which the Trustee may be able to claim. $ per annum, increased to allow for any GST payable by the Trustee and reduced to allow for any reduced input tax credits which the Trustee may be able to /2 page 18

30 Percentage Adviser Review Fee Individual Members - Generations Personal Super Plan claim 1%, increased to allow for any GST payable by the Trustee and reduced to allow for any reduced input tax credits which the Trustee may be able to claim. Up to 1.50% per annum of the Member's Accumulated Credit, increased to allow for any GST payable by the Trustee and reduced to allow for any reduced input tax credits which the Trustee may be entitled to claim. The relevant Member must agree in writing to a deduction of the Adviser Review Fee and nominate the specific percentage rate to apply. This fee is calculated daily and deducted on a quarterly basis from the relevant Member's Cash Holding Account. Pension Members - Generations Personal Pension Plan claim 1%, increased to allow for any GST payable by the Trustee and reduced to allow for any reduced input tax credits which the Trustee may be able to claim. Up to 1.50% per annum of the Member's Accumulated Credit, increased to allow for any GST payable by the Trustee and reduced to allow for any reduced input tax credits which the Trustee may be entitled to claim. The relevant Member must agree in writing to a deduction of the Adviser Review Fee and nominate the specific percentage rate to apply. This fee is calculated daily and deducted on a quarterly basis from the relevant Member's Cash Holding Account. 5 The Trustee may adjust the maximum dollar amount of any fee payable pursuant to this Appendix B3 annually to reflect any increase in the Consumer Price Index, or other appropriate measure of inflation /2 page 19

31 Appendix B4 - Fees for the Personal & Pension Fund - Limon Plan This Appendix applies to Individual Members and Pension Members of the Limon Plan Subject to paragraph 2, the fees payable in respect of Individual Members and Pension Members of the Limon Plan are as described in paragraph 4 below. The fees payable in respect of Individual Members and Pension Members of the Limon Plan and the manner in which they are deducted may be varied by the Trustee from time to time and new fees may be introduced by the Trustee Including advice about any such changes in any report or other communication which is sent to Members before the date from which the changes are to take effect. The Trustee may, in its absolute discretion, waive its entitlement to any fee or accept reduced fees. Entry Fee Portfolio Administration Fee Individual Members - Limon Plan Up to 6% of Contributions increased to allow for any GST payable by the Trustee and reduced to allow for any reduced input tax credits which the Trustee may be entitled to claim. This fee is deducted when the Contribution is deposited into the Member Account or at such other time as agreed between the Trustee and the member. The Portfolio Administration Fee consists of: (c) an ongoing management fee of up to 2.5% pa; a Trustee Fee of up to 0.25% pa; a monthly fee of up to $15 per month, increased to allow for any GST payable by the Trustee and reduced to allow for any reduced input Pension Members - Limon Plan Up to 6% of Contributions increased to allow for any GST payable by the Trustee and reduced to allow for any reduced input tax credits which the Trustee may be entitled to claim. This fee is deducted when the Contribution is deposited into the Member Account or at such other time as agreed between the Trustee and the Member. The Portfolio Administration Fee consists of: (c) an ongoing management fee of up to 2.5% pa; a Trustee Fee of up to 0.25% pa; a monthly fee of up to $15 per month, increased to allow for any GST payable by the Trustee and reduced to allow for any reduced input /2 page 20

32 Cash Holding Account Fee Transaction Fee Planning & Advice Fee Benefit Payment Fee Individual Members - Limon Plan tax credits, which the Trustee may be entitled to claim. The percentage components of the Portfolio Administration Fee are based on the balance in the Member Account as at the last business day of each month. All Portfolio Administration Fees are deducted from the Cash Holding Account. Up to 2.5% pa. This fee is deducted from the earnings rate of the Cash Holding Account prior to the Income Entitlement being declared. Up to $100 per trade, $30 per security transfer, $10 per tax lot and $500 for portfolio rebalancing. These fees are deducted from the proceeds of the transaction. Up to 3.0% of Member Account credit balance, increased to allow for any GST payable by the Trustee and reduced to allow for any reduced input tax credits which the Trustee may be entitled to claim. This fee is deducted from the Cash Holding Account at the end of each month. Nil Pension Members - Limon Plan tax credits, which the Trustee may be entitled to claim. The percentage components of the Portfolio Administration Fee are based on the balance in the Member Account as at the last business day of each month. All Portfolio Administration Fees are deducted from the Cash Holding Account. Up to 2.5% pa. This fee is deducted from the earnings rate of the Cash Holding Account prior to the Income Entitlement being declared. Up to $100 per trade, $30 per security transfer, $10 per tax lot and $500 for portfolio rebalancing. These fees are deducted from the proceeds of the transaction. Up to 3.0% of Member Account credit balance, increased to allow for any GST payable by the Trustee and reduced to allow for any reduced input tax credits which the Trustee may be entitled to claim. This fee is deducted from the Cash Holding Account at the end of each month. Up to $100 for each payment deducted from the Cash Holding Account of an Allocated Pension Member. 5 The Trustee may adjust the maximum dollar amount of any fee payable pursuant to this Appendix B4 to reflect any increase in the Consumer Price index, or other appropriate measure of inflation /2 page 21

33 Appendix B5 - Fees for the Personal & Pension Fund - Remcon Plan This Appendix applies to Individual Members of the Remcon Plan Subject to paragraph 2, the fees payable in respect of Individual Members of the Remcon Plan are as described in paragraph 4 below. The fees payable in respect of Individual Members of the Remcon Plan and the manner in which they are deducted may be varied by the Trustee from time to time and new fees may be introduced by the Trustee including advice about any such changes in any report or other communication which is sent to Members before the date from which the changes are to take effect. The Trustee may, in its absolute discretion, waive its entitlement to any fee or accept reduced fees. Entry Fee Portfolio Administration Fee Cash Holding Account Fee Transaction Fee Up to 6% of Contributions increased to allow for any GST payable by the Trustee and reduced to allow for any reduced input tax credits which the Trustee may be entitled to claim. This fee is deducted when the Contribution is deposited into the Member Account or at such other time as agreed between the Trustee and the Member. The Portfolio Administration Fee consists of: an ongoing management fee of up to 2.5% pa; (c) a Trustee Fee of up to 0.25% pa; a monthly fee of up to $15 per month, increased to allow for any GST payable by the Trustee and reduced to allow for any reduced input tax credits, which the Trustee may be entitled to claim. The percentage components of the Portfolio Administration Fee is based on the balance in the Member Account as at the last business day of each month. All Portfolio Administration Fees are deducted from the Cash Holding Account. Up to 2.5% pa. This fee is deducted from the earnings rate of the Cash Holding Account prior to the Income Entitlement being declared. Up to $100 per trade, $30 per security transfer, $10 per tax lot and $500 for portfolio rebalancing. These fees are deducted from the proceeds of the transaction /2 page 22

34 Planning & Advice Fee Up to 3.0% of Member Account credit balance, increased to allow for any GST payable by the Trustee and reduced to allow for any reduced input tax credits which the Trustee may be entitled to claim. This fee is deducted from the Cash Holding Account at the end of each month. 5 The Trustee may adjust the maximum dollar amount of any fee payable pursuant to this Appendix B5 annually to reflect any increase in the Consumer Price index, or other appropriate measure of inflation /2 page 23

35 Appendix B6 - Fees for the Personal & Pension Fund - ipac iaccess - Portfolio Planning Solutions Personal Superannuation Plan and ipac iaccess - Portfolio Planning Solutions Allocated Pension Plan This Appendix applies to Individual Members or Pension Members of the ipac iaccess - Portfolio Planning Solutions Personal Superannuation Plan and the ipac iaccess - Portfolio Planning Solutions Allocated Pension Plan Subject to paragraph 2, the fees payable in respect of Individual Members or Pension Members of the ipac iaccess - Portfolio Planning Solutions Personal Superannuation Plan and the ipac iaccess - Portfolio Planning Solutions Allocated Pension Plan are as described in paragraph 4 below. For the avoidance of doubt, the fees payable in the ipac iaccess - Portfolio Planning Solutions Personal Superannuation Plan and the ipac iaccess - Portfolio Planning Solutions Allocated Pension Plan are imposed under clause The fees payable in respect of Individual Members or Pension Members of the ipac iaccess - Portfolio Planning Solutions Personal Superannuation Plan and the ipac iaccess - Portfolio Planning Solutions Allocated Pension Plan and the manner in which they are deducted may be varied by the Trustee from time to time and new fees may be introduced by the Trustee including advice about any such changes in any report or other communication which is sent to Members before the date from which the changes are to take effect. The Trustee may, in its absolute discretion, waive its entitlement to any fee or accept reduced fees. Entry Fee Portfolio Administration Fee Up to 6% of Contributions increased to allow for any GST payable by the Trustee and reduced to allow for any reduced input tax credits which the Trustee may be entitled to claim. This fee is deducted when the Contribution is deposited into the Member Account. The Portfolio Administration Fee consists of: (c) an ongoing administration fee of the greater of: (i) (ii) $400; and $200 plus a fee of up to 2.5% pa; a Trustee Fee of up to 0.25% pa; a monthly fee of up to $15 per month, increased to allow for any GST payable by the /2 page 24

36 Trustee and reduced to allow for any reduced input tax credits which the Trustee may be entitled to claim. The percentage components of the Portfolio Administration Fee is based on the balance in the Member Account as at the last business day of each month. All Portfolio Administration Fees are deducted from the Cash Holding Account. Cash Holding Account Fee Expense Recovery Fee Transaction Fee Adviser Services Fee Benefit Payment Fee Up to 2.5% pa. This fee is deducted from the earnings rate of the Cash Holding Account prior to the Income Entitlement being declared. Up to 2.5% pa of the balance of the Member Account at the last business day of each month, and credited to the Expense Reserve Account. Up to $100 per trade, $30 per security transfer, $10 per tax lot and $500 for portfolio rebalancing. These fees are deducted from the proceeds of the transaction. Up to 3.0% of the balance of the Member Account, increased to allow for any GST payable by the Trustee and reduced to allow for any reduced input tax credits which the Trustee may be entitled to claim. This fee is deducted from the Cash Holding Account at the end of each month. Up to $100 for each payment deducted from the Cash Holding Account. 5 The Trustee may adjust the maximum dollar amount of any fee payable pursuant to this Appendix B6 annually to reflect any increase in the Consumer Price Index, or other appropriate measure of inflation /2 page 25