Retired Person s Pension Account

Retired Person s Pension Account Product Disclosure Statement 30 September 2018 What s Inside 01 Frequently Asked Questions before Joining 02 About the Retired Person s Pension Account 03 Pension Payments 04 Nominating Beneficiaries 05 The Basics of investing 06 Your Investment Options 07 Fees and Costs 08 Tax and Your Pension 09 General Information 10 How to Open an Account 11 Application Form Issued by Combined Fund Pty Ltd (ABN 32 064 976 138; RSE L0000376; the Trustee of the Combined Super Fund (Combined Super) (ABN 46 921 400 504; RSE R1000405) This Product Disclosure Statement (PDS) is a guide to the benefits and features of Combined Super s Retired Person s Pension Account (Pension Account). The information in this PDS should be considered before making a decision to invest in a Combined Super Pension Account. This PDS contains general information only and does not take into account your financial objectives, situation or needs. You should obtain financial advice tailored to your own personal circumstances before deciding to invest in a Combined Super Pension Account. Information in this PDS may change from time to time. Changes that are not materially adverse are available on the Fund s website www.combinedsuper.com.au or on request, free of charge, at any time. To request a copy of this PDS or any of the other important information referred to in this PDS, please call the Fund on 1800 200 801.

2 Benefits of a Retired Person s Pension Account With Combined Super you can stay with us throughout your working life and into retirement. Once you ve reached your preservation age (see page 4) you can use your Combined Super accumulation account to open a flexible Pension Account to use in retirement. Only accumulation members of Combined Super can open a Pension Account. Our Pension Account enables you to: Receive a regular income in retirement You can choose to receive payments monthly, quarterly or annually. Defer lump sum tax on retirement By transferring your super to a Pension Account you can continue to invest your money with Combined Super and defer any lump sum tax payable. Draw down lump sums You can draw down lump sum payment or even the entire value of your account when it suits you. Pay less tax No tax is payable on your pension income if you are aged 60 or over, and investment earnings are taxfree. Take care of loved ones On death, the amount remaining in your account can be paid to your dependents as a lump sum or as a reversionary pension to your spouse. See page 6. Further details are available from our website at www.combinedsuper.com.au, or you can speak to one of our in-house financial advisers by calling 1800 200 801. Combined Super offers members the opportunity to speak with or meet with our in-house Financial Advice team. Important: Neither Combined Super nor any service provider to the Fund or any other party guarantees the performance of the Fund, the repayment of capital or any particular rate of return.

3 1. Frequently Asked Questions Before Joining How often will I get paid? You can choose from monthly, quarterly or annual income payments to your nominated bank, building society or credit union account. You can also make lump sum withdrawals. See page 5 How much income can I receive? You can decide, within Government pension payment limits. See page 5 Can I hold insurance? Can I choose how my money is invested? When will my pension end? You re not able to access insurance through your Pension Account. You can select one or a combination of any of the eight investment options offered and you are able to switch between the options at no cost as your needs change. If you choose more than one investment option, you can also choose the option from which your pension payments are made. See page 9 When the balance of your account runs out or you close your account. See page 5 If you are age 60 or over, you pay no tax on your pension payments. What are the tax advantages? If you are under age 60, there are income tax concessions for your pension payments and you can defer or eliminate the payment of lump sum tax. See page 20 How much does it cost? Its free to open a Pension Account and ongoing fees are low. See page 16 What happens in the event of my death? How can I get the most from my Pension Account? You nominate who you wish to receive the balance of your Pension Account in the event of your death. You can choose the type of nomination that best suits your needs from: a reversionary beneficiary nomination, or a preferred beneficiary nomination. See page 6 for more information. There are many ways to incorporate a Combined Super Retired Person s Pension into your finances. Ask us how to make the most of a Combined Super Pension to suit your particular circumstances. Once your Retired Person s Pension Account is established, keeping up-todate with your investment is easy. Simply call us on 1800 200 801 or login at www.combinedsuper.com.au using your personal username and password.

4 2. About the Retired Person s Pension Account The Pension Account enables eligible members to continue to invest some or all of their super with the Fund, receive a regular income and defer any lump sum tax payable. In this way, you can retire without losing the income you ve been used to during your working life, and benefit from tax free investment earnings. Who is eligible? Only Combined Super accumulation super members can open a Pension Account. To be eligible to invest in a Pension Account you must have permanently retired from the workforce after your preservation age. Preservation age Super held in your accumulation account will be in the form of preserved benefits. In accordance with the law, these benefits must be held in the superannuation system until they meet a Condition of Release. One of these Conditions of Release is when you reach your preservation age. Your preservation age ranges from 55 to 60, depending on your date of birth. For anyone born after 30 June 1960, your preservation age is worked out as follows in the table below: Date of birth Preservation age 1 July 1960 to 30 June 1961 56 1 July 1961 to 30 June 1962 57 1 July 1962 to 30 June 1963 58 1 July 1963 to 30 June 1964 59 On or after 1 July 1964 60 Note: Eligibility for the Government Age Pension has risen to 65.5 for those born between 1 July 1952 and 31 December 1953 and will continue to increase by six months every two years, reaching 67 by 1 July 2023. Can I add to my Pension Account? Superannuation law prevents additional money being transferred into a pension account once payments commence, so we encourage you to consolidate all your superannuation benefits at the outset. If, after establishing your Pension Account you subsequently wish to transfer additional money from other super funds, a new Pension Account will be opened. You may have more than one pension account with Combined Super, subject to you continuing to comply with the Transfer Balance Cap. How does a Pension Account work? Your Pension Account can include all or any of: an amount transferred from your existing Combined Super accumulation account; an amount transferred from one or more other super funds; any additional amount you contribute when your account is opened. Opening your Pension Account Combined Super requires you to transfer a minimum of $20,000 of your accumulated super in order to commence a Pension Account. The Government has imposed limits on the amount that can be transferred into retirement phase accounts (known as your Transfer Balance Cap *), without incurring a penalty. You will need to ensure that the total amount of superannuation transferred to your Pension Account does not exceed the $1.6 million Transfer Balance Cap. Any amount of super you have above $1.6 million can be retained in an accumulation account and/ or be taken as a lump sum payment. * The Transfer Balance Cap will be indexed in $100,000 increments, in line with increases in the Consumer Price Index (rate of inflation). For the 2018/2019 financial year, the Transfer Balance Cap is $1.6 million. Your Pension Account balance Your Pension Account balance will be determined by the amount invested, the investment returns earned by your investment choice option(s) (including any negative returns), the fees deducted, any lump sum withdrawals taken and how much pension has been paid to you. The diagram below illustrates the various factors that can impact your account balance. INS Positive investment returns Your RPP Account (Lump sum transferred) Regular payments to your bank account OUTS Negative Investment returns Fees and costs Lump sum withdrawals as needed

5 Social security benefits Your Pension Account balance may affect social security benefits. The total value of your Pension Account is counted as an asset under the Assets Test. For the Income Test, the value of your Pension Account is included as a financial asset and is subject to deeming rules at the time of assessment. Closing your Pension Account Pension payments will continue until your account balance is exhausted. If you decide to leave Combined Super, you may transfer your pension to another super fund or take the remaining account balance as a lump sum. As the rules for social security entitlements are complex we recommend you contact Centrelink on 13 23 00 to ensure you maximise your social security entitlements. 3. Pension Payments You can choose to have your pension paid monthly, quarterly or annually. Annual payments may be made in advance or in arrears. Pension payments will be made to your nominated bank, building society or credit union account on the 21st day of the month. You can provide your account details on the Retired Person s Pension Account Application Form located at the back of this PDS. If you don t specify the amount of your pension payments, the default amount of income payment will be the minimum limit set by the Government. You may change the amount and frequency of your pension payments at any time with written notice to the Fund, provided the new amount is within Government pension payment limits. Simply contact us before the first of the month to ensure that the change is effective from that month. You must always take a minimum amount set by the Government in each financial year. Unless you request an alteration, you will continue to receive the same pension payments each year, adjusted to reflect changes to the Government limits if required. We will inform you of your new minimum limit at the start of each financial year. Government pension payment limits Minimum payments The Government sets a minimum pension payment you must receive from your account in each financial year. At least one payment of the minimum amount must be made once a year. In the first year of a pension, the minimum payment amount is calculated as a pro-rata amount based on the pension s commencement date. The minimum amount is a percentage of your account balance and determined by your age as shown in table 3.1. Table 3.1 Age Annual percentage of account balance Under age 65 4% 65 to 74 5% 75 to 79 6% 80 to 84 7% 85 to 89 9% 90 to 94 11% 95 or over 14% Note: Amount calculated on 1 July each year, unless first year of pension, which is pro-rated from commencement day. If commencement day is on or after 1 June of the financial year, then no minimum payment is required for that financial year and the minimum amount will be rounded to the nearest $10. Example Helen, age 66, commences a pension on 1 July 2017 with $240,000. For the first year, her minimum pension payments are: Initial Investment (A) $240,000 Minimum you must withdraw (B) 5% Minimum annual pension payment (A) x (B) or Minimum monthly payment Maximum payments $240,000 x 5% = $12,000 $12,000 / 12 = $1,000 There is no maximum payment limit for a Retired Person s Pension Account. You can decide the frequency and payment amount, draw down a lump sum or even the entire account value when it suits you.

6 4. Nominating Beneficiaries No one likes to think about what will happen when they die but planning ahead will make it much easier for those left behind. With a Combined Super Retired Person s Pension Account, you can nominate who you wish to receive the balance of your account on your death. You can choose the type of nomination that best suits your needs from either: a reversionary beneficiary nomination; or a preferred beneficiary nomination. Reversionary beneficiary nomination You may nominate your spouse (including a de facto spouse) to receive your pension payments after your death. You must make this nomination before your pension payments commence by completing the relevant section of the Retired Person s Pension Application Form at the back of this PDS. Once a nomination is made it cannot be changed except in very limited circumstances (such as the death of the nominated spouse or on divorce or separation). A reversionary beneficiary has much the same rights as the original member. Amongst other things he or she can: choose to be paid a lump sum; set their own level of regular payment within the limits imposed by law; and set their own investment strategy. The Transfer Balance Cap will apply to the reversionary beneficiary. Preferred beneficiary nomination You may nominate one or more dependents to receive the balance of your Pension Account as a lump sum after your death. To make a nomination, complete the relevant section of the Retired Person s Pension Application Form at the back of this PDS. Payment will usually be made to one or more of your dependents or your legal personal representative. Under superannuation law, your dependents are: (a) your spouse (this includes a de-facto spouse of the same or opposite sex); (b) a child; (c) a person with whom you have an interdependency relationship; or (d) someone who is financially dependent on you. Two people may have an interdependency relationship if: they have a close personal relationship; they live together; 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. An interdependency relationship may also exist where there is a close personal relationship between two people who do not satisfy other criteria because either or both of them suffer from a physical, intellectual or psychiatric disability. Where you make a preferred beneficiary nomination, we will take into account your nomination, but it will not be binding. In this situation, in the event of your death, we will pay your benefit to your dependents or legal personal representative in proportions determined by us while giving consideration to your preferred nomination(s). This allows us to take account of any changes to your personal situation even if you did not previously advise us of these changes. If you do not make a nomination If you do not make a reversionary beneficiary or a preferred beneficiary nomination, the Trustee will decide who receives the value of your Pension Account according to the law. The Trustee will make payments to one or more of your dependents or the legal personal representative of your estate. If you don t have dependents or a legal personal representative, the Trustee will attempt to identify another person to receive the balance of your Pension Account. If no other person can be located, the balance of your account will be paid to the relevant state or commonwealth government lost money fund. To help preserve the value of your account balance, when we verify your death your Pension Account will be invested in the Balanced investment option (if there is no reversionary beneficiary nominated) until distribution of your account is made.

7 5. The Basics of Investing Combined Super offers members a choice of four sector investment options and four diversified investment options. You can choose one or any one combination of the options for both your account balance and pension payments. To help you decide which of the options to select, it s important to understand the essentials of investing. Below are some of the fundamentals that affect investment choices. Growth vs Defensive assets Combined Super s investment options are invested in Growth Assets and Defensive Assets or a mix of the two. Growth Assets Growth assets seek to produce returns significantly above inflation over the long-term. Examples of these assets include: Australian and International Shares and Property. They are often considered higher risk investments because their returns can be quite volatile in the short-term. However, over the longer term, these assets are expected to produce higher returns than defensive assets. vs Defensive Assets Defensive assets focus on capital preservation in real terms. Examples of these assets include: Fixed Interest Securities and Cash. These are the types of investments used to reduce the chance of a negative return. They tend to produce lower long-term returns but their returns tend to be more stable compared to growth assets. If you choose more than one investment option for your account balance, you can choose the option from which pension payments are made and change that choice at any time. You can also change your investment selection at any time at no cost. It may be in your best interests to seek professional advice before making or changing your investment option(s). Combined Super has in-house financial advisers who are available to provide advice to all Combined Super members (at no cost). For further information contact us on 1800 200 801. Risk vs Return Pensions, like any investment, are not without risk. All investments involve some level of risk and the various types of risks are listed on page 8. Generally, all investments have the potential to increase in value, decrease in value, or stay the same. An increase in value generates a positive return while a decrease in value generates a negative return. Generally, the greater an investment s potential return, the greater the risk associated with that investment. Your investment timeframe Balanced Growth International Shares Australian Shares Many investors try to predict market cycles and make short-term speculative decisions in order to try and achieve superior returns. History has shown, however, that the best way to invest is to consistently buy quality investments and to hold them for the long term. Conservative Property Sector options Diversified options Having enough time in the market is an important consideration when selecting investments and strategies. Short-term fluctuations in investment returns are generally less important when your focus is on achieving a long-term growth objective. Interest Note: This chart represents the potential risk and potential return characteristics of each investment option. It is not a forecast of actual risk or returns. This scale is indicative only.

8 Investment risk Investment risk is the possibility your chosen investment option(s) may produce a negative or lower than expected return for a period of time. Types of investment risks to consider are: Market risk Economic, natural, political and monetary (for example, inflation and interest rates) factors can influence market valuations. Mismatch risk The risk of the investment(s) you choose may not suit your needs or circumstances. Inflation risk The risk of the purchasing power of your money being eroded by inflation. Interest rate risk The risk that changing interest rates may reduce your returns or cause you to lose money. Market timing risk The risk of the timing of your investment decision exposing you to lower returns or capital losses. Concentration risk Concentrating your investments adds risk. A lack of diversification can increase volatility and expose you to unexpected changes in market conditions. Currency risk The risk of currency movements affecting your investment. Liquidity risk The risk you may not be able to access your money quickly when needed. This is particularly relevant for the property investment option as some of the assets are invested in direct property funds that can have restrictions on access to the funds. Credit risk The risk of the investment managers you invest with not meeting their obligations (for example, default on interest payments). Sovereign risk The uncertainty of return on a foreign investment due to the possibility the foreign Government might take actions which are detrimental to the investors interests. Other significant risks Other risks you should consider include: Legislative risk The risk the Government will change the rules relating to superannuation (for example, rules dealing with tax on benefits or access to benefits). Legislative risk could also apply to certain investments resulting in loss of capital or reduced returns. Termination risk Trustees of superannuation funds reserve the right to modify or terminate a super fund at any time. If this should happen, any benefits which have been secured for you up to the date of change will be maintained and transferred to a fund of your choice. Combined Super has been operating since 1959 and is not expected to close in the foreseeable future. Standard Risk Measure The Standard Risk Measure is based on industry guidance to allow members to compare investment options that are expected to deliver a similar number of negative annual returns over any 20-year period. The Standard Risk Measure is not a complete assessment of all forms of investment risk. For example, it does not detail what the size of a negative return could be or the potential for a positive return to be less than you may require to meet your objectives. Further, it does not take into account the impact of administrative fees and tax on the likelihood of a negative return. You should still ensure you are comfortable with the risks and potential losses associated with your chosen investment option(s). The following table details the Standard Risk Measure: Risk Band Risk Label Estimated Number of Negative Annual Returns Over any 20-year Period 1 Very Low Less than 0.5 2 Low 0.5 to less than 1 3 Low to Medium 1 to less that 2 4 Medium 2 to less than 3 5 Medium to High 3 to less than 4 6 High 4 to less than 6 7 Very High 6 or greater

9 6. Your Investment Options Combined Super offers members a choice of four sector investment options and four diversified investment options. Sector options: Australian Shares International Shares Property Interest Diversified options: Growth Balanced Sustainable Responsible Investment (SRI) Conservative Each investment option has a different investment objective, strategy and level of risk and return. If you do not make a choice, (or your application form is not complete or incorrect) your Pension Account will be wholly invested in the Balanced investment option. You decide how many options to invest in You can invest your Pension Account in any number of the eight investment options. You can also choose a different mix of options for your existing account balance and different mix of options from which your pension payments are made. If you choose more than one investment option you must ensure the total percentage split totals 100%. You can change your investment choice You can change your investment selection at any time, at no cost. Investment switching requests are processed on a forward pricing basis. This means your investment switch will be processed using the unit price for the month in which the request is received. For example, a switching request in July will be processed in mid-august when the unit price for July is calculated. It may be in your best interests to seek professional advice before making or changing your investment option(s). Different investment options have a different level of risk and return. If unsure please speak to one of our in-house financial advisers to help you select the appropriate option for you.

10 Sector Options: Australian Shares Option Investment objective To provide an investment return which exceeds the changes in the Consumer Price Index (CPI) by 4.5% per annum over rolling ten-year periods. Investment strategy Invests in a range of Australian share investment trusts. Minimum investment timeframe Long term if you choose this investment option be prepared to stay invested in it for more than ten years before it meets its objectives. Standard risk measure Estimated frequency of a negative annual return over any 20-year period: +6 years Risk band: 7 Risk label Very High risk returns can fluctuate from year to year, either moderately or considerably. International Shares Option Investment objective To provide an investment return which exceeds the changes in the Consumer Price Index (CPI) by 4.5% per annum over rolling ten-year periods. Investment strategy Invests in a range of International share investment trusts. Minimum investment timeframe Long term if you choose this investment option be prepared to stay invested in it for more than ten years before it meets its objectives. Standard risk measure Estimated frequency of a negative annual return over any 20-year period: +6 years Risk band: 7 Risk label Very High risk returns can fluctuate from year to year, either moderately or considerably. Strategic asset allocation range Benchmark Asset Class Investment Range (%) 97% Listed Australian Shares 90-100% 97% Growth Assets 3% Cash 0-10% 3% Defensive Assets Strategic asset allocation range Benchmark Asset Class Investment Range (%) 97% Listed International Shares 90-100% 97% Growth Assets 3% Cash 0-10% 3% Defensive Assets

11 Sector Options: Property Option Investment objective To provide an investment return which exceeds the changes in the Consumer Price Index (CPI) by 3% per annum over rolling ten-year periods. Investment strategy Mainly invests in Unlisted Property Trusts with some Listed Property Investment. Minimum investment timeframe Long term if you choose this investment option be prepared to stay invested in it for more than ten years before it meets its objectives. Standard risk measure Estimated frequency of a negative annual return over any 20-year period: less than 6 years Risk band: 6 Risk label High risk returns can fluctuate from year to year, either moderately or considerably. Interest Option Investment objective To provide an investment return which exceeds the changes in the Consumer Price Index (CPI) over rolling five-year periods. Investment strategy Invests in deposits, cash investment trusts, money market instruments and similar assets that aim to provide stable returns. Minimum investment timeframe Short term the expected volatility of this option is low, so it is appropriate for short-term investments. Standard risk measure Estimated frequency of a negative annual return over any 20-year period: less than 0.5 years Risk band: 1 Risk label Very low risk returns are unlikely to fluctuate from year to year. Strategic asset allocation range Benchmark Asset Class Investment Range (%) 48.5% Direct Property 0-100% 48.5% Listed Property 0-100% 97% Growth Assets 3% Cash 0-10% 3% Defensive Assets Strategic asset allocation range Benchmark Asset Class Investment Range (%) 100% Cash 0-100% 100% Defensive Assets

12 Diversified Options: Growth Option Investment objective To provide an investment return that exceeds the changes in the Consumer Price Index (CPI) by 4% per annum over rolling ten-year periods. Investment strategy Invests in a cross section of diversified assets with an emphasis on growth over the long term. Minimum investment timeframe Long term if you choose this investment option be prepared to stay invested in it for more than ten years before it meets its objectives. Standard risk measure Estimated frequency of a negative annual return over any 20-year period: less than 6 years Risk band: 6 Risk label High risk returns can fluctuate from year to year, either moderately or considerably. Balanced Option Investment objective To provide an investment return that exceeds the changes in the Consumer Price Index (CPI) by 3% per annum over rolling seven-year periods. Investment strategy Invests in a cross-section of diversified assets with a large proportion in Australian and International shares, Property, Infrastructure and Fixed Interest Securities. Minimum investment timeframe Long term if you choose this investment option be prepared to stay invested in it for more than seven years before it meets its objectives. Standard risk measure Estimated frequency of a negative annual return over any 20-year period: less than 6 years Risk band: 6 Risk label High risk returns can fluctuate from year to year, either moderately or considerably. Strategic asset allocation range Benchmark Asset Class Investment Range (%) 29% Australian Shares 0-50% 37% International Shares 0-50% 4% 15% Listed Property & Infrastructure Direct Property & Infrastructure 0-15% 0-50% 4.5% Growth Alternatives 0-25% 89.5% Growth Assets 7.5% Defensive Alternatives 0-20% 0% Australian & International Fixed Interest 0-20% 3% Cash 0-20% 10.5% Defensive Assets Strategic asset allocation range Benchmark Asset Class Investment Range (%) 21% Australian Shares 0-50% 27% International Shares 0-50% 3.5% 16.5% Listed Property & Infrastructure Direct Property & Infrastructure 0-15% 0-50% 15% Growth Alternatives 0-35% 83% Growth Assets 2.5% Defensive Alternatives 0-20% 4.5% Australian & International Fixed Interest 0-20% 10% Cash 0-20% 17% Defensive Assets Actual asset allocation may vary within the strategic asset allocation range due to market movements, investments into or withdrawals from the investment option, or changes in the nature of the investment. This information is current as at 1 August 2018 and is subject to change. International Shares are benchmarked to the MSCI All Country World Index (Net Dividends Reinvested), approximately 13% of which is exposed to emerging market shares, and 20% of the International Shares exposure is hedged to Australian dollars in the long-term benchmark. Alternatives may include private equity, forestry and infrastructure.

13 Diversified Options: Conservative Option Investment objective To provide an investment return which exceeds the changes in the Consumer Price Index (CPI) by 1.5% per annum over rolling five-year periods. Investment strategy Invests in a cross-section of diversified assets with an emphasis on security of capital. Minimum investment timeframe Medium term if you choose this investment option be prepared to stay invested in it for more than five years before it meets its objectives. Standard risk measure Estimated frequency of a negative annual return over any 20-year period: less than 3 years Risk band: 4 Risk label Medium risk returns can fluctuate from year to year, either moderately or considerably. SRI Balanced Option Investment objective To provide an investment return that exceeds the changes in the Consumer Price Index (CPI) by 2.5% per annum over rolling seven-year periods. Investment strategy Invests in a cross-section of diversified assets with an emphasis on growth from socially responsible investments over the medium term. Minimum investment timeframe Long term if you choose this investment option be prepared to stay invested in it for more than seven years before it meets its objectives. Standard risk measure Estimated frequency of a negative annual return over any 20-year period: less than 6 years Risk band: 6 Risk label High risk - returns can fluctuate from year to year, either moderately or considerably. Strategic asset allocation range Benchmark Asset Class Investment Range (%) 8% Australian Shares 0-20% 10% International Shares 0-20% 3% 9% Listed Property & Infrastructure Direct Property & Infrastructure 0-15% 0-30% 18.5% Growth Alternatives 0-35% 48.5% Growth Assets 14% Defensive Alternatives 0-50% 15% Australian & International Fixed Interest 0-50% 22.5% Cash 0-50% 51.5% Defensive Assets Strategic asset allocation range Benchmark Asset Class Investment Range (%) 27% Australian Shares 15-40% 28% International Shares 15-50% 4% 8% Listed Property & Infrastructure Direct Property & Infrastructure 0-10% 0-20% 1% Alternatives 0-10% 68% Growth Assets 7.5% Defensive Alternatives 0-45% 16.5% Australian & International Fixed Interest 0-45% 8% Cash 0-25% 32% Defensive Assets Actual asset allocation may vary within the strategic asset allocation range due to market movements, investments into or withdrawals from the investment option, or changes in the nature of the investment. This information is current as at 1 August 2018 and is subject to change. International Shares are benchmarked to the MSCI All Country World Index (Net Dividends Reinvested), approximately 13% of which is exposed to emerging market shares, and 20% of the International Shares exposure is hedged to Australian dollars in the long-term benchmark. Alternatives may include private equity, forestry and infrastructure.

14 6. Your Investment Options (continued) Unit pricing and your account Your investment in a Combined Super Pension Account is used to purchase units in the investment option(s) you have chosen. Your Pension Account at any time is simply the number of units you have in each option multiplied by the unit prices for those options at that time. Unit prices move up and down as a result of changes in the market value of investments and investment income (interest, dividends, rents, etc.). Tax and indirect investment-related expenses are also taken into account in determining unit prices. The movement in unit prices from 1 January to 31 December each year determines the annual return for each investment option. You can access the latest unit prices, annual returns and past performance in the Investments section on our website at www.combinedsuper.com.au. Timing of unit prices and transactions Unit prices are calculated at the end of each month and published in the middle of the following month. The value of benefits paid is calculated using the latest published unit price at the date of payment. For example: a request for payment received on 5 July will be processed using the unit price as at 31 May because it was received before the middle of July and the June unit price has not been calculated. a request for payment received on 25 July will be processed using the unit price as at 30 June because it was received after the middle of July and the June unit price has been calculated. Investment switching requests are also processed on a forward-pricing basis. This means your investment switch will be processed using the unit price for the month in which the request is received. For example, a switching request received in July will be processed in mid-august, when the unit price for July is calculated. Combined Super may suspend the determination of a unit price in abnormal circumstances such as where there is sharp market volatility or there is a disruption to information required for the determination. How your investments are managed The assets of the Fund are invested in funds managed by professional, external investment managers. The performance of the investment managers is continuously monitored and changes may be made from time to time. The Trustee carries out a review of the Fund s investment strategy at least annually. The Trustee has in place a process to actively manage the investment strategy and may allow the allocation to a specific investment sector to fall below the minimum of the stated range should it become concerned by extreme asset valuations. The Trustee can also increase the Fund s exposure to sectors that are undervalued and can protect the capital base by reducing exposure to over-valued sectors. Derivatives Policy Derivatives are financial contracts whose values depend on or are derived from assets, liabilities or indices. They include options, warrants, futures, swaps and forwards. The Trustee has determined that it will not invest in derivatives directly in its own right. However, the Trustee may appoint agents (such as transition managers) who may transact in derivatives on behalf of the Fund. The Trustee may also invest in derivatives under the terms of appointment set out in a mandate or collective investment offer document. The Trustee requires each of its investment managers to provide a statement of compliance with its own derivatives policy each quarter. Reserves Policy The Trustee maintains an Operational Risk Financial Requirement Reserve within the Fund to cover losses arising from operational risks which are defined as the risk of loss resulting from inadequate or failed internal process, people and systems or from external events. It includes legal risk but excludes strategic and reputational risk.

15 Sustainable Responsible Investments (SRI) Policy Our policy is to appoint investment managers to invest the Fund s assets but not interfere with the investment processes of those managers. In keeping with this policy, the Trustee does not take into account labour standards or environmental, ethical or social considerations and does not have a predetermined view of such considerations or how far they should be taken into account when investing on behalf of members. At present, only one investment manager AMP Capital has been appointed to manage our SRI Balanced investment option, but other managers may be appointed in the future. AMP Capital invests in the Responsible Investment Leaders Balanced Fund using its own multi-manager strategy. In selecting underlying managers for the SRI Balanced investment option, consideration and assessment is made from a financial, governance, social and environmental perspective. From a social and environmental perspective, AMP Capital seeks out managers that identify leaders across industries, in their responsible approach to the following SRI issues: Underlying managers are also required to avoid companies operating within sectors with recognised high negative social impact. This means that investments will avoid exposure, either directly or indirectly through underlying managers and funds, to companies with material exposure to the production or manufacture of alcohol, armaments, gambling, pornography, tobacco and nuclear power (including uranium). Material exposure is considered to be where a company derives more than 10% of its total revenue from these industries. However, a zero revenue test applies for those companies manufacturing tobacco or controversial weapons. If a company falls below the nominated SRI standards, the underlying manager is required to sell its investment in the company within six months. This policy is monitored and a breach may result in the termination of the underlying manager. The policy also requires that underlying managers review individual companies if there are major changes to the companies, such as takeovers or major environmental incidents. Environmental considerations including energy and resource use and product stewardship (for example, where a company takes into account the life cycle of the product, from manufacture to the extent to which the product can be recycled); Social considerations including indigenous relations and community involvement; Ethical considerations including meeting fundamental human rights and articulating and implementing a Code of Conduct; Labour standards including the Occupational Health and Safety, International Labour Organisation standards, working conditions and the exclusion of child labour; and Governance considerations including meeting corporate governance guidelines on board structures and remuneration. Additionally, investment managers and funds are well regarded if they actively participate in corporate engagement and governance initiatives. Combined Super is certified by the Responsible Investment Association Australasia (RIAA) under their Certification Program in the category of Superannuation Fund. The Certification Symbol signifies that Combined Super s SRI Balanced investment option is of an investment style that takes into account environmental, social, governance or ethical considerations. The Symbol also signifies that Combined Super has adopted strict disclosure and education practices required under the Responsible Investment Certification Program for the category of Superannuation Fund. The Certification Symbol is a Registered Trade Mark of the Responsible Investment Association Australasia (RIAA). Detailed information about RIAA and Combined Super s methodology and performance can be found at www.responsibleinvestment.org.au, together with details about other responsible investment products certified by RIAA*. * The Responsible Investment Certification Program does not constitute financial product advice. Neither the Certification Symbol nor RIAA recommends to any person that this financial product is a suitable investment or that returns are guaranteed. RIAA is not a financial services business and does not hold an Australian Financial Services Licence.

16 7. Fees and Costs Did you know? Small differences in both investment performance and fees and costs can have a substantial difference on your long-term returns. For example, total annual fees and costs of 2% of your fund balance rather than 1% could reduce your final return by up to 20% over a 30-year period (for example, reduce it from $100,000 to $80,000). You should consider whether features such as superior investment performance or the provision of better member services justifies higher fees and costs. You may be able to negotiate to pay lower administration fees*. Ask the Fund or your adviser**. To find out more If you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities and investments Commission (ASIC) website www.moneysmart.gov.au has a super fee calculator to help you compare the different fee options. * The superannuation calculator can be used to calculate the effect of fees and costs on account balances. The fees and costs you may be charged are set out below. These fees and costs may be deducted from your Pension Account, from the returns on your investment or from the Fund s assets as a whole. Taxes are set out in the Tax and your Pension section of this PDS. You should read all of the information about fees and costs because it is important to understand their impact on your investment. For Combined Super Pension accounts 1 Type of Fee Amount How and When Paid Investment Fee Nil Not applicable Administration Fees Account-keeping fee: $1 per week Administration fee: 0.355% p.a. The account-keeping fee is deducted from your account quarterly. The administration fee accrues monthly and is included in the calculation of the unit price and is not deducted directly from your account. Buy-Sell Spread Nil Not applicable Switching Fee Nil Not applicable Exit Fee Advice Fees Lump sum withdrawals: $67 Regular Pension Payments Nil Deducted from your account Nil No advice fee is payable to receive general and simple personal advice about your Combined Super account. Other Fees and Costs 1 Various Deducted from your account where applicable Indirect Cost Ratio (ICR) 2 Underlying manager costs: range between 0.035% p.a. and 0.950% p.a. Transaction/operating costs: range between 0.002% p.a. and 0.387% p.a. Indirect costs are deducted from the assets of the option(s) or the assets of underlying vehicles before the unit price for an investment option(s) in which you invest in is determined. See the Indirect Cost Ratio table on page 19. Indirect costs are not deducted directly from your account. The fees shown are current for the 2018/19 financial year and are subject to change. 1. Other fees and costs, such as Family Law fees or advice fees for personal advice may apply. Refer to the Additional explanation of fees and costs on the following pages for further information. 2. The ICR is an estimate for the 2018/19 financial year, based on the investment related costs incurred for the 12 months ended 30 June 2018. Actual costs may vary depending on the investment option(s) you choose. It may change from year to year. If actual costs vary considerably from this estimate, the estimate will be updated. * This text is required by law. Combined Super does not negotiate fees and costs. ** Not applicable. Combined Super has a set fee structure and does not pay commissions to advisers.

17 Additional explanation of fees and costs Other fees and costs Family law fees The Fund will charge a fee of $80 for completing a Family Law Form 6 Declaration. Financial adviser fees General financial advice and simple personal advice to members is provided at no additional charge. The cost of this service is included in the Fund administration fees charged to member accounts; therefore you will not incur a direct fee. There may be a cost for providing comprehensive personal financial advice, which can be deducted directly from your Combined Super Pension Account. Comprehensive personal financial advice can assist you in areas including non-super investment product advice, retirement planning and wealth accumulation strategies. Personal advice may be provided by phone or faceto-face and is provided at a fixed fee based on the extent of your advice requirements. For personal advice, we will provide you with a quote detailing any potential fees before you decide to proceed. In determining this quote we consider the scope of the advice you are seeking, the level of complexity of the advice you require and the time it is likely to take us to gather and consider information about your personal circumstances, undertake product research, prepare the Statement of Advice and present it to you. Combined Super advisers do not receive commissions, fees or bonuses for the advice services that they provide to you. Fee increases or changes Combined Super reserves the right to change the fees charged at any time. Should fees increase, we will ensure you are notified in writing at least 30 days before any increase takes effect. The administration fee and investment fees reflect the actual costs paid by the Fund and may change from time to time. If this happens, we will tell you in the next Annual Report. Definition of the types of fees you may be charged Superannuation law provides the following general definitions of the fees that funds are allowed to charge. Activity fees A fee is an activity fee if: (a) the fee relates to costs incurred by the Trustee of the super fund that are directly related to an activity of the Trustee: (i) that is engaged in at the request or with the consent of a member; or (ii) that relates to a member and is required by law; and (b) those costs are not otherwise charged as an administration fee, an investment fee, a buy-sell spread, a switching fee, an exit fee, an advice fee or an insurance fee. Administration fees An administration fee is a fee that relates to the administration or operation of the super fund and includes costs that relate to that administration or operation, other than: (a) borrowing costs; and (b) indirect costs that are not paid out of the super fund that the Trustee has elected in writing will be treated as indirect costs and not fees, incurred by the trustee of the Fund or in an interposed vehicle or derivative financial product; and (c) costs that are otherwise charged as an investment fee, a buy-sell spread, a switching fee, an exit fee, an activity fee, an advice fee or an insurance fee. Advice fees It is an advice fee if: (a) the fee relates directly to costs incurred by the Trustee of the super fund because of the provision of financial product advice to a member by: (i) the Trustee of the fund; or (ii) another person acting as an employee of or under an arrangement with, the Trustee of the Fund; and (b) those costs are not otherwise charged as an administration fee, an investment fee, a switching fee, an exit fee, an activity fee or an insurance fee. Buy-sell spreads A buy-sell spread is a fee to recover transaction costs incurred by the Trustee of the super fund in relation to the sale and purchase of assets of the fund. No buy-sell spreads currently apply to your Combined Super account. Exit fees An exit fee is a fee to recover the costs of disposing of all or part of members interests in the Fund.

18 Indirect cost ratio The Indirect Cost Ratio (ICR) is the ratio of the total indirect costs for the investment option based on the total average of net assets the super fund attributed to the investment option. Note: A fee deducted directly from a member s account or paid out of the super fund is not an indirect cost. ICRs are deducted indirectly from your Combined Super Pension Account. A breakdown of these costs for each investment option is provided on page 19. No commissions Combined Super s financial advisers are paid a salary. They are not paid commissions to provide advice or recommendations about Combined Super. Investment fees An investment fee relates to the investment of the assets of a super fund and includes: (a) fees in payment for the exercise of care and expertise in the investment of those assets (including performance fees); and (b) costs that relate to the investment of assets of the super fund, other than: (i) borrowing costs; and (ii) indirect costs that are not paid out of the super fund and the Trustee has elected in writing will be treated as indirect costs and not fees, incurred by the fund or in an interposed vehicle or derivative financial product; and (iii) costs that are otherwise charged as an administration fee, a buy-sell spread, a switching fee, an exit fee, an activity fee, an advice fee or an insurance fee; but does not include property operating costs. Switching fees A switching fee is a fee to recover the costs of switching all or part of a member s interest in the super fund from one class of beneficial interest to another. No switching fees currently apply to your Combined Super account. Performance-related fees We do not deduct any performance fees from members accounts. However, some of the external managers of the unlisted trusts that Combined Super invests in may charge a performance-related fee that is payable when the manager s investment performance exceeds a specified benchmark. These are included in the indirect cost ratio and are indirectly borne by members who are invested in that investment option. The amount of performance-related fees payable is dependent on the individual arrangement Combined Super has with the relevant managers. The actual performance-related fees are taken into account when calculating the unit price of each investment option (where applicable) and may vary from year to year. Interposed vehicles Combined Super offer members investment opportunities into funds they may not be able to access as an individual, which allows for greater access to a broader asset pool. These underlying investments often have costs associated with them. If these investments meet ASIC s definition of an interposed vehicle, we are required to disclose the costs associated with these underlying investments. We have disclosed them as indirect costs. A vehicle such as an unlisted property trust may be an interposed vehicle if it is invested in as a means of gaining exposure to property as part of a balanced option s asset allocation to property. To determine whether an investment is an interposed vehicle, ASIC has determined certain tests that must be met. For details of this definition, refer to ASIC Regulatory Guide 97: Disclosing fees and costs in PDSs and periodic statements, as well as ASIC s website www.asic.gov.au for any guidance notes. Example of annual fees and costs for the balanced option The table below is an example of how the fees and costs for the Balanced option can affect your pension investment over a one-year period. You should use this to compare this product with other pension products. Example Balanced option Type of Fee Amount Balance of $50,000 Investment Fee PLUS Administration Fees PLUS Indirect Costs 1 EQUALS Cost of Product Nil Accountkeeping fee: $52 p.a. Administration fee: 0.355% p.a. Underlying Manager Costs: 0.543% p.a. Transaction / Operating Costs: 0.262% p.a. For every $50,000 you have invested in the Balanced option, you will be charged $0 each year. And, you will be charged $52 in account-keeping fees regardless of your balance plus an administration fee of $177.50. And, indirect costs of $402.50 each year will be deducted from your investment, although it is not deducted directly from your account. If your balance was $50,000, then for that year you will be charged fees of $632 2 for the Balanced option. 1. The fees shown are current for the 2018/19 financial year and are subject to change. 2. The ICR is an estimate for the 2018/19 financial year, based on the investment related costs incurred for the 12 months ended 30 June 2018. Actual costs may vary from time to time depending on the investment option(s) you choose. These fees are not deducted directly from your account. Additional fees may apply. If you make a lump sum withdrawal from your account you will be charged an exit fee of $67.

19 7. Fees and Costs (continued) Indirect Cost Ratio (ICR) table based on each investment option The ICR table represents the estimated investment-related costs for investing your Pension Account in each of the Fund s investment options. It includes costs in relation to interposed vehicles. The indirect costs are factored into the calculation of the unit prices for each investment option. The table below includes the Fund s estimated indirect cost ratio per investment option for the 2018/19 financial year, based on the investment related costs incurred for the 12 months ended 30 June 2018. The actual cost may vary from year to year. Investment Option Sector Options Indirect Cost Ratio (estimated pa) 1 Underlying Manager Costs Transaction / Operating Costs Total Australian Shares 0.724% 0.096% 0.820% International Shares 0.449% 0.387% 0.836% Property 0.489% 0.167% 0.656% Interest 0.035% 0.002% 0.037% Diversified Options Growth 0.554% 0.271% 0.825% Balanced 0.543% 0.262% 0.805% Conservative 0.490% 0.284% 0.774% SRI Balanced 0.950% 0.020% 0.970% 1. The ICRs are an estimate based on the investment-related costs incurred for the 12 months ended 30 June 2018. Actual costs may vary depending on the investment option(s) you choose. If actual costs vary considerably from these estimates, the estimates will be updated.

20 8. Tax and Your Pension A Combined Super Retired Person s Pension Account offers a number of potential tax savings: No tax is payable on your pension income if you are age 60 or over. If you are under age 60, you can defer or eliminate lump sum tax by transferring your super benefits into a Pension Account. Tax may only be payable on part of your pension if you are under age 60 because a tax rebate applies. No tax is payable on investment earnings. The way that taxation affects your pension will depend on your circumstances. The following information should be used as a guide only, and is based on the assumption that the current tax laws continue to apply. Further information is available from the Australian Taxation Office (13 10 20 or www.ato.gov.au/super). Tax components of your benefit Your Pension Account may consist of both a taxable component and a tax-free component. Your pension payments will consist of taxable and tax-free components in the same proportion as the components of your total benefit. For example, if you commenced a pension on 30 June 2018 of which 80% was a taxable component and 20% was a tax-free component, tax will apply to 80% of the pension paid to you, but be subject to a 15% offset (rebate). The tax-free ratio is calculated at the time of commencing the pension. That ratio is then fixed for the lifetime of the pension and all pension and lump sum payments made to you are deducted from the tax-free and taxable components in those proportions. You cannot choose which tax components your pension payments are taken from. Tax-free component The tax-free component is made up of: (a) a contribution segment that consists of the total of all non-concessional contributions made since 1 July that are not taxable within a super fund; and (b) any crystallised segment (the tax-free part of your benefit calculated and defined as at 1 July 2007). No tax is deducted from the tax-free component of your pension. Taxable component If you are age 60 or over, there is no tax payable on your taxable component. You will receive your benefit tax-free. If you are under age 60, tax is payable on the taxable component when paid as a pension. Tax on the taxable component of pension payments The taxable component of your pension payments forms part of your assessable income to be taxed at your marginal income tax rate plus the Medicare levy. You will receive a 15% tax offset (rebate). Combined Super will deduct tax in a similar way to an employer issuing a Pay As You Go (PAYG) summary after 30 June each year, provided you complete a Notice of Intent to Claim a Tax Deduction form, available by calling us on 1800 200 801. If you do not complete this form you may claim the tax benefits when you lodge your income tax return. Note: If you are already claiming the tax free threshold you cannot claim it again through your Pension Account. However, the tax offset is available against any eligible income from all relevant payers. Example Claire is aged 58 and has $100,000 in a Pension Account. The components are $20,000 tax-free and $80,000 taxable. Claire wants to draw an income of $10,000 p.a. Based on the taxable/tax-free proportion Combined Super would apply the following proportions to Claire s retirement: 20% tax-free, 80% taxable. This means that $2,000 of her retirement income would be tax-free and $8,000 would be subject to tax. That tax, combined with any other income tax payable for that year, will be reduced by an offset of $1,200 ($8,000 x 15%).

21 8. Tax and Your Pension (continued) Tax on the taxable component of a lump sum (commutation) No tax will be payable on the tax-free component of a lump sum withdrawal, even if you are under age 60. The tax treatment of the taxable component for the 2018/19 financial year is shown in the table below: Age Under preservation age Reached preservation age and under age 60 Tax treatment 20% plus the Medicare levy 0% for amounts up to the low rate threshold of $205,000* and 15% plus Medicare levy for amounts over $205,000 * The low rate threshold for 2018/19 is $205,000 and is indexed annually in line with Average Weekly Ordinary Time Earnings (AWOTE). This is a lifetime limit that applies to all super accounts. To request the withdrawal of a lump sum, you need to complete a Withdrawal Pension Payments Instruction Form available by contacting us on 1800 200 801. If you would like more information on the taxation of your benefit, including how much of your benefit is currently taxable, and how much is tax-free, call us on 1800 200 801. Tax on investment earnings No tax is payable on any investment earnings while your money is in a Combined Super Retired Person s Pension Account. This generally means higher investment returns on your pension account. Tax on death benefits The taxation of pensions paid as income or a lump sum to a dependent after the death of a member can be complex. The following is a brief summary. You should consider seeing a licenced financial adviser. Combined Super has in-house financial advisers who can explain the impact of tax on death benefits. If paid as a lump sum Lump sum death benefits paid to dependents (generally limited to your spouse and minor children) are tax-free; The tax-free component of a death benefit paid to non-dependents will be tax-free; The taxable component of a death benefit paid to non-dependents will be taxed at special rates. For more information, contact the Australian Taxation Office on 13 10 20; In most cases death benefits can be paid as pensions to your dependents (for tax purposes); If you and your beneficiary are aged 60 or over at the time of your death, all payments made from the pension to your beneficiary will be tax-free; If neither you nor your beneficiary are aged 60 or over at the time of your death, the pension will be taxed in the same way as a pension payable to a person between their preservation age and age 60; Pensions can be paid to a child of the deceased account holder only in restricted circumstances. Please contact us for more information. If paid as a reversionary pension The tax treatment of reversionary pension payments is as follows: you are aged 60 or over at the time of your death, the pension payments made to your reversionary beneficiary will be tax-free regardless of your beneficiary s age. you are under age 60 at the time of you death and your reversionary beneficiary is aged 60 or older, the pension payments made to your reversionary beneficiary will be tax-free. you are under age 60 at the time of your death and your reversionary beneficiary is also under age 60, the tax treatment of the pension payment will continue using the same proportion of taxable and tax-free components on which the PAYG tax will be calculated until your beneficiary turns age 60, at which point in time the pension payments will become tax-free. The 15% tax offset applies to all taxable pension payments paid for a pension commencing with a death benefit. Providing your Tax File Number (TFN) Under current legislation, the Trustee is required to invite you to provide your Tax File Number (TFN). Your TFN may only be used by the Trustee for certain purposes and penalties apply should the Trustee misuse the information. Choosing not to provide your TFN is not an offence, but it may mean you pay higher tax on your investment. Your annual Pension Member Benefit Statement shows whether you have supplied your TFN. If you have not supplied us with your TFN and would like to do so, please contact us on 1800 200 801. The information regarding the taxation of pensions is based on the assumption that you have provided your TFN to Combined Super.

22 9. General Information Benefit payments Most super benefits are preserved and must remain in the Australian super system until you reach preservation age. The rules about when you can access your benefit depend on whether it is classed as: Preserved; Restricted non-preserved; or Unrestricted non-preserved. Preserved benefits You can access preserved benefits only on retirement from the workforce and you have reached your preservation age (see Preservation age on page 4): Subject to the governing rules of the Fund, preserved benefits may be paid to you when one of the following conditions of release is satisfied: You permanently retire from the workforce on or after your preservation age; You reach age 65 (even if you haven t retired); You terminate an employment arrangement on or after age 60; You are unable to work due to permanent or temporary disability; You die (benefits will generally be paid to your dependents or legal personal representative); You are experiencing severe financial hardship (subject to certain conditions and Trustee approval); On specified compassionate grounds as approved by the Australian Taxation Office; You are terminally ill (subject to any conditions prescribed by law); You terminate an employment arrangement and the value of your super account is less than $200; You are an eligible temporary resident who has permanently departed Australia; or You are participating in the First Home Super Savers Scheme. Restricted non-preserved benefits Restricted non-preserved benefits can be accessed upon satisfaction of the same conditions of release as preserved benefits. Otherwise, where your employment is terminated (for example, resignation, retrenchment, dismissal prior to retirement) by an employer who had at any time contributed to the Fund on your behalf, your restricted non-preserved benefits will be deemed unrestricted nonpreserved benefits and may be accessed at any time. Unrestricted non-preserved benefits Unrestricted non-preserved benefits are not subject to preservation age rules and, subject to Fund rules, may be paid to you at any time. The value of your non-preserved benefits was fixed on 1 July 1999 and will not increase unless you transfer or roll over non-preserved benefits from another fund or satisfy one of the conditions of release described under Preserved benefits. In some circumstances, the amount of your unrestricted non-preserved benefits may be reduced by negative investment returns and fees and charges where there is no preserved component from which these amounts may be deducted. If you transfer or roll over benefits (including preserved benefits) to another complying super fund at any time, the benefits will retain their status and remain subject to the preservation rules in the new fund. Note: Under the Government s rules for retired person s pensions we must first draw your pension payments from any non-preserved benefit in your account before we draw from preserved benefits. Keeping you informed Communication As a Combined Super Retired Person s Pension member we will send you: a 6-month Benefit statement covering the period 1 January to 30 June (sent in July each year); a 6-month Benefit statement covering the period 1 July to 31 December (sent in March or April each year); advice as to the minimum and maximum (if relevant) pension payment amounts for the year ahead (issued annually); a PAYG payment summary for the financial year if you have not attained age 60. From time to time, we ll also send you other member communications including investment information and super updates. Members are also sent written confirmation whenever they change their investment option(s). Members can also obtain current information about their accounts from the website. Annual Report The Fund prepares an Annual Report at 31 December each year which is available from www.combinedsuper.com.au or by calling on 1800 200 801.

23 9. General Information (continued) Website Our website at www.combinedsuper.com.au continues a range of information about the Fund, including the latest unit price for each investment option. Through our interactive website, you can also securely access your Pension Account details including current balance, payment history, nominated dependents and personal details, as well as check/change address details and check/change your investment choice. Fund documents Any document that Combined Super is required to make available to members will be provided to you within one month of your request, including the Annual Report, Trust Deed, the Fund s Financial Statements and the Auditor s Report. We will also provide, on request, any information that you may reasonably require to understand the operations of the Fund. Financial Advice Service Combined Super provides you with access to two types of advice services: General advice General advice does not take into account your particular financial objectives, situation or needs. Examples of general advice include information about the Fund s investment options and how to access your pension. You should assess your own financial situation and read the PDS before making an investment decision based on general advice. This advice is paid for by the Fund and is at no cost to members. Personal advice Personal advice is where one or more of your personal circumstances are considered when providing the advice. There are different types of personal financial advice that you can receive from an adviser: Simple, single issue advice addresses a particular aspect of your finances, for example, how your pension interacts with your Centrelink benefits. It s not comprehensive advice. Comprehensive financial advice involves developing a comprehensive financial plan to help you set and achieve your financial goals. It will cover things like saving, investments and retirement planning. This sort of plan should be monitored and adjusted over time. You will receive a Statement of Advice (SOA) when comprehensive personal advice is provided. The SOA will contain the advice, the basis (reasons) on which it is given and information about fees, commissions and associations which may have influenced the provision of the advice. Copies of all documents are retained as required by law. If further advice is then provided to you, you will receive a Record of Advice. In the event we make a recommendation to acquire a particular financial product, we must also provide you with a Product Disclosure Statement (PDS). A PDS contains information about the particular product (features, costs, risks and benefits), which will enable you to make an informed decision in relation to the acquisition of that product. Telephone enquiries If you have a question about your Pension Account, we re here to help. Simply call us on 1800 200 801 for a discussion. Cooling-off period If you have completed and submitted an application to open a Retired Person s Pension Account a 14-day cooling-off period applies from the date your application is accepted. During this period, you may write to the Trustee to cancel your Pension Account. The amount of your pension will be returned to an accumulation account and there will be no fees and charges incurred. The amount of repayment may, however, be adjusted to take account of any increase or decrease in investment value and any taxes payable.

24 Enquiries and complaints Feedback is very helpful to us, so if you have a comment or a question feel free to contact us (see below for details). The Fund also has in place procedures to deal with any complaint you may have. Complaints about the Fund can usually be resolved promptly. However, if you are unhappy with our initial response, you may write to the Fund s Complaints Officer who will provide an initial response within 28 days. Super regulations stipulate that the Trustee then follows a formal complaints consideration procedure and provides a full response to you within 90 days. If your complaint has not been resolved to your satisfaction, you may be eligible to refer your complaint in writing to the Superannuation Complaints Tribunal (SCT) (up to 31 October 2018) or the Australian Financial Complaints Authority (AFCA) from 1 November 2018 onwards. For more information on eligibility or to lodge a complaint: Superannuation Complaints Tribunal Locked Bag 3060, Melbourne VIC 3001 (p) 1300 884 114 (e) info@sct.gov.au (w) www.sct.gov.au Australian Financial Complaints Authority GPO Box 3, Melbourne VIC 3001 (p) 1800 931 678 (e) info@afc.org.au (w) www.afc.org.au Privacy Policy The Trustee is bound by the Australian Privacy Principles set out in the Privacy Act 1988 (Cth). The Act regulates the way the Trustee and the Fund s Administrator collect, hold and use members personal information. This personal information is collected to enable the Trustee and the Fund s Administrator to administer members entitlements under the Fund. The Trustee will not collect any personal information that it does not require to administer such entitlements. Members personal information is stored in secure facilities and databases and is only accessible to authorised personnel. Members are entitled to access their personal information (subject to some exceptions set out in the Trustee s Privacy Policy Document) and to request changes to any details that are incorrect or out of date. Other organisations may also have access to members personal information. The Trustee s Privacy Policy document is available at www.combinedsuper.com.au or by calling the Fund on 1800 200 801. Anti-Money Laundering and Counter Terrorism Financing Procedures The Trustee is required to carry out proof of identity procedures before paying your pension. These requirements arise under the Government s Anti-Money Laundering and Counter Terrorism Financing legislation. The Trustee is required to collect members identification information and to verify it by reference to a reliable independent source. You will be notified of these procedures when applicable. If you do not provide the information or the Trustee is unable to verify the information as required, your benefit payment may be delayed or affected.

25 10. How to Open an Account Opening a Retired Person s Pension Account 1 Read this PDS This PDS details how Combined Super s Retired Person s Pension Account operates and outlines its benefits and features. If you need advice tailored to your own personal situation we recommend you speak to a licensed financial adviser. Combined Super offers financial advice through our in-house advice team. 2 Complete the application form provided with this PDS Complete the Retired Person s Pension Application Form overleaf which includes a section for you to make your investment choice and pension payment arrangements. If you require assistance with completing the form, contact us on 1800 200 801. 3 Return your completed form(s) to Combined Super On commencing a Combined Super Retired Person s Pension you will receive a welcome letter and confirmation of your pension membership, investment selection, payment arrangements and online access details. 11. Application Form See next page for Retired Person s Pension Application Form.

Retired Person s Pension Application Form Use this form to open a Retired Person s Pension Account. Please write in CAPITAL LETTERS and use a blue or black pen. Once you ve completed and signed the form, please mail to: Combined Super, GPO Box 4559, Melbourne VIC 3001 or email a scanned copy to admin@combinedsuper.com.au If you have any questions, please contact our Member Services Team on 1800 200 801. YOUR PERSONAL DETAILS 01 Title Surname Given name(s) Date of birth D D M M Y Y Y Y Residential Address Street number Street name Suburb/town State Postcode Postal Address (if different from above) Street number Street name Suburb/town State Postcode Phone number (home) Mobile Email Address Combined Super Member Number (existing accumulation account) Tax File Number (if not previously supplied) Under the Superannuation Industry (Supervision) Act 1993, you are not obliged to disclose your tax file number but there may be tax consequences if you choose not to do so. AMOUNT TO BE INVESTED 02 Do you want to transfer your entire accumulation account balance to a pension account? Yes No Do you want your accumulation account to remain open? Yes No Please nominate one of the following amounts to be retained in your accumulation account to keep it open. $1,500 to be retained (minimum amount) $, to be retained (cannot be less than $1,500) If you are eligible and wish to claim a tax deduction for personal contributions made during the financial year, you must claim the tax deduction before transferring your account to a pension account. For more information, visit www.ato.gov.au/super. Transferring your entire account balance will result in the closure of your accumulation account and any insurance cover you hold through that account will cease. Fund ABN 46 921 400 504 RSE ABN 32 064 976 138

TRANSFERRING SUPER FROM ANOTHER FUND 03 Do you want to transfer super from an account with another fund and add it to your pension account? If so, the transfer must be made before your pension account is established. Yes - See below No - Go to Step 4 Please complete a Transfer In Form (available from www.combinedsuper.com.au) and provide it to us together with this Form. Upon receipt of the Transfer In Form, we will arrange the transfer of the other accounts to your Combined Super Pension account on your behalf and notify you when the transfer is complete. MAKING A PERSONAL CONTRIBUTION 04 Do you want to make a personal contribution and add it to your pension account? If so, the contribution must be made before your pension account is established. Yes - See below No - Go to Step 5 Please complete a Personal Contribution Form (available from www.combinedsuper.com.au) and provide it to us together with this Form. INVESTMENT OPTIONS 05 If you don t want to make an investment choice, or your choice does not add up to 100%, your pension account will be wholly invested in the Balanced investment option unless or until you choose to make an investment switch. You may switch your investment option(s) at any time, free of charge. Please complete the investment section below to indicate which investment option(s) you would like your pension account invested in. You may choose one or more investment option(s). Australian Shares % Balanced % Sector Options International Shares % Property % Diversified Options Growth % Conservative % Interest % SRI Balanced % Total 1 0 0 % Important: You must choose the proportion in whole numbers and you must ensure the total proportion for the investment option(s) selected totals 100%. YOUR PENSION PAYMENT ARRANGEMENTS 06 Please select how much you would like to receive each year. You have two options please choose only one. The minimum amount required by law I nominate the (after-tax) amount of $ Choose how often would you like to be paid If you do not choose how frequently you would like your pension paid, Combined Super will automatically pay you monthly. I want to receive my pension payments: Monthly Quarterly Yearly in advance Yearly in arrears Fund ABN 46 921 400 504 RSE ABN 32 064 976 138

YOUR PENSION PAYMENT ARRANGEMENTS (CONTINUED) 06 Choose when to receive your first pension payment Your pension will be paid directly to your nominated account on the 21st of each month. D D M M Y Y Y Y Choose the investment drawdown proportions from your investment options I want my pension payments deducted from my account as per below. Please choose one option only. If you do not make a selection, the Matching Payment Option will apply. OR Matching Payment Option - Deduct pension payments in the same proportion as the investment option(s) I have selected. Nominated Payment Option - Deduct pension payments from my selected investment option(s) in the proportion shown below: Australian Shares % Balanced % Sector Options International Shares % Property % Diversified Options Growth % Conservative % Interest % SRI Balanced % Total 1 0 0 % Important: You must choose the proportion in whole numbers and you must ensure the total proportion for the investment option(s) selected totals 100%. Note: If your selected investment option(s) for pension payments runs out of money, future payments will be deducted from your other investment option(s) (if any) in proportion to your remaining account balance. PAYMENT INSTRUCTIONS 07 We can only make payments into an Australian bank, credit union or building society account that s in your name or in an account held jointly with another person. This means we can t make payments into a business, trust or loan account, or to a third party. If you provide incorrect details there could be a delay in your payment and we can t accept responsibility for this. Please arrange for my pension payment to be paid to my nominated bank account below. Name of Australian financial institution BSB Account Name Account Number Your pension will be paid directly to your nominated account on the 21st of each month. To ensure the security of your pension payments, we require a copy of your bank statement that contains the account s details, including name, BSB and account number. Transaction details are not required. Please attach the statement to this form. BENEFICIARY DETAILS 08 You can choose between nominating a reversionary beneficiary (who must be your spouse) to receive your pension payments after death, or one or more preferred beneficiaries to receive your account balance as a lump sum on death. Refer to page 6 of the PDS to ensure your nominated beneficiaries are eligible. Please choose one option only. Option 1 Reversionary beneficiary nomination A reversionary beneficiary nomination can only be changed under exceptional circumstances. If you do not nominate a reversionary beneficiary before your pension commences, you cannot do so later. I wish to nominate my spouse (whose details are listed on the next page) to continue receiving pension payments when I die. Fund ABN 46 921 400 504 RSE ABN 32 064 976 138

BENEFICIARY DETAILS (CONTINUED) 08 Full name Phone number Beneficiary s date of birth D D M M Y Y Y Y Street number Street name Suburb/town State Postcode Option 2 Preferred beneficiary nomination I wish to nominate the following beneficiaries to receive my pension account balance as a lump sum when I die. The Trustee will decide who will receive your pension account balance in the event of your death. The Trustee will have regard to your preferred beneficiary nomination, but may decide to pay your death benefit differently. My Legal Personal Representative My dependents as listed below: Dependent 1 Full name Relationship to you (e.g. partner, son, etc) % of benefit Beneficiary s Date of birth % D D M M Y Y Y Y Street number Street name Suburb/town State Postcode Dependent 2 Full name Relationship to you (e.g. partner, son, etc) % of benefit Beneficiary s date of birth % D D M M Y Y Y Y Street number Street name Suburb/town State Postcode Dependent 3 Full name Relationship to you (e.g. partner, son, etc) % of benefit Beneficiary s date of birth % D D M M Y Y Y Y Fund ABN 46 921 400 504 RSE ABN 32 064 976 138

BENEFICIARY DETAILS (CONTINUED) 08 Street number Street name Suburb/town State Postcode Dependent 4 Full name Relationship to you (e.g. partner, son, etc) % of benefit Beneficiary s date of birth % D D M M Y Y Y Y Street number Street name Suburb/town State Postcode SPOUSE AUTHORISATION 09 Please complete this section if you would like to authorise your spouse to communicate with Combined Super about your Pension Account. Surname Given Names CERTIFIED IDENTIFICATION DOCUMENTS PROVIDED 10 For identification purposes, you must attach a certified copy of a document that proves your identity. Option 1 Current Driver s Licence or Passport Option 2 if you do not have a Driver s Licence or Passport, one of each of the following: AND Either a birth certificate or extract, Australian citizenship certificate OR Centrelink pension card A letter addressed to you from Centrelink regarding a benefit payment or a letter from a Federal, State, Territory or local Government body showing your name and residential address (e.g. a Rates Notice that is less than 3 months old or a Tax Office Notice of Assessment that is less than 12 months old). See the information provided on the last page for who is able to certify that your documents are true and correct. Your name must be the same as shown on your proof of identity, or additional change of name documentation must also be provided with this form. Failure to provide appropriate proof of identification may result in delays in the processing of your application and payment(s). Fund ABN 46 921 400 504 RSE ABN 32 064 976 138

DECLARATION AND SIGNATURE 11 I understand that by signing this form: I am applying to become a member of the Combined Super Retired Person s Pension and agree to be bound by the provisions of the Trust Deed of the Fund as amended from time to time. I am certifying that I have obtained, read and understood the information contained in the latest Combined Super Retired Person s Pension Account Product Disclosure Statement (PDS) as at the date of completing this application. I am agreeing to provide the Trustee with all the information required for the management and administration of my pension account. I am agreeing to Combined Super using my email address to send me important information about my pension account electronically (including statements and notices of product and other changes to my account). I understand I can change my communication preferences by contacting Combined Super. I am authorising Combined Super to use my TFN as intended. I am certifying that I have provided information which is correct and complete. If there are any changes to this information I will advise Combined Super as soon as possible. I am certifying that I have read the Privacy Statement below and I understand how Combined Super will use my personal information. Signature of applicant Date D D M M Y Y Y Y PRIVACY STATEMENT: By signing this form you consent to Combined Super Fund collecting and using your personal information to manage your superannuation and to comply with the relevant legislation. If you do not provide this information, we may not be able to accurately manage your superannuation. Your personal information may be disclosed to other parties, including the Trustee Board, the Fund s insurer and professional advisers, government bodies and the Trustee of any other fund to which you transfer. To access your personal information or for a copy of our Privacy Policy, visit combinedsuper.com.au or phone 1800 200 801. Fund ABN 46 921 400 504 RSE ABN 32 064 976 138

HOW TO CERTIFY IDENTIFICATION You need to photocopy both sides of each page of the document and take these copies and the original to a person authorised to certify documents. They must sight the original and the copy and make sure both documents are identical, then include the following details on the copy: Write or stamp certified true copy Their qualification Their name and address Their signature and the date the copy was signed CERTIFICATION OR PROOF OF IDENTIFICATION DOCUMENTS All copied pages of ORIGINAL proof of identification documents need to be certified as true copies by an authorised individual. The following can certify copies of the originals as true and correct copies: Occupation Chiropractor Dentist Legal Practitioner Other persons Medical Practitioner Nurse Optometrist Patent attorney Pharmacist Physiotherapist Psychologist Trade marks attorney Veterinary surgeon Agent of the Australian Postal Corporation who is in charge of an office supplying postal services to the public Australian Consular Officer or Australian Diplomatic Officer (within the meaning of the Consular Fees Act 1955) Bailiff Bank officer with two or more continuous years of service Building society officer with two or more continuous years of service Chief executive officer of a Commonwealth court Clerk of a court Commissioner for Affidavits Commissioner for Declarations Credit union officer with two or more continuous years of service Employee of the Australian Trade Commission who is: - in a country or place outside Australia; and - authorised under paragraph 3 (d) of the Consular Fees Act 1955; and - exercising his or her function in that place Employee of the Commonwealth who is: - in a country or place outside Australia; and - authorised under paragraph 3 (d) of the Consular Fees Act 1955; and - exercising his or her function in that place Fellow of the National Tax Accountants Association Finance company officer with two or more continuous years of service Holder of a statutory office not specified in another item in this list Judge of a court Justice of the Peace Magistrate Marriage celebrant registered under subdivision C of Division 1 of Part IV of the Marriage Act 1961 Master of a court Member of Charted Secretaries Australia Member of Engineers Australia, other than at the grade of student Member of the Association of Taxation and Management Accountants A person who is enrolled on the roll of the Supreme Court of a State or Territory, or the High Court of Australia, as a legal practitioner (however described) Member of the Australian Defence Force who is: - an officer; or - a non-commissioned officer within the meaning of the Defence Force Discipline Act 1982 with two or more continuous years of service; or - a warrant officer within the meaning of that Act Member of the Institute of Chartered Accountants in Australia, the Australian Society of Certified Practising Accountants or the National Institute of Accountants Member of: - the Parliament of the Commonwealth; or - the Parliament of a State; or - a Territory legislature; or - a local government authority of a State or Territory Minister of religion registered under Subdivision A of Division 1 of Part IV of the Marriage Act 1961 Notary public Permanent employee of the Australian Postal Corporation with two or more continuous years of service who is employed in an office supplying postal services to the public Permanent employee of: - the Commonwealth or a Commonwealth authority; or - a State or Territory or a State of Territory authority; or - a local government authority with two or more continuous years of service who is not specified in another item this list Person before whom a statutory declaration may be made under the law of the State or Territory in which the declaration is made Police officer Registrar or Deputy Registrar of a court Senior Executive service employee of: - the Commonwealth or a Commonwealth authority; or - a State or Territory or a State of Territory authority Sheriff Sheriff s officer Teacher employed on a full-time basis at a school or tertiary education institution Member of the Australasian Institute of Mining and Metallurgy An officer with or authorised representative of a holder of an Australian financial services licence, having two or more continuous years of service with one or more licensees Fund ABN 46 921 400 504 RSE ABN 32 064 976 138

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We re here to help, so contact us today! 1800 200 801 03 9640 0787 admin@combinedsuper.com.au combinedsuper.com.au Level 9, 155 Queen Street, Melbourne Vic 3000 GPO Box 4559, Melbourne Vic 3001 Issued by Combined Fund Pty Ltd (ABN 32 064 976 138; RSE L0000376); MySuper Authorised (46 9214 0050 4992), the Trustee of the Combined Super Fund (Combined Super) (ABN 46 921 400 504; RSE R1000405).