AMIST Super Personal Division • Product Disclosure Statement

AMIST Super Personal Division
✓ Low fees
✓ Optional Life Insurance cover
✓ Optional Income Protection Insurance
✓ Competitive returns
✓ Member Investment choice
✓ Not for profit – all earnings returned to members
✓ Fund meets all choice of fund requirements
✓ All investments managed by professional Investment Managers
✓ Access to financial planning
✓ Access to other financial services such as home loans and health insurance
www.amist.com.au
AMIST Super Hotline 1800 808 614
Australian Company Number (ACN): 002 981 919
Trustee Australian Business Number (ABN): 25 002 981 919
Fund Australian Business Number (ABN) 28 342 064 803
Superannuation Fund Number (SFN): 268997940
Superannuation Product Identification Number (SPIN): AMI0100AU
Australian Financial Services License (AFSL): 238829
Registrable Superannuation Entity License (RSEL): L0000895
Registrable Superannuation Entity Registration (RSER): R1001778
AMIST Super Personal Division PDS • 15 March 2010
Product Disclosure Statement
Contents
About AMIST Super
1
Cooling Off Period
1
Your account with AMIST Super Personal Division
2
Important Information about Making Contributions to AMIST Super Personal Division
3
Investments
8
Insurance Cover with AMIST Super Personal Division
14
Income Protection Insurance
17
Cost of Income Protection insurance cover
19
Fees and Other Costs
22
Preservation
26
Benefits
27
Eligible Rollover Fund
31
Lost Members
31
Taxation
32
Family Law
33
Enquiries and Complaints
34
Privacy
35
Providing Proof of Identity
36
Service Providers Employed by AMIST Super Personal Division
38
Potential Risks of Investing in Superannuation
39
This Product Disclosure Statement (“PDS”) is issued by Australian Meat Industry Superannuation
Pty Ltd ABN 25 002 981 919 as Trustee for the Australian Meat Industry Superannuation Trust
(“AMIST Super” or the “Fund” ABN 28 342 064 803), Australian Financial Services Licence No.
238829.
The information contained in this PDS is current as at the date of its preparation. However, changes
to information after that date may result in this PDS being updated or replaced from time to time.
Unless the changed information is materially adverse to members, the Trustee may not always
update or replace this PDS to reflect the changed information. Such updated information will instead
be published on the AMIST Super website at www.amist.com.au. Paper copies of any updated
material will also be available free of charge upon written request to the Trustee.
The information in this PDS is of a general nature only. It does not take into account your particular
objectives, financial situation or needs. Before acting on information in this PDS you should
consider the appropriateness of the information having regard to your particular objectives, financial
situations or needs. Neither the Trustee nor AMIST Super’s representatives are licensed to provide
personal financial advice. We recommend that you speak with a qualified financial adviser before
making a financial decision.
AMIST Super Personal Division Product Disclosure Statement
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The governing rules of AMIST Super Personal Division are contained in the AMIST Trust Deed,
which is a legal document governing the Fund and is available for inspection on request to the
Trustee. From time to time the Trustee may alter the provisions of the Trust Deed.
Membership is open to any person over age 15 years and under age 70 years, subject to the
Trustee receiving a completed application form that was attached to the current version of the PDS.
AMIST Super Personal Division is operated by a trustee company, Australian Meat Industry
Superannuation Pty Ltd (ABN 25 002 981 919), which holds the assets of the fund in trust for the
members. The Board consists of equal numbers of employer and member representatives, who
are responsible for managing the fund in the best interest of all members. The Trustee appoints
professional service providers and consultants to assist with the running of AMIST Super Personal
Division. A list of the service providers appears on page 38.
AMIST Super operates entirely for the benefit of its members - any earnings of the fund are
allocated to members, after the payment of operating expenses of the fund.
March 2010
About AMIST Super
What is AMIST Super?
AMIST Super is a “not for profit” industry
superannuation fund sponsored by the
Australian Meat Industry Council. AMIST
Super was originally established to provide
benefits for employees of the meat industry
and their dependants – but now, AMIST
Super is open to any person over age
15 years and under age 70 years,
irrespective of the industry in which they
are employed. The Personal Division was
established primarily for those members
who are self-employed or who work for
an employer who has not registered with
AMIST Super.
AMIST Super Personal Division is operated
by a trustee company, Australian Meat
Industry Superannuation Pty Ltd
(ABN 25 002 981 919), which holds the
assets of the fund in trust for the members.
The Board consists of equal numbers of
employer and member representatives, who
are responsible for managing the fund in the
best interest of all members. The Trustee
appoints professional service providers and
consultants to assist with the running of
AMIST Super Personal Division. A list of the
service providers appears on page 38.
AMIST Super Personal Division operates
entirely for the benefit of its members any earnings of the fund are allocated to
members, after the payment of operating
expenses of the fund. Members do not pay
any commissions.
What does AMIST Super
Personal Division offer?
• Lump sum benefits on retirement
• Access to financial planning and a low
cost Pension
• Opportunity to apply for Life Insurance
and Income Protection Insurance Cover
• Full portability of benefits to any industry
• All investments managed by professional
Investment Managers
• Choice of five Investment options
How does AMIST Super
Personal Division work?
AMIST Super Personal Division is an
accumulation style superannuation fund
that also provides life insurance cover.
Contributions made by you and your
employer are invested by the Trustee of
AMIST Super according to your choice of
up to five different investment options, see
pages 8-13 for more details. Investment
earnings are allocated to your account at 30
June each year based on the crediting rates
declared by the Trustee for the option(s)
that your money was invested in. For details
of how investment earnings are allocated,
see page 12.
Deductions are taken from your
account at the end of each month to
cover administration costs, insurance
premiums if you have insurance cover, and
Commonwealth Government taxes where
applicable. Details of deductions are shown
on page 22.
When you leave AMIST Super Personal
Division, you will receive a lump sum
payment of the entire balance of your
account, (either payable to the
superannuation fund you rollover to or
payable to you if you are eligible for release
of the benefits – See Page 26 of this booklet
for details) less any tax that is payable
at that time. A Withdrawal Fee of $50.00
will be deducted from the amount of the
payment. Alternatively, if you are 55 years of
age or over you may transfer your balance
to the AMIST Pension and receive regular
income payments from the AMIST Pension.
The earnings are tax-free in the Pension and
the income is also tax-free if you are over 60
years of age.
Are there any risks
associated with being a
member of AMIST Super
Personal Division?
Regardless of the type of investment option
you invest in, please be aware that the value
of your investment can rise and fall. This is
important as you may get back less than
what you invested. Even if the investment
does not fall in value, it may not perform
according to your expectations. A further
risk is that the Trustee may not be able to
meet its stated aims and objectives. There
are numerous risks associated with any
type of investment and we have provided a
detailed overview of these risks on Page 39.
How Do I Join AMIST Super
Personal Division?
Any person older than 15 years and up
to 70 years of age can join AMIST Super
Personal Division. You should read this
Product Disclosure Statement carefully to
determine whether AMIST Super Personal
Division is suitable for you. To join AMIST
Super Personal Division you need to
complete both sides of the AMIST Super
Personal Division Member Application Form
attached to this booklet and ensure that
you sign the form. Once fully completed the
form should be sent to:
AMIST Super Personal Division
Locked Bag 5390,
Parramatta NSW 2124
Cooling Off Period
Once your Member Application Form is
received we will create a membership
account for you and send you a Welcome
Letter confirming that you have been
accepted as a member of AMIST Super
Personal Division. You may withdraw your
application at any time during the CoolingOff Period, which expires 14 days after the
date you receive a Welcome Letter from
AMIST Super.
• Access to other financial services such
as home loans and health insurance.
AMIST Super Hotline 1800 808 614
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www.amist.com.au
1
Your account with AMIST Super Personal Division
Once a completed Application for
Membership Form is received and
processed a member account will be set up
in your name. You will receive a “Welcome
Letter” confirming that you have been
admitted as a member of AMIST Super
Personal Division and advising of your
membership number. This number should
be quoted whenever you make contact with
AMIST Super Personal Division.
Your member account is credited with:
• Contributions paid into AMIST Super
Personal Division,
• Transferred Amounts from other funds
(rollovers),
• Any amount that you may be entitled
to receive from the Commonwealth
Government (e.g. co-contributions – refer
to page 7).
• Your account is debited with:
• Administration fees,
• Insurance Premiums, (where applicable),
• Commonwealth Government
Contributions Tax,
• Additional Commonwealth Government
Tax (arising from contributions in excess
of the contribution caps – see Page 4, or
where you have not provided your tax file
number),
• Commonwealth Government Surcharge
(if applicable).
Employer Contributions
If your employer wishes to make
Superannuation Guarantee Contributions
on your behalf, then ideally they would
register as an AMIST Super Employer and
you would join the AMIST Super Employer
Sponsored Division. This would entitle you
to two units of Life Insurance automatically
– whereas in the Personal Division you must
apply for Life Insurance. Your employer
is also then able to make payments via
BPAY or online. Simply call 1800 808 614
and request an AMIST Super Product
Disclosure Statement. Your employer can
simply download an Application to Become
a Participating Employer form from
www.amist.com.au or simply call
1800 808 614.
2
Investment Earnings
These are:
Investment Earnings are applied to your
account effective 30 June each year,
after the deduction of fees and taxes. The
earnings are applied at the rate applicable
to the investment option(s) in which your
account balance was invested for each
month during the year. Please note that
investment earnings may be either positive
or negative depending on the performance
of the investment options in which your
account balance was invested. Please refer
to the “Investments” section of this booklet
for an estimate of the probability of each
investment option having a negative return
on pages 8-13.
Using Direct Bank Debit – This enables
you to have a specified amount regularly
debited from your bank account and paid
directly into your AMIST Super Personal
Division account. This method of payment
does not involve your employer. Please
complete the Direct Debit Request Form
available online at www.amist.com.au or
contact the AMIST Super Hotline on
1800 808 614 for more details.
The earnings for the period 1 July to
30 June are applied after the final audit of
the fund’s net assets, which normally occurs
in the first week of September each year.
The Trustee may declare interim crediting
rates more frequently if it decides that this
is in the best interests of members and may
change the methodology of estimating the
interim crediting rates including introducing
unit pricing. Members will be informed of
any changes as required.
How to potentially increase
your benefits
For most members, the contributions made
by your employer are likely to provide only
basic retirement benefits. Making personal
contributions from your after tax salary may
help increase your retirement benefit and
future financial security. There is no fee for
making these personal contributions. There
are four easy ways you can make your own
personal contributions to AMIST Super
Personal Division.
AMIST Super Personal Division Product Disclosure Statement
Cheque/Money Order
You can do this regularly or as a
one-off– You must advise your
membership number and indicate your
payment is a personal contribution. If these
details are not included, the payment will
be returned. Personal contributions made
from your after-tax salary are not subject
to contributions tax (unless you are self
employed and claim a tax deduction for
those contributions).
By BPAY – You can make after-tax
contributions to AMIST Super Personal
Division using BPAY. Please contact the
AMIST Super Hotline on 1800 808 614
to obtain your Biller Code and BPAY
Reference Number.
Via Payroll Deduction – You will need
to sign a payroll deduction authority
(available from your employer or you can
download a copy from www.amist.com.
au) which allows your employer to deduct
personal contributions from your pay. The
contributions will generally be remitted to
AMIST Super Personal Division along with
your employer’s contributions. You can
check your payslip and compare it to your
AMIST Super account balance online or by
calling 1800 808 614.
Please note that the standard time
frame for BPAY transactions to be
processed through the banks is two
working days. Therefore, in order to
make a payment by 30 June, you will
need to make the payment on 28 June at
the latest (or earlier if 30 June falls on or
within two days of a weekend).
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March 2010
Important Information about making contributions
to AMIST Super Personal Division
Your employer can make contributions
to your AMIST Super Personal Division
member account, you can make
contributions yourself, or your spouse
can make contributions on your behalf.
The Federal Government has placed
some limitations on the amount you can
contribute in any financial year, and after
age 65 there are restrictions on making
contributions. Please read this section
carefully before making any contributions.
Limits on contributions
The Federal Government has set
maximum limits (“caps”) on the amount of
superannuation contributions that a person
can make or receive during a financial-year.
Where the limit is exceeded either additional
taxation will be payable, or the contribution
cannot be accepted. Details appear below:
Personal Contributions
Personal contributions (from your after-tax
salary) are known as “non-concessional
contributions”. Non-concessional
contributions are any contributions to a
superannuation fund where the person
making the contribution is not entitled to
a tax deduction for the contributions. The
maximum amount of non-concessional
contributions that you can make is limited
to $150,000* per annum. Members aged
less than 65 years are allowed to contribute
three-years worth of non-concessional
contributions (up to $450,000*) in one
year, however in that case no further nonconcessional contributions can be accepted
until the expiry of the three years.
Members aged 65 years and over are only
permitted to make up to $150,000 worth
of non-concessional contributions after
reaching age 65 (provided that they are
gainfully employed – please refer to the
section titled “Restrictions on Contributions
after age 65 years” on Page 4).
Please note:
• Non-concessional contributions in
excess of $150,000* cannot be accepted,
unless they are made under the provision
above that allows contributions of up to
$450,000* for three years,
• Non-concessional contributions in excess
of $450,000* cannot be accepted,
• If you make non-concessional
contributions that exceed the limits
(e.g. where contributions are made to
more than one superannuation fund),
the Government will impose taxation on
the excess contributions at the highest
marginal rate of taxation.
• Any amount of Commonwealth
Government Co-Contribution that you
receive will not count toward your
non-concessional contribution limit.
* Limits of $150,000 (and $450,000 for three years)
are subject to indexation and will be reviewed by
the Government on an annual basis. The amounts
shown here are correct for the 2009/2010 financial
year. Updated limits can be obtained from the
Australian Taxation Office, telephone 13 10 20
or website www.ato.gov.au
Employer Contributions
Employer contributions (including salary
sacrifice) are known as “concessional
contributions”. Concessional contributions
are contributions where the person
making the contribution is entitled to a tax
deduction for those contributions. There is
a limit of $25,000* per annum for member
under age 50 years. Members aged 50
years and over at the end of a financial year
may receive concessional contributions
of up to $50,000 during the year. This is a
transitional arrangement and will cease after
30 June 2012.
Contributions below the limits are taxed
upon receipt by a superannuation fund at
a rate of 15%,
• Contributions in excess of the limits may
be accepted; however they are subject to
taxation at the highest marginal tax rate
(plus Medicare Levy).
* The Concessional Contribution Limits are subject
to indexation and will be reviewed by the federal
Government on an annual basis. The amounts
shown here are correct for the 2009/2010 financial
year. Updated limits can be obtained from the
Australian Taxation Office, telephone 13 10 20 or
website www.ato.gov.au.
Self-Employed Members
A self-employed person is a person
who does not have an employer making
Superannuation Guarantee Contributions
on their behalf, or generates less than 10%
of their income as salary, wages or fringe
benefits from an employer.
Contributions from self-employed members
made from after-tax income are nonconcessional contributions and are subject
to the limits for personal contributions
shown above. Where a self-employed
member claims a tax deduction against
contributions, those contributions will be
treated as concessional contributions, and
as a result:
• Taxation will be deducted from the
contributions against which a deduction
is claimed, at the rate of 15%,
• The contributions against which a
deduction is claimed are subject to the
concessional contribution limits.
If you are a self-employed member and wish
to claim a tax deduction you will need to
provide the Trustee with a “Section 290-170
Notice”. Please contact the AMIST Super
Hotline on 1800 808 614 to obtain a copy of
a notice.
Please note that you cannot lodge a Section
290-170 notice after you have ceased to
be a member of the fund and the notice
must be lodged by the end of the following
financial year (e.g. a notice for the year
ending 30 June 2009 cannot be lodged
after 30 June 2010).
AMIST Super Hotline 1800 808 614
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www.amist.com.au
3
Important Information about making contributions
to AMIST Super Personal Division - continued
Exceptions to the
Contributions Caps
In the following circumstances contributions
may be accepted by a superannuation fund
without penalty:
• Contributions pertaining to certain
proceeds from the sale of a business
have a lifetime cap of $1,000,000,
• Contributions pertaining to the proceeds
from settlement for injuries resulting
in permanent disablement do not
count towards any cap, provided such
proceeds are contributed to super within
90 days,
• Federal Government co-contributions
do not count towards any cap,
• Transfers from another Australian
superannuation fund (called “rollovers”)
do not count towards any cap,
• Some employment termination payments
can be rolled over into super until
30 June 2012, but only roll-over
amounts above $1,000,000 (in aggregate)
will count towards the employer
contributions cap,
• Transfers from an overseas fund are
subject to the personal contributions
cap ($150,000 pa or $450,000 for three
years), except for any portion that you
have elected to be treated as taxable
contributions by AMIST Super Personal
Division,
• Spouse contributions count towards the
receiving spouse’s personal contributions
cap.
Tax on excess Contributions
Where a superannuation fund receives
contributions in excess of the contributions
caps, the following will occur:
• AMIST Super Personal Division, like every
other superannuation fund, must report
all contributions it received and credited
to your account to the Australian Taxation
Office (ATO) after the end of each
financial year,
4
• If the ATO determines that total
contributions (to all superannuation funds)
exceed either cap during that year, it will
issue you with an excess contributions
tax assessment notice, stating the
amount of extra tax you must pay,
• If contributions exceeded the personal
contributions cap, you will be required to
withdraw an amount equal to the extra
tax from your AMIST Super Personal
Division account so it can be paid to
the ATO,
• If contributions exceeded the employer
contributions cap, you can choose to
withdraw an amount equal to the extra
tax from your AMIST Super Personal
Division account or pay the tax yourself
to the ATO.
Restrictions on contributions
from age 65 years
Up to your 65th birthday you or your
employer can make contributions to your
AMIST Super Personal Division account at
any time (subject to the contribution limits
outlined in the previous section). From age
65 you need to meet the minimum working
hours test.
In order for a contribution to be accepted
after reaching age 65 years the person
receiving or making the contribution
(member or spouse member) must have
worked (be employed or self-employed
for gain or reward in any business, trade,
profession, vocation, calling, occupation or
employment) at least 40 hours in a period
of not more than 30 consecutive days
during the financial year in which the
contribution is received.
AMIST Super Personal Division is required
to confirm on an annual basis whether
or not you meet the work test above
and are eligible to receive contributions.
You will need to complete a form where
contributions are received after your 65th
birthday, and then annually after 30 June if
contributions are still being made to AMIST
Super Personal Division.
AMIST Super Personal Division Product Disclosure Statement
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March 2010
Where a contribution is received and you
have not confirmed that you are working the
minimum number of hours, the contribution
will be refunded to the person who made
the contribution.
Maximum Age Limits
There are maximum age limits after which
contributions cannot be accepted. The age
limit that applies depends on the type of
contribution being made. The age limits are
as follows:
Superannuation Guarantee
Contributions
Superannuation Guarantee contributions
can be accepted up to your 70th birthday.
After your 70th birthday it is not compulsory
for your employer to make Superannuation
Guarantee contributions.
Award Contributions
Any contributions that your employer
is required to make in order to satisfy
an Award or other certified industrial
agreement can be accepted at any time.
Personal Contributions
You can only make personal (after-tax)
contributions to a superannuation fund once
you reach age 65 years if you are working
at least a minimum number of hours. You
will be required to complete a questionnaire
each year to confirm that you have worked
(been employed or self-employed for
gain or reward in any business, trade,
profession, vocation, calling, occupation or
employment) at least 40 hours in a period
of 30 consecutive days during the financial
year that the contribution relates to. No
personal contributions can be accepted
once you reach age 75 years.
Employer Extra/Salary Sacrifice
Contributions
Any contributions that your employer makes
on your behalf that are not mandatory
under legislation, an Award, or a certified
industrial agreement can only be accepted
after your 65th birthday if you have worked
(been employed or self-employed for
gain or reward in any business, trade,
profession, vocation, calling, occupation
or employment) at least 40 hours in a
period of 30 consecutive days during the
financial year that the contribution relates
to. From your 75th birthday onwards these
contributions cannot be accepted.
Spouse Contributions
If you wish to make contributions for your
spouse, AMIST Super Personal Division can
accept contributions on behalf of an eligible
spouse, being the wife, husband or de facto
spouse who lives with the member on a
genuine domestic basis. The contributing
member and spouse must be an Australian
resident for tax purposes and may be
eligible for a tax rebate if the spouse’s
income is less than $13,800 for the year.
If you are interested in making contributions
on behalf of an eligible spouse, please
contact the AMIST Super Hotline on
1800 808 614 for more details.
Contributions for a spouse aged between
65 and 70 years of age can only be made
to a superannuation fund if the spouse
works (is employed or self-employed for
gain or reward in any business, trade,
profession, vocation, calling, occupation or
employment) at least 40 hours in a period
of 30 consecutive days during the financial
year that the contribution relates to. Where
a contribution is received for a spouse
who is over age 65 years, AMIST Super
Personal Division will require your spouse
to complete a questionnaire each year to
confirm that they are working at least the
minimum number of hours.
No spouse contributions can be accepted
once your spouse reaches age 70 years.
You should also note that a spousemember who has not been employed
cannot access their superannuation at
retirement until they reach 65 years of age.
Transferring Benefits from
Other Superannuation
Funds
If you have other superannuation accounts
you can roll them into the AMIST Super
Personal Division. Please contact the AMIST
Super Hotline on 1800 808 614 for further
details. Please note that before transferring
your benefits, you should check with the
other fund to see if any of the following
apply:
• Exit fees,
• Early withdrawal penalties,
• Loss of Insurance cover.
You should take these into consideration
before deciding to transfer money from
another fund into AMIST Super Personal
Division. If you are unsure, you should
consult an independent qualified financial
adviser.
Please note that under the
Commonwealth Anti-Money
Laundering and Counter Terrorism
Financing legislation, the other
superannuation fund will require you to
supply documents for proof of identity
purposes. If acceptable documents
are not provided, the other fund will not
transfer your money to AMIST Super
Personal Division. Please check with
the other fund to see what level of proof
they require.
Transferring Benefits from
United Kingdom Pension
Funds
A UK resident, who subsequently becomes
an Australian resident, is entitled to transfer
their UK Pension fund entitlements to
AMIST Super Personal Division, which
is recognised as a Qualified Registered
Overseas Pension Scheme (QRPOS). In the
event that you are eligible to transfer funds
from a UK Pension, you will have to advise
us in writing. We will provide you with a
letter for you to provide to your UK Pension
fund confirming that AMIST Super Personal
Division is a complying QROPS fund.
Transfers from UK Pension schemes
are treated as follows in an Australian
superannuation fund:
1) Funds transferred within six months
of becoming an Australian Resident:
In this case the amount transferred
will be treated as a non-concessional
contribution (refer to page 3). Any
amount of non-concession contributions
up to the limit for the financial-year
(including any other non-concessional
contributions that you make during that
year) will not be subject to taxation.
Where the total non-concessional
contributions (including UK Pension
transfer) exceed the limit, the Trustee
may not be able to accept the UK
Pension transfer.
2) Funds transferred outside of six
months of becoming an Australian
Resident:
Where an amount is transferred from
a UK Pension fund more than six
months after becoming an Australian
resident, the pension value at the date
you became an Australian Resident
is treated as a non-concessional
contributions.
AMIST Super Hotline 1800 808 614
|
www.amist.com.au
5
Important Information about making contributions
to AMIST Super Personal Division - continued
Any increase in the value of the UK
Pension transfer between the date you
became an Australian resident, and the
date that the amount was received by
AMIST Super Personal Division (hereafter
referred to as “the increase”), will be
treated as a concessional contribution
and subject to the concessional
contribution limits (refer to page 3).
Taxation on “the increase”:
1) You may elect to have the full amount
credited to your AMIST Super
Personal Division account, in which
case you will be required to declare
“the increase” when submitting your
taxation return and taxation will be
payable at your marginal rate of
taxation,
2) You may elect to have the taxation
paid by AMIST Super Personal
Division, in which case “the increase”
amount will be subject to taxation
at the rate of 15%, which will be
deducted from your AMIST Super
Personal Division account,
3) Any amount of concessional
contributions in excess of the
concessional contribution limit (UK
Pension transfer plus any other
concessional contribution made on
your behalf during the financial year)
is subject to the highest marginal rate
of taxation (plus Medicare Levy).
Salary Sacrifice
You may be able to make contributions from your pre tax salary to AMIST Super Personal
Division, which is known as salary sacrifice. Under a salary sacrifice arrangement, your
employer pays part of your salary into your superannuation fund, rather than as actual
wages. This could potentially result in you paying less tax than you would if you received all
of your salary as wages.
Please note that some employers do not allow salary sacrifice, whilst others put conditions
on employees being able to salary sacrifice. For example, an employer may allow
you to salary sacrifice and reduce your taxable income – but you may then have your
Superannuation Guarantee and other entitlements calculated on this new, lower income.
Please check with your employer if you are contemplating making contributions to AMIST
Super Personal Division via salary sacrifice.
You should also be aware that from 1 July 2009 Federal Government income tests will treat
salary sacrificed amounts as income for the purpose of determining eligibility for support
payments and the co-contribution. You cannot use salary sacrifice to reduce your income
in order to increase eligibility for Government support or decrease your liability for child
maintenance payments.
The example below shows a member whose salary is $60,000, and the difference
between $10,000 made as a contribution from after tax salary, and as Salary Sacrifice.
It does not take into account the effect of Superannuation Guarantee Contributions.
Total Salary
WITHOUT
SALARY SACRIFICE
WITH SALARY
SACRIFICE
$60,000
$60,000
Salary Sacrifice Amount
NIL
$10,000
Contribution from after-tax income
$10,000
NIL
Taxable Income
$60,000
$50,000
Personal Income Tax Payable*
$12,750
$9,600
Superannuation Contributions Tax**
Total Tax Payable
Amount contributed to superannuation (not including
employer’s 9% Superannuation Guarantee contribution)
Disposable Income (after voluntary superannuation
contribution)
NIL
$1,500
$12,750
$11,100
$10,000
$10,000
$37,250
$38,900
Therefore there is a potential advantage after tax of $1,650
* Personal Income Tax based on 2009/2010 taxation rates including Medicare Levy
** Superannuation contributions tax at a rate of 15% on salary sacrificed contributions only. The actual rate
paid may be lower as administration fees and insurance premiums are deductible.
The example above is based solely on the information shown and is for illustration purposes only. It is
recommended that you discuss with your employer how entering into a salary sacrifice arrangement will
affect the amount of income and superannuation that you receive. You should also consider consulting a
qualified financial adviser.
Telephone Financial Advice
AMIST Super’s Trustees want members to have every opportunity to maximise their super benefits. To that
end, AMIST Super is paying for limited financial telephone advice from membership fees, so members will
pay no more to get help from a qualified financial adviser. Mercer Wealth Solution will have qualified and
professional financial advisers available on 1800 808 614 to assist you with some basic financial advice.
If you wish to get more detailed, personal advice you can pay Mercer a fee-for-service for a comprehensive
financial plan.
6
AMIST Super Personal Division Product Disclosure Statement
|
March 2010
Government co-contributions
Under the Commonwealth Government co-contribution scheme, if your total income for the
financial year 2009/2010 is less than $31,920 then for every dollar you contribute to AMIST
Super Personal Division from your after tax salary, up to $1,000, the Government will make
a matching contribution. If you earn more than $31,920, but less than $61,920 then you will
still be eligible for the co-contribution, however at a reduced rate – please refer to the
table below.
Prior to 1 July 2009 the maximum co-contribution was payable at a rate of $1.50 for every
$1.00 contributed (maximum co-contribution $1,500). In the 2009 federal budget the
Government announced a temporary reduction to $1.00 for every $1.00 contributed from
1 July 2009. The Government currently intends to increase the rate to $1.25 for every $1.00
from 1 July 2012 and $1.50 from 1 July 2014. AMIST Super Personal Division will keep you
updated on the co-contribution rates in our regular newsletters and on our website.
Contact the AMIST Super Hotline on 1800 808 614 for more details or visit the Australian
Taxation Office website www.ato.gov.au.
YOUR PERSONAL CONTRIBUTIONS
YOUR
INCOME
$31,920
$1,000
Government
Co-contribution
$1,000
$800
Government
Co-contribution
$800
$500
Government
Co-contribution
$500
$200
Government
Co-contribution
$200
$35,000
$897
$800
$500
$200
$40,000
$731
$731
$500
$200
$45,000
$564
$564
$500
$200
$50,000
$397
$397
$397
$200
$55,000
$231
$231
$231
$200
$60,000
$64
$64
$64
$64
$61,920
NIL
NIL
NIL
NIL
The amounts in the blue columns show the co-contribution that you could potentially
receive from the Government based on voluntary contributions made. Please note that the
examples above are for illustrative purposes only. Any amount of co-contribution that you
may be entitled to will be determined by the Australian Taxation Office.
For example, highlighted in the table above, for a member whose income is $35,000,
and makes voluntary contributions for the year of $800, the Government would make a
co-contribution of $800 which would be automatically paid into your account with AMIST
Super Personal Division.
Eligibility for the Co-contribution
In order to be eligible for the co-contribution you need to be able to meet all of the criteria
shown below:
1) You made personal (after-tax) contributions to super prior to 30 June. Please note that
contributions made on behalf of a spouse are not eligible for the co-contribution.
2) Your total income (including reportable fringe benefits) is less than $61,920.
3) You are in full-time, part-time, casual employment or self-employed.
4) At least 10% of your total income (assessable income and reportable fringe benefits)
is attributable to eligible employment, running a business or a combination of both.
5) You are under 71 years of age.
6) You are a permanent resident of Australia.
7) You have lodged an income tax return.
AMIST Super Hotline 1800 808 614
|
www.amist.com.au
7
Investments
Member Investment Choice
Member Investment choice (MIC) gives
you the opportunity to select from a range
of options an investment strategy that
is appropriate to your current financial
situation.
Any member who does not make an
investment choice will have their account
balance invested in the default option of
Balanced. The assets of AMIST Super
Personal Division invested within the
Balanced option are invested in a wide
range of investments including shares,
property, government bonds and cash.
As alternatives, there are four additional
investment options called the Secure,
Capital Stable, Growth and High Growth
options. The Capital Stable and High
Growth Options are available from 1 April
2010. Details of the five options appear
on the following pages. The Benchmarks
(percentage of funds to be invested in each
asset class) are valid at the date shown
on the front of this document. They may
however, be subject to change as the
Trustees review the Benchmarks regularly.
Any changes to the Benchmarks will be
advised in the AMIST Super Personal
Division reports to members that you
receive during the year. The up to date
Benchmark allocations will also appear on
the AMIST Super Personal Division website.
Online switching
From 1 April 2010, members will be able
to make changes to their investment
allocations online. If you’re already
registered for access to your super account
on the AMIST Super website, you’ll be able
to make switches immediately. If not,
just call the AMIST Super Hotline on
1800 808 614 to get a password.
Investment Policy Statement When will my investment
The AMIST Super Personal Division Trustee
switch take effect?
has an Investment Policy Statement (IPS)
that details the policies adopted by the
Trustee in investing the fund’s assets.
The IPS details the Trustee’s approach
to investing including: the asset classes
each investment option can invest in; the
characteristics of each investment option;
rebalancing; the use of derivatives; policies
on voting of shares and on lending stocks;
benchmarks used; and the policy relating
to the Allocation of Earnings.
If you apply to switch your investment mix
twice in one month, the later request will be
processed. You can switch online or send
application forms. Switch must be received
by the AMIST Super Personal Division’s
administrator within 5 business days of the
end of the month.
The IPS is available to members on request.
• If a form is received on 25 September*,
the change will take effect from
1 October;
AMIST Super Personal Division offers
investment choice to members between
five options:
• Secure
• Capital Stable
• Balanced (default option)
• Growth
• High Growth
The Balanced Option is the default option
for the fund. Members not electing a
valid switch will have their entire assets
allocated to the Balanced Option. Each
of the Investment Options has different
characteristics, and these are highlighted in
the table in the following pages.
Switching Between
Investment Options
You can change the way your account is
invested by switching between investment
options at any time. However, only one (1)
switch per month is permitted. You have the
following options:
1) Have your entire account balance
and any new contributions invested in
accordance with your new investment
selection,
2) Leave your account balance invested
in the current investment option, and
only new contributions invested in
accordance with your new investment
selection.
8
AMIST Super Personal Division Product Disclosure Statement
|
March 2010
Example:
• If a form is received on 1 September*, the
change will take effect from 1 October;
• If a form is received on 26 September*,
the change will take effect from
1 November.
* Assuming that the days in September quoted
above are week days. There is no mail delivered to
the administrator on weekends or Public Holidays
in NSW.
Can I invest in more than
one option?
You may elect to have your account balance
in one or more of the investment options.
When making an election to split your
balance between more than one option, you
must ensure that the percentage allocated
between the options totals 100%, failing
which the Trustee may either elect to refuse
to process the switch, or to allocate the
funds such that the total of the options
becomes 100%. In the event of choosing
the latter option, the Trustee will have total
discretion in the way that the funds are
allocated, and you will be deemed to have
consented to the allocation.
What happens when I
switch between investment
options?
What do you need to
consider before making
a choice?
At the time that you elect to change the way
your superannuation is invested, earnings
are applied to your account based on your
previous investment selection (or the default
if you hadn’t previously made a choice)
using the Interim Crediting Rates available at
that time (see Page 12).
There are many important issues to
consider when making your investment
choice including:
The balance of your account at that date,
plus any new amounts that you invest with
AMIST Super Personal Division will be
invested according to your new investment
election.
Please note that the interim crediting
rate used to determine the balance to be
switched to the newly selected investment
option(s) will be the most recent rate
approved by the Trustee – please refer to
the section titled “How are earnings applied
where Interim Crediting Rates are used?”
for details (see Page 12).
Cost of Switching
Investments
You are allowed one free switch within
12 months of joining AMIST Super Personal
Division. For each switch thereafter a fee
of $35.00 is payable, deducted from your
member account at the time the switch is
processed. You will receive confirmation
in writing that your switch has been
processed.
If you switch investment options, earnings
are applied to your account balance at the
Interim Crediting Rate in use at that time.
Risks and Return and Time Horizon Investing in superannuation is a long term
strategy. Your returns can go up and down
over the short term. The way each of us
invests depends on our risk profile, the time
over which we are likely to be investing, and
of course the proportion of our investments
in super in comparison with other assets.
As you can imagine, the options depend
on each person’s individual circumstances,
and in order to decide your own strategy
you may want to talk to experts and
financial planners. AMIST Super is providing
telephone financial advice for members.
Just call 1800 808 614.
What should I look for?
Risk Profile - If you are uncomfortable
with short term changes in the value of your
super, you may want to choose a more
defensive strategy. But remember, if you are
investing over the long term, generally the
more risk you take, the higher the returns
may be.
Time Horizon - Our investments in super
are there for retirement. Look at how long
you have until you plan to retire and, even
then, how long you will have in retirement.
Remember, your returns even in retirement
can often be very significant
Losses - In volatile years it is tempting to
switch to safer investments. In effect, by
doing so you may be crystallising losses
and limiting upside. On the other hand,
experts themselves don’t often agree
when the right time to switch is. Holding
on to a loss making investment can also
be counterproductive, as is selling as
investment too soon, and parking your
money in cash.
Remember, it’s all about your time horizon.
If you require further explanation of
the information contained in this PDS,
please contact the AMIST Super
Hotline on 1800 808 614.
It is prudent to seek independent
financial advice to assist you in reaching
a decision. Neither the Trustee nor its
service providers are able to provide
you with this advice. Mercer Wealth
Solutions now provide AMIST Super
members with over the phone advice
and / or a face to face financial planning
service. Please call the AMIST Super
Hotline on 1800 808 614 for more details
or go to www.amist.com.au
Remember, if you do not want to make
a choice, simply do nothing and your
account will be invested in the
Balanced Option.
PLEASE NOTE
Past crediting rates are no indication of
future performance
Returns - Over the very long term, riskier
assets (provided they are well chosen)
should outperform less risky investments.
Remember one of the risks we have is
that inflation will erode your savings.
Think carefully about what returns you
are targeting.
AMIST Super Hotline 1800 808 614
|
www.amist.com.au
9
Investments - continued
SECURE OPTION
Target Return for each option
Risk
CAPITAL STABLE
Exceed the Reserve Bank Cash Rate over a rolling
three-year period.
Inflation plus 1% over a rolling five-year period.
The Trustee expects that there will not be a
negative return.
Estimated probability of a negative return is 4 out of
every 30 years.
How will your money be invested in order to achieve the target return?
Asset Class
Secure
Asset Allocation at 31/01/10
Capital Stable
Proposed Asset Allocation*
Australian Shares
Nil
10%
Overseas Shares
Nil
5%
Alternative Investments
Nil
5%
Direct Property
Nil
10%
Australian & Overseas Fixed Interest
Nil
55%
100%
15%
Secure option
Capital Stable option
Cash
Cash
100%
Cash
15%
Benchmark Asset
Allocation for
each option
Aust. Shares
10%
Overseas Shares
5%
Alternative
Investments
5%
Direct Property
10%
Aust. & Overseas
Fixed Interest
55%
Year Ending
30 June
Inflation
Earning
Rates
Crediting
Rates
2005
2.5%
5.5%
6.0%
2006
4.0%
5.5%
5.5%
2007
2.1%
6.0%
6.0%
New Option introduced
1 April 2010
2008
4.5%
5.2%
5.1%
No historic returns available
2009
1.5%
4.4%
4.4%
5 year net
Compound
average
2.91%
5.31%
5.39%
* The Capital Stable and High Growth investment options are only available from 1 April 2010.
10
AMIST Super Personal Division Product Disclosure Statement
|
March 2010
BALANCED OPTION
GROWTH OPTION
HIGH GROWTH OPTION
This is the default option if you do not
make a choice
Inflation plus 2% over rolling five-year periods. The
option also aims to outperform the performance of
the median of the balanced manager based on a
reputable performance survey.
Inflation plus 4% over a rolling five-year period. To
outperform the median of growth managers based
on a reputable performance survey.
Inflation plus 5% over a rolling five-year period.
Estimated probability of a negative return is 6 out of
every 30 years.
Estimated probability of a negative return is 8 out of
every 30 years.
Estimated probability of a negative return is 10 out
of every 30 years.
Balanced
Target Asset Allocation Range at 31/01/10
Growth
Asset Allocation at 31/01/2010
High Growth
Proposed Asset Allocation
23% - 40%
40%
60%
12% - 25%
30%
40%
0% - 13%
5%
10% - 22%
10%
10% - 32%
13%
5%
2%
Balanced OPtion
Growth Option
Cash
5%
Aust. & Overseas
Fixed Interest
25%
Aust. Shares
30%
Aust. & Overseas
Fixed Interest
13%
Cash
2%
High Growth Option
Aust. Shares
40%
Aust. Shares
60%
Direct Property
10%
Alternative
Investments
5%
Direct Property
15%
Overseas Shares
40%
Overseas Shares
15%
Overseas Shares
30%
Alternative
Investments
10%
Earning
Rates
Crediting
Rates
Earning
Rates
Crediting
Rates
17.6%
17.4%
18.5%
18.5%
15.7%
15.7%
18.6%
18.6%
16.8%
16.8%
18.2%
18.2%
New Option introduced
1 April 2010
-4.1%
-4.2%
-6.5%
-6.7%
No historic returns available
-13.2%
-13.2%
-20.9%
-20.9%
5.75%
5.69%
4.20%
4.15%
AMIST Super Hotline 1800 808 614
|
www.amist.com.au
11
Investments - continued
Interim Crediting Rate
The Trustee declares the Final Crediting Rates for the year ending
30 June after the end of each financial year. The final rates are
based on audited tax statements from investment managers who
manage the assets of the fund. At this time earnings are applied to
all member accounts for the year ending 30 June.
If you leave the fund or switch between investment options prior to
declaration of the Final Crediting Rates being declared, earnings are
applied to your account using Interim Crediting Rates.
How are Interim Crediting Rates
determined?
At the end of each month the investment managers who invest the
assets of the fund provide the Trustee with Statements showing the
value of the investment at that time.
From these Statements the Fund’s Investment Consultant
determines the net earning rate of each investment option for the
month (after taking into account investment related fees and taxes).
An amount equivalent to 0.30% per annum is deducted from the
Interim Crediting Rates as a contingency.
The Investment Consultant then provides the Trustee with
recommended Interim Crediting Rates that reflect the performance
of each investment option during the month. These rates are
normally provided to the Trustee in the fourth week of each month.
The Trustee may declare interim crediting rates more frequently
if it decides that this is in the best interests of members and may
change the methodology of estimating the interim crediting rates
including introducing unit pricing. Members will be informed of any
changes as required.
How are earnings applied where Interim
Crediting Rates are used?
If you switch between investment options, switch between divisions
of the fund (i.e. transfer part of your balance to the AMIST Pension),
or receive a full or partial benefit payment, earnings are applied
using the Interim Crediting Rates available at that time. If this occurs
prior to the current month’s rate being provided to the Trustee, the
previous months’ rates will be used.
For example, if you receive a benefit payment from AMIST Super
Personal Division on 15 October, the following rates would be used
to determine earnings on your account for the current financial year:
Period
1 July to 31 July
1 August to 31 August
1 September to 30 September
1 October to 15 October
12
AMIST Super Personal Division Product Disclosure Statement
|
March 2010
Crediting Rate Used
July
August
August
August (15 days)
Final Crediting Rate
After 30 June each year, AMIST Super Personal Division receives audited investment statements that contain the final after tax and fees
return for each investment option. Following receipt of that information, the Trustee determines the final crediting rate for each investment
option. Investment Earnings are then allocated to the accounts of all active fund members for the previous year ending 30 June.
The table below shows the way that earnings are applied using monthly crediting rates. This example does not take into account the
deduction of fees or insurance premiums.
The rates shown are for illustrative purposes only and do not reflect the actual crediting rates of AMIST Super Personal Division.
MONTH
Earning
Rate
$2,000.00
OPENING
BALANCE
July cont
$200.00
Aug cont
$250.00
Sept cont
$200.00
Oct cont
$200.00
Nov cont
$200.00
Dec cont
$250.00
Jan cont
$200.00
Feb cont
$200.00
March cont
$250.00
April cont
$200.00
May cont
$250.00
June cont
$200.00
Earnings
$113.20
CLOSING $4,713.20
BALANCE
JULY
0.6%
AUG
1.2%
SEPT
-0.5%
OCT
1.30%
NOV
0.8%
DEC
-0.2%
JAN
0.6%
FEB
0.6%
MAR
-1.2%
APR
0.4%
MAY
0.9%
JUNE
-0.5%
Year Rate
4.0%
$12.00
$24.00
-$10.00
$26.00
$16.00
-$4.00
$12.00
$12.00
-$24.00
$8.00
$18.00
- $10.00
$80.00
$1.20
$2.40
$3.00
-$1.00
-$1.25
-$1.00
$2.60
$3.25
$2.60
$2.60
$1.60
$2.00
$1.60
$1.60
$1.60
-$0.40
-$0.50
-$0.40
-$0.40
-$0.40
-$0.50
$1.20
$1.50
$1.20
$1.20
$1.20
$1.50
$1.20
$1.20
$1.50
$1.20
$1.20
$1.20
$1.50
$1.20
$1.20
-$2.40
- $3.00
- $2.40
- $2.40
- $2.40
- $3.00
- $2.40
- $2.40
- $3.00
$0.80
$1.00
$0.80
$0.80
$0.80
$1.00
$0.80
$0.80
$1.00
$0.80
$1.80
$2.25
$1.80
$1.80
$1.80
$2.25
$1.80
$1.80
$2.25
$1.80
$2.25
- $1.00
- $1.25
- $1.00
- $1.00
- $1.00
- $1.25
- $1.00
- $1.00
- $1.25
- $1.00
- $1.25
- $1.00
$8.00
$8.50
$4.40
$5.40
$2.80
$1.50
$1.60
$0.40
$1.00
$1.60
$1.00
$1.00
$113.20
Socially Responsible Investments
Reserving Policy
The Trustee generally does not take into account labour standards
or environmental, social or ethical considerations for the purposes
of selecting, retaining or realising an investment. The primary
focus of the investment managers is on economic and financial
outcomes. However from time to time, labour standards and
environmental, social or ethical considerations may be taken into
account where the Trustee becomes aware that such standards or
considerations may have a material influence on the financial value
of an underlying investment.
The Reserving Policy is that the Trustee will distribute all earnings to
members at 30 June each year, less a contingency reserve that will
be maintained as a provision for taxation and operating expenses of
the fund. The reserves will remain the property of the trust, with any
excess to be included in the distribution of members at the following
30 June.
Derivatives
Investment Managers engaged to invest the assets of AMIST Super
Personal Division, in general, are permitted to use derivatives for
hedging purposes only. However, hedge fund managers may use
derivatives as a means to implement an investment strategy. All
investment managers are required to submit copies of their risk
management statement to AMIST Super Personal Division to
ensure that they comply with this requirement.
The Trustee, in consultation with the Fund’s Investment Consultant
or Actuary will determine the amount to be held in reserve at the
time that the Crediting Rate is declared. The Trustee has discretion
to determine the amount that is to be retained.
The amount of reserves held over the last five years was:
Year Ending 30 June
Reserve Amount
Percentage of Assets
2009
$4.9 million
0.65%
2008
$5.1 million
0.62%
2007
$3.1 million
0.39%
2006
$3.3 million
0.52%
2005
$3.3 million
0.64%
AMIST Super Hotline 1800 808 614
|
www.amist.com.au
13
Insurance Cover with AMIST Super Personal Division
AMIST Super Personal Division offers
members the opportunity to apply for Life
Insurance and Income Protection insurance
cover. Insurance cover is not automatically
provided.
Please read all of this section to ensure
that you understand how insurance works
and when you are covered. If you have any
questions please call the AMIST Super
Hotline on 1800 808 614.
Please note that this document does
not contain full details of the contract
between AMIST Super Personal Division
and its insurer and only offers a general
guide to the insurance offered by AMIST
Super Personal Division. Full details of the
insurance arrangement are contained in the
Insurance Policy Document.
Life Insurance Cover
A benefit will be paid in the event of
your death.
14
Income Protection Cover
A monthly benefit will be paid for up to two
years if you are unable to work because
of sickness or injury for longer than the
nominated waiting period. Payment of
the monthly benefit will be subject to the
conditions of the insurance policy.
Life Insurance Cover
Members of the AMIST Super Personal
Division must apply for Life Insurance cover.
Your application for Life Insurance cover will
require evidence of your good health and
Previous Cover
If you are transferring your superannuation
coverage to AMIST Super from another
superannuation fund that provided you with
life insurance cover, you may be eligible
to automatically receive cover with AMIST
Super Personal Division.
AMIST Super Personal Division Product Disclosure Statement
|
March 2010
In this instance, please provide AMIST
Super with evidence of your cover with
the other fund, and we will forward that
information to the insurer to determine
whether automatic cover can be provided.
How Much Life Insurance
Cover Can I Obtain?
Life insurance cover with AMIST Super
Personal Division is provided in units of
cover. One unit of cover costs $1.50 per
week, and the level of cover depends on
age at the time of claim. You may apply for
up to twenty units of cover.
Multiple units of cover cost $1.50 each;
therefore if you successfully applied for ten
units of cover, the premium cost would be
$15.00 per week (10 x $1.50).
Please see the tables below which detail
the cost of cover and the benefit payable
according to age.
Life Insurance Tables
Amount of Insurance Cover
2 Units
3 Units
4 Units
5 Units
6 Units
7 Units
8 Units
9 Units
Cost of Cover
(per week)
$3.00
$4.50
$6.00
$7.50
$9.00
$10.50
$12.00
$13.50
To Age 32
$124,600
$186,900
$249,200
$311,500
$373,800
$436,100
$498,400
$560,700
33-45
$103,800
$155,700
$207,600
$259,500
$311,400
$363,300
$415,200
$467,100
46-55
$83,100
$124,650
$166,200
$207,750
$249,300
$290,850
$332,400
$373,950
56-65
$60,200
$90,300
$120,400
$105,500
$180,600
$210,700
$240,800
$270,900
66
$31,200
$46,800
$62,400
$78,000
$93,600
$109,200
$124,800
$140,400
67
$24,900
$37,350
$49,800
$62,250
$74,700
$87,150
$99,600
$112,050
68
$20,800
$31,200
$41,600
$52,000
$62,400
$72,800
$83,200
$93,600
69
$15,580
$23,370
$31,160
$38,950
$46,740
$54,530
$62,320
$70,110
70 plus
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
10 Units
11 Units
12 Units
13 Units
14 Units
15 Units
16 Units
20 Units
Cost of Cover
(per week)
$15.00
$16.50
$18.00
$19.50
$21.00
$22.50
$24.00
$30.00
To Age 32
$623,000
$685,300
$747,600
$809,900
$872,000
$934,500
$996,800
$1,246,000
33-45
$519,000
$570,900
$622,800
$674,700
$726,600
$778,500
$830,400
$1,038,000
46-55
$415,500
$457,050
$498,600
$540,150
$581,700
$623,250
$664,800
$831,000
56-65
$301,000
$331,100
$361,200
$391,300
$421,400
$451,500
$481,600
$602,000
66
$156,000
$171,600
$187,200
$202,800
$218,400
$234,000
$249,600
$312,000
67
$124,500
$136,950
$149,400
$161,850
$173,300
$186,750
$199,200
$249,000
68
$104,000
$114,400
$124,800
$135,200
$145,600
$156,000
$166,400
$208,000
69
$77,900
$85,690
$93,480
$101,270
$109,060
$116,850
$124,640
$155,800
Nil
Nil
Nil
Nil
Nil
70 plus
Nil
Nil
Nil
* NOTE: Age means Age Last Birthday.
AMIST Super Hotline 1800 808 614
|
www.amist.com.au
15
Insurance Cover with AMIST Super Personal Division - continued
When does my Insurance
cover start?
Do you want additional
cover?
Your Life Insurance cover will start when:
the insurer has assessed and accepted
your application for cover; and your account
in the fund is sufficient to cover the cost of
insurance premiums.
If you decide you want to increase your level
of cover, Life Insurance cover is available
to a total maximum of 20 units and can
be applied for at any time. You will need
to complete the insurer’s Application for
Insurance Cover contained at the back of
this booklet and may be required to provide
further medical evidence, which may include
a medical test or an examination. The further
evidence will depend on the level of cover
you select and your age at the time of the
application. The insurer will advise if further
medical evidence is necessary.
Please see the section titled “How Much
Life Insurance Cover Can I Obtain?” to see
how much your insurance cover will cost
per week (see page 14).
Acceptance of insurance cover is at the
discretion of the insurer.
When does cover end?
Your insurance cover will continue under
AMIST Super Personal Division until one of
the following happens:
• A death benefit becomes payable; or
• You reach the cover expiry age which at
present is age 70; or
• The date we receive your written request
for cover to end; or
• The date you cease to be a member of
AMIST Super Personal Division; or
• The date you no longer have sufficient
funds in your account to cover the cost of
the insurance premium; or
• The date you join any armed forces, other
than the Australian Armed forces reserve.
Should your cover end due to AMIST Super
Personal Division receiving your written
request for your cover to end, and should
you then wish to have your cover reinstated,
you will need to complete an ‘Application to
Increase Insurance cover’ form.
This form must include evidence of health
satisfactory to the insurer and must be
accepted in writing by the insurer. In
addition, should your cover end due to you
no longer having sufficient funds in your
account to cover the cost of the insurance
premium, you will have 30 days to “top-up”
your account to ensure that your insurance
cover continues. If you do not top up your
account within the 30 days, your insurance
cover will end and future insurance cover
will require evidence of health satisfactory to
the insurer.
16
Note: If you are applying for an increase
to your existing insurance cover, and the
insurer declines the additional cover, any
existing cover under your AMIST Super
Personal Division will not be affected.
Accidental Death Cover
The insurer will provide “accidental
death cover” while an application for Life
Insurance cover or an increase in Life
Insurance cover is being assessed.
“Accidental death cover” is defined as a
bodily injury caused solely and directly by
accidental, external and visible means,
independent of any other cause.
A death benefit will be paid based on the
level of Life Insurance cover applied for,
subject to a maximum amount of $500,000.
Accidental death cover is provided from the
date an application for Life Insurance cover
is received by the Insurer and will end the
earlier of:
• The date you withdraw your request for
the cover;
• The date the insurer accepts your request
for cover on standard or special terms;
• The date the insurer rejects your request
for cover;
• The date a death benefit becomes
payable; and
• 60 days from the date the insurer is
notified of your request for the cover.
AMIST Super Personal Division Product Disclosure Statement
|
March 2010
Exclusions
The following exclusions apply to insured
cover:
• No benefit will be paid as a result of war
outside of Australia; and
• No benefit above 1 unit will be paid
where the death of a member is caused
by suicide or any intentional self-inflicted
act whether or not sane at the time; or
where the death of a member is caused
by the following acts, whether or not sane
at the time and whether or not intentional:
• Hanging or Strangulation,
• Carbon-Monoxide Poisoning,
• Self-fired firearm,
• Taking or injecting any illegal substances,
any drugs or medicines that are not
prescribed by a registered doctor or any
drugs or medicines in a dosage which
is contrary to the advice prescribed by a
registered doctor.
Cover Outside of Australia?
AMIST Super Personal Division members
may be covered irrespective of whether they
reside in Australia or overseas, provided
they are members of AMIST Super Personal
Division. (That is provided they have a
positive balance in their account and that
their premiums have been paid up to date).
For more information please contact the
AMIST Super Holtine on 1800 808 614.
This document does not contain full details
of the contract between AMIST Super
Personal Division and its insurer and only
offers a general guide to the insurance
offered by AMIST Super Personal Division.
Full details of the insurance arrangement
are contained in the Insurance Policy
Document. If you require further information
about the insurance AMIST Super Personal
Division offers please contact the AMIST
Super Hotline on 1800 808 614. The
insurance is provided under a contract
between the Trustee and The Colonial
Mutual Life Assurance Society Limited
ABN 12 004 021 809.
Insurance costs are not guaranteed and may
be varied from time to time without notice.
Income Protection Insurance
You can take out Income Protection
insurance to provide you with a monthly
benefit paid for up to two years if you are
unable to work because of sickness or
injury subject to conditions of the insurance
policy.
To apply please complete the Application for
Insurance form at the back of this booklet.
Depending on the level of your cover, the
insurer may require further health or other
evidence to assess your application.
Applying for Cover
Members of the AMIST Super Personal
Division may apply for Income Protection
cover on the following basis:
• your application for Income Protection is
made and assessed by the insurer;
• you are aged more than 14 years but less
than 65 years;
• you are a member of the AMIST Super
Personal Division;
• you are either,
a) employed on a permanent basis as
defined by the insurer; or
b) employed for at least 15 hours per
week; and - your account in the
fund is sufficient to cover the cost of
insurance premiums.
For you to qualify, the employment
contract must be for a period of no less
than 12 months, requiring you to perform
identifiable duties for a regular number of
hours each week and provide for annual
leave, sick leave and long service leave.
• your account in the fund is sufficient to
cover the cost of insurance premiums.
If you are accepted for Income Protection
cover, the maximum benefit payable will be
the lower of:
• your current units of cover;
• 75% of your average monthly income
(before bonuses) for the last twelve
consecutive months;
When does Income
Protection Insurance Cover
Cease?
Your Income Protection cover will end on
the earliest of the following:
• your death;
• the date you reach age 65 years;
• $10,000 per month.
You need to take into account these
maximum levels of cover when you choose
the number of units of Income Protection
insurance cover you take out. Units of
Income Protection cover provide $100 of
monthly benefit each. For example, if you
want $2,500 worth of monthly Income
Protection cover, you need 25 units. The
minimum insured Income Protection benefit
for eligible members is $1,000 per month
(that is 10 units). Once you have chosen
the level of Income Protection cover, it is
important that you review the number of
units of cover that you have on a regular
basis to make sure that you have an
adequate level of cover.
When does Income
Protection Insurance Cover
Commence?
Cover will commence from the date you are
accepted for cover by the insurer.
For you to be accepted, you must complete
the application for insurance to the
satisfaction of the Insurer. The Insurer may
require further medical evidence to assess
any requests to change any existing cover
that you may have.
• the date you cease to be a member of
AMIST Super Personal Division;
• the date the Fund receives your written
request to cancel your cover;
• the date you have insufficient funds in
your account to cover the cost of the next
insurance premium;
• the date you join any armed forces,
other than the Australian Armed Forces
Reserve;
• the date the policy terminates; or
• the date the AMIST group life policy held
with the insurer terminates.
If your cover terminates because you have
requested cover be cancelled or because
you are unable to pay premiums, there will
be no reinstatement of cover.
When do Income Protection
Benefit Payments
Commence?
The Income Protection insurance benefit
will be paid monthly in arrears and will
start after you have been totally disabled
continuously for longer than the waiting
period. The waiting period can be 30, 60 or
90 days as nominated by the member. The
benefit will not commence until the insurer
has approved the claim.
AMIST Super Hotline 1800 808 614
|
www.amist.com.au
17
Income Protection Insurance - continued
What does totally disabled
mean?
When does your income
protection benefit end?
A member is totally disabled if, because of
sickness or injury, he or she is:
The benefit is payable monthly in arrears
from the end of the waiting period until one
of the following happens:
a) unable to perform at least one income
producing duty of his or her occupation;
and
a) the insured member is no longer totally or
partially disabled;
b) under the regular care of, and following
the advice of, a medical practitioner; and
b) the benefit payment period ends;
c) not working in any occupation, whether
or not for reward.
d)the insured member reaches age 65 or
such other expiry date as agreed.
Income Producing
How much is the monthly
Income Protection benefit?
Duty means:
A duty of the member’s occupation
immediately before he or she became
disabled which generates 20% or more of
the member’s income.
Partial Disability:
If, after being totally disabled, you are
assessed to be only partially disabled
during the benefit payment period, you may
still be eligible to receive part of the monthly
benefit.
An insured member is partially disabled if he
or she is not totally disabled but, because of
sickness or injury, he or she:
a) has been totally disabled for at least the
relevant waiting period being 30, 60 or
90 days;
b) is unable to work in his or her own
occupation at full capacity immediately
after he or she became totally disabled
because of the sickness or injury that
caused his or her total disability;
c) is working in his or her own occupation in
a reduced capacity, or working in another
occupation;
c) the insured member dies; or
The amount of the benefit payable each
month will be the monthly benefit reduced
by the amount of disability income paid, or
which is required to be paid, in respect of
the member’s sickness or injury.
The monthly benefit is the lesser of:
• your current units of cover
• 75% of your average monthly income
(before bonuses) for the last twelve
consecutive months; and
• $10,000 per month
Disability income means income or
equivalent payments as a result of your
sickness or injury including:
a) any income (other than benefits
a) received under this policy) or
commutation of income, paid or payable
in respect of an insured member as a
result of the insured member’s sickness
or injury including:
• sick leave payments;
• social security payments;
d)earns a monthly income that is less than
his or her pre-disability income; and
• any amounts payable under legislation
such as workers’ compensation or
motor accident compensation; and
e) is under the regular care of, and following
the advice of, a medical practitioner.
• any benefits payable under other
Income Protection insurance policies;
b) any income earned by the insured
member from personal exertion while
disabled, but excluding any such income
earned from the employer; and
18
AMIST Super Personal Division Product Disclosure Statement
|
March 2010
c) any income which, in the insurer’s
opinion, the insured member could
reasonably be expected to earn in his
or her occupation while disabled.
Reinstatement of Income
Protection insurance cover
You will have to reapply for cover where your
cover ends. You will be required to provide
health evidence and your application is
subject to the Insurer’s approval. For more
information please contact the AMIST Super
Hotline on 1800 808 614.
Increase in cost of Income
Protection insurance cover
The insurer may increase the cost of any
insurance cover offered by AMIST Super
Personal Division. We will provide you with
at least 30 days prior written notice where
this occurs.
Worldwide cover for Income
Protection insurance cover
Cover is available outside Australia for a
maximum of 13 weeks for you unless we
agree in writing before you leave Australia.
After this period we may apply a restriction
to the cover or a loading to the premium
where you are travelling in high-risk
countries as identified by the insurer.
Insured Members travelling overseas for
more than 13 weeks must notify the fund/
Insurer using our “leave without pay” form
prior to leaving the country. We cannot
guarantee cover if you travel overseas
for more than 13 weeks without first
notifying us.
This restriction on cover outside Australia
only applies to you if you are no longer
employed by your employer or are on
leave without pay or mandated employer
contributions are no longer being made to
AMIST Super Personal Division for you by
your employer.
If you are on fully paid leave, including
annual leave or long service leave, and
mandated employer contributions are being
made for you to AMIST Super Personal
Division, you will continue to be covered
while overseas for more than 13 weeks.
Cover will not be provided for claims arising
from war.
Circumstances where
Income Protection
insurance benefits will
not be payable
This document does not contain full details
of the contract between AMIST Super
Personal Division and its insurer and only
offers a general guide to the insurance
offered by AMIST Super Personal Division.
Full details of the insurance arrangements
are contained in the Insurance Policy
document. If you require further information
about the insurance AMIST Super Personal
Division offers please contact us on
1800 808 614. The insurance is provided
under a contract between the Trustee and
the Colonial Mutual Life Assurance Society
Limited ABN 12 004 021 809.
There are some circumstances where an
Income Protection insurance benefit will not
be payable. Income Protection insurance
benefits will not be payable if your sickness
or injury is caused directly or indirectly from:
Insurance costs are not guaranteed and may
be varied from time to time without notice.
• Your service in the armed forces of any
country,
The cost of Income Protection insurance
cover depends on the premium rate that
applies for your gender, age, occupation
(Group 1, 2 or 3) and the waiting period
you choose. To work out the monthly
premium for your age and job tasks, refer
to the premium rate tables on the following
pages. Please note that the Insurer will
determine which Group is applicable to
your occupation based on the information
provided on your application form.
• Any war or act of war (whether declared
or not), revolution, invasion, rebellion or
civil uprising, or
• Any self inflicted act whether or not you
were sane at the time, or
• Normal pregnancy or childbirth.
Where ‘normal pregnancy or childbirth’
means normal and uncomplicated
pregnancy or childbirth, including multiple
pregnancy, caesarean birth, threatened
miscarriage, participation in in-vitro
fertilisation or other medically assisted
fertilisation techniques and normal
discomforts of pregnancy, such as morning
sickness, backache, varicose veins, ankle
swelling and bladder problems.
Cost of Income Protection
insurance cover
Group 3: Insured members who work in
the meat industry in an occupation that the
insurer considers as “high risk” such as:
• Abattoir workers;
• Butcher/meat worker within an abattoir;
• Butcher/meat worker – cold store/
process worker;
• Butcher/meat worker – packer; and
• Slaughterer or any other similar
occupation within the meat industry.
Look up your age last birthday in the
left hand column and then multiply the
corresponding figure in the next columns
for the waiting period and number of units
of Income Protection insurance cover you
want. The premiums in the tables show the
annual premium per unit of cover.
The cost of cover is deducted monthly from
your member account.
Occupations are categorised in 3 groups:
Group 1: Insured members who perform
only non-manual duties and work at least
75% of the time in an office environment
and have done so for the last 12 months.
Group 2: Insured members who do not
qualify as Group 1 or Group 3 members.
There may be some hazardous occupations
for which cover will not be offered, this will
be assessed on a case by case basis by
the insurer.
AMIST Super Hotline 1800 808 614
|
www.amist.com.au
19
Income Protection Insurance - continued
GROUP 1
Waiting Period:
Benefit
Payment
Period
Age Attained
20
30 Days
2 Years
GROUP 2
60 Days
2 Years
90 Days
Waiting Period:
30 Days
60 Days
90 Days
2 Years
Benefit
Payment
Period
2 Years
2 Years
2 Years
Insured members (Group 1)
Premium Rates ($) per annum for each
$100 of cover per month
Age Attained
Insured members (Group 2)
Premium Rates ($) per annum for each
$100 of cover per month
15
4.04
2.83
2.02
15
11.22
7.86
5.61
16
4.09
2.86
2.04
16
11.36
7.95
5.68
17
4.14
2.90
2.07
17
11.50
8.06
5.75
18
4.19
2.94
2.10
18
11.65
8.15
5.82
19
4.27
2.98
2.14
19
11.85
8.29
5.93
20
4.33
3.04
2.17
20
12.05
8.44
6.02
21
4.41
3.09
2.20
21
12.26
8.58
6.13
22
4.46
3.12
2.22
22
12.37
8.66
6.18
23
4.50
3.15
2.25
23
12.50
8.75
6.25
24
4.54
3.17
2.27
24
12.61
8.83
6.31
25
4.45
3.11
2.22
25
12.34
8.64
6.18
26
4.37
3.06
2.19
26
12.15
8.50
6.07
27
4.33
3.03
2.17
27
12.04
8.43
6.02
28
4.34
3.04
2.18
28
12.07
8.45
6.03
29
4.41
3.08
2.20
29
12.24
8.56
6.12
30
4.51
3.16
2.26
30
12.55
8.79
6.27
31
4.67
3.27
2.34
31
12.98
9.08
6.49
32
4.86
3.40
2.43
32
13.50
9.45
6.75
33
5.05
3.54
2.53
33
14.04
9.83
7.02
34
5.29
3.71
2.65
34
14.71
10.29
7.35
35
5.57
3.90
2.78
35
15.46
10.82
7.72
36
5.87
4.10
2.94
36
16.30
11.41
8.15
8.62
37
6.20
4.34
3.11
37
17.23
12.07
38
6.57
4.60
3.29
38
18.25
12.78
9.13
39
6.97
4.88
3.49
39
19.37
13.56
9.69
40
7.39
5.17
3.70
40
20.52
14.36
10.26
41
7.82
5.47
3.91
41
21.73
15.21
10.86
11.52
42
8.29
5.80
4.15
42
23.04
16.13
43
8.77
6.14
4.39
43
24.37
17.05
12.18
44
9.29
6.51
4.65
44
25.81
18.07
12.91
45
9.88
6.92
4.94
45
27.46
19.22
13.73
46
10.58
7.40
5.29
46
29.38
20.57
14.70
47
11.37
7.96
5.68
47
31.59
22.11
15.79
48
12.20
8.54
6.10
48
33.89
23.72
16.95
49
13.15
9.21
6.57
49
36.53
25.56
18.26
50
14.21
9.95
7.11
50
39.47
27.63
19.73
51
15.39
10.77
7.70
51
42.75
29.93
21.38
52
16.65
11.66
8.33
52
46.27
32.39
23.13
53
18.06
12.64
9.03
53
50.15
35.10
25.08
54
19.53
13.67
9.77
54
54.26
37.98
27.13
55
21.13
14.79
10.56
55
58.68
41.08
29.35
56
22.85
15.99
11.42
56
63.46
44.42
31.73
57
24.80
17.36
12.40
57
68.88
48.22
34.44
58
27.04
18.92
13.52
58
75.11
52.57
37.55
59
29.55
20.68
14.77
59
82.06
57.44
41.03
60
32.31
22.62
16.15
60
89.75
62.82
44.87
61
35.31
24.72
17.65
61
98.09
68.66
49.04
62
31.75
22.22
15.87
62
88.19
61.73
44.10
63
26.46
18.52
13.22
63
73.48
51.43
36.74
64
15.93
11.15
7.97
64
44.26
30.99
22.14
AMIST Super Personal Division Product Disclosure Statement
|
March 2010
GROUP 3
Waiting Period:
30 Days
60 Days
90 Days
Benefit
Payment
Period
2 Years
2 Years
2 Years
Age Attained
Insured members (Group 3)
Premium Rates ($) per annum for each
$100 of cover per month
15
22.44
15.71
11.21
16
22.72
15.90
11.36
11.50
17
23.01
16.11
18
23.29
16.30
11.65
19
23.69
16.59
11.86
20
24.09
16.87
12.05
21
24.51
17.16
12.26
22
24.74
17.33
12.37
23
25.00
17.50
12.50
24
25.21
17.65
12.62
25
24.68
17.27
12.35
26
24.30
17.01
12.14
27
24.07
16.85
12.05
28
24.13
16.89
12.07
29
24.47
17.12
12.24
30
25.10
17.58
12.54
31
25.95
18.16
12.98
32
27.00
18.91
13.51
14.04
33
28.08
19.67
34
29.41
20.58
14.71
35
30.91
21.64
15.45v
36
32.60
22.82
16.30
37
34.47
24.13
17.23
38
36.50
25.56
18.26
39
38.74
27.11
19.38
20.52
40
41.04
28.73
41
43.45
30.42
21.72
42
46.08
32.26
23.05
43
48.74
34.11
24.36
44
51.62
36.14
25.82
45
54.91
38.44
27.46
46
58.77
41.14
29.39
47
63.18
44.21
31.58
48
67.77
47.44
33.90
49
73.06
51.13
36.52
50
78.95
55.25
39.46
51
85.50
59.85
42.75
46.27
52
92.53
64.77
53
100.30
70.21
50.16
54
108.53
75.96
54.26
58.69
55
117.36
82.16
56
126.92
88.84
63.46
57
137.77
96.44
68.88
58
150.21
105.15
75.11
59
164.12
114.87
82.06
60
179.49
125.65
89.74
61
196.18
137.31
98.08
88.20
62
176.38
123.46
63
146.97
102.87
73.47
64
88.52
61.98
44.27
Example 1
Example 2
Peter, who is 50 years old
and works 100% of his time
in administrative duties in the
office (without manual duties) of
a meat company and has done
so for at least the last twelve
months, wants to take out Income
Protection insurance. He earns
$46,800 per annum and wants to
take out $2,500 of monthly cover
with a 90 day waiting period. The
maximum level of monthly cover
that Peter can take out is $2,925
per month ($46,800 x 75% ÷ 12).
Therefore, the level of cover Peter
wants is below the maximum.
Matthew, who is 30 years old,
is a meat worker in an abattoir
and wants to take out Income
Protection insurance. He earns
$30,000 per annum and wants
to take out the maximum level
of monthly cover with a 90 day
waiting period. The maximum
level of monthly cover that
Matthew can take out is $1,875
($30,000 x 75% ÷ 12). Matthew
decides to take out 19 units of
cover which represents a benefit
of $1,900. He would only receive
a benefit of $1,875 however, as
this is 75% of his income.
To find out how much this
insurance would cost him per
month, he does the following:
To find out how much this
insurance would cost him per
month, he does the following:
Group: As Peter’s occupation
does not involve any manual
labour, he comes under Group
1. He has selected a 90 day
waiting period.
Group: As Matthew’s job
involves manual labour in
an abattoir he comes under
Group 3. Matthew decides on
a 90 day waiting period.
Age: Peter is 50. Looking at
the table, the annual premium
for a 50 year old in Group 1
with a 90 day waiting period
is $7.11 per annum for $100 of
monthly benefit.
Age: Matthew is 30. Looking
at the table, the annual
premium for a 30 year old with
a waiting period of 90 days is
$12.54 per $100 of monthly
benefit.
Cover: Peter wants $2,500
per month worth of cover. This
is equivalent to 25 units (each
unit being $100).
Cover: Matthew wants $1,875
per month of cover. This is
equivalent to 19 units (each
unit being $100).
Cost: Therefore, Peter’s annual
Income Protection insurance
premium is $7.11 (the cost of
one unit of cover) multiplied
by 25 (the number of units) =
$177.75 per annum which is
the equivalent of $14.81 per
month.
Cost: Therefore, Matthew’s
annual Income Protection
insurance premium is $12.54
(the cost of one unit of cover)
multiplied by 19 (the number
of units) = $238.26 per annum
which is equal to $19.86 per
month.
AMIST Super Hotline 1800 808 614
|
www.amist.com.au
21
Fees and Other Costs
Did you know
Small differences in both investment performance and fees and costs can have a substantial impact 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 justify higher
fees and costs.
AMIST Super Personal Division is an industry superannuation fund, and operates on the basis that all earnings are paid to members of the
fund and charges fees to meet the operating costs of the fund only. AMIST Super Personal Division does not pay any commissions.
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.fido.asic.gov.au) has a calculator to help you check out different fee options.
Fees and costs for AMIST Super Personal Division
The following information is provided in a format prescribed by the Australian Securities and Investments Commission (ASIC). This format
has been developed, and is required to be used by all providers of financial products to allow you to make a direct comparison between
AMIST Super Personal Division and other superannuation funds that you may be eligible to invest with.
This document shows fees and other costs that you may be charged. These fees and costs may be deducted from your account, from the
returns on your investment or from the fund assets as a whole.
Taxes and insurance costs are set out in another part of this document. You should read all the information about fees and costs because
it is important to understand their impact on your investment. Fees and costs for particular investment options are set out on Page 24.
TYPE OF FEE AND COST
AMOUNT
HOW AND WHEN PAID
Fees when your money moves in or out of the fund
Establishment Fee
The fee to open your investment.
Nil
Contribution Fee
The fee on each amount contributed to your
investment – either by you or your employer.
Nil
Withdrawal Fee
The fee on each amount you take out of your
investment.
$50.00
Termination Fee
The fee to close your investment
22
AMIST Super Personal Division Product Disclosure Statement
Nil
|
March 2010
Deducted from any benefit payment that you receive
from AMIST Super Personal Division.
Fees and costs for AMIST Super Personal Division (continued)
TYPE OF FEE AND COST
AMOUNT
HOW AND WHEN PAID
Investment Management Fee
The fees and costs for managing your investment.
The actual percentage payable for each investment
option appears on page 24.
0.23% to 0.73%
The actual percentage depends on which investment
option your assets are invested in. Refer to the table
on Page 24.
These fees are deducted from the investments of the
Fund. The investment return declared is the return
after these fees have been deducted.
Administration Fee
The fees and costs for management of your account.
$1.20 per week
Deducted at the end of each month from your
account balance.
(The average charge is $62.61 per annum).
Expense Recovery Fee
The Trustee is entitled to recover from the Fund
expenses that cannot be met from the administration
or investment fees.
Estimated as 0.07% of member assets, with a cap
of 0.10% of member assets.
The Expense recovery Fee is deducted before
earning rates for each investment option are
determined. It is therefore reflected in the value
of the assets of the fund.
Master Custodian Fee
The fee charged to AMIST by its Custodian for
managing the Fund’s assets.
This fee is incorporated in the Investment
Management Fee
Other Investment Related Fees
These fees are incorporated in the Investment
Management Fee
Please note however, that some investment
managers may be entitled to receive performance
based fees in the indicative range of 0.05% to
0.15% p.a.
TYPE OF FEE AND COST
AMOUNT
HOW AND WHEN PAID
Investment Switching Fee
The fee to switch your investment between
investment options.
$35.00*per switch
*The first investment switch is free if exercised
within 12 months of joining the Fund. After that time,
a fee of $35.00 is chargeable for each switch.
Family Law Fees
The fees payable where information is requested,
or a payment split is made under the Family Law
Act 2001.
1) Family Law payment split fee $100.00 ($50.00
payable by the AMIST Super Personal Division
member and $50.00 payable by their spouse),
1) Deducted from the payments at the time of
the split,
2) Family Law request to provide information
(Family Law Form 6) from an AMIST Super
Personal Division member – fee payable $50.00
(no GST payable),
2) Deducted from the member’s AMIST Super
Personal Division account,
3) Family Law request to provide information
(Family Law Form 6) from a non-member
spouse – fee payable $55.00 (incl. GST).
3) Payable by a non-member spouse prior to the
information being provided by AMIST Super
Personal Division.
Management Costs
Service fees
AMIST Super Hotline 1800 808 614
|
www.amist.com.au
23
Fees and Other Costs - continued
This document shows fees and other costs that you may be
charged. These fees and costs may be deducted from your money,
from the returns on your investment or from the fund assets as a
whole.
Taxes and insurance costs are set out in another part of this
document.
You should read all the information about fees and costs because it
is important to understand their impact on your investment.
Fees and costs for particular investment options are set out in the
table below.
Management costs other than the Administration fee are expressed
as a percentage and are referred to as the “Indirect Cost Ratio”
(ICR). The ICR for AMIST Super Personal Division is the total of the
fees charged to AMIST Super Personal Division for the investment
of the fund’s assets and the Expense Recovery fee to cover the
costs of the fund which are not recovered from the Administration
fee. These fees are passed on to members by way of adjusting the
return for each of the investment options to take into account the
payment of these fees.
Investment Management Fees for 2009/2010
The Investment Management fees (IMF) are charged to AMIST
Super Personal Division by investment managers for investing
the assets of the fund. These fees vary depending on the type of
investment. Some of the investments of the Balanced and Growth
options also have performance-based fees, where the investment
manager receives a bonus if the investment return exceeds certain
targets. The table below shows the average fee for each investment
option for the year 2008/2009.
Option
Investment Management
Fee (Average)
Secure
0.23%
Capital Stable
0.49%
Balanced
0.54%
Growth
0.58%
High Growth
0.67%
* Investment Fees shown are based on Investment Fees (not including any
performance based fees) that were paid during the year ended 30 June 2009.
The Investment Fees shown for the Capital Stable and High Growth options are
an estimate only, as those options commence on 1 April 2010.
Performance based fees are payable to some investment managers where
the return achieved exceeds the benchmark for their asset class by a defined
percentage. Performance based fees potentially payable range from 0.05%
to 0.15%.
24
AMIST Super Personal Division Product Disclosure Statement
|
March 2010
Example of annual fees and costs for the
Balanced investment option
This table gives an example of how the fees and costs in the
balanced investment option for this product can affect your
superannuation investment over a one-year period. You should
use this table to compare this product with other superannuation
products.
EXAMPLE – BALANCED INVESTMENT OPTION
Based on an account balance of $50,000 and annual contributions of
$5,000
Administration Fee
$1.20 per week
Average charge per
annum would be $62.61
Contribution Fee
Nil
AMIST Super Personal
Division does not charge
any fees for making
contributions
Investment
Management Fee
0.54% of account
balance
For every $50,000 you
have in the fund you will
be charged $270.00 p.a.
Expense Recovery
Fee
Estimated at 0.07% of
member assets with a
cap of 0.10%)
For every $50,000 you
have in the fund you will
be charged $35.00 p.a.
TOTAL annual fees
and costs
The total cost will be
$367.61 p.a.
Explanation of Fees and Costs
Fee changes
AMIST Super Personal Division reserves the right to change the
fees charged at any time. You will be notified of any change at least
30 days prior to that change taking effect.
Insurance costs
Please refer to the content commencing on page 14 of the PDS
for details of the cost of AMIST Super Personal Division insurance
cover.
Taxation
Please refer to page 32 of this PDS for details of the taxation
applicable to superannuation. Please note that the taxation rates
are subject to change by the Commonwealth Government. Please
contact the Australian Taxation Office on telephone 13 28 61 or
refer to the ATO website www.ato.gov.au
Dishonour Fee
If you make personal contributions to AMIST Super Personal
Division via Direct Debit, and your financial institution dishonours
the transaction, any fees charged to AMIST Super Personal Division
as a result of that dishonour would be deducted from your member
account. You will be advised of this in writing.
Family Law Fee
If you or your spouse request detail of your entitlements for Family
Law Purposes, or your member balance is to be split between you
and your spouse, additional fees apply. These fees are detailed in
the table appearing on page 23.
Protection of small accounts
AMIST Super Personal Division protects the benefits of members
with small account balances from erosion by administration fees.
If your account balance is less than $1,000, the administration fees
applied in any year (1 July to 30 June) cannot normally exceed the
total earnings applied to your account.
Where the earning rate of the fund is less than 1%, the Trustee may
elect to charge members with small account balances up to $10.00
in administration fees, irrespective of their account balance.
Under Commonwealth Government Regulations access to your
superannuation entitlements is limited until you meet a condition
of release. Your superannuation is classified as either Preserved,
Restricted Non-Preserved or Unpreserved, depending on who
made the contribution and when it was made. Your AMIST Super
Personal Division member statement will show you how your
superannuation is classified. Detail of the three classifications and
conditions for release appear over the page.
In order to apply for payment of a benefit from AMIST Super
Personal Division you will need to complete an Application for
Benefit Payment form which is available by contacting the AMIST
Super Hotline on 1800 808 614.
You will be required to provide proof of identity prior to any payment
being made from AMIST Super Personal Division. Please refer to
Page 39 of this booklet for details of the documentation required.
Once all of the documentation is received by AMIST Super Personal
Division the lump sum payment will be processed within five
working days and paid by cheque.
AMIST Super Hotline 1800 808 614
|
www.amist.com.au
25
Preservation
When you can receive payment of any of
your superannuation entitlements depends
on when a contribution was made, and who
made the contribution. Superannuation
benefits are generally “preserved” until you
reach retirement age, or some other event
occurs that allows the funds to be released
to you. There will be a lesser restriction on
some benefits that accrued up to 30 June
1999. From 1 July 1999 all contributions to
superannuation are treated as “preserved”.
Details of the classifications, and when
funds may be released, appear below.
Preserved Benefits
All contributions made to a superannuation
fund from 1 July 1999 are classified as
“Preserved”. Some contributions made
prior to this date may be either Preserved,
Restricted Non-Preserved or Unrestricted.
In order to apply for payment of any
Preserved amount you must meet one of
the following conditions:
• Permanently retired from the workforce
on or after age of 55*, or
• Ceased employment with a participating
employer after age 60, or
In the 2009 Federal Budget the
Commonwealth Government indicated that
the eligibility age for the Age Pension will
be increased to age 67 from 2023. At the
time of writing this change did not affect
the age requirements for early release of
superannuation. Please check our website,
www.amist.com.au for any updates.
If you were born...
The minimum age
for early release
of preserved
benefits is...
Prior to 1 July 1960
55 years
Between 1 July 1960
and 30 June 1961
56 years
Between 1 July 1961
and 30 June 1962
57 years
Between 1 July 1962
and 30 June 1963
58 years
Between 1 July 1963
and 30 June 1964
59 years
After 1 July 1964
60 years
These are shown as your “preservation age”.
• Reached age 65 years, or
• Death, or
• Meet the conditions for release due
to Severe Financial Hardship or
Compassionate Grounds (approved
by the Australian Prudential Regulation
Authority, see Page 28 for more details),
or
• Become totally and permanently
incapacitated, or
* If you were born prior to 1 July 1960 the minimum
age for release of benefits at permanent retirement
is age 55 years. If you were born after 30 June 1960,
the minimum retirement age will be as indicated in
the table.
AMIST Super Personal Division Product Disclosure Statement
Restricted Non-Preserved benefits are
amounts that you were entitled to receive
prior to 1 July 1999 and elected for them
to remain in a superannuation fund. In
most cases these are benefits that you
transferred to AMIST Super Personal
Division from another superannuation fund.
If part of your account balance with
AMIST Super Personal Division includes
“Restricted Non-Preserved” benefits, you
will be able to receive payment of this
amount where you cease employment with
a participating employer.
Your annual member statement will show
any amount of Restricted Non-Preserved
in your member account. You can also
view your account details on-line at
www.amist.com.au. Please call the AMIST
Super Hotline on 1800 808 614 to register
for access.
Unrestricted Benefits
Unrestricted benefits are amounts that
you are entitled to withdraw from your
AMIST Super Personal Division account
at any time. This portion relates to
contributions made prior to 1 July 1999
to a superannuation fund that allowed
the contributions to be withdrawn at any
time. For AMIST Super Personal Division
members these may be part of benefits that
you transferred to AMIST Super Personal
Division from another superannuation fund.
Your annual member statement will show
any amount of Restricted Non-Preserved
in your member account. You can also call
1800 808 614 to register for on-line access
on www.amist.com.au
• Leave your job and your preserved
benefit is less than $200
26
Restricted Non-Preserved
Benefits
|
March 2010
Benefits
You can receive a payment of all or part
of your AMIST Super Personal Division
account balance in the circumstances show
below. Please note that the default payment
method is by cheque.
If you are under age 60 years you will need
to sign the declaration on the Application
for Benefit Payment Form certifying that
you have permanently retired from the
workforce.
Earnings will be applied to the account
balance at the date the benefit is paid, with
the crediting rates that have been declared
by the Trustee at the date of payment. The
rate applied may be a previous month’s rate,
where the next month’s rate has not been
declared by the Trustee. Rates are generally
declared after the third week of the month.
For members under age 60 years, there
may be taxation payable on the retirement
benefit – refer to page 32 for details of
taxation. For members aged 60 years and
over there is no taxation payable on lump
sum superannuation benefits.
Example: A benefit paid on 15 September
will generally have earnings credited using
the following month’s interim crediting rates:
As an alternative to taking your benefits
as a lump sum when you retire you have
the option of transferring your account
balance across to the AMIST Pension. The
pension option allows you to continue to
invest your money and use the balance to
provide you with a regular pension payment
– and if you are aged 60 or older there is
no tax on income you receive from the
pension. Additionally, the income earned
by the pension is not taxed (whereas
superannuation fund income is subject to
tax at a rate of up to 15%) and investments
outside superannuation have earnings
taxed at your marginal tax rate.
Month
Rate Used
July
July
August
July
September
July (x15 days)
The current crediting rates are posted on
the fund’s website www.amist.com.au and
are updated the same day that the Trustee
approves the monthly crediting rates.
Please refer to the section titled “Interim
Crediting Rate” on Page 12 for details of
how interim crediting rates apply.
Retirement Benefit
Once you reach your preservation age
(see page 26) and have ceased working you
may apply for payment of all or part of your
entitlements with AMIST Super Personal
Division as a lump sum. Alternatively you
may use your entitlements to purchase an
AMIST Pension. After reaching age 65 years
you are entitled to claim all or part of your
entitlements from AMIST Super Personal
Division even if you are still working.
AMIST Super Pension
The AMIST Pension is also available to
members who have reached the minimum
retirement age, which is currently 55 year
and are still working. If you were born after
1 July 1960, please refer to the “Preserved
Benefits” section (see page 26).
Known as a “Transition to Retirement”
Pension, this option allows you to transfer
any of your “preserved” account balance
with AMIST Super Personal Division to the
AMIST Pension and receive a pension whilst
you are still working.
Please contact the AMIST Pension Hotline
on 1800 255 521 for a copy of the AMIST
Pension Product Disclosure Statement.
Alternatively you can download a copy from
our website: www.amist.com.au
Resignation or
Retrenchment
If you change jobs, leave employment or
are retrenched you do not have to leave
the AMIST Super Personal Division. Your
account can remain open, and if you have
life insurance cover with the AMIST Super
Personal Division, that cover will remain in
place whilst there are sufficient funds in your
account to pay insurance premiums.
AMIST Super Personal Division is able to
accept contributions from any employer;
therefore you may be able to have your new
employer make Superannuation Guarantee
contributions to your Super.
As an alternative you have the option to
either:
• Apply for a lump sum payment if you
are entitled to receive payment of your
entitlements, (refer to the Preservation
section on page 26).
• Transfer your entitlements to another
complying superannuation fund.
The benefit payable on resignation or
retrenchment will be the balance of your
member account (less the benefit payment
fee and any applicable government
imposed tax).
Portability
Under the Commonwealth Government
Regulations you may elect to transfer some
of your preserved entitlements to another
complying superannuation fund, even if
your employer is still making contributions
to AMIST Super Personal Division as the
default fund. Prior to making any decision
of this nature you should consider whether
the other fund offers similar benefits to
those offered by AMIST Super Personal
Division (e.g. low fees, investment choice,
life insurance cover or income protection
insurance cover). The Trustee recommends
that you should seek advice from a qualified
financial adviser.
AMIST Super Hotline 1800 808 614
|
www.amist.com.au
27
Benefits - continued
The Regulations allow the Trustee to impose
the following conditions:
1) If you are transferring part of your
account balance to another fund, an
amount of at least $5,000 must remain
in your AMIST Super Personal Division
account,
2) You cannot transfer part of your AMIST
Super Personal Division balance to
another superannuation fund more than
once in a twelve-month period.
You may claim your benefit by completing a
claim form. Please contact the AMIST Super
Hotline on 1800 808 614.
You will be required to provide proof of
identity prior to receiving a lump sum
payment from AMIST Super Personal
Division. Please refer to page 36 of this
booklet for details of the documentation
required.
Once all of the documentation is received
by AMIST Super Personal Division, the lump
sum payment will be processed within five
working days and paid by cheque.
Severe Financial Hardship
You may apply for release of some of your
Preserved entitlements where you are
suffering from severe financial hardship.
In order to be eligible you must be:
• In receipt of eligible Commonwealth
Government income support payments;up to age 55 years, for a period of 26
consecutive weeks,
• age 55 or older, for a cumulative period of
39 weeks. AND
• Satisfy the Trustee that you are unable
to meet reasonable and immediate daily
living expenses.
You should be aware that the Trustee is
only permitted to release preserved benefits
where they are satisfied that severe financial
hardship exists. You therefore must provide
evidence to the Trustee of AMIST Super
Personal Division that you are unable to
meet reasonable and immediate living
expenses, and have no assets besides
your superannuation that it is reasonable
to expect you to sell in order to meet
your liabilities.
28
For example, the AMIST Super Personal
Division Trustee generally does not accept
the following as being reasonable and
immediate living expenses:
• Alcohol
• Cigarettes
• Pay TV
• Motor Vehicles (including motor vehicle
repairs)
• Paying credit card balances or the entire
outstanding amount of any loan (the
effects of monthly repayments will be
considered)
• Payments to meet penalties imposed by
courts or law enforcement agencies as a
result of traffic, civil or criminal offences.
Additionally, the Trustee may not take into
account medical or dental expenses when
considering a claim on the grounds of
severe financial hardship.
If you are under age 55 years the Trustee is
permitted to release a minimum of $1,000
(unless your entire account balance is less
than $1,000) and a maximum of $10,000 in
any period of 12 months.
If you are aged 55 years or older and have
been receiving Commonwealth income
support for a cumulative period of 39
weeks, there is no limit on the amount that
the Trustee can release.
If you wish to apply for a payment due to
severe financial hardship you will need to
complete a questionnaire providing details
of income, expenditure and liabilities for
yourself and any dependents. You are also
required to provide evidence to support
your claim (copies of current statements of
income, bills, etc). Please contact the AMIST
Super Hotline on 1800 808 614 for details or
to obtain the questionnaire.
Please note if you are under 55 years of
age the tax payable is currently 21.5%
(see page 32).
AMIST Super Personal Division Product Disclosure Statement
Compassionate Grounds
If you do not meet the criteria for Financial
Hardship, you may be able to claim some of
your benefits on Compassionate Grounds.
In this case you will need to make the
application to the Australian Prudential
Regulation Authority (APRA). In the event
your application is successful, APRA will
direct AMIST Super Personal Division to
release a specific amount. The grounds that
may be considered under Compassionate
Grounds are:
• Medical treatment for a member or
their dependent where the treatment
is necessary to treat a life threatening
illness or injury, or to alleviate acute or
chronic pain or acute or chronic mental
disturbance, and where such treatment
is not readily available through the public
health system;
• Medical transport for a member or
their dependent to access treatment
necessary to treat a life threatening
illness or injury, or to alleviate acute or
chronic pain or acute or chronic mental
disturbance;
• Modifications to the family home and/
or vehicle to meet the special needs of
a disabled member or their disabled
dependent; or
• Palliative care or death, funeral, or
burial expenses for a member or their
dependent.
In addition, it is possible to have an amount
released on Compassionate Grounds
to prevent foreclosure of a mortgage,
or exercise of a power of sale over the
member’s principal place of residence. In
this case, APRA will issue a letter to AMIST
Super Personal Division authorising the
Trustee to pay the released amount straight
to your mortgage provider.
More details can be obtained from APRA
on telephone 1300 13 10 60 or from their
website www.apra.gov.au (Superannuation
Section – Early Release of Benefits).
Please note that tax may still be payable
(see page 32) for tax rates.
|
March 2010
Death Benefit
In the event of your death, your entitlements
are payable to your dependents, persons
with whom you shared an interdependent
relationship, or legal personal representative
(i.e. the executor of your Will). Benefits
may be paid to a non-dependent where
there are no dependents or legal personal
representative, or there is no will.
• A dependent is generally someone
who is dependent on you at the time of
your death. For example, your spouse
(husband/wife or de facto, from 1 March
2009 of either sex). Children, irrespective
of whether they are living with you,
or their age, may be considered as
dependents. Other people may qualify as
dependents.
• An interdependent relationship, classified
as a relationship with a person of either
sex with whom you share a close
personal relationship and live together
and one or both parties provide financial
and domestic and personal support of
the other.
• Your personal legal representative is
someone entrusted to manage your
financial affairs, for example the executor
of your estate. Where you have a valid
will and payment is to be made to your
estate, the executor must provide proof
of the grant of probate* before payment
can be made. Where there is no will,
and an estate is being created, the
executor must provide a copy of letters
of administration*.
The Trustee has the final discretion as
to who is entitled to payment of your
entitlements in the event of your death,
however payment must be made in
accordance with the AMIST Trust Deed and
the Superannuation Industry (Supervision)
Regulations 1994 (SIS Regulations). The
Trustee will consider any beneficiary that
you nominate, however is bound by the
SIS Regulations as to whom payment can
be made.
Investment of Entitlements
Where a Member Dies
Nomination of Preferred
Beneficiaries
In order to ensure that the member’s
account balance is not affected by any
adverse movement of investment markets,
immediately upon advice of a member’s
death, AMIST Super Personal Division will
switch the deceased member’s account
balance so that it is invested 100% in the
Secure Option.#
To assist the Trustee to determine who
receives your benefit in the event of
your death, you may nominate your
preferred beneficiaries on the Membership
Application form. Whilst this nomination is
not binding on the Trustee it will be taken
into account when paying the death benefit.
The benefit payable on death is made up of:
• The amount accumulated in your
account; plus,
• If you had active insurance cover at the
date of death, any insurance paid by the
insurer; less,
• Any applicable Government imposed tax
(if any).
A dependent includes your spouse
(including de facto, from 1 March 2009
of either sex), children, or any person
with whom you share an interdependent
relationship. If you have no dependants or
legal personal representative at the time of
your death, the Trustee may pay your benefit
to one or more persons nominated by you.
#
Please note the regulations and practice
regarding payment of benefits will change
from time to time in accordance with federal
Government Regulations and Trustee
determinations. The Trustee reserves
the right to pay the benefit to whomever
the Trustee deems to be a dependant or
interdependent of the deceased.
In the event of your death, your
representative will need to provide the
following information to AMIST Super
Personal Division:
Please note that the Trustee may
require additional information in some
circumstances to establish who is entitled
to be considered as a dependent. For
example, in the case of a de facto or
interdependent relationship, the Trustee
may request additional information in
support of that relationship.
If the member was entitled to an insured
benefit, earnings will be applied to the
insured amount at the rates applicable to
the Secure Option from the date that the
payment is received from the insurer.#
These provisions are only applicable where
AMIST Super Personal Division is made aware of a
member’s death after 11 December 2008. Prior to
this date the account balance remained invested
in accordance with the member’s election and no
earnings were applied to the insured amount.
• Copy of your Birth Certificate*
• Copy of your Death Certificate*
• Copy of Marriage Certificate*
• Copy of document showing dissolution of
marriage (if appropriate)*
The Trustee will attempt to process death
claims as promptly as possible, however in
some circumstances it may take some time
to finalise the process.
• Statement of Claim by any person
wishing to be considered for payment,
• Statement advising that a person does
not wish to be considered for payment.
* These documents can be original documents or
certified copies. Please refer to page 37 for details
of who is authorised to certify copies of these
documents.
AMIST Super Hotline 1800 808 614
|
www.amist.com.au
29
Benefits - continued
Additional Payment to
Dependents
Where a death benefit is paid to a
dependent or legal personal representative,
there is no taxation payable on the benefit
(refer to page 32 for details of taxation of
death benefits).
Since 1 July 1988 all deductible
contributions (classified as “concessional
contributions” from 1 July 2007) have
been subject to taxation upon receipt
by a superannuation fund (known as
“Contributions Tax”, see page 32). Where
a member dies and a death benefit is
paid to a dependent of legal personal
representative, the Trustee is entitled to
claim a tax deduction for Contributions Tax
paid in respect of that member.
AMIST Super Personal Division passes the
amount of the tax deduction on to
dependents or a legal personal representative
by way of an additional payment known as an
Anti-Detriment payment.
Terminal Illness
If you are suffering from a terminal illness
you can apply for immediate release of your
account balance. No taxation is payable
where a benefit payment is made due to
Terminal Illness.
In order to be eligible for payment on
the grounds of Terminal Illness you must
provide certification from two independent
treating doctors that the illness is likely
to result in your death within a maximum
period of twelve months from the date of
the certification.
Permanent Incapacity
You may apply for payment of your account
balance on the grounds of Permanent
Incapacity. You will need to supply medical
certificates from two independent, qualified
medical practitioners, certifying that you
are permanently unable to work in any
occupation that it is reasonable to expect
you to engage in with regard to education,
training and experience. Please note that
release of your account balance from
AMIST Super Personal Division on the
grounds of Permanent Incapacity is subject
to Trustee approval.
If you have any questions about Permanent
Incapacity, please contact the AMIST
Super 1800 808 614.
Payment of Benefits to
Temporary Residents
Under Federal Government regulations,
there are restrictions on when a person
living and working in Australia under
a temporary resident visa can receive
payment of a benefit. Superannuation
benefits may only be released to temporary
residents in the following circumstances:
1) Departing Australia Permanently
(see next column),
2) Permanent Incapacity (see above),
3) Death (see next column).
In all other circumstances the money must
either remain with a superannuation fund or
transferred to the ATO (see next column).
AMIST Super Personal Division Product Disclosure Statement
People working in Australia under a
temporary resident Visa are entitled to
claim payment of their superannuation
entitlements where their Visa has expired or
been cancelled and they have permanently
departed Australia.
To be eligible you must be the holder of a
specific class of Visa. Please contact the
Australian Taxation Office (ATO) on
13 10 20 or at www.ato.gov.au for details.
Please note that residents of New Zealand
are not eligible for release of superannuation
under the temporary resident provisions.
Details of how to claim your benefit can be
obtained from the ATO website section titled
“Temporary Residents - Departing Australia”
or by contacting the ATO on 13 10 20.
Temporary Residents –
What Happens If You Don’t
Claim Your Benefit?
If you are in Australia working on a
temporary resident Visa and have not
claimed your superannuation from AMIST
Super Personal Division within six months
of the expiry of your visa or your departure
from Australia, AMIST Super Personal
Division is required by law to transfer your
benefits to the Australian Taxation Office
(ATO). Where this occurs, you will need to
claim your benefits directly from the ATO.
Please note that you will not receive any
written confirmation from AMIST Super
Personal Division that your account has
been transferred to the ATO.
Please note that the AMIST Super Personal
Division life insurance benefit is not payable
in the event of a terminal illness claim.
30
Temporary Residents
– Departing Australia
Permanently
The trustee relies on relief under ASIC
Class Order 09/437 to the effect that
the trustee is not obliged to notify or
give an exit statement to a non-resident
in circumstances where the trustee
pays unclaimed superannuation to the
Commissioner of Taxation under Division
3 of Part 3A of the Superannuation
(Unclaimed Money and Lost Members)
Act 1999.
|
March 2010
Eligible Rollover Fund
AMIST Super Personal Division have appointed Colonial SuperTrace eligible rollover fund to take over
the superannuation coverage for AMIST Super Personal Division members where contributions are no
longer being received and the member has a small account balance.
Your account may be transferred to Colonial SuperTrace if it meets the criteria below:
1. The account balance is less than $500, and
2. No contributions have been received for 6 months and your employer has advised us you have
ceased employment, or
3. No contributions have been received in the last 12 months.
You will be advised by AMIST Super Personal Division if your account is transferred to Colonial
SuperTrace.
You can contact Colonial SuperTrace at:
Colonial Supertrace
Locked Bag 5429
Parramatta NSW 2124
Telephone: 1300 788 750
What happens if your account is transferred to Colonial
Supertrace?
You will no longer be a member of AMIST Super Personal Division, and therefore any
1) insurance coverage with AMIST Super Personal Division will cease, and
2) You will become a member of Colonial SuperTrace Eligible Rollover Fund.
A copy of the Product Disclosure Statement for Colonial SuperTrace eligible rollover fund can be
obtained by contacting Colonial on 1300 788 750. Please refer to this document for details of fees,
charges, and earnings that apply to this product, as they are different to AMIST Super Personal Division.
The Trustee reserves the right to change the criteria for the minimum account balance to be transferred
to an Eligible Rollover Fund, from $500 to $1,000.
Lost Members
If you are classified as a lost member, AMIST Super Personal Division may be required to transfer your
entitlements to the Australian Taxation Office (ATO) in certain circumstances. You will be classified as a
lost member where any mail sent to you has been returned advising us that you are no longer living at
the address that we have recorded. It is therefore important that you let us know your new contact
details whenever you change address.
Lost member accounts that must be transferred to the ATO are:
• Lost member accounts where a member has reached age 65 years,
• Lost member accounts where the trustee becomes aware that a member has died and is unable to
identify/locate a beneficiary,
• Lost member accounts with an account balance of less than $200*,
• Lost member accounts that have been inactive for a period of more than five years and we do not
hold sufficient details to confirm your identity*.
* New provisions that apply from 1 July 2010.
In the event that your entitlements are transferred to the ATO, you or your beneficiary will need to
contact the ATO on telephone 13 10 20
AMIST Super Hotline 1800 808 614
|
www.amist.com.au
31
Taxation
Taxation when you receive a payment from AMIST Super
Personal Division
Lump Sum payments made by superannuation funds to members prior to their 60th
birthday may be subject to taxation.
Lump Sum payments to members from their 60th birthday onwards are not taxed.
Your superannuation account will be divided into two components – exempt (non-taxable)
and taxable components. Taxation will apply as follows:
Exempt Component
Taxable Component
Comprises of:
Comprises of:
Any exempt amount paid into a superannuation
fund after 30 June 2007 (i.e. Personal
contributions, co-contributions).
• The amounts of any non-qualifying component
held by a superannuation fund at 30 June 2007,
• Any taxable amount received by a superannuation
fund after 30 June 1983.
Any of the following amounts that were held by a
superannuation fund at 30 June 2007:
AMIST Super Personal Division is required
by the Federal Government to deduct
taxation from some contributions received.
Whether a contribution is taxed, and
the rate of tax depends on who makes
the contribution and the amount of the
contribution.
Personal Contributions:
These contributions are not taxed where
the amount received is less than the
non-concessional contributions cap
(refer to page 3 for details),
• Where a contribution exceeds the
Personal contributions cap, it will attract
tax at the highest marginal taxation rate,
• Capital Gains Tax Exempt Component,
• Post 30 June 1994 Invalidity Component,
• Concessional Component,
• Undeducted Contributions,
• Pre 1 July 1983 Taxed Component*
Rate of Taxation:
Rate of Taxation:
Nil
Benefit received after 60th Birthday:
Nil
Benefit received after 55th Birthday (and prior to
60th birthday):
No tax payable up to $150,000**
Amounts over $150,000** taxed at a rate of 15%
(plus Medicare Levy).
Benefit received prior to 55th Birthday:
Taxation payable on entire Taxable Component at a
rate of 20% (plus Medicare Levy)
* From 1 July 2007 the value of the Component previously known as the “Pre 1 July 1983” component was
fixed based on the period 1 July 1983 to 30 June 2007. From 1 July 2007 that amount became part of the
Exempt Component.
** The “Tax Free” portion of the Taxable Component for members aged between 55 and 60 years is indexed
to Average Weekly Ordinary Time Earnings (AWOTE). The amount shown is valid for the 2009/2010 financial
year. The current Tax Free amount can be obtained by contacting the Australian Taxation Office on telephone
13 10 20 or you can visit their website: www.ato.gov.au
32
Taxation whilst you are a
member of AMIST Super
Personal Division
AMIST Super Personal Division Product Disclosure Statement
|
March 2010
• Any Personal contributions made by a
Self Employed member who advises
that they are claiming a tax deduction
are taxed at a rate of 15% - please refer
to the section titled “Self-Employed
Members” on page 33.
Employer Contributions:
• Any contributions made by your employer
(including salary sacrifice contributions)
are taxed at a rate of 15% where
the amount received is less than the
concessional contributions cap. This tax
is known as “contributions tax”,
• Where a contribution exceeds the
concessional contributions cap, it
will attract tax at the highest marginal
taxation rate (refer to page 3 for details).
Co-contribution:
• Any amount received from the
Australian Taxation office for you as a
co-contribution is not taxed.
Rollover/Transfer from Another Superannuation Fund
Where you transfer or rollover an amount from another superannuation fund, there is
generally no taxation payable when AMIST Super Personal Division receives the transfer.
The exception is where the transfer is received from an untaxed superannuation fund.
Some Government superannuation funds are untaxed funds, where members are taxed
at higher rates than a taxed fund at the time of receiving a benefit payment.
Family Law
The Family Law Act allows separating
couples to include superannuation as part
of the assets being divided. Superannuation
may be divided in one of two ways:
As AMIST Super Personal Division is a taxed fund, the taxable component of any
amount transferred from an untaxed fund will be subject to taxation at the rate of 15%
upon receipt by AMIST Super Personal Division.
• by agreement, or
Self-Employed Members
If you joined AMIST Super Personal Division as an employer sponsored member, and
have subsequently become self-employed, you may make personal contributions to
AMIST Super Personal Division. If you are eligible, you may claim a tax deduction for
those contributions.
Where an agreement order is received,
AMIST Super Personal Division will split the
member’s account in accordance with the
agreement or court order. The payment to
the non-member spouse must comply with
the preservation requirements (see page 26)
– therefore payment can only be made
directly to a non-member spouse where a
condition of release is met.
A person is considered self-employed where 10% or less of their income relates to
employment that attracts Superannuation Guarantee contributions.
In that case, you must request a Section 290-170 notice from AMIST Super Personal
Division, at which time any contribution that you claim a tax deduction for must be
taxed by AMIST Super Personal Division at a rate of 15%. If you believe that you may
be eligible to claim a deduction and require a Section 290-170 notice, please contact
AMIST Super on 1800 808 614.
• where a couple is unable to reach an
agreement, by court order.
If a non-member spouse does not provide
payment instructions, an account will be
set up for them in AMIST Super Personal
Division.
Deductible Expenses
Any amounts that are deducted from your AMIST Super Personal Division account as
administration related fees or insurance premiums are allowed as a tax deduction to the
fund. AMIST Super Personal Division claims these amounts as deductions when lodging
the fund’s taxation return.
The effect of the deduction is passed on to members by reducing the amount of
contributions on which contributions tax is payable, by the amount of allowable
deductions that have been applied to your account.
Providing your Tax File Number
Under the Superannuation Industry (Supervision) Act 1993, your superannuation fund is
authorised to collect your TFN, which will only be used for lawful purposes.
These purposes may change in the future as a result of legislative change. The Trustee
of your superannuation fund may disclose your TFN to another superannuation
provider, when your benefits are being transferred, unless you request the trustee
of your superannuation fund in writing that your TFN not be disclosed to any other
superannuation provider.
It is not an offence not to quote your TFN. However, giving your TFN to your
superannuation fund will have the following advantages (which may not otherwise apply):
• AMIST Super Personal Division will be able to accept all types of contributions to your
account/s;
• the tax on contributions to your superannuation account/s will not increase;
• other than the tax that may ordinarily apply, no additional tax will be deducted when
you start drawing down your superannuation benefits; and
• it will make it much easier to trace different superannuation accounts in your name so
that you receive all your superannuation benefits when you retire.
AMIST Super Hotline 1800 808 614
|
www.amist.com.au
33
Enquiries and Complaints
If you have an enquiry about any aspect of
your membership of AMIST Super Personal
Division you can contact our administrator:
AMIST Super Hotline: 1800 808 614*
AMIST Pension Hotline: 1800 255 521*
By Mail:AMIST Super
Personal Division
Locked Bag 5390
Parramatta NSW 2124
By e-mail: [email protected]
By fax:
1300 855 378
In person:1A Homebush Bay Drive
Rhodes NSW 2138
If you wish to make a complaint about
any aspect of your membership, or
a decision of the Trustee you should
provide details of the matter that is the
subject of your complaint to:
AMIST Super Complaints
Locked Bag 5390
Parramatta NSW 2124
* Calls to these numbers are toll free from fixed
lines within Australia. Please note that calls from
mobile phones will incur any charges imposed
by your service provider.
Complaints Procedure
The Trustee aims to resolve any complaints
as soon as possible; however in some
instances a final response may be delayed
whilst the matter is investigated. If you do
not receive a response within 90 days of
AMIST Super Personal Division receiving
your complaint you have the right to
escalate the matter to the Superannuation
Complaints Tribunal. Where a complaint
concerns payment of a death benefit, any
objection must be received within 28 days
of the Trustee notifying where the benefits
will be paid.
If you are not satisfied with the response
to the compliant you may refer the matter
to the Superannuation Complaints Tribunal
(SCT). Please note that:
• any complaints relating to the payment of
a death benefit must be lodged with the
SCT within 28 days of you being advised
of the Trustee’s proposed payment of a
death claim,
• a complaint must be dealt with by the
fund’s complaints process before it can
be dealt with by the SCT.
Level 4
165 Phillip Street
Sydney NSW 2000
AMIST Super Personal Division Product Disclosure Statement
The Superannuation Complaints Tribunal
is an independent body set up by the
Federal Government to assist members
or beneficiaries to resolve certain
superannuation complaints. The Tribunal
may be able to assist you to resolve your
complaint but only once you have made use
of AMIST Super Personal Division’s own
complaint handling process.
If the Tribunal accepts your complaint it
will attempt to resolve the matter through
conciliation. This involves assisting the
parties to come to a mutual agreement. If
conciliation is unsuccessful the complaint
is formally referred to the Tribunal for a
determination.
Any determination by the Tribunal is binding
on all parties, although all parties have the
right of appeal through the Federal court.
To find out whether the Tribunal can handle
your complaint, and the type of information
you need to provide, you can contact the
Superannuation Complaints Tribunal on
1300 780 808, visit their website
www.sct.gov.au or write to them at:
Superannuation Complaints Tribunal
Locked Bag 3060
GPO Melbourne VIC 3001
Trustee Office:
The Trustee of the Australian Meat
Industry Superannuation Trust (AMIST
Super Personal Division) is Australian
Meat Industry Superannuation Pty Ltd.
The registered office is located at:
34
Superannuation Complaints
Tribunal (SCT)
|
March 2010
Privacy
Collecting Information
We will collect personal information (where
reasonable and practicable) directly from
you. We may at times collect your personal
information directly from your employer.
Using and Sharing Information
AMIST Super Personal Division will use
your personal information to run an account
in AMIST Super Personal Division for you.
This is known as a ‘primary purpose’. If we
need to use your personal information for
another reason, or secondary purpose,
like a marketing campaign, we will ask
your permission to do so. If we are unable
to get your permission before sending
our communication, we will give you the
opportunity to opt out of any future direct
marketing campaigns at the time of mailing
to you.
Keeping Information Accurate and
Up-to-date
AMIST Super Personal Division will ensure
that the personal information we collect to
run your AMIST Super Personal Division
account is accurate and complete. We
will do this by ensuring that you have the
opportunity to advise changes in personal
details at all times and particularly when you
receive your annual AMIST Super Personal
Division membership statement.
Keeping Information Secure
AMIST Super Personal Division will not
misuse or change your information without
your knowledge. We will not share your
information with anyone who doesn’t have
authority to see your information. To make
sure of this, we will regularly audit access
to the systems that support AMIST Super
Personal Division and make sure that other
organisations we deal with for your account
(for example insurance companies) have
privacy policies adhering to the National
Privacy Principles.
Sensitive Information
Where we collect sensitive information such
as health information, we will only use it for
running your AMIST Super Personal Division
account. We won’t use it for any other
purpose or share it with anyone else without
your permission. The full AMIST Super
Personal Division privacy policy is
available on the AMIST Super website
www.amist.com.au or can be obtained
by contacting 1800 808 614.
AMIST Super Hotline 1800 808 614
|
www.amist.com.au
35
Providing Proof of Identity
The Federal Government has introduced legislation from 12 December 2007 aimed at
preventing money laundering and terrorism financing.
Whilst the effects on superannuation funds and members are less rigorous than elsewhere
in the financial sector, you are still required to meet stringent proof of identity requirements
when claiming a benefit from a superannuation fund. These requirements apply irrespective
of whether you are receiving a direct payment from AMIST Super Personal Division, or
rolling over to another fund.
In some instances you may be required to provide proof of identity before AMIST Super
Personal Division can accept contributions for you. In this case you would be requested to
provide proof of identity at that time.
Proof of Identity
Certified proof of identity is required for all claim types. Each member or beneficiary need
only supply this once. Once proof of identity is on file there is no need to request it again,
unless the member or their beneficiary is claiming a cash payment. In these circumstances
proof of identity must be requested upon payment of each cash payment (excluding
regular pension payments). Proof of identity must be in the form of acceptable documents.
Acceptable documents are listed below.
Acceptable Documents
The following documents may be used:
EITHER
One of the following documents only:
• Drivers Licence issued under State or Territory Law
• Passport
OR
One of the following documents:
One of the following documents:
• Birth certificate or birth extract,
• Citizenship certificate issued by the
Commonwealth,
• Pension card issued by Centrelink that
entitles the person to financial benefits
• Letter from Centrelink regarding a
Government assistance payment,
• Notice issued by Commonwealth, State
or Territory Government or local council
within the past twelve months that
contains your name and residential
address. For example:
- Tax Office Notice of Assessment
And
- Rates Notice from local council
36
AMIST Super Personal Division Product Disclosure Statement
|
March 2010
Certification of personal documents
All copied pages of ORIGINAL proof of identification documents (including any linking
documents) need to be certified as true copies by any individual approved to do so
(see below).
The person who is authorised to certify documents must sight the original and the copy
and make sure both documents are identical, then make sure all pages have been certified
as true copies by writing or stamping ‘certified true copy’ followed by their signature,
printed name, qualification (e.g. Justice of the Peace, Australia Post employee, etc)
and date. Where a person is relying on having held a position for a period of time
(e.g. authorised representative of an Australian Financial Services Licensee), they will
need to confirm in writing that they have been employed for the required period of time.
The following can certify copies of the originals as true and correct copies:
• a permanent employee of Australia Post with five or more years of continuous service
• a finance company officer with five or more years of continuous service (with one or more
finance companies)
• an officer with, or authorised representative of, a holder of an Australian Financial
Services Licence (AFSL), having five or more years continuous service with one or more
licensees
• a notary public officer
• a police officer
• a registrar or deputy registrar of a court
• a Justice of the Peace
• a person enrolled on the roll of a State or Territory Supreme Court or the High Court of
Australia, as a legal practitioner
• an Australian consular officer or an Australian diplomatic officer
• a judge of a court
• a magistrate, or
• a Chief Executive Officer of a Commonwealth court.
Have you changed your name or are you signing on behalf
of another person?
If you have changed your name or are signing on behalf of the applicant, you will need
to provide a certified linking document. A linking document is a document that proves a
relationship exists between two (or more) names.
The following table contains information about suitable linking documents.
PURPOSE
SUITABLE LINKING DOCUMENTS
Change of Name
Marriage certificate, deed poll or change of name certificate from the
Births, Deaths and Marriages Registration Office.
Signed on behalf of the applicant
Guardianship papers or Power of Attorney.
AMIST Super Hotline 1800 808 614
|
www.amist.com.au
37
Service Providers Employed By AMIST Super
Personal Division
Administration:
Australian Administration Services Pty Limited
(ABN 62 003 429 114)
Investment Managers
Alliance Bernstein Australia Ltd
(ABN 53 095 022 718)
Investment adviser:
JANA Investment Advisers Pty Ltd
(ABN 97 006 717 568)
Aberdeen Asset Management
(ABN 59 002 123 364)
Ausbil Dexia Limited
(ABN 26 076 316 473)
Custodian:
NAB Asset Servicing (a Division of National Australia Bank)
(ABN 26 000 485 487)
Blackrock Asset Management
BT Funds Management Limited
(ABN 63 002 916 458)
General superannuation and compliance consultant:
Mercer Pty Ltd
(ABN 32 005 315 917)
Colonial First State Investments Limited
(ABN 98 002 348 352)
Cooper Investors Pty Ltd
(ABN 26 100 409 890)
Financial Planning:
Mercer Wealth Solutions
(ABN 70 004 777 533)
Credit Suisse Asset Management (Australia) Limited
(ABN 57 007 305 384)
Legal Advisor:
Kemp Strang Lawyers
(ABN 88 258 900 990)
Deutsche Asset Management (Australia) Ltd
(ABN 63 116 232 154)
GMO
(ABN 30 071 502 639)
Auditor:
Ernst & Young
(ABN 75 288 172 749)
Industry Funds Management
(ABN 67 107 247 727)
Credit control manager:
Industry Funds Credit Control Pty Limited
(ABN 85 071 737 856)
ISPT Pty Ltd
(ABN 02 064 041 283)
Marathon Asset Management
(ACN 078 856 685)
Insurer:
Colonial Mutual Life Assurance Pty Ltd (CommInsure)
(ABN 12 004 021 809)
Members Equity Portfolio Management Limited
(ABN 56 070 887 679)
Eligible rollover fund:
Colonial Supertrace Services Limited
(ABN 84 062 876 457)
MLC Ltd
(ABN 90 000 000 402)
RARE Infrastructure Ltd
(ABN 84 119 339 052)
State Street Global Advisers
(ABN 42 003 914 225)
Trinity Funds Management
(ACN 082 796 101)
Vanguard Investments Australia Pty Ltd
(ABN 72 072 881 086)
* The Service Providers employed by AMIST Super Personal Division are correct
as at the issue date of this PDS and the Board reserves the right to change the
Service Providers from time to time.
38
AMIST Super Personal Division Product Disclosure Statement
|
March 2010
Potential Risks of Investing in Superannuation
Superannuation, like any other investment
carries some degree of risk. Some of
the key risks associated with investing
in superannuation appear below. These
risks are not unique to AMIST Super
Personal Division and are applicable to any
investment in a superannuation fund.
Understanding the
risk/return trade-off
When you invest in asset classes that aim
to provide higher returns, you are generally
exposed to a higher risk of capital loss in
the short term due to a high level of volatility
in returns. On the other hand, asset classes,
which generally provide lower returns have
a lower level of volatility, and less risk of
capital loss.
Inflation risk
A continual rise in the prices of goods and
services is inflation. Although the investment
may produce a positive return, when we
compare this to the increase in the cost
of living, we may find that your return
hasn’t been able to keep up with inflation,
effectively reducing your purchasing power.
You need to balance risks against returns in
order to achieve your investment goals.
Credit risk
Debt securities are essentially instruments
that bundle loans to companies or
governments (such as government bonds).
They generally provide some form of
ongoing interest payment and the payment
of capital at some termination date.
However these securities are subject to
credit risk. In cases where the issuer of the
instrument cannot pay interest or the face
value, the price of the debt security can fall.
This may occur when the market believes
that the risk of default increases, even
where the debt issuer has kept up to date
with their payments.
Interest rate risk
Cash, cash-like securities and debt
securities investments are affected by
interest rate movements. Capital gains can
be earned from debt securities investments
where interest rates are falling and capital
losses can occur where interest rates are
rising. The risk of capital gain or loss tends
to increase relative to the interest rate
movements where the time to maturity
is longer.
Liquidity risk
Many investment strategies hold assets
which are ‘illiquid’. If we invest in illiquid
assets, we may not be able to sell the
investment at short notice, or we may need
to sell our investment at a discount or a loss
if we need to ‘cash out’ quickly. Examples
are direct property, absolute return,
private equity and non-listed alternative
investments. Listed investments can be
illiquid where there is not an active market
for the securities such as small companies’
shares.
Market risk
General economic conditions both in
Australia and elsewhere in the world affect
markets. Changes in government policies,
interest rates, inflation, technological
developments and demographic changes
(changes in the makeup of the population
– such as the fact that on average the
population of Australia is aging) all affect
investment markets as a whole, causing
the value of investments to rise and fall. We
have no way of accurately predicting what
will happen and how this will affect the
markets.
Asset class risks
Apart from the risk listed above, specific
risks for individual asset classes include:
• Alternative assets – many alternative
assets are illiquid and can also involve
the use of derivatives, gearing and short
selling. Furthermore, alternative assets are
sometimes not often transacted, making
it difficult to accurately price these.
• Australian equities – specific risks
relating to individual companies include
profits and dividends being below
expectations, adverse management
changes or reassessment of the outlook
for the company or industry.
• Cash – whilst it is unlikely that the market
value of a cash investment will decline,
longer-term returns are generally lower
than other assets.
• Debt securities – whilst such
investments normally pay a set amount
of interest income over time, market
values can fluctuate. Overall returns over
short term periods can be negative. The
value will fall if yields rise. Fixed interest
investments are also subject to default
risk.
• International equities – global economic
trends, individual country risk factors as
well as specific risks relating to individual
companies will affect the price. Capital
gains may occur when the Australian
dollar depreciates against other
currencies and capital losses may occur
when the Australian dollar appreciates.
• Property – risks include vacancies,
locational factors, and unprofitable
property development activities, declining
property values and realised losses
when properties are sold. Where the
property investments are held in a listed
entity, it will also attract some of the risk
associated with share market volatility.
Other risks include delays in obtaining
required approvals, construction risk,
leasing risk and market risk.
• Currency Risk – capital gains may occur
when the Australian dollar depreciates
against other currencies and capital
losses may occur when the Australian
dollar appreciates. Where investments in
overseas currencies are hedged, there is
an additional risk as the fund may need to
liquidate investments to obtain sufficient
cash to cover hedge losses against
appreciating currencies.
• Hedge Risk – the risk that the hedge
ratio (or the relative value of the hedge
to the investments hedged) may change
due to changes in valuations.
AMIST Super Hotline 1800 808 614
|
www.amist.com.au
39
Potential Risks of Investing in Superannuation - continued
Derivatives risk
The Trustee has a policy that is applied
when approved investment managers
trade in derivatives. This policy includes
guidelines for writing and buying ‘options’,
‘futures’ and other derivatives. Derivatives
can be used for many purposes, including
hedging to protect an asset against market
fluctuations, reducing costs of achieving a
particular market exposure and maintaining
benchmark asset allocations. Risks include:
• Price – the risk that changes in prices
in the market underlying a derivative
contract, or in the derivative contract
itself, is adverse to the position held.
• Leverage – the risk that by creating
greater exposure to a market than that of
the assets backing the position, losses
will be magnified.
• Liquidity – the risk that a derivative
position cannot be reversed.
• Default – the risk that the other party
does not meet its obligations.
40
Short selling risk
Short selling is a sophisticated technique
where a share is sold, for delivery at a later
date, in anticipation that its value will decline
over the period, and you will be able to buy
it back at a cheaper price than what you
sold it for. Of course if the price has gone up
you can lose the difference between what
you sold it for and what you need to buy
it for (plus all the transaction, holding and
other costs). However it is important to note
that due to the nature of short selling, the
potential loss to the asset may be greater
than for the more traditional purchase and
sale transactions, as there is risk that the
price of the asset sold increases rather
than falls.
Lending shares to investors for the
purposes of them holding a short position
in the share often generates additional
income. However, there may be a risk of the
value of the share falling as a result creating
greater capital losses than revenue gains
from lending the share. A further risk is
counterparty risk to the person borrowing
the share.
AMIST Super Personal Division Product Disclosure Statement
|
March 2010
How do I understand and
manage my risks?
There are a number of things you can and
should do to manage the risks associated
with investing in the investment strategies
offered:
• Obtain professional advice to determine
whether the investment strategies suit
your investment objectives, financial
situation and needs.
• Carefully read all the information in this
PDS before investing.
• Consider investing for at least the
suggested minimum investment
timeframe for the investment strategy.
You should also consider the relative
risk rating for each investment strategy.
However, you should note that investing
for the suggested minimum investment
timeframe does not eliminate the risk
of loss.
• Regularly review your investments in light
of your investment objectives, financial
situation and needs.
AMIST SUPER
Personal Division
Member Investment Choice
Please complete and return form to: AMIST Super, Locked Bag 5390, Parramatta NSW 2124 | Internet: www.amist.com.au
Please write in BLOCK letters and use a BLUE or BLACK pen. This form will be invalid if unsigned or incomplete.
Complete this form if you would like to change your investment option or mix of options. The first Investment switch is free if exercised within
12 months of joining the Fund. After that time, a fee of $35.00 is charged for each switch.
Please note that confirmation of your investment switch will be sent to you within 5 days of us actioning your switch. Please check this carefully and
contact us immediately if it does not reflect the instructions you provided on this form.
Member Details
AMIST Membership Number
■■■■■■■■■■
■■■■■ ■■■■■■■■■■■■■■■■■■■■■
■■■■■■■■■■■■■■■■■■■■■■■■■■■
■■■■■■■■
(This can be found on your Member Statement)
Mr/Mrs/Ms/Miss
Surname
Given Names
Date of birth (dd/mm/yyyy)
Residential Address
Street Number / PO Box
Street Name
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■■■■■■■■■■■■■■■■■■ ■■■ ■■■■
Suburb / Town
State
Postcode
Postal Address (if different from Residential Address)
Street Number / PO Box
Street Name
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■■■■■■■■■■■■■■■■■■ ■■■ ■■■■
■■■■■■■■■■ ■■■■■■■■■■
■■■■■■■■■■■■■■■■■■■■■■■■■■■
Suburb / Town
State
Telephone (Home)
Postcode
Telephone (Mobile)
Email
Please turnover to complete and sign this form ➤
Australian Meat Industry Superannuation Pty Limited (Trustee) ABN: 25 002 981 919 RSE Licence: L0000895 AFSL: 238829
as Trustee for Australian Meat Industry Superannuation Trust (AMIST) ABN: 28 342 064 803 Registration No. R1001778
Page 1 of 2
AO/MIC 48.7 03/10 ISS10
Investment choice
Select either Option 1 or
Option 2 by placing an
X in the appropriate box,
and then complete the
action required under that
Option
■
■
Option 1
If you would like your
entire current balance,
and any future
transactions allocated
in the same way, then
use this column only
Option 2
If you would like your current balance and any future transactions allocated in a
different way, complete both of these columns.
Money that’s currently in your account
Future transactions
Either Place an X in this box:
■ Do not switch my current account
You must complete this column
even if there is no change in the
way you would like your future
transactions allocated.
Switch my current balance to:
Apply my future transactions to:
balance
Or Choose how you would like to switch
your current account balance below:
Investment option
■■■
■■■
■■■
■■■
■■■
1 0 0
■■■
Secure
Capital Stable
Balanced
Growth
High Growth
%
%
%
%
%
%
■■■
■■■
■■■
■■■
■■■
1 0 0
■■■
%
%
%
%
%
%
■■■
■■■
■■■
■■■
■■■
1 0 0
■■■
%
%
%
%
%
%
Declaration and disclaimer
Please direct my current account balance and all future transactions made by me and/or on my behalf to the investment choice option(s)
I have nominated on this form.
I declare that:
• I have received, read and understood all of the information that I reasonably require, in order to make an informed decision about my
investment options and how to complete this form. AMIST Super’s privacy statement, Financial Services Guide and Product Disclosure
Statement(s) are all readily available from www.amist.com.au and I can contact AMIST Super at any time, if I require assistance.
• I understand that any information provided by AMIST Super is of a general or factual nature only. The information does not take into account
my personal investment objectives, financial situation or particular needs. I acknowledge that AMIST Super has recommended that I seek
professional financial advice before making any investment decision.
• I understand and accept that investment carries risk; that the return on my investment may be positive or negative.
• It is my intention that AMIST Super act upon my instructions contained in this form as soon as practicable and that these instructions will
supersede all previous investment elections.
• I understand my investment switch will occur in accordance with the guidelines outlined on the AMIST Super website www.amist.com.au.
• I understand that once I make an investment choice, it cannot be reversed. A further switch can be lodged which will take effect on the
relevant date for that particular switch.
Sign here
Signature of applicant
➲
Dated (ddmmyyyy)
■■■■■■■■
Australian Meat Industry Superannuation Pty Limited (Trustee) ABN: 25 002 981 919 RSE Licence: L0000895 AFSL: 238829
as Trustee for Australian Meat Industry Superannuation Trust (AMIST) ABN: 28 342 064 803 Registration No. R1001778
Page 2 of 2
AO/MIC 48.7 03/10 ISS10
Request to transfer whole balance of
superannuation benefits between funds
under the Superannuation Industry (Supervision) Act 1993
cOMPlETINg THIS FORM
n
n
n
AFTER cOMPlETINg THIS FORM
Read the important information pages
Refer to instructions where indicated with a
This form is only for whole (not part) balance transfers.
n
n
Sign the authorisation
Send form and certified proof of identity documents to either
AMIST
Super,orLocked
Bag 5390, Parramatta NSW 2124.
your FROM
TO fund.
Personal details
Title:
Mrs
Mr
Miss
Ms
Other
Residential address
*Address
*Family name
*Given names
*Suburb
Other/previous
names
*Postcode
*State/territory
Day
Month
Year
*Date of birth
Tax file number
Under the Superannuation Industry (Supervision) Act 1993, you are
not obliged to disclose your tax file number, but there may be tax
consequences.
Previous address
If you know that the address held by your FROM fund is different
to your current residential address, please give details below.
Address
See ‘What happens if I do not quote my tax file number?’
*Gender
Suburb
Male
Female
Postcode
State/territory
*Contact phone number
Fund details
FROM
TO
*Fund name
*Fund name
Fund phone number
*Fund phone number
Membership or
account number
Australian business
number (ABN)
Superannuation Product
Identification Number (SPIN)
*Membership or
account number
Australian business
number (ABN)
Superannuation Product
Identification Number (SPIN)
If you have multiple account numbers with this fund, you must
complete a separate form for each account you wish to transfer.
*Proof of identity
AUSTRALIAN MEAT INDUSTRY
SUPERANNUATION TRUST
1 8 0 0 8 0 8 6 1 4
28 342 064 803
AMI0100AU
You must check with your TO fund to ensure they can accept
this transfer.
See ‘Completing proof of identity’
I have attached a certified copy of my driver’s licence or passport
OR
I have attached certified copies of both:
Birth/Citizenship Certificate or Centrelink Pension Card
AND
Centrelink payment letter or Government or local council notice (<1 year old) with name and address
Authorisation
By signing this request form I am making the following statements:
n I declare I have fully read this form and the information completed is true and correct
n I am aware I may ask my superannuation provider for information about any fees or
charges that may apply, or any other information about the effect this transfer may have
on my benefits, and do not require any further information.
n If the TO fund is a self managed superannuation fund (SMSF), I confirm that I am
a member, trustee or director of a corporate trustee of the SMSF.
n I discharge the superannuation provider of my FROM fund of all further liability
in respect of the benefits paid and transferred to my TO fund.
*Name (Print in BLOCK LETTERS)
*Signature
Day
Month
Year
*Date
I request and consent to the transfer of superannuation as described above and authorise
the superannuation provider of each fund to give effect to this transfer.
* Denotes mandatory field. If you do not complete all of the mandatory fields, there may be a delay in processing your request.
JS 6676‑03.2007
Page 1 of 2
IN-CONFIDENCE – when completed
Page AO/TRSF/PDS 436.9 03/10 ISS3
Please mail this form to: AMIST Super Administration Locked Bag 5390,
Parramatta NSW 2124 | AMIST Super Hotline: 1800 808 614
AUSTRALIAN MEAT INDUSTRY
SUPERANNUATION TRUST
Australian Meat Industry Superannuation Pty Limited
ABN: 25 002 981 919
Australian Financial Services Licence No: 238829
RSE Licence: L0000895
as Trustee for
Australian Meat Industry Superannuation Trust (AMIST Super)
ABN: 28 342 064 803
RSE Registration: R1001778
This is to certify that the Australian Meat Industry Superannuation Trust (AMIST Super) is:
• AMIST Super is a complying Resident Regulated Superannuation Fund within the meaning of the
Superannuation Industry (Supervision) Act 1993 (SIS Act); and,
• AMIST Super is able to accept contributions under the Superannuation Guarantee (Administration)
Act 1992; and,
• AMIST Super complies with the minimum insurance cover levels for a default fund under Section
9A of the Superannuation Guarantee (Administration) Regulations 1993 as amended for Choice of
Superannuation Fund.
• AMIST Super meets all of the requirements of the Federal Government Choice of Fund requirements.
• Please refer to the AMIST Personal Division – Product Disclosure Statement for full details of
AMIST Super. If you have any questions about AMIST Super please contact the AMIST Super
Enquiry Service on 1800 808 614.
Yours faithfully,
AMIST Super Administration
Page 2 of 2
AO/TRSF/PDS 436.9 03/10 ISS3
APPLICATION FOR
Insurance Cover
Complete this form in black ink using BLOCK letters.
This form is to be completed along with the six page Group Risk Personal Statement on the following pages if you wish to apply for insurance cover
with AMIST Super Personal Division. You should read pages 14 to 21 of this booklet prior to completing the form. You need to nominate the type of cover
and the amount of cover that you wish to apply for on this page. On the following pages you need to determine your eligibility for cover.
You can use this form to apply for either Life Insurance, Income Protection Insurance, or both insurances.
When completed, please send the entire forms to:
AMIST – Insurance
Locked Bag 5390
Parramatta NSW 2124
Membership Number (if you already are a member
Date of birth (dd/mm/yyyy)
■■■■■■■■■■ ■■■■■■■■
■■■■■ ■■■■■■■■■■■■■■■■■■■■■
■■■■■■■■■■■■■■■■■■■■■■■■■■■
Mr/Mrs/Ms/Miss
Surname
Given Names
Income Protection Insurance
■■
■■■,■■■.■■
■■
I wish to apply for
$
Units of Income Protection Insurance cover, which will give me.
My nominated waiting period is
worth of cover (representing up to 75% of my estimate income).
days.
Please note that the maximum Income Protection benefit available is up to 75% of your income, up to a limit of $10,000 per month.
Life Insurance Cover
I also wish to apply for
■■
Units of AMIST Life Insurance cover (up to a maximum of 20 units of cover).
Please ensure that you complete all pages of the Group Risk Personal Statement. If you have any questions please contact
AMIST Super on 1800 808 614.
Australian Meat Industry Superannuation Pty Limited (Trustee) ABN: 25 002 981 919 RSE Licence: L0000895 AFSL: 238829
as Trustee for Australian Meat Industry Superannuation Trust (AMIST) ABN: 28 342 064 803 Registration No. R1001778
Page 1 of 1
AO 432.8 03/10 ISS3
This page has been left blank intentionally.
Group Risk Personal Statement
A Personal details
Plan Name
Policy number
Surname
Given name/s
Address
Postcode
Age
Date of Birth
/
Gender
/
Duties Performed
Occupation
Do you have permanent residency status in Australia?
No
Yes
If No, how many years have you resided in Australia?
B Before you begin, please read the warning on page 6 about your Duty of Disclosure.
1 During the past 12 months have you smoked tobacco or any other substance?
No
Yes
If Yes, please state type and quantity per day.
2 Do you consume alcohol?
No
Yes If Yes, please state type and quantity per day. (the word ‘social’ is not sufficient)
3 Height (cm)
Weight (kg)
4 Have you ever had or sought advice or treatment for:
a chest pain?.......................................................................................................................................................
b asthma, bronchitis, coughing of blood, tuberculosis or any other lung complaint?........................................
c gastric or duodenal ulcer, or persistent indigestion? ......................................................................................
d diabetes or other pancreas disorder?..............................................................................................................
e epilepsy, fainting or fits? ..................................................................................................................................
f
cancer, tumour or cyst? ..................................................................................................................................
g neuritis, sciatica or disease or injury to the muscles, tendons, bones or joints, including the
neck and back?................................................................................................................................................
h mental illness or psychiatric disorder including depression, anxiety, stress, nervous disorder, eating
disorder, chronic tiredness, panic or phobic disorder? ...................................................................................
i
arthritis, gout or rheumatism?..........................................................................................................................
j
high blood pressure, heart, vein or circulatory disorder (eg. heart attack, high cholesterol,
varicose veins, rheumatic fever)?.....................................................................................................................
No
No
No
No
No
No
Yes
Yes
Yes
Yes
Yes
Yes
No
Yes
No
No
Yes
Yes
No
Yes
If you answered yes to any part of Question 4 above, you will also need to complete Section C 'Supplementary Risks
Questionnaire' on page 3
5 Have you ever had or sought advice or treatment for:
a stomach, intestinal or rectal disorder, haemorrhoids, gall bladder or liver disorders, including hepatitis? ............
No
b stroke, paralysis or disorder of the brain or spinal cord? ................................................................................
No
c any skin disorder (eg. dermatitis, eczema or psoriasis)? .................................................................................
No
d kidney disease (eg. renal colic), bladder disorder?..........................................................................................
No
e any defect in sight, hearing or speech, or any other physical deformity or abnormality? ...............................
No
f
any blood disorder (eg. leukaemia, haemophilia or anaemia)?........................................................................
No
g any sexually transmitted disease? ...................................................................................................................
No
h other than already stated, have you within the last five years:
No
- received any other medical examinations, advice, treatment or been in hospital?.......................................
- had an ECG, x-ray or other tests, including blood tests, for which you have received a consultation
No
(excluding ailments such as cold and flu)? ......................................................................................................
i
Females: Are you currently pregnant? .............................................................................................................
No
- If yes, date due
/
/
001-547 1203 (CI96 0903)
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Page 1 of 6
CommInsure is a registered business name of The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809
6 Did you answer Yes to question 5 (a-i)?
No Go to question 8
Yes Please complete question 7 below
7 Details of Yes answers in question 5 (a-i).
Question Illness, injury Date
Reason for and
Time off Date of last Degree of Full name and address of doctor or
ref.
or tests
commenced type of treatment work
symptoms recovery hospital (if any)
/
/
/
/
%
/
/
/
/
%
/
/
/
/
%
/
/
/
/
%
If insufficient space, please attach a separate page with this information, with your signature and date.
8 a Are you contemplating surgery in the future?
No
Yes Please give details
b Have you regularly taken any stimulants, sedatives, tranquilisers, antibiotics, medications or drugs (not including contraceptives and medications for colds and flu) within the last five years?
No
Yes Please give details
9 Have any of your parents, brothers or sisters suffered from heart disease, diabetes, kidney disease, mental illness, cancer or other
hereditary disorder?
No
Yes Please give details
Family member
Age at
diagnosis
Condition
Age at
death
10 Do you or are you likely to engage in any hazardous pastimes or pursuits including motor sports, private flying, scuba diving,
abseiling, parachuting, competitive football, etc?
No
Yes please complete Section D: Pastimes and Activities Questionnaire on page 4
11 My regular doctor’s name and address is:
Telephone number
Name
Address
What was the date of your last
/
/
consultation?
Reason for last consultation and result(s)?
How long have you been attending this
surgery or practice?
12 Have you ever had insurance for life, disability, trauma, accident or sickness declined, deferred or accepted on special terms?
No
Yes Details of special term or reason for decline/deferral and date
Date
/
/
13 Are there any policies, existing or proposed, that insure your life?
No
Yes Please give detail(s)
Insurer or Fund
001-547 1203 (CI96 0903)
Sum
Type of Policy
Insured ($) (death, trauma etc.)
Will the
policy(ies) applied
for replace it?
No
Yes
No
Yes
Page 2 of 6
14 AIDS Statement
This must be completed in all circumstances (please tick (✓) applicable option)
a Have you any reason to believe that you are suffering from Acquired Immune Deficiency Syndrome (AIDS) or any AIDS related
illness, or that you are carrying the virus that causes AIDS, or that your spouse or any sexual partner is suffering from AIDS or
carrying the virus that causes AIDS?
OR
b Have you been treated with any blood products or permanently been refused as a blood donor?
OR
c Since 1980, have you
engaged in anal sexual activity? or
injected yourself with any drug not prescribed by a medical practitioner? or
worked or engaged in sexual activity with a prostitute?
No
Yes
(You may also be asked to complete a Confidential Questionnaire)
If you have answered Yes to 14 a, b or c, please provide full details in the section below
C Supplementary Risks Questionnaire
To be completed for any Yes answers to Q4(a-j)
Please answer fully, if there is insufficient space, please attach a separate page with this information.
Conditions/Illness 1
Conditions/Illness 2
a Specify illness(es)/injury(s)/complaint(s).
b What part of the body was affected? (eg. left, right etc)
c On what date did the symptoms first start?
/
/
/
/
/
/
/
/
d Describe the symptoms
e What was the duration of each attack at the onset?
f What was the date of the most recent attack/symptom?
g What was the duration of the most recent attack/symptom?
h How many times have you suffered from this condition?
i How severe are the attacks/symptoms? (please circle)
j Did the attacks/symptoms necessitate you being off work?
(please circle)
If Yes, for how long?
Mild / Moderate / Severe
Mild / Moderate / Severe
No / Yes
No / Yes
No / Yes
No / Yes
k Were you confined to bed/home/hospital? (state which)
l Were any tests conducted? (please circle)
If Yes, state type (eg. x-ray, blood tests) and results.
m What was the nature of the treatment/medication given
or prescribed?
n Are you still on treatment and are there any side effects?
o What surgical or other treatments have been suggested?
p Please state degree of recovery (%)
State names and addresses of all Doctors consulted and date of consultation(s)?
Condition 1 Name and address of Doctor(s)
001-547 1203 (CI96 0903)
%
%
Date (month/year)
/
/
/
/
/
/
/
/
Page 3 of 6
Date (month/year)
Condition 2 Name and address of Doctor(s)
/
/
/
/
/
/
/
/
If insufficient space, please attach a separate page for additional conditions, with your signature and date.
D Pastimes and Activities Questionnaire
To be completed if answered Yes to Section B, Q10
1 Scuba/Skin Diving
No
Yes
What type of diving do you engage in? (e.g. scuba, snorkel, hookah etc.)
Professional/amateur
Where do you usually dive?
Qualifications
How many times per year
Average depth
Maximum depth and number of times at this depth
No
Yes
2 Aviation
What type of licence do you hold?
Please indicate type of aircraft you fly and type of aviation you are involved in
(eg. Commercial, Private, Agricultural, Aero Club, Helicopter, Ultralight Aircraft)
Anticipated hours in the next year
Number of hours flown last year
3 Motor Racing
No
Yes
What type of licence do you hold?
If CAMS, state classification
Vehicle type
Engine size/capacity
Maximum speed
Times per year
Professional/Amateur
Type of racing/event(s)
4 Football/Soccer/Aussie Rules
Professional/Amateur
No
Yes
Number of times per year
If Professional, please indicate annual amount ($) received
5 Other (eg. Boxing, Mountain Climbing/Abseiling, Competition Sports etc)
No
Yes
Please provide full details including number of times per year, locations, as a professional or amateur, heights, are activities
undertaken individually or in a group/club.
001-547 1203 (CI96 0903)
Page 4 of 6
E Privacy of personal information
Collection of personal information
CMLA collects personal information (including members’ full name, address and contact details, salary and job classification) so
that we may assess and administer insurance related matters. In certain circumstances, we may be required to collect information
of a sensitive nature, for example, personal health information.
Where it is necessary to do so, we also collect information on individuals such as company directors and officers (where the
company is our customer), as well as customers’ agents and persons dealing with us on a “one-off” basis.
We may take steps to verify the information we collect; eg, a birth certificate provided as identification may be verified with
records held by the Registry of Births, Deaths and Marriages to protect against impersonation.
You need to provide us with accurate and relevant information
If you provide us with incomplete or inaccurate information, we may not be able to complete our assessment of your insurance
related matter.
Other members of the Commonwealth Bank Group (Group)
We disclose personal information to other members of the Group only if it is necessary to assess and administer your insurance
related matter. We are permitted by the Privacy Act to disclose personal information to other members of the Group.
Other disclosures
Personal information may be disclosed to:
• brokers and agents who refer your business to us, your superannuation fund and any organisations appointed by them to
administer your insurance related matter;
• any person acting on your behalf, including your financial adviser, solicitor or accountant, executor, administrator, trustee,
guardian or attorney;
• your employer;
• if you have life insurance: medical practitioners (to verify or clarify, if necessary, any health information you may provide), claims
investigators and reinsurers (so that any claim you make can be assessed and managed), insurance reference agencies (where
we are considering whether to accept a proposal of insurance from you and, if so, on what terms);
• other insurers to which your insurance is transferred by your employer or superannuation fund;
• organisations, including overseas organisations, to whom we outsource certain functions.
In all circumstances where our contractors, agents and outsourced service providers become aware of personal information,
confidentiality arrangements apply. Personal information may only be used by our agents, contractors and outsourced service
providers for our purposes.
We may be allowed or obliged to disclose information by law, eg, under Court Orders or Statutory Notices pursuant to taxation or
social security laws.
Access
You may (subject to permitted exceptions) access your information by contacting: Customer Relations, Commonwealth Bank
Group, Reply Paid 41, SYDNEY NSW 2001. We may charge you for providing access.
Further information
For further information on our privacy and information handling practices, please refer to the Group’s Privacy Policy Statement,
which is available at www.commbank.com.au or upon request from any branch of the Bank.
Your acknowledgment and consent
Your signature overleaf indicates your consent to such use and disclosures of your personal information as are indicated above.
001-547 1203 (CI96 0903)
Page 5 of 6
F Declaration
This section must be completed in all circumstances
I declare that:
1 I have read and understand the Duty of Disclosure contained on this form; and
2 all answers to the questions on this form are true and correct (including those not in my own handwriting); and
3 no information has been omitted that may affect The Colonial Mutual Life Assurance Society Limited’s (CMLA) decision to provide insurance;
4 I am currently performing all the duties of my normal occupation on a full-time basis or am absent from work for reasons other
than sickness or injury.
5 I have read and understood the Privacy policy described on page 5 of this application and agree to the collection, use and disclosure of my personal information.
I acknowledge that insurance cover, or increases in insurance cover, as applicable, will not commence until CMLA accepts the
insurance proposed or receives signed acceptance of such alternative conditions as may be offered and the appropriate premium
is received.
I authorise CMLA to refer any statements that have been made on this form, or in connection with the insurance proposed, and
any medical reports to reinsurers and/or medical consultants.
I authorise any hospital, doctor or other person who has treated or examined me to give to CMLA any information on my illness or
injury, medical history, consultation, prescription or treatment or copies of all hospital or medical reports.
A photocopy of this authorisation is as valid as the original. I agree to provide further medical authorities if requested.
Your Duty Of Disclosure
Before you enter into or become insured under a contract of life insurance with an insurer, you have a duty under the Insurance
Contracts Act 1984 to disclose to the insurer every matter that you know, or could reasonably be expected to know, is relevant
to the insurer’s decision whether to accept the risk of insurance and, if so, on what terms. You have the same duty to disclose
those matters to the insurer before you renew, extend, vary or reinstate a contract of life insurance. Your duty does not require
disclosure of a matter:
a that diminishes the risk to be undertaken by the insurer;
b that is of common knowledge;
c that your insurer knows, or in the ordinary course of its business, ought to know; or
d as to which compliance with your duty is waived by the insurer.
Non-disclosure
If you fail to comply with your duty of disclosure and the insurer would not have entered into the contract on any terms if the failure had not occurred, the insurer may avoid the contract within three years of entering into it. If your non-disclosure is fraudulent,
the insurer may avoid the contract at any time. An insurer who is entitled to avoid a contract of life insurance may, within three
years of entering into it, elect not to avoid it but to reduce the sum that you have been insured for in accordance with a formula
that takes into account the premium that would have been payable if you had disclosed all relevant information to the insurer.
Your duty of disclosure continues until the contract of life insurance has been accepted by the insurer and confirmation in writing
issued.
Signature
Date
/
001-547 1203 (CI96 0903)
/
Page 6 of 6
APPLICATION FOR
Membership of AMIST Super
Personal Division
Complete this form in blaCk ink using blOCk letters | any request will be invalid if not signed and dated
Please mail this form to: aMIST Super, locked bag 5390, Parramatta NSW 2124 | aMIST Super Hotline: 1800 808 614
Personal details
AMIST Membership Number
start
here
❸
Your Address
❷
Your Date of Birth
❶
Your Name
Have you previously registered as a member of AMIST?
Mr/Mrs/Ms/Miss
■ No ■ Yes
■■■■■■■■■■
Surname
■■■■■ ■■■■■■■■■■■■■■■■■■■■
■■■■■■■■■■■■■■■■■■■■■■■■■■
■■■■■■■ ■■■■■■■■■■■■■■■■■■
■■■■■■■■■■■■■■■■■ ■■■ ■■■■
■■■■■■■■ ■■■■■■■■■■
■■■■■■■■■■■■■■■■■■■■■■■■■■
Given Names
Street Number / PO Box
Street Name
Suburb
State
Date of birth (dd/mm/yyyy)
Postcode
Telephone
Email
Tax File Number
I agree to provide my Tax File Number
■ No ■ Yes, my TFN is:
■■■■■■■■■
Employment details
Employer trading name
■■■■■■■■■■■■■■■■■■■■■■■■■■
■■■■■■■■■■ ■■■■■■■■■■
■■■■■■■■■■ ■■■■■■■■
Employer’s contact number
Employer number with AMIST
Payroll number (If applicable)
Date joined employer (dd/mm/yyyy)
Basis of employment:
■ Full Time
■ Part Time
■ Casual
Declaration
I apply to become a member of AMIST Personal Division. If accepted as a member I agree to be bound by the Trust Deed that governs the
Fund. I declare that I have read the accompanying PDS and I am not absent from work due to illness or injury on the date of signing this
Application for Membership.
I nominate the person(s) shown overleaf as my preferred beneficiary/s for the payment of my benefit in AMIST when I die.
I understand that:
• my nomination will be used by the Trustee as a guide only: and
• the Trustee is not in any way bound by the nomination when exercising its absolute discretion to pay my benefit in AMIST when I die.
I declare that all the above details are correct.
❹
Sign here
Signature
➲
Date (dd/mm/yyyy)
■■■■■■■■
You musT comPlETE ThE rEvErsE sIDE oF ThIs Form
Australian Meat Industry Superannuation Pty Limited (Trustee) ABN: 25 002 981 919 RSE Licence: L0000895 AFSL: 238829
as Trustee for Australian Meat Industry Superannuation Trust (AMIST) ABN: 28 342 064 803 Registration No. R1001778
Page 1 of 2
AO/MBR/APP 456.3 03/10 ISS8
Preferred beneficiary/s
Mr/Mrs/Ms/Miss
Surname
■■■■■ ■■■■■■■■■■■■■■■■■■■■■
■■■■■■■■■■■■■■■■■■■■■■■■■■■
■■■■■■■■■■■■■■■■■■■■■■ ■■■
Given Names
Relationship
Portion of benefit
%
Mr/Mrs/Ms/Miss
Surname
■■■■■ ■■■■■■■■■■■■■■■■■■■■■
■■■■■■■■■■■■■■■■■■■■■■■■■■■
■■■■■■■■■■■■■■■■■■■■■■ ■■■
Given Names
Relationship
Portion of benefit
%
Mr/Mrs/Ms/Miss
Surname
■■■■■ ■■■■■■■■■■■■■■■■■■■■■
■■■■■■■■■■■■■■■■■■■■■■■■■■■
■■■■■■■■■■■■■■■■■■■■■■ ■■■
Given Names
Relationship
Portion of benefit
%
Mr/Mrs/Ms/Miss
Surname
■■■■■ ■■■■■■■■■■■■■■■■■■■■■
■■■■■■■■■■■■■■■■■■■■■■■■■■■
■■■■■■■■■■■■■■■■■■■■■■ ■■■
Given Names
Relationship
Portion of benefit
%
Total must add to 100%
Privacy
AMIST collects your personal information to set up and run an AMIST membership account in your name. If you choose not to give us your
personal information we may not be able to provide you with all AMIST’s benefits. We will only share your personal information with others
where required, such as to an insurance company which provides you with insurance cover. You are able to gain access to your own personal
information by asking for it. We will send you complete details of the AMIST’s privacy policy as soon as we have set up your AMIST account.
Direct marketing
From time to time, the AMIST trustees may send members communication material, also known as direct marketing material, about special
offers and promotions, which are available to AMIST members only.
■
■
If you are happy for AMIST to use your information to send you direct marketing information tick this ‘yes’ box:
If you don’t want AMIST to use your personal information to send you direct marketing information tick this ‘no’ box:
Whatever you decide, you will have an opportunity to change your mind at any time.
Transfer of Existing Benefits
■ Would you like to have existing superannuation transfered to AMIST. Please tick the box and we will send you a form.
Australian Meat Industry Superannuation Pty Limited (Trustee) ABN: 25 002 981 919 RSE Licence: L0000895 AFSL: 238829
as Trustee for Australian Meat Industry Superannuation Trust (AMIST) ABN: 28 342 064 803 Registration No. R1001778
Page 2 of 2
AO/MBR/APP 456.3 03/10 ISS8
APPLICATION FOR
Direct Debit Request
Please complete this form if you wish to have contributions deducted directly from your bank account.
Please mail this form to: AMIST Super, Locked Bag 5390, Parramatta NSW 2124 | AMIST Super Hotline: 1800 808 614
Member details
❷
Your Address
❶
Your Name
Start
Here
Membership Number
Deductions to commence (dd/mm/yyyy)
■■■■■■■■■■ ■■■■■■■■
■■■■■ ■■■■■■■■■■■■■■■■■■■■
■■■■■■■■■■■■■■■■■■■■■■■■■■
■■■■■■■ ■■■■■■■■■■■■■■■■■■
■■■■■■■■■■■■■■■■■ ■■■ ■■■■
■■■■ ■■■ ■■■
■■■■■■■■■■■■■■■■■■■■■■■■■■
Mr/Mrs/Ms/Miss
Must be at least 10 working days from
todays date. Note: Deductions are always
made on the 20th of the month.
Surname
Given Names
Street Number / PO Box
Street Name
Suburb
State
Postcode
Mobile
Email
Details of the account to be debited
Name of Financial Institution
■■■■■■■■■■■■■■■■■■■■■■■■■■
Address of Financial Institution
Street Number / PO Box
Street Name
■■■■■■■ ■■■■■■■■■■■■■■■■■■
■■■■■■■■■■■■■■■■■ ■■■ ■■■■
■■■■■■■■■■■■■■■■■■■■■■■■■■
■■■ ■■■ ■■■■■■■■■■ ■■■■.■■
Suburb
State
Postcode
Name of account to be debited
BSB Number
Account number
Amount to be deducted
$
Privacy and Authorisation
I/We,
given names / surname
■■■■■■■■■■■■■■■■■■■■■■■■■■
authorise AMIST Super to arrange for funds to be debited from my/our account at the financial institution identified. This authorisation is to
remain in force in accordance with the terms described in the Service Agreement.
➌
Sign here
Signature
Date (dd/mm/yyyy)
➲
■■■■■■■■
CO-SIGNATURE (all signatures may be required for joint accounts)
➲
Date (dd/mm/yyyy)
■■■■■■■■
Australian Meat Industry Superannuation Pty Limited (Trustee) ABN: 25 002 981 919 RSE Licence: L0000895 AFSL: 238829
as Trustee for Australian Meat Industry Superannuation Trust (AMIST) ABN: 28 342 064 803 Registration No. R1001778
Page 1 of 1
AO/MEM/DD 153.3 03/10 ISS5
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AMIST Super Hotline
| 1800 808 614
www.amist.com.au
AO/PDS 428.8 03/10 ISS4
`