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					                           Mercer Super Trust
                 Personal Superannuation Division


Please find attached a Product Disclosure Statement (PDS) including an application
form, rollover form and an application for insurance cover form and a Supplementary
Product Disclosure Statement (SPDS) for the Personal Superannuation Division in the
Mercer Super Trust which should be read in conjunction with each other.

The application form, rollover form and application for insurance cover form are
included at the back of the PDS.

If you are printing off this document you must print off all pages of the document
(which includes the PDS, SPDS, application form, rollover form and application for
insurance cover form). Please note that the forms should be printed as separate
documents so they can be completed and the application form and application for
insurance cover form returned to the Mercer Super Trust and the rollover form sent to
your previous super provider.

The Financial Services Guide (FSG) must be read before you read or print off the
PDS.

If you have any queries on the attached documents or completing the forms please call
the Helpline on 1800 810 558.
                                                                                                                                      ®




Supplementary Product Disclosure Statement No. 3
for the Mercer Super Trust
Personal Superannuation Division. 1 July 2008




This Supplementary Product Disclosure Statement No. 3 is only applicable to the Mercer Super Trust Personal Superannuation Division
and is issued by Mercer Investment Nominees Limited ABN 79 004 717 533, Australian Financial Services Licence #235906 as trustee of
the Mercer Super Trust ABN 19 905 422 981. ‘Mercer Wealth Solutions Super Trust’ and the petal logo are registered trademarks of
Mercer Investment Nominees Limited.
About this                                   What this SPDS No. 3                      1. Change of Mercer name

document                                     covers                                    On 1 November 2007, Mercer Human
                                                                                       Resource Consulting Pty Ltd changed its
                                             This SPDS No. 3 includes details on the   name to Mercer (Australia) Pty Ltd.
This Supplementary Product Disclosure        following:
                                                                                       As a consequence the following
Statement No. 3 (SPDS No. 3) is to be          Change of Mercer name                   amendments apply:
read in conjunction with the Product
Disclosure Statement for the Mercer            Changes to the application              (i) All references in the PDS and the
Super Trust, Personal Superannuation           and rollover forms which are            application form to ‘Mercer Human
Division dated 1 April 2006 (PDS). This        included in the PDS                     Resource Consulting Pty Ltd’ should be
SPDS No. 3 revokes and replaces                Removal of certain                      read as ‘Mercer (Australia) Pty Ltd’.
Supplementary Product Disclosure               investment options                      (ii) On page 2 of the PDS replace the
Statement No. 2 dated 1 October 2007.          Change of name for some                 first and second paragraphs under the
Mercer Investment Nominees Limited             investment options                      heading “About this Product Disclosure
(MINL) ABN 79 004 717 533, Australian                                                  Statement” with the following:
                                               Investment and insurance
Financial Services Licence #235906, is         default                                 “Mercer Investment Nominees Limited
• the trustee of the Mercer Super Trust,                                               (MINL) ABN 79 004 717 533, Australian
                                               Electronic member                       Financial Services Licence #235906, is
  ABN 19 905 422 981,                          communications
• the issuer of this SPDS No. 3 and the                                                  the trustee of the Mercer
                                               Lost Super                                Super Trust, ABN 19 905
  PDS, and
                                               Joining the plan and your                 422 981,
• a wholly owned subsidiary of Mercer          super payout                              the issuer of this Product
  (Australia) Pty Ltd (Mercer) ABN 32
                                               Fee change notice period                  Disclosure Statement
  005 315 917, which is a corporate
                                                                                         (PDS), and
  authorised representative #260851 of         New risk table
  MINL.                                                                                  a wholly owned subsidiary
                                               Fee changes
                                                                                         of Mercer (Australia) Pty Ltd
This SPDS No. 3 should be read
                                               Transaction and operational               (Mercer) ABN 32 005 315
carefully and kept for future reference.
                                               costs                                     917, which is a corporate
The information contained in this SPDS
                                               Death and disability                      authorised representative
No. 3 is general information only and
                                               insurance premiums                        #260851 of MINL.”
does not take into account your
individual financial objectives, financial     Conditions for accessibility            (iii) On the back cover of the PDS
situation or needs. You should speak to        of preserved or restricted              remove the ‘Mercer Human Resource
a licensed, or appropriately authorised,       non-preserved super                     Consulting’ logo and the words
financial adviser if you need help in                                                  immediately below it.
making an investment or insurance              About the ERF
decision.                                      Privacy                                 2. Changes to the
The trustee’s contact details are:             Anti-money laundering                   application and rollover form
Mercer Investment Nominees Limited             Unclaimed money                         (i) In the application form and rollover
ABN 79 004 717 533                             Bankruptcy                              form, which are included in the PDS
GPO Box 4303                                   Unit prices                             please replace the disclaimer with the
                                                                                       following
MELBOURNE VIC 3001                             Contributions
                                                                                       “Issued by Mercer Investment Nominees
Tel: 1800 810 558                              Introduction of new                     Limited (MINL), ABN 79 004 717 533,
If calling from overseas:                      investment options                      AFSL #235906, as trustee of the Mercer
Tel 61 3 8687 1823                             Changes to the details of               Super Trust, ABN 19 905 422 981.
                                               some of the investment                  Address GPO Box 4303, Melbourne Vic
                                               options                                 3001. Tel 1800 810 558. ‘Mercer
Website: mercersupertrust.com                                                          Wealth Solutions Super Trust’ and the
                                               Up to date investment                   petal logo are trademarks of MINL.”
                                               returns
                                               Changes to details about                (ii) In the rollover form, which is included
                                               death and disability cover              in the PDS please remove the “Mercer
                                                                                       Human Resource Consulting’ logo.
                                               Tax changes.
(iii) On the front page of the application        it will be easier for you to find your    understand I can access my
form please replace the section under             super in the future and ensure that you   information by contacting the Privacy
the heading “Providing your email                 receive all of your super benefit when    Officer of the Mercer Super Trust.
address and mobile phone number” with             you retire.                               acknowledge that if I provided my
the following:                                Choosing not to provide your TFN is not       email address and/or mobile phone
“The trustee currently provides               an offence. However, if you don’t             number in this application form, the
information such as annual reports,           provide your TFN now or in the future:        trustee may, at its discretion, use that
member and exit statements, notices of            the trustee will only be able to accept   email address or mobile phone
any material changes or occurrences of            contributions made for you by your        number (as amended and notified to
significant events and member                     employer. No other contributions, for     the trustee from time to time):
publications (such as “Your Wealth”) in a         example, after-tax contributions can be        to send me information
written form. In the future the trustee           accepted;                                      concerning my super, including
may provide this type of information,                                                            any annual reports, member and
together with any marketing or research           you may pay more tax on contributions
                                                  made for you by your employer. In              exit statements, notices of
material by electronic means. By                                                                 material changes or occurrence
providing your email address or mobile            some circumstances you may be able
                                                  to claim back this additional tax,             of significant events, member
phone number you agree to receive this                                                           publications (such as “Your
type of information and/or marketing and          however time limits, fees and other
                                                  rules may apply; and                           Wealth”); and
research material electronically (when
applicable in that form) by email (which          you may pay more tax on your super             for marketing and research
may include a link to a website from              payout than you would otherwise                purposes, including sending me
where it can be downloaded) or, (where            (although you can claim this back              information about other financial
applicable) by mobile phone.”                     when you lodge your tax return).”              products or services offered by
                                                                                                 the trustee or any of its related
(iv) In step 6 of the application form,       (v) In step 7 of the application form,             parties (unless I have requested
which is included in the PDS replace the      which is included in the PDS replace the           you not to do so by contacting
section under ‘Special note:’ with the        fourth and fifth dot points with the               the Helpline on 1800 810 558).
following:                                    following:
                                                                                            acknowledge that the trustee may
“Special note: In line with the               “                                             provide some or all of the member
Superannuation Industry (Supervision)                                                       communications and/or marketing
Act 1993, the trustee of the Mercer               understand that my personal
                                                  information will be handled by the        and research material to me
Super Trust is authorised to ask for your                                                   electronically either by:
tax file number (TFN). The trustee will           Mercer Super Trust to provide and
only use your TFN for lawful purposes.            manage my super. Without this                  sending it to me by email (which
These purposes may change in the                  information it may not be able to              may include a link to a website
future if there are changes to legislation.       provide my super and choices. For              from where it can be
                                                  this purpose, my personal information          downloaded) where I have
The trustee may pass your TFN to any              may pass between the trustee of the            provided my email address;
other super fund or account to which              Mercer Super Trust and its                     and/or
your super is transferred in the future           administrator, professional advisers,
unless you request in writing that this not       insurers, government bodies and any            making it available to me on a
be done.                                          related or other third party as                website from where it can be
                                                  required, including the trustee of any         downloaded.
By providing your TFN:
                                                  other super fund that my super is         acknowledge that where the trustee is
  the trustee will be able to accept all          transferred to. I consent to the          unable to accept certain contributions
  types of contributions made by you or           handling of my personal information in    made by me, or on my behalf, then
  for you (some limits may apply);                this manner. I also agree that my         those contributions will be returned by
  you can avoid paying tax at a higher            personal information can be used for      the trustee to me or the person or
  rate than would otherwise apply on              marketing and research purposes           organisation (including my employer)
  your contributions;                             and/or for searching the lost member      who made the contribution on my
  you can avoid having tax deducted at            register of the Australian Taxation       behalf and any such contribution will
  a higher rate than would otherwise              Office (unless I have requested you       generally not form part of my super
  apply on your super payout; and                 not to do so by contacting the            account balance.”
                                                  Helpline on 1800 810 558). I
3. Removal of investment                       who have not automatically been                For more information on investment
                                               transferred from the Corporate                 options, see the Investment section for
options                                        Superannuation Division) and nil death         further details.”
The AMP Capital Balanced Direct                and disablement insurance cover.               (ii) On page 29 of the PDS, replace the
Option, ANZ Superannuation Pool –              If you have been automatically                 section under the sub-heading “If you
Growth Fund, BT Active Balanced PST,           transferred into the Personal                  don’t make a choice…” with the
Colonial First State PST – Diversified,        Superannuation Division from the               following:
Credit Suisse Asset Management                 Corporate Superannuation Division of           “If you have joined the PSD without
Capital Growth PST, ING Managed                the Mercer Super Trust and have not            being automatically transferred from the
Growth Superannuation Fund,                    previously had the choice of how to            CSD, and don’t make an investment
INVESCO Wholesale Diversified Growth           invest a part (or all) of your super,          choice, your super will be automatically
PST, Legg Mason Growth Trust, MLC
                                                 then that part (or all) of your super will   invested in the default investment
Capital Stable Fund, Schroders
                                                 be invested in the Mercer Cash               option. The default is the Mercer Growth
Superannuation Fund and Zurich
                                                 investment option until you advise us        investment option.
Wholesale Superannuation Managed
                                                 otherwise;                                   If you have been automatically
Growth Fund are all described in the
PDS as Select-your-Own investment                any future contributions or rollovers        transferred into the PSD from the CSD
options. These investment options have           will be invested in the Mercer Growth        of the Mercer Super Trust and have not
been removed and as a result you are             investment option until you advise us        previously had the choice of how to
no longer able to invest in any of them.         otherwise.                                   invest a part (or all) of your super,
Please ignore all references to any of         If you have been automatically                  then that part (or all) of your super will
these investment options in the PDS.           transferred into the Personal                   be invested in the Mercer Cash
                                               Superannuation Division (PSD) from the          investment option until you advise us
4. Change of name for some                     Corporate Superannuation Division               otherwise;
                                               (CSD) of the Mercer Super Trust and
investment options                             have previously had the choice of how to
                                                                                               any future contributions or rollovers
                                                                                               will be invested in the Mercer Growth
(i) As a result of changes in names of         invest any part of your super, then that        investment option until you advise us
some of the investment options, replace        part of your super will be invested in the      otherwise.
all references in the PDS of                   same investment options as you chose
                                               in the CSD, where possible, or if not, in      If you have been automatically
  “AMP Capital Balanced Growth                                                                transferred into the PSD from the CSD
                                               the investment options which most
  Option” with “Non Mercer Balanced –                                                         of the Mercer Super Trust and have
                                               closely correspond to those in which
  Core Style”                                                                                 previously had the choice of how to
                                               your super was invested in the CSD at
  “AMP Capital Conservative Option”            the time your super was transferred to         invest any part of your super, then that
  with “Non Mercer Conservative”               the PSD.                                       part of your super will be invested in the
                                                                                              same investment options as you chose
  “Maple Brown Abbott PST” with “Non           Most of the investment options in the          in the CSD, where possible, or if not, in
  Mercer Balanced – Value Style”               CSD are the same as in the PSD except          the investment options which most
  “MLC Balanced Fund” with “Non                for the investment options set out in the      closely correspond to those in which
  Mercer Balanced – Multi-Manager              table below. This table shows the              your super was invested in the CSD at
  Style”                                       existing CSD investment options that do        the time your super was transferred to
                                               not have an exact PSD equivalent and           the PSD.
  “MLC Growth Fund” with “Non Mercer           hence have been matched to certain
  Growth - Multi-Manager Style”.               investment options within the PSD.             Most of the investment options in the
(ii) As a result of a change in name of                                                       CSD are the same as in the PSD except
the Mercer Overseas Shares (Currency           CSD existing            PSD investment         for the investment options set out in the
                                               investment option       option                 table below. This table shows the
Managed) investment option, from 1
September 2008, replace all references                                                        existing CSD investment options that do
                                               Schroders Growth        Mercer Growth
in the PDS and SPDS of “Mercer                                                                not have an exact PSD equivalent and
Overseas Shares (Currency Managed)”            Intech Assertive Plus   Mercer Shares          hence have been matched to certain
with “Mercer Hedged Overseas Shares”.                                                         investment options within the PSD.
                                               Intech Assertive        Mercer High
                                                                       Growth
5. Investment and insurance
                                               Intech Balanced Plus    Mercer Growth
default
                                               Intech Moderate         Mercer Moderate
(i) On page 3 of the PDS, replace the                                  Growth
section under the sub-heading “If you
don’t fill out the application form…” with     Intech Defensive        Mercer
the following:                                                         Conservative
                                                                       Growth
“If you don’t fill out the application form,
the ‘default’ option(s) will apply which       Intech Enhanced         Mercer Cash
may not be the most suitable choices for       Cash
your particular circumstances. The
default options are the Mercer Growth
investment option (only for members
                                                                                          (iii) On page 21 of the PDS, replace the
                                            7. Lost Super                                 second dot point in the third paragraph
CSD existing            PSD investment                                                    under the heading “The governing rules”
investment option       option              On page 4 of the PDS, include the
                                                                                          with the following:
                                            following after the section “Let us know if
Schroders Growth        Mercer Growth       your details change”.                         “
                                                                                          • you change your employment status.
Intech Assertive Plus   Mercer Shares
                                            “Lost Super                                     In the case of moving to a casual or
Intech Assertive        Mercer High
                                            With millions of Australians having lost        part-time arrangement, your insurance
                        Growth                                                              options may be limited.”
                                            super, there are now billions of dollars
Intech Balanced Plus    Mercer Growth       recorded on the Tax Office’s lost
                                            member register.
Intech Moderate         Mercer Moderate
                        Growth              As a member of the Mercer Super Trust,        8. Fee change notice
                                            a ‘SuperMatch’ process will be used to
Intech Defensive        Mercer              search the lost member register, on your      The references to “45 days” should be
                        Conservative        behalf, at least annually (unless you         replaced with “30 days” in the following
                        Growth
                                            have requested for this not to occur by       places:
Intech Enhanced         Mercer Cash         calling the Helpline on 1800 810 558).            On page 8 of the PDS in the last
Cash                                        These searches are conducted free of              paragraph under the heading “Risks
                                            charge and involve providing members’             associated with being a member of the
It is strongly recommended that you         super information to the Australian               Mercer Super Trust”,
speak to a licensed, or appropriately       Taxation Office (ATO), including account
authorised, financial adviser to work out                                                     On page 15 of the PDS under the sub
                                            details and Tax File Numbers.
whether your investment options under                                                         - heading “Fee increases (other than
                                            The ATO uses this information to search           indexation)”, second paragraph and
the PSD continue to suit your personal
                                            lost super accounts, for funds belonging          fourth paragraph under the sub-
needs and circumstances.”
                                            to Mercer Super Trust members. If                 heading “Other fees that can arise”,
                                            funds belonging to you are identified,
6. Electronic member                                                                          On page 22 of the PDS under the sub
                                            you will be advised in writing.
                                                                                              - heading “Material changes and
communications                              For more information, simply log into             significant events”.
                                            mercersupertrust.com, sign in using
On page 4 of the PDS, under the sub-
                                            your personal membership details, and
heading “As a member of the Personal
                                            look for the ‘Lost Something?’ hyperlink.
Superannuation Division of the Mercer
                                            From this link you will be guided through
Super Trust you’ll receive:” include the
                                            the search process.”
following at the end:
  “We reserve the right to provide some
  or all of the member communications
                                            8. Joining the plan and your
  to you electronically, either by:         super payout
  - sending them to you by email (which     (i) On page 6 of the PDS, replace the
    may include a link to a website from    section under the heading “Joining the
    where they can be downloaded)           Personal Superannuation Division” with
    where you have provided an email        the following:
    address; and/or
                                            “You can join the Personal
  - making them available to you on a       Superannuation Division of the Mercer
    website from where they can be          Super Trust provided:
    downloaded.”
                                            • you have an account balance of at
                                              least $1,500 and make regular
                                              contributions*; or
                                            • the minimum amount transferred into
                                              the Personal Superannuation Division
                                              to open your account is $3,000.
                                            * Please note if you are age 65 or over,
                                            please refer to “Working past age 65” in
                                            the Contributions section of the PDS
                                            for the circumstances under which you
                                            can make contributions Please call the
                                            Helpline on 1800 810 558 for more
                                            details.”
                                            (ii) On page 6 of the PDS, remove the
                                            fourth paragraph under the heading
                                            “Your super payout”.
                                  “Investment                                                option investment risk table
9. Risk Table




                                                                                                                                                                                                                                                        Currency Risk
On page 9 of the PDS, replace




                                                                                                                                                                                                                                       Liquidity Risk
                                                                                                                                                                                                          Manager Risk
                                                                                                                                                                           Inflation Risk
                                                                                                                                                          Political Risk




                                                                                                                                                                                            Timing Risk
                                                                                                                                            Market Risk




                                                                                                                                                                                                          Investment


                                                                                                                                                                                                                         Credit Risk
the table “Investment option




                                                                                                                               Asset Risk
                                                                                                                               Individual
investment risk table” with the
following:                                                                         Investment option

                                                                                   Mercer Shares                                  L           H              L                L               H               L            L              L               H
                                                      Ready-made

                                                                                   Mercer High Growth                             L           H              L                L               H               L            L              L              M
                                                                                   Mercer Growth                                  L          M               L                L              M                L            L              L              M
                                                                                   Mercer Moderate Growth                         L          M               L                L              M                L            L              L                L
                                                                                   Mercer Conservative Growth                     L           L              L               M                L               L            L              L                L
                                                                                   Mercer Cash                                    L           L              L               H                L               L            L              L                 -
                                                                                   Mercer Shares Plus                             L           H              L                L               H               L            L              L               H
                                                                                   Mercer High Growth Plus                        L           H              L                L               H               L            L              L              M
                                                                   Mercer Plus




                                                                                   Mercer Growth Plus                             L          M               L                L              M                L            L              L              M
                                                                                   Mercer Australian Shares Plus                  L           H              L                L               H               L            L              L                 -
                                                                                   Mercer Overseas Shares Plus (Unhedged)         L           H             M                 L               H               L            L              L               H
                                                                                   Mercer Income Plus#                            L           L              L               H               M                L           M               L                L
                                                                                   Mercer Australian Shares                       L           H              L                L               H               L            L              L                 -
                                                                                   Mercer Australian Core Shares                  L           H              L                L               H               H            L              L                 -
                                                                                   Mercer Australian Growth Shares                L           H              L                L               H               H            L              L                 -
                                                                                   Mercer Australian Value Shares                 L           H              L                L               H               H            L              L                 -
                                                                                   Mercer Australian Small Companies              L           H              L                L               H               L            L              L                 -
                                                                                   Mercer Overseas Shares (Unhedged)              L           H             M                 L               H               L            L              L               H
                                                                                   Mercer Overseas Shares (Currency
                                                                                                                                  L           H             M                 L               H               L            L              L                L
                                                                                   Managed)^
                                                                                   Mercer Overseas Core Shares#                   L           H             M                 L               H               H            L              L               H
                                                                   Mercer Sector




                                                                                   Mercer Overseas Growth Shares#                 L           H             M                 L               H               H            L              L               H
                                                                                   Mercer Overseas Value Shares#                  L           H             M                 L               H               H            L              L               H
                                                                                   Mercer Overseas Small Companies                L           H             M                 L               H              M             L              L               H
                                                                                   Mercer Emerging Markets#                       L           H             M                 L               H              M             L              L               H
                                                                                   Mercer Property                                L           H              L                L               H              M             L              L              M
                                                                                   Mercer Direct Property#                        H           H              L                L               H              M             L             H                 L
                                    Select-your-Own




                                                                                   Mercer Australian Listed Property#             L           H              L                L               H              M             L              L                L
                                                                                   Mercer Overseas Listed Property                L           H             M                 L               H              M             L              L               H
                                                                                   Mercer Fixed Interest                          L          M               L               H               M                L           M               L                L
                                                                                   Mercer Australian Fixed Interest#              L          M               L               H               M               M            M               L                L
                                                                                   Mercer Overseas Fixed Interest#                L          M               L               H               M               M            M               L                L
                                                                                   Mercer Diversified Alternatives                L           H             M                 L               H               L           M              M                H
                                                                                   Mercer Target 2015*                            L          M               L                L              M                L            L              L             M/L*
                                                           Mercer
                                                           Target




                                                                                   Mercer Target 2025*                            L         H/M*             L                L             H/M*              L            L              L             M/L*
                                                                                   Mercer Target 2035*                            L         H/M*             L                L             H/M*              L            L              L             H/L*
                                                                                   Mercer Target 2045*                            L         H/M*             L                L             H/M*              L            L              L             H/L*
                                                            Mercer Socially
                                                             Responsible




                                                                                   Mercer Socially Responsible Shares             L           H              L                L               H              M             L              L               H



                                                                                   Mercer Socially Responsible Growth             L          M               L                L              M                L            L              L              M

                                                                                   Indexed Shares                                 L           H              L                L               H               L            L              L               H
                                                                                   Indexed Australian Shares                      L           H              L                L               H               L            L              L                 -
                                                                   Indexed




                                                                                   Indexed Overseas Shares                        L           H             M                 L               H               L            L              L               H
                                                                                   Indexed Growth                                 L          M               L                L              M                L            L              L              M
                                                                                   Indexed Conservative Growth                    L           L              L               M                L               L            L              L                L
                                                                                   Non Mercer Growth – Multi-Manager Style        L          M               L                L              M                L            L              L              M
                                                                   Non Mercer




                                                                                   Non Mercer Balanced – Multi-Manager Style      L          M               L                L              M                L            L              L              M
                                                                                   Non Mercer Balanced – Core Style               L          M               L                L              M                H            L              L              M
                                                                                   Non Mercer Balanced – Value Style              L          M               L                L              M                H            L              L              M
                                                                                   Non Mercer Conservative                        L           L              L               M                L               H            L              L                L
                                  *The level of risk reduces as these investment options approach their target year (eg. 2015 for the Mercer Target 2015
                                  investment option).
                                  ^ The name of this investment option will change to Mercer Hedged Overseas Shares on 1 September 2008.
                                  # These investment options are only available from 1 September 2008.”
                                     10. Fee changes
                                     (i) On page 12 of the PDS, replace the table with the following:



                                                Investment option                             Investment         Performance         Administration fee                            Estimated management costs
                                                                                              management         fee range           (% pa of account balance)                     (% pa of account balance)
                                                                                              fee                (% pa)              First       Next          Balance             First         Next         Balance
                                                                                              (% pa)                                 $250,000    $250,000      over                $250,000      $250,000     over
                                                                                                                                                               $500,000                                       $500,000
                                                Mercer Shares                                      0.87              0 - 0.05           1.15           0.70            0.00         2.02 - 2.07      1.57 - 1.62        0.87 - 0.92
                  Ready- made




                                                Mercer High Growth                                 0.82              0 - 0.05           1.15           0.70            0.00         1.97 - 2.02      1.52 - 1.57        0.82 - 0.87
                                                Mercer Growth                                      0.77              0 - 0.05           1.15           0.70            0.00         1.92 - 1.97      1.47 - 1.52        0.77 - 0.82
                                                Mercer Moderate Growth                             0.72              0 - 0.05           1.15           0.70            0.00         1.87 - 1.92      1.42 - 1.47        0.72 - 0.77
                                                Mercer Conservative Growth                         0.67              0 - 0.05           1.15           0.70            0.00         1.82 - 1.87      1.37 - 1.42        0.67 - 0.72
                                                Mercer Cash                                        0.47                 Nil             0.85           0.40            0.00            1.32              0.87               0.47
                                                Mercer Shares Plus^                                1.05              0 - 0.25           1.15           0.70            0.00         2.20 - 2.45      1.75 - 2.00        1.05 - 1.30
                                                Mercer High Growth Plus^                           1.00              0 - 0.25           1.15           0.70            0.00         2.15 - 2.40      1.70 - 1.95        1.00 - 1.25
                                Mercer Plus




                                                Mercer Growth Plus^                                0.95              0 - 0.25           1.15           0.70            0.00         2.10 - 2.35      1.65 - 1.90        0.95 - 1.20
                                                Mercer Australian Shares Plus^                     1.05              0 - 0.50           1.15           0.70            0.00         2.20 - 2.70      1.75 - 2.25        1.05 - 1.55
                                                Mercer Overseas Shares Plus
                                                                                                   1.05              0 - 0.50           1.15           0.70            0.00         2.20 - 2.70      1.75 - 2.25        1.05 - 1.55
                                                (Unhedged)^
                                                Mercer Income Plus ^ #                             0.77              0 – 0.25           1.15           0.70            0.00         1.92 – 2.17      1.47 – 1.72       0.77 – 1.02
                                                Mercer Australian Shares                           0.82              0 - 0.05           1.15           0.70            0.00         1.97 - 2.02      1.52 - 1.57        0.82 - 0.87
                                                Mercer Australian Core Shares^                     0.82               0- 0.50           1.15           0.70            0.00         1.97- 2.47       1.52 - 2.02        0.82 - 1.32
                                                Mercer Australian Growth Shares^                   0.82               0 -0.50           1.15           0.70            0.00         1.97- 2.47       1.52 - 2.02        0.82 - 1.32
                                                Mercer Australian Value Shares^                    0.82              0 – 0.50           1.15           0.70            0.00         1.97- 2.47       1.52 - 2.02        0.82 - 1.32
                                                Mercer Australian Small Companies^                 0.95              0 - 0.05           1.15           0.70            0.00         2.10 - 2.15      1.65 - 1.70        0.95 - 1.00
                                                Mercer Overseas Shares (Unhedged)                  0.90              0 - 0.05           1.15           0.70            0.00         2.05 - 2.10      1.60 - 1.65        0.90 - 0.95
                                                Mercer Overseas Shares (Currency
                                                                                                   0.91              0 - 0.05           1.15           0.70            0.00         2.06 - 2.11      1.61 - 1.66        0.91 - 0.96
                                                Managed)^**
                                                Mercer Overseas Core Shares ^ #                    0.90              0 – 0.50           1.15           0.70            0.00         2.05 – 2.55      1.60 – 2.10       0.90 – 1.40
                                Mercer Sector




                                                Mercer Overseas Growth Shares ^ #                  0.90              0 – 0.50           1.15           0.70            0.00         2.05 – 2.55      1.60 – 2.10       0.90 – 1.40
                                                Mercer Overseas Value Shares ^ #                   0.90              0 – 0.50           1.15           0.70            0.00         2.05 – 2.55      1.60 – 2.10       0.90 – 1.40
                                                Mercer Overseas Small Companies^                   1.30              0 - 0.05           1.15           0.70            0.00         2.45 - 2.50      2.00 - 2.05        1.30 - 1.35
                                                Mercer Emerging Markets ^ #                        1.30              0 – 0.50           1.15           0.70            0.00         2.45 – 2.95      2.00 – 2.50       1.30 – 1.80
                                                Mercer Property                                    0.92              0 - 0.05           1.15           0.70            0.00         2.07 - 2.12      1.62 - 1.67        0.92 - 0.97
                                                Mercer Direct Property ^ #                         0.97              0 – 0.50           1.15           0.70            0.00         2.12 – 2.62      1.67 – 2.17       0.97 – 1.47
Select-your-Own




                                                Mercer Australian Listed Property ^#               0.82              0 – 0.25           1.15           0.70            0.00         1.97 – 2.22      1.52 – 1.77       0.82 – 1.07
                                                Mercer Overseas Listed Property^                   1.05              0 - 0.50           1.15           0.70            0.00         2.20 - 2.70      1.75 - 2.25        1.05 - 1.55
                                                Mercer Fixed Interest                              0.52              0 - 0.05           1.15           0.70            0.00         1.67 - 1.72      1.22 - 1.27        0.52 - 0.57
                                                Mercer Australian Fixed Interest ^ #               0.52              0 – 0.10           1.15           0.70            0.00         1.67 – 1.77      1.22 – 1.32        0.52 - 0.62
                                                Mercer Overseas Fixed Interest ^ #                 0.52              0 – 0.10           1.15           0.70            0.00         1.67 – 1.77      1.22 – 1.32       0.52 – 0.62
                                                Mercer Diversified Alternatives^                   1.50              0 - 1.00           1.15           0.70            0.00         2.65 - 3.65      2.20 - 3.20        1.50 - 2.50
                                                Mercer Target 2015^*                               0.76*             0 - 0.05           1.15           0.70            0.00         1.91 – 1.96*     1.46 - 1.51*      0.76 - 0.81*
                         Mercer
                         Target




                                                Mercer Target 2025^*                               0.80*             0 - 0.05           1.15           0.70            0.00         1.95 - 2.00*     1.50 - 1.55*      0.80 - 0.85*
                                                Mercer Target 2035^*                               0.84*             0 - 0.05           1.15           0.70            0.00         1.99 - 2.04*     1.54 - 1.59*      0.84 - 0.89*
                                                Mercer Target 2045^*                               0.87*             0 - 0.05           1.15           0.70            0.00         2.02 - 2.07*     1.57 - 1.62*      0.87 - 0.92*
                     Responsible




                                                Mercer Socially Responsible Shares                 0.92              0 - 0.05           1.15           0.70            0.00         2.07 - 2.12      1.62 - 1.67        0.92 - 0.97
                       Socially
                       Mercer




                                                Mercer Socially Responsible Growth                 0.82              0 - 0.05           1.15           0.70            0.00         1.97 - 2.02      1.52 - 1.57        0.82 - 0.87

                                                Indexed Shares                                     0.57                 Nil             1.15           0.70            0.00            1.72              1.27               0.57
                                                Indexed Australian Shares                          0.57                 Nil             1.15           0.70            0.00            1.72              1.27               0.57
                                Indexed




                                                Indexed Overseas Shares                            0.57                 Nil             1.15           0.70            0.00            1.72              1.27               0.57
                                                Indexed Growth                                     0.57                 Nil             1.15           0.70            0.00            1.72              1.27               0.57
                                                Indexed Conservative Growth                        0.57                 Nil             1.15           0.70            0.00            1.72              1.27               0.57
                                                Non Mercer Growth – Multi-Manager
                                                                                                   1.20                 Nil             1.15           0.70            0.00            2.35              1.90               1.20
                                                Style~
                                Non Mercer




                                                Non Mercer Balanced – Multi-Manager
                                                                                                   1.17                 Nil             1.15           0.70            0.00            2.32              1.87               1.17
                                                Style~~
                                                Non Mercer Balanced – Core Style                   0.82                 Nil             1.15           0.70            0.00            1.97              1.52               0.82
                                                Non Mercer Balanced – Value Style                  0.78                 Nil             1.15           0.70            0.00            1.93             1.48                0.78
                                                Non Mercer Conservative                              0.72                 Nil              1.15           0.70            0.00             1.87             1.42            0.72
                                Notes:              ^ The combined maximum investment management fee, performance fee and administration fee shall not exceed 4% per annum for these investment options.
                                                    * As these investment options approach their target year (e.g. 2015 for the Mercer Target 2015 investment option) the estimated management costs will trend downwards
                                                    to those which apply for the Mercer Moderate Growth investment option (MMG). Once a Mercer Target investment option has reached or passed its target year the
                                                    estimated management costs will be the same as those which apply for the MMG at that time.
                                                    # As these investment options will not be available until 1 September 2008, the fees shown for these investment options are those effective at 1 September 2008.
                                                    ** The name of this investment option will change to Mercer Hedged Overseas Shares on 1 September 2008.
                                                    ~ Up to 1 October 2008, the fees for the Non Mercer Growth – Multi-Manager Style investment option are:
                                                    (a)    Investment management fee 1.17% pa.
                                                    (b)    Estimated management costs 2.32% (first $250,000), 1.87% (next $250,000), 1.17% pa (balance over $500,000)
                                                    ~~ Up to 1 October 2008, the fees for the Non Mercer Balanced – Multi-Manager Style investment option are:
                                                    (a)    Investment management fee 1.14% pa.
                                                    (b)    Estimated management costs 2.29% (first $250,000), 1.84% (next $250,000), 1.14% pa (balance over $500,000)”
(ii) On page 11 of the PDS, replace the      11. Transaction and                            For the other investment options (not
last sentence in the 3rd column of the                                                      listed above) a single unit price is used
table headed “Example of annual fees         operational costs                              for both the issue and redemption of
and costs for the Mercer Growth              On pages 13 and 14 of the PDS, replace         units (i.e. the exit price equals the entry
investment option” with the following;       the section headed “Transactional and          price) and no buy/sell spread is applied.
                                             operating costs” with the following:           In calculating the unit prices for these
“What it costs you will depend on the                                                       investment options an allowance is
investment option you choose and the         “Transaction and                               made for transaction and operational
fees you negotiate with your fund or                                                        costs the amount of which will vary but is
financial adviser.”                          operational costs                              estimated to generally be between 0%
                                                                                            and 1.0% except in the case of the
(iii) On page 14 of the PDS, replace the     Transaction and operational costs
                                                                                            Mercer Property investment option and
sections under the sub-headings              include brokerage, expenses,
                                                                                            the Mercer Emerging Markets
“Indexation of fees” and “Family Law         commissions and other fees that are
                                                                                            investment option* where such an
fees” with the following:                    incurred in buying or selling part or all of
                                                                                            allowance is estimated to be between
                                             the underlying investments of the
                                                                                            0% and 1.5%.
                                             investment option.
“Indexation of fees                                                                         * This investment option is only available from 1
                                             Transaction and operational costs are          September 2008.
The family law fees and the No-TFN tax       allowed for in different ways for different
refund fee set out below will be indexed                                                    The allowance for transaction and
                                             investment options.
annually each 1 January to Average                                                          operational costs whether through a
Weekly Ordinary Time Earnings. The           For some investment options the entry          buy/sell spread or otherwise is additional
indexed fees for 1 January 2008 are set      price for the issue of units may be            to the costs you incur as detailed in the
out in this PDS. The next indexation will    different from the exit price for the          "Fees and other costs" table. No part of
occur on 1 January 2009.                     redemption of those units. The                 any transaction and operational cost is
                                             difference between the entry and exit          paid to the trustee or any external
                                             price represents an allowance for              manager. Neither the buy/sell spread
Family Law fees                              transaction and operational costs and is       nor any allowance for transaction or
                                             commonly referred to as a ‘buy/sell            operational costs are subject to GST.
If your super is subject to an agreement
                                             spread’. Buy/sell spreads are applied
or court order which splits your super                                                      Where the trustee does not currently
                                             only once at the time the contribution or
between you and your former spouse, a                                                       apply a buy/sell spread to a particular
                                             rollover is paid into the Mercer Super
charge of $370 will apply. This is                                                          investment option, it reserves the right to
                                             Trust (or switches effected within the
generally split equally between you and                                                     do so in the future.”
                                             Mercer Super Trust) and not at the time
your former spouse. This fee is
                                             of making a withdrawal from the Mercer
additional to the fees shown in the “Fees                                                   12. Death and disability
                                             Super Trust.
and other costs table”.
                                             Set out in the table below are estimates       insurance premiums
                                             of the buy/sell spreads for those
No-TFN tax refund fee                        investment options where a buy/sell
                                                                                            On page 14 of the PDS, under the sub-
                                                                                            heading “Death and disability insurance
If we don’t receive your Tax File Number     spread is currently applied. The
                                                                                            premiums” replace the third paragraph
(TFN) then additional tax is payable in      estimated buy/sell spreads can vary
                                                                                            with the following:
respect of your concessional                 slightly from day to day.
                                                                                            “The full cost of the commission payable
contributions (see the section ‘You’ll pay                                   Estimated
                                                                                            to MINL is built into the premiums
extra tax if the trustee does not have       Investment option                buy/sell
your TFN’ in the Tax & super section for                                     spread (%)     charged in respect of you.”
more details). If you leave the Personal     Non Mercer Growth – Multi-
                                                                                 0.3
Superannuation Division of the Mercer        Manager Style
Super Trust and your super payout is         Non Mercer Balanced – Multi-
                                                                                 0.3
paid before we receive your TFN, an          Manager Style
allowance for this additional tax will be    Non Mercer Balanced – Core
                                                                                 0.8
deducted from your super payout. A           Style
charge of $830 will apply if you             Non Mercer Conservative             0.6
subsequently provide your TFN and
request that this additional tax be
refunded and paid to you or rolled over
to your new super fund from the Mercer
Super Trust. This fee is additional to the
fees shown in the “Fees and other costs
table”.”
13. Conditions for accessibility of Preserved or Restricted Non-preserved super
On page 17 of the PDS, replace the table under the sub-heading “Conditions for accessibility of Preserved or Restricted
Non-preserved super” with the following:

“
                                                                                                                       Accessibility

    Condition                                                                                             Preserved super           Restricted non-
                                                                                                                   payout          preserved super
                                                                                                                                             payout

    You have permanently retired from work and have reached your ‘preservation age’ (see below).                         Full                     Full

    You are aged 60 or more and you resign or retire from your current employer.                                         Full                     Full

    You are aged 65 or more.                                                                                             Full                     Full

    The trustee is reasonably satisfied that you are permanently incapacitated.*                                         Full                     Full

    You have compassionate grounds for applying.*                                                              Partial or full          Partial or full

    You suffer severe financial hardship.*                                                                            Partial                  Partial

    You have a terminal medical condition (and provide the required evidence*)                                           Full                     Full

    You are aged less than 60 and terminate employment with your current employer (but don’t
                                                                                                                       None                       Full
    permanently retire).

                                                                                                        May be available as      May be available as
    You have reached preservation age but have not retired.                                              a non-commutable         a non-commutable
                                                                                                         pension or annuity       pension or annuity

    You leave Australia permanently (if you are a temporary resident and satisfy certain conditions).                    Full                     Full
* as provided under superannuation law”

                                                        The investment strategy for the AMP             15. Privacy & Unclaimed
14. About the ERF                                       ERF is to invest in a portfolio with a
                                                        core of cash and limited exposure to            money
On page 18 of the PDS, replace the                      shares.                                         On page 19 of the PDS, replace the
fourth (including the six dot points), fifth                                                            sections under the sub-headings “Your
and sixth paragraphs under the sub-                     AMP Life declares multi-tiered
                                                        crediting rates of investment earnings          privacy is important” and “Unclaimed
heading “Small account balances’ with                                                                   money” with the following:
                                                        (interest) with respect to the ERF
the following:
                                                        Policy. The interest to be credited to a
“Set out below is a summary of some of
the more significant features of the ERF,
                                                        member’s account is calculated based
                                                        on a member’s daily balance and
                                                                                                        “Your privacy is
current as at the date of this PDS.                     credited annually (or on withdrawal).           important
    The assets of the ERF are invested in               There are no fees charged directly to a         The trustee of the Mercer Super Trust
    a capital guaranteed life insurance                 member’s account by ASL.                        holds personal information about you.
    policy (ERF Policy) issued to AMP                   Administration and investment fees as           Typically this includes your name,
    Superannuation Limited (ASL) by AMP                 well as taxes (including earnings tax)          address, date of birth, telephone or
    Life Limited (AMP Life). The ERF                    are deducted by AMP Life before                 mobile number, gender, occupation,
    Policy is a “participating policy” in AMP           declaring any interest to be credited           salary and tax file number. This
    Life’s Statutory Number 1 Fund (AMP                 under the ERF Policy.                           information is needed to provide your
    No 1 Fund). There is no choice of                                                                   super.
                                                        The ERF is unable to accept
    investment available to members
                                                        contributions from members or their             Your personal information is collected
    within the ERF.
                                                        employers, however, rollovers from              from you. Your personal information may
    Returns are guaranteed not to be                    other superannuation funds are                  be disclosed to the Mercer Super Trust’s
    negative. The investment objective for              permitted.                                      administrator, professional advisers,
    balances over $2,500 is to provide                                                                  insurers, government bodies and any
                                                        The ERF does not provide insurance
    returns which over the longer term                                                                  related or other third party as required
                                                        cover.”
    exceed cash returns adjusted for costs                                                              including the trustee of any other super
    and tax.                                                                                            fund you may transfer to.
By becoming a member of the Mercer                                                         16. Unit Prices
Super Trust, it’s assumed that you
                                              Unclaimed money
consent to this handling of your personal     If we’ve written to you twice and both       On page 20 of the PDS, replace the
information. If you don’t provide the         times the mail has been returned             sections under the sub-headings “How
trustee with your personal information,       unclaimed and you are under age 65,          and when are unit prices calculated?”
we may not be able to provide your            we may transfer your super to the ERF.       and “Unit pricing and changes to
super and choices.                                                                         investment options: with the following:
                                              If your super is transferred into the ERF,
Your personal information may also be         the trustee of the ERF must ensure that
used for marketing and research               all your super is subject to the ‘member     “How and when are unit
purposes, including sending you               protection rules’ of superannuation law,     prices calculated?
information about other financial             irrespective of the size of your super
products or services offered by us or any     payout. You will no longer be a member       Unit prices are calculated on a daily
of our related parties and to search the      of the Mercer Super Trust and any            basis by the trustee although the trustee
lost member register at the ATO (unless       insurance cover you may have had             may recalculate prices more frequently
you have requested us not to do so by         through the Personal Superannuation          when it considers it to be appropriate.
calling the Helpline on 1800 810 558).        Division will cease.                         Where the amount ascertained by the
You can usually see any personal              For more information on the ERF see          allocation or redemption of units does
information held and correct it if it’s       “Small account balances” earlier in this     not exactly equal the amount received or
inaccurate. However, there are some           section.                                     to be paid, then the trustee may issue or
circumstances where this isn’t possible.                                                   redeem a fractional unit equal to the
                                              If you are over age 65 and we have           proportion of a whole unit that is
The trustee follows the National Privacy      been unable to contact you for a period      outstanding.
Principles as described in the Privacy        of 5 years, then your payout will be
Act 1988 (Cth) and has a Privacy Policy       considered to be unclaimed money and         The unit price of a whole unit basically
which describes in detail the way the         will be sent to the Australian Taxation      reflects the asset value of the
trustee handles members’ personal             Office (ATO).                                investment option divided by the number
information. If you’d like a copy of the                                                   of units which are referable to that option
Mercer Super Trust Privacy Policy             You can approach the ATO to claim any        on issue at the relevant time. In
please call the Helpline on 1800 810 558      such money directly.                         determining the unit prices of the
or visit our website                                                                       investment options, an allowance is
mercersupertrust.com (after you sign-         Bankruptcy & super                           made for any transaction and
in to your member account).                                                                operational costs. See “Transaction and
                                              contributions                                operational costs” in the section
Anti-money laundering                         Government legislation allows a trustee
                                                                                           “Additional explanation of fees and
                                                                                           costs” earlier in this section for more
Under the Anti-Money Laundering and           in bankruptcy to recover certain super
                                                                                           details.
Counter Terrorism Financing Act 2006,         contributions. The laws apply to super
superannuation funds are required to          contributions, made by or for you, after     Unit prices are calculated to the fourth
identify, monitor and mitigate the risk       27 July 2006, where a trustee in             decimal place. A fractional unit has a
that the Mercer Super Trust may be            bankruptcy determines that the               value equal to the proportion that it
used for the laundering of money or the       contributions were made to deliberately      bears to a whole unit. The net asset
financing of terrorism. Because of this,      avoid paying creditors.                      value of an investment option reflects
you may be required to provide proof of                                                    the value of the underlying assets of that
                                              Under the Bankruptcy legislation the
your identity that is satisfactory to the                                                  option less any liabilities, provisions for
                                              trustee is required to act in accordance
trustee before you withdraw your benefit                                                   taxation and other expenses related to
                                              with any notices received from a trustee
from the Mercer Super Trust or in any                                                      that option.
                                              in bankruptcy. This may be a notice to
other circumstances which the trustee is      pay a certain amount to the trustee in       Unit prices may rise or fall depending on
required by law to collect information        bankruptcy, or a notice that prevents the    fluctuations in the underlying value of
about or verify your identity. At a           trustee from paying out or transferring      the investments in each investment
minimum, you may be required to               any part of your super for a period of at    option.
provide the trustee with evidence that        least 180 days.
verifies your full name, your date of birth                                                Unit pricing and changes to
                                              Your super payout will be adjusted to
and your residential address.
                                              reflect any payments in respect of you       investment options
                                              made to a trustee in bankruptcy under a      If you request the trustee to change the
                                              notice issued in accordance with this        investment options that apply to part or
                                              legislation.”                                all of your existing super, the unit price
                                                                                           used for your switch will generally be
                                                                                           one calculated after your request is
                                                                                           received and validated. That is, the unit
                                                                                           prices used will not be those available at
                                                                                           the time the trustee receives and
                                                                                           validates your request.”
17. Contributions
Replace Step 2 – Contributions section of the PDS with the following:




“Step 2 Contributions

Contributing a bit extra to your super now can help you build a
bigger payout later.



In this section you’ll find out:

         What you put in - if you want to                                           page 24
         Tax on contributions                                                       page 24
         Rollovers - don’t let multiple fees eat away at your super                 page 24
         Spouse Super                                                               page 25
         Government Co-contribution                                                 page 25
         Contribution splitting                                                     page 25
         Working past age 65                                                        page 26
         When the trustee can’t accept contributions                                page 26
         Further queries                                                            page 26




                                                                        Contributions   23
What you put in –                            Your employer can also                      The minimum level for
if you want to                               contribute                                  your account balance
                                             By contributing on your behalf, your
                                                                                         The trustee requires that your super
                                             employer can satisfy their obligations
Lump sum deposits                            under the Government’s Superannuation
                                                                                         account balance remains above $2,400
                                                                                         at all times, unless you are participating
As a member you can make                     Guarantee (SG) legislation.
                                                                                         in the Regular Contributions Plan.
contributions at any time. Your initial      For further details on how your employer
                                             can contribute, please call the Helpline    If you account balance should fall below
balance must be a minimum investment
                                             on 1800 810 558.                            this level, your super may be transferred
of at least $3,000 unless you participate
                                                                                         to the ERF (the eligible rollover fund
in the Regular Contributions Plan (see
                                                                                         currently used by the Mercer Super
below). Any lump sum contribution you
wish to make thereafter will need to be
                                             Tax on contributions                        Trust) unless you make further
                                                                                         contributions or request to transfer your
at least $100. You must forward a
                                             Tax is deducted from employer               super to another fund (see the Getting
‘Making contributions to the Mercer
                                             contributions including any before tax      to know your super section). See
Super Trust - Personal’ form each time
                                             contributions you make and any              ‘Small account balances’ in the Getting
you contribute. To obtain a copy of the
                                             personal contributions for which you are    to know your super section for further
form you should contact the Helpline on
                                             claiming a tax deduction. It’s applied to   details on the ERF.
1800 810 558 or visit our website
mercersupertrust.com.                        these contributions after any insurance
You can also make contributions via
                                             premiums have been deducted. This tax
                                             is deducted at 15% where you have           Rollovers – don’t let
BPAY. If you wish to do so, please
contact the Helpline on 1800 810 558 for
                                             provided your Tax File Number (TFN).
                                             Tax at a higher rate will be deducted       multiple fees eat
details.                                     from your employer contributions
                                             including any before tax contributions      away at your super
Regular Contributions                        where you have not provided your TFN.
                                                                                         You can roll over other super money into
                                             Additional tax may also be payable if
Plan                                         employer contributions, any before-tax
                                                                                         the Mercer Super Trust if you want to.
You may also choose to make regular          contributions and any personal              If you’ve had other jobs in the past, you’ll
contributions using our Regular              contributions for which you are claiming    probably have super accounts with your
Contributions Plan. In this case your        a tax deduction exceed certain annual       previous employers. You have the
initial contribution must be at least        limits. Tax may also be payable from        choice of rolling in all your super into
$1,500 with a minimum regular monthly        contributions made by or for you from       your Mercer Super Trust account. By
contribution of at least $100.               after tax sources (including personal       doing this you could improve your super
                                             after tax member contributions you          investment overall. You’ll only be paying
Your regular contribution is automatically   make and spouse contributions made for      one set of fees and you’ll be earning
taken out by direct debit from your                                                      investment returns on a bigger sum of
                                             you) where those contributions exceed
nominated bank, building society or cash     certain annual limits. The Australian       money. It also means you have only one
management trust account. This will          Taxation Office (ATO) will assess           set of paperwork to think about. Why not
happen on the last day of the relevant       whether the relevant limits have been       discuss the benefits of rollovers with a
month, or if this falls on a weekend or      exceeded and the amount of any tax          licensed, or appropriately authorised,
holiday, the next business day. You can      payable. For more details refer to the      financial adviser?
change your payment details at any           Tax & super section.
time.
The Regular Contributions Plan can only
                                             For more details on the annual limits and   If you’d like to roll other
                                             the tax on contributions, including the
be used to make member or spouse             additional tax payable when the annual      super into your Mercer
contributions. While your employer can
make regular contributions on your
                                             limits are exceeded, refer to the Tax &
                                             super section.
                                                                                         Super Trust account…
behalf, this can’t be done through the                                                   Complete the rollover form included in
Regular Contributions Plan. If you wish      Tax may also be deducted from certain
                                             other contributions (eg contributions       this PDS and then send it to your other
to use our Regular Contributions Plan,                                                   super fund. They will then contact the
please contact the Helpline on 1800 810      made for you by a person who is not
                                             your employer or spouse), some              Mercer Super Trust about rolling the
558, or visit our website                                                                money in. Generally there’s no charge
mercersupertrust.com, for the relevant       amounts transferred from overseas
                                             funds, amounts rolled over from some        for receiving money rolled in from other
forms.                                                                                   funds, although you should check with
                                             “untaxed” funds (generally Government
                                             sector) and certain employment              your other funds to see if there are any
                                             termination payments made by                withdrawal fees.
                                             employers which are rolled over.




24     Contributions
There’s no minimum amount. You can                   you make a contribution of at least $600      interested in an update on the progress
roll any amount in no matter how small.              you will be eligible for a co-contribution    of this legislation.
If the money you roll in is preserved, it            of $900.                                      Provided you maintain a super account
stays preserved in the Mercer Super                  The co-contribution will only be available    balance of at least $5,000, you will
Trust. See the Getting to know your                  to people who earn at least 10% of their      generally be able to request a
super section for more details on                    income from employment as an                  contribution split of:
preservation.                                        employee or running a business or a             85% of concessional contributions
If you require additional rollover forms,            combination of both.                            (refer to ”Concessional Contributions”
please call the Helpline on 1800 810 558             You must also be under age 71 at the            in the Tax & super section of this PDS
or visit our website                                 end of the financial year. The                  for details) up to a maximum of
mercersupertrust.com                                 co-contribution is not available to most        generally $50,000.
                                                     temporary residents.                          The following cannot be split:
Spouse super                                         The co-contribution is also not available
                                                     in respect of tax deductible contributions
                                                                                                     member contributions (unless you
                                                                                                     have advised the trustee that you are
                                                     (eg contributions made by a self-               claiming a tax deduction), eligible
If your spouse wishes to make super                  employed person and for which a tax
contributions for you, he or she will need                                                           spouse contributions, government co-
                                                     deduction is claimed).                          contributions and untaxed
to complete and return a ‘Your spouse’s
contribution’ form which sets out the                The trustee must give the ATO                   contributions
eligibility requirements. To obtain a                information about your contributions and        amounts rolled over or transferred into
copy of this form please call the Helpline           those made by your employer. Using              the Mercer Super Trust
on 1800 810 558 or visit our website                 this information, and information in your       lump sum payments from an overseas
mercersupertrust.com.                                tax return, the ATO will work out if you        super fund
                                                     are entitled to receive a co-contribution.      employment termination payments
Government Co-                                       Any co-contribution payable will then be
                                                     sent directly to the Mercer Super Trust
                                                                                                     notional contributions relating to a
                                                                                                     member’s defined benefits.
contribution                                         or another fund to which you belong.
                                                                                                   There may be other circumstances in
                                                     We recommend that you speak to a              which the legislation restricts or prohibits
The co-contribution is a contribution, by            licensed, or appropriately authorised,
the Government, of up to $1.50 for each                                                            contribution splitting depending on a
                                                     financial adviser to work out how this        member's individual circumstances. We
$1.00 of personal after-tax member                   might apply to you.
contributions paid to a superannuation                                                             will advise you if this applies at the time
fund.                                                                                              you make a request to split
The amount of the co-contribution you                Contribution                                  contributions.
will get depends on your income** and                                                              The super contribution splitting rules
the personal after tax contribution you              splitting                                     work on a financial year basis (ie year
have made during the financial year.                                                               ending 30 June).
The maximum amount of co-contribution                Super legislation allows eligible super         splitting periods will comprise the
for a financial year is $1,500 and is                fund members the opportunity to split           twelve months from 1 July to 30 June
available to people whose income is                  their super contributions with their            each year.
$30,342* or less. This maximum or cap                spouse. Although the legislation is             generally, a member will be able to
then phases down by 5 cents for each                 optional for super funds, the trustee of        split once per year and will have 12
dollar of additional income over $30,342             the Mercer Super Trust has agreed to            months to make a request to split all or
and cuts out completely for incomes of               allow super contribution splitting for most     part of a previous year's contributions
$60,342^ or more. You also need to                   members.                                        once that year is over. However, if
meet other conditions to be eligible for             Contribution splitting lets members             you leave the Mercer Super Trust
the co-contribution - these are set out              transfer eligible contributions to an           before the 12 months has elapsed,
below.                                               account in the name of an eligible              your request to split contributions must
**Income is your assessable income plus your         spouse in a complying superannuation            be received by the trustee on or before
reportable fringe benefits for the applicable        fund. Conditions apply as to what               the time that your super is paid out,
financial year. The Government has announced
                                                     contributions can be split and when a           rolled over or transferred to another
that from1 July 2009, income will also include any
salary sacrifice superannuation contributions you    member can split contributions.                 super fund.
make.                                                                                              You may also be able to split
                                                     Contributions can only be split with an
* This amount is the lower threshold and is          eligible spouse who has not permanently       contributions made in the financial year
applicable for 2008/2009 and is indexed from 1                                                     of your super payout. However, this can
                                                     retired or reached age 65. An eligible
July each year.
                                                     spouse includes a person to whom the          only take place if your request to split
^ This amount is equal to the lower threshold plus   member is legally married or a de facto       contributions is provided to the trustee
$30,000.
                                                     partner where the couple live together        on or before the time that your super is
For example, if your income is $30,342               on a genuine domestic basis as                paid out, rolled over or transferred to
or less and you make a personal after-               husband and wife. It does not currently       another super fund.
tax contribution of $1,000 (and you meet             include a same sex spouse, however,
the other conditions set out below) you              the Government has proposed that this
will be eligible for a co-contribution of            restriction be removed. Contact the
$1,500. If your income is $42,342, and               Helpline on 1800 810 558 if you are


                                                                                                                         Contributions       25
If your super is transferred from the       Between ages 65 and 75, you can make
Corporate Superannuation Division           personal after tax contributions if you
(CSD) you will, subsequent to your          have worked at least 40 hours during
transfer to the Personal Superannuation     any period of 30 consecutive days in the
Division (PSD), be able to split both       financial year to which the contributions
those eligible contributions you made       relate.
whilst you were a member of your            Once you reach age 75, personal after
employer’s plan in the CSD and those        tax contributions can no longer be
made whilst you are a member of the         accepted.
PSD. However it will only be possible to
split contributions made in the year        Between ages 65 and 70, contributions
ending on the previous 30 June (and if      for you by your spouse and or other
you are leaving the Mercer Super Trust,     people can be made if you have worked
contributions made in the year of exit).    at least 40 hours during any period of 30
                                            consecutive days in the financial year.
If you would like further information on
contribution splitting please call the      Once you reach age 70, contributions for
Helpline on 1800 810 558.                   you by your spouse or other people can
                                            no longer be accepted.
Please note to request a contribution
split, you will need to complete a Mercer
approved form, which is available on our
website or by calling the Helpline.
                                            When the trustee
It is recommended that you seek advice      can’t accept
from a licensed, or appropriately
authorised, financial adviser before        contributions
making any decision in relation to
contribution splitting.                     There are some circumstances when the
                                            trustee is unable to accept certain
                                            contributions made for or by you:
Working past age                             if you have not provided your TFN –
65                                           see the Tax & super section of this
                                             PDS for details;
                                             if an individual contribution is greater
If you are still working after age 65,
                                             than the specified limit allowed - see
generally contributions by your employer
                                             the Tax & super section of this PDS
can continue to be made. However the
                                             for details;
law will not allow such contributions in
certain circumstances.                       if you have not met the work tests set
                                             out in “Working past age 65” earlier in
After age 65, mandated employer              this section.
contributions may be made in respect of
you. “Mandated” employer contributions      Any contributions received when these
are Superannuation Guarantee (SG)           conditions have not been met will be
contributions and/or contributions          returned to you or the person, or
required under an award or certified        organisation (including where applicable
agreement.                                  your employer), who made the
                                            contribution. The amount returned will
As there are currently no SG                generally not form part of your super
requirements beyond age 70, mandated        account balance.”
employer contributions after age 70 will
be those that may be required under an
award or certified agreement.               Further queries?
Other employer (including salary
sacrifice) contributions and any personal   If you have any queries about whether
contributions for which you are claiming    you should consider additional
a tax deduction can only be made in         contributions for yourself or your spouse,
respect of you up to age 75 if you have     please call the Helpline on 1800 810
worked at least 40 hours during any         558. ”
period of 30 consecutive days in the
financial year to which the contributions
relate. These contributions cannot be
made after age 75.




26     Contributions
                                             These Mercer Plus investment options,          The Mercer Australian Value Shares and
18. Investments Changes                      when compared to their equivalent              the Mercer Overseas Value Shares
                                             Mercer investment options, may have            investment options aim to achieve the
(i) On page 27 of the PDS, include the
                                             different allocations to investment            stated objectives by selecting managers
following at the bottom of the page:
                                             managers within asset classes, different       who generally invest in companies that
“Important Note:                             benchmark weights eg greater exposure          are considered attractive on traditional
The investment options listed below are      to alternative assets where relevant and       valuation measures (for example, a low
not available until 1 September 2008. If     wider asset allocation ranges.                 price to earnings ratio) relative to the
any of these options are chosen prior to     Certain ‘Mercer Sector’ investment             share market/s relevant to that
this date your choice will be invalid and    options including the Mercer Australian        investment option.
not be acted on, in this event, your         Shares and the Mercer Overseas                 The Mercer Australian Core Shares, the
previous investment option(s) or the         Shares (Unhedged) investment options           Mercer Australian Growth Shares and
default investment option (where you         provide exposure to a number of                the Mercer Australian Value Shares
have not made a previous choice) will        investment styles, including core, growth      investment options are generally
continue to apply.                           and value. Individual style investment         expected to have higher risk
 Mercer Income Plus                          options are also offered which provide         characteristics when compared to the
                                             you with the opportunity to invest with a      Mercer Australian Shares investment
 Mercer Overseas Core Shares                 particular style of investing (rather than a   option. However, there is no guarantee
 Mercer Overseas Growth Shares               blend of styles) or control the blend of       that these expectations will be met over
                                             styles to meet your specific                   any particular period.
 Mercer Overseas Value Shares                requirements. The style investment             The Mercer Overseas Core Shares, the
 Mercer Emerging Markets                     options are available within the ‘Mercer       Mercer Overseas Growth Shares and
                                             Sector’ investment options in this PDS.        the Mercer Overseas Value Shares
 Mercer Direct Property
                                             Investment options which follow a              investment options are generally
 Mercer Australian Listed Property
                                             particular investment style and which          expected to have similar risk
 Mercer Australian Fixed Interest            have a benchmark investment in                 characteristics when compared to the
 Mercer Overseas Fixed Interest.”            Australian shares are the Mercer               Mercer Overseas Shares (Unhedged)
                                             Australian Core Shares, the Mercer             investment option. However, there is no
(ii) On pages 28 and 29 of the PDS,          Australian Growth Shares, and the              guarantee that these expectations will
replace the section headed “The ‘Select-     Mercer Australian Value Shares                 be met over any particular period.
your-Own’ investment options” with the       investment options. Investment options
following:                                                                                  You should note that there is a risk that
                                             which follow a particular investment style     the performance of any of the individual
                                             and which have a benchmark                     style investment options could deviate
“The ‘Select-your-Own’                       investment in overseas shares are the          from the relevant share markets in which
                                             Mercer Overseas Core Shares, the
investment options                           Mercer Overseas Growth Shares, and
                                                                                            they invest (both positively and
                                                                                            negatively) for extended periods of time.
                                             the Mercer Overseas Value Shares
All the other available investment           investment options.                            The Mercer Target investment options
options make up the Select-your-Own                                                         (e.g. Mercer Target 2015) have been
                                             The Mercer Australian Core Shares and          designed so that the asset allocation of
options.                                     the Mercer Overseas Core Shares                each option will be progressively
They include ‘Mercer Plus’ investment        investment options aim to achieve the          adjusted to move from the current
options (see below for further details),     stated objectives by selecting managers        growth (e.g. shares and
specialist investment options invested in    who generally invest in a range of             property)/defensive (e.g. cash and fixed
one particular asset class or one            companies which may have growth                interest) asset mix to the
particular style within an asset class       and/or value characteristics but without       growth/defensive asset mix applicable
(referred to as ‘Mercer Sector’              systematically biasing the overall             by their target year (e.g. 2015 for the
investment options in this PDS), ‘Mercer     portfolio to either.                           Mercer Target 2015 investment option).
Target’ investment options (see below        The Mercer Australian Growth Shares            Over this time, the exposure of each of
for further details), socially responsible   and the Mercer Overseas Growth                 the Mercer Target investment options to
investment options, indexed investment       Shares investment options aim to               growth assets will fall with a
options (commencing with the word            achieve the stated objectives by               corresponding increase to the exposure
‘Indexed’) and investment options            selecting managers who generally invest        of defensive assets and accordingly the
referred to as ‘Non Mercer’ in this PDS.     in companies that are expected to              suitability and risks of each investment
The Mercer Plus investment options (eg       generate a higher level of earnings            option will also change.
Mercer Growth Plus) are expected to          growth than the market/s relevant to that      The Select-your-Own options are
have higher risk and return                  investment option.                             described in more detail later in this
characteristics when compared to their                                                      section.”
equivalent Mercer investment options
(eg Mercer Growth). However, there is
no guarantee that these expectations
will be met over any particular period.
(iii) Replace page 30 of the PDS, with the following:

“Step 2 – Learn the investment basics
Before we get into explaining the options and how they work, here are a few investment basics

There are lots of different types of
investments, also called asset classes,        Growth Investments
for example, shares, property, fixed
interest, alternative assets and cash.           Shares                                       Alternative assets
Here’s a brief explanation of the major          Property                                     Infrastructure
asset classes that your super can be
invested in.                                   These are types of investments that have the potential to grow over the long term but
                                               are also likely to experience volatility (ups and downs) in performance from year to
                                               year.




                                               Defensive Investments
                                                                                             Alternative assets
                                                 Fixed interest
                                                                                             Infrastructure
                                                 Cash
                                                                                             High Yield Debt

                                               These are types of investments used when trying to protect the investment from the
                                               chance of a negative return (in other words the value of the investment falls).
                                               Defensive investments tend to produce lower long term but more stable returns than
                                               growth investments.



                                                                                            generally be bought or sold before they
Shares                                        Property                                      mature, potentially resulting in capital
When you buy shares you are actually          Investing directly in office buildings,       gains or losses.
buying a portion, or share, of a              shopping centres, industrial estates and      Overseas fixed interest investments are
company. Your investment return will          other similar property investments is         normally hedged to remove the effect of
depend on how the company performs            known as direct property investment.          currency movements. Hedging is a
over time and on economic factors.            Investors can also buy units in property      process of protecting investments
The Australian shares and Australian          trusts, which invest in a variety of          against, or reducing the risk of a loss.
small companies asset class may               properties and property related
                                              companies. These trusts and companies         Fixed interest investments are generally
include some investments sourced from                                                       expected to be less volatile than shares
overseas as a substitute for Australian       may be listed on an Australian stock
                                              exchange or an overseas exchange or           and property but with a lower expected
investments.                                                                                return in the long-term.
                                              they may be unlisted. Overseas property
By investing in overseas shares you are       investments may be subject to currency
investing in different economies, which       movements which can add to, or take           Cash
may assist in reducing overall volatility     away from, returns.                           Cash includes short-term interest
(ups and downs in returns) by increased                                                     bearing investments. Generally, the
diversification. Overseas share               Like shares, a property investment is
                                              suitable for long-term investment as it       likelihood of losing the initial investment
investments (which includes emerging                                                        in cash is minimal. While volatility (the
markets) may be subject to currency           has the expectation of some ups and
                                              downs in the short-term.                      chance of ups and downs in value) with
movements which can add to, or take                                                         cash is low, the returns are also likely to
away from, the share market return.                                                         be lower than those available from fixed
Over the long-term, returns from shares       Fixed interest                                interest, property and shares over the
have in the past tended to be higher          Fixed interest investments are issued to      long term.
than those achieved by property, fixed        investors by Australian and overseas
interest and cash. However, in the short-     governments, semi-government
term, performance tends to have more          authorities and companies in return for
ups and downs.                                cash. Interest is paid to the investors
                                              over the life of the investment, usually at
                                              a fixed rate. These investments can
Alternative assets                               following:                                   next step is to assess, for an option with
                                                                                              a given allocation to growth assets (eg.
Alternative assets generally comprise                                                         shares and property) an appropriate mix
those investments which do not fit within        “Choosing and                                of asset classes to give the highest
the traditional broad asset classes (such        monitoring investment                        possible expected return, given the
as shares, property, fixed interest and                                                       intended investment approach of that
cash). Examples may include absolute             managers                                     investment option. This becomes the
return funds (eg. hedge funds), private                                                       recommended benchmark asset
                                                 Mercer provides the trustee with a
equity, commodities and various                                                               allocation for that option.
                                                 comprehensive investment service
structured products.
                                                 including managing the selection and         Based on Mercer’s experience and
                                                 ongoing evaluation of investment             expertise, the trustee believes that the
Infrastructure                                   managers, investment manager                 chosen strategies give the investment
                                                 appointments and replacements and            options a reasonable probability of
Infrastructure investments are                   reviews as well as reports on                meeting their objectives. There is no
investments made in capital intensive,           performance against investment               guarantee however, that a particular
long term assets required to fulfil major        objectives.                                  objective will be met over a particular
economic and social needs.                                                                    period.
Characteristics that can be assigned to          Mercer uses sophisticated performance
infrastructure investments include the           measurement and analytical tools.            Changes are made to the objectives and
relatively stable nature of the underlying       These quantitative tools are designed to     strategies as required in order to ensure
assets and predictable cash flows which          complement the extensive qualitative         that the objectives continue to have a
are often linked to inflation in some form.      research performed into the operations       reasonable probability of being attained.
Investors can gain exposure to                   of investment managers. The overall          In addition, the trustee monitors the
infrastructure assets through direct             objective of this research is to determine   options’ performance against their
investments, unlisted or listed funds with       whether the manager has a sustainable        objectives, with formal assessments and
the underlying assets themselves being           competitive advantage.                       attribution analysis performed quarterly.
in Australia or overseas. Examples of            Details regarding the investment
infrastructure assets may include                managers currently used by the trustee       How the Mercer Super
airports, toll roads, pipelines, utilities and   for each of the investment options can
social infrastructure.                           be obtained by looking at the Mercer         Trust’s assets are
                                                 Super Trust website                          invested
High Yield Debt                                  mercersupertrust.com (after you sign-
                                                 in to your member account) or calling        The trustee invests the Mercer Super
High Yield Debt securities include loans         the Helpline on 1800 810 558. We can         Trust’s assets as follows:
and hybrid securities. High yield                send you a copy of the updated                by appointing professional investment
securities may be riskier than other             information, free of charge on request.       managers to manage the assets
forms of fixed interest investments (such        The trustee may remove, replace, or           and/or
as government bonds) and they                    appoint additional investment managers
generally offer cash yields typically                                                          by investing the assets through a
                                                 for each of the investment options at its     range of trusts (or other investment
superior to other forms of fixed interest        discretion.
investments.”                                                                                  vehicles) offered by professional
                                                                                               investment managers and/or the
(iv) On page 31 of the PDS, replace the
paragraph under the heading “Trustee’s
                                                 Each of the investment                        Mercer Investment Funds (MIFs), a
                                                                                               series of wholesale investment trusts.
investment philosophy and approach”              options has a set of                         Professional investment managers are
with the following:
“The trustee has put together a range of
                                                 objectives                                   appointed by MINL to manage the
                                                                                              assets of the MIFs either directly or via
investment options that includes all the         For each investment option, the trustee      external investment vehicles. The
Ready-made and some of the Select-               has determined a strategy which it           underlying investments of the MIFs are
your-Own investment options (those that          believes is reasonably likely to enable      invested on an arm’s length basis and
start with ‘Mercer’). These options (we’ll       the option to meet its objectives. The       are separately identifiable. MINL is the
collectively call them the ‘Mercer               strategy includes the selection of a long-   trustee or responsible entity of each of
investment options’) are all managed on          term mix of investments (asset classes)      the MIFs.
what’s called a multi-manager approach.          that supports the option’s objectives.
In the sections “Investment philosophy”          This mix is chosen after considering the     All of the external investments of the
and “Investment approach” we describe            advice of Mercer, which also provides        Mercer Super Trust are held by National
this approach in more detail.”                   advice on choosing and monitoring            Australia Bank Limited, an independent
                                                 investment managers.                         custodian, including the underlying
(v) On pages 31 and 32 of the PDS,                                                            investments of the MIFs. The trustee
replace the sections under the sub-              Mercer uses sophisticated financial          has not appointed a custodian to hold its
headings “Choosing and monitoring                models which use historical data and         interest in the MIFs.”
investment managers”, “Each of the               economic forecasts to estimate each
investment options has a set of                  asset class’s future performance. The
“objectives” and “How the Mercer Super           model also estimates the probability of
Trust’s assets are invested” with the            each projected return occurring. The
 19. Investment options and Investment performance
 On pages 35 to 56 of the PDS, replace the sections “Step 4 - Making your decision”, “Your Mercer Super Trust investment
 options – at a glance”, “Your Mercer Super Trust investment options – in detail”, “Performance of Mercer Super Trust investment
 options” and “Performance relative to index” with the following:



“Step 4 – Making your decision
To make this easy we’ve included an at a glance table to give you an overview of all the investment options which is followed by
detailed information on each option. Tables setting out the past performance of the investment options on a single and compound
basis, together with a table of performance relative to a named index, such as CPI (refer to “Option objectives” below for further
details) are also included later in this section of the PDS.

But first… some terms explained
To help you understand the differences between the investment options we’ve explained below some of the terms used in the ‘at a
glance’ table and the Ready-made and Select-your-Own ‘in detail’ sections that follow.


Active investment approach                   Level of risk                                to a particular named index such as CPI.
                                                                                          Where this occurs (and the relevant
Managers of investment options with an       For each investment option we’ve             option has been operating for the full
active approach aim to perform better        included the average expected likelihood     comparison period) the performance of
than the overall market.                     of the option giving a negative return (in   the option relative to the named index is
                                             other words, falling in value). In this      set out in the “Performance relative to
Benchmark and ranges                         context:                                     index” table included later in this section
The benchmark is the long-term mix of         a ‘high’ level of risk means that a         of the PDS.
investments. Factors such as the              negative return is expected, on             Please note that the objectives of any
trustee’s assessment of market                average, approximately one year in          particular investment option should not
valuations may cause the actual mix to        every three to five.                        be treated, or relied upon as a forecast,
vary from this benchmark but it will                                                      indicator or guarantee of any future
                                              a ‘moderately high’ level of risk means
generally stay within the asset allocation                                                returns or performance for that option.
                                              that a negative return is expected, on
ranges.                                                                                   The value of each investment option
                                              average, approximately one year in
                                                                                          may rise and fall.
Consumer Price Index (CPI)                    every five to six.
                                              a ‘moderate’ level of risk means that a
Is used to measure the rate of inflation.
                                              negative return is expected, on             Multi – manager investment
In Australia it’s based on a selection of
household goods and services.                 average, approximately one year in          approach
                                              every six to seven.
                                                                                          More than one specialist manager may
Hedging                                       a ‘moderately low’ level of risk means      be appointed to manage assets in each
Hedging refers to the process of              that a negative return is expected, on      asset class, sector or investment style
protecting investments against, or            average, approximately one year in          within the investment options.
reducing the risk of, a loss. For example,    every seven to nine.
in the context of currency, the value of      a ‘low’ level of risk means that a
                                                                                          Socially responsible
overseas investments is affected by           negative return is expected on              investment approach
rises or falls in the value of the            average, less than approximately one
Australian dollar, (eg if the Australian                                                  Socially responsible investment involves
                                              year in every nine.
dollar rises in value, then overseas                                                      making an investment decision based on
                                              a ‘very low’ level of risk means that a     principles of social responsibility in
investments will reduce in value).
                                              positive return is expected over rolling    addition to the usual investment criteria.
Investment managers can use various
                                              twelve month periods.                       See Socially responsible investing
techniques to minimise the effect of
currency movements on overseas               Please note that these statements are        earlier in this section for further details.
investments – this is currency hedging.      based on historical data and shouldn’t
                                             be considered to be a guarantee or
                                                                                          Target benchmark
Indexed investment                           forecast that a negative return in one       The target benchmark is the proposed
approach                                     year will be followed by a positive return   mix of investments for the Mercer Target
                                             in the next year.                            investment options by their target year.
Managers of investment options with an                                                    Factors such as the trustee’s
indexed approach (sometimes called a         Mix of investments                           assessment of market valuations may
passive approach) aim to perform in line                                                  cause the actual mix to vary from the
                                             This refers to the asset allocation of an
with the overall market.                                                                  target benchmark but it will generally
                                             investment option.
                                                                                          stay within the asset allocation ranges.
Investment timeframe                         Option objectives
This is the minimum time you should
                                             These identify the type of return the
consider holding your investment in this
                                             option aims to achieve for investors.
option. This is a guide only.
                                             These are sometimes stated in relation
Your Mercer Super Trust investment options – at a glance
                                                                                              Investment         % Growth       Investment
                                                Investment option                                                                                                Level of risk
                                                                                               timeframe        investments      approach
                                                Mercer Shares                                At least 7 years       100                                               High
                                                Mercer High Growth                           At least 6 years       85                                          Moderately high
                   Ready-made




                                                Mercer Growth                                At least 5 years       70                                              Moderate
                                                Mercer Moderate Growth                       At least 4 years       50                                           Moderately low
                                                Mercer Conservative Growth                   At least 3 years       30                                                 Low
                                                Mercer Cash                                   1 year or less         0                                              Very low
                                                Mercer Shares Plus                           At least 7 years       100                                               High
                                                Mercer High Growth Plus                      At least 6 years       85                                          Moderately high
                                Mercer Plus




                                                Mercer Growth Plus                           At least 5 years       70                                              Moderate
                                                Mercer Australian Shares Plus                At least 7 years       100                                               High
                                                Mercer Overseas Shares Plus (Unhedged)       At least 7 years       100                                               High
                                                Mercer Income Plus#                          At least 5 years       21                                                 Low
                                                Mercer Australian Shares                     At least 7 years       100                                               High
                                                Mercer Australian Core Shares                At least 7 years       100                                               High
                                                Mercer Australian Growth Shares              At least 7 years       100                                               High
                                                Mercer Australian Value Shares               At least 7 years       100                                               High
                                                Mercer Australian Small Companies            At least 7 years       100                                               High
                                                Mercer Overseas Shares (Unhedged)            At least 7 years       100                                               High
                                                                                                                               Multi–manager
                                                Mercer Overseas Shares (Currency Managed)^   At least 7 years       100                                               High
                                                Mercer Overseas Core Shares#                 At least 7 years       100                                               High
                                Mercer Sector




                                                Mercer Overseas Growth Shares#               At least 7 years       100                                               High
                                                Mercer Overseas Value Shares#                At least 7 years       100                                               High
                                                Mercer Overseas Small Companies              At least 7 years       100                                               High
                                                Mercer Emerging Markets#                     At least 7 years       100                                               High
                                                Mercer Property                              At least 7 years       100                                               High
                                                Mercer Direct Property#                      At least 7 years       100                                               High
 Select-your-Own




                                                Mercer Australian Listed Property#           At least 7 years       100                                               High
                                                Mercer Overseas Listed Property              At least 7 years       100                                               High
                                                Mercer Fixed Interest                        At least 3 years        0                                           Moderately low
                                                Mercer Australian Fixed Interest#            At least 3 years        0                                           Moderately low
                                                Mercer Overseas Fixed Interest#              At least 3 years        0                                           Moderately low
                                                Mercer Diversified Alternatives              At least 5 years        0                                           Moderately low
                       Socially Mercer Target




                                                Mercer Target 2015*                          At least 5 years     65->50*                                 Moderate-> Moderately low*
                                                Mercer Target 2025*                          At least 6 years     80->50*                             Moderately high-> Moderately low*
                                                Mercer Target 2035*                          At least 7 years     90->50*                             Moderately high-> Moderately low*
                                                Mercer Target 2045*                          At least 7 years    100->50*                                   High-> Moderately low*
                     Responsible




                                                Mercer Socially Responsible Shares           At least 7 years       100             Multi-                            High
                       Mercer




                                                                                                                                  manager/
                                                                                                                                   Socially
                                                Mercer Socially Responsible Growth           At least 5 years       70           responsible                        Moderate

                                                Indexed Shares                               At least 7 years       100                                               High
                                                Indexed Australian Shares                    At least 7 years       100                                               High
                                Indexed




                                                Indexed Overseas Shares                      At least 7 years       100            Indexed                            High
                                                Indexed Growth                               At least 5 years       70                                              Moderate
                                                Indexed Conservative Growth                  At least 3 years       30                                                 Low
                                                Non Mercer Growth – Multi-Manager Style      At least 5 years       79                                              Moderate
                                                                                                                               Multi-manager
                                Non Mercer




                                                Non Mercer Balanced – Multi-Manager Style    At least 5 years       70                                              Moderate
                                                Non Mercer Balanced – Core Style             At least 5 years       74                                              Moderate
                                                Non Mercer Balanced – Value Style            At least 5 years       67              Active                          Moderate
                                                Non Mercer Conservative                      At least 3 years       33                                                 Low
* The exposure to growth assets (and therefore the level of risk) reduces as these investment options approach their target year (eg 2015 for the Mercer Target 2015 investment option).
# These investment options are only available from 1 September 2008.
^ The name of this investment option will change to Mercer Hedged Overseas Shares on 1 September 2008.
Your Mercer Super Trust investment options – In detail

Your Ready-made investment options
Mercer Shares                                                          Mercer High Growth                                           Mercer Growth

Objective                                                              Objectives                                                   Objective
      achieve a return (after tax and investment                          achieve a return (after tax and investment                   achieve a return (after tax and investment
      management fees) that exceeds CPI increases by                      management fees) that exceeds CPI increases                  management fees) that exceeds CPI
      at least 4% pa over rolling seven year periods                      by at least 3.5% pa over rolling six year periods            increases by at least 3% pa over rolling five
                                                                          achieve a return (over the medium to longer                  year periods
                                                                          term) which is competitive with comparable funds             achieve a return (over the medium to
                                                                          that have a similar allocation to growth assets              longer term) which is competitive with
                                                                          and similar risk characteristics                             comparable funds that have a similar
                                                                                                                                       allocation to growth assets and similar risk
                                                                                                                                       characteristics




Level of risk                                                          Level of risk                                                Level of risk
High                                                                   Moderately high                                              Moderate

Investment approach                                                    Investment approach                                          Investment approach
Multi-manager                                                          Multi-manager                                                Multi-manager

Mix of investments                                                     Mix of investments                                           Mix of investments
                                     Range      Benchmark                                       Range      Benchmark                                            Range       Benchmark
                                        %              %                                           %              %                                                %               %
  Growth investments                90-100              100              Growth                                                       Growth
                                                                                                 80-90               85                                         65-75              70
  Australian shares (f)              30-70               50              investments                                                  investments
  Overseas shares (a)                                                    Australian shares                                            Australian shares
                                     30-70                50                                     31-51               41                                         23-43              33
  (g)                                                                    (f)                                                          (f)
  Defensive                                                              Overseas shares                                              Overseas shares
                                       0-10                0                                     24-44               34                                         17-37              27
  investments                                                            (a) (g)                                                      (a) (g)
  Cash & fixed interest                0-10                0             Property &                                                   Property &
                                                                                                  0-20               10                                           0-20             10
                                                                         Infrastructure (b)                                           Infrastructure (b)
                                                                         Defensive                                                    Defensive
                                                                                                 10-20               15                                         25-35              30
                                                                         investments                                                  investments
                                                                         Australian fixed                                             Australian fixed
                                                                                                    0-5             2.5                                           0-10              5
                                                                         interest (c)                                                 interest (c)
                                                                         Overseas fixed                                               Overseas fixed
                                                                                                    0-5             2.5                                           0-10              5
                                                                         interest (d)                                                 interest (d)
                                                                         Cash                       0-5               0               Cash                        0-20             10
                                                                         Alternative assets                                           Alternative
                                                                                                  0-20               10                                           0-20             10
                                                                         (b)                                                          assets (b)


Investment manager fast facts                                          Investment manager fast facts                                Investment manager fast facts
The trustee selects the investment managers for                        The trustee selects the investment managers                  The trustee selects the investment
this option.                                                           for this option.                                             managers for this option.




Notes
(a)     May include currency hedging to Australian dollars.
(b)     May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
(c)     May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
(d)     Currency exposure normally substantially or fully hedged to Australian dollars.
(e)     Currency exposure not normally hedged to Australian dollars.
(f)     Includes exposure to small companies.
(g)     Includes exposure to small companies and emerging markets.
Your Mercer Super Trust investment options – In detail
(continued)…
Your Ready-made investment options
Mercer Moderate Growth                                                 Mercer Conservative Growth                                       Mercer Cash

Objectives                                                             Objectives                                                       Objective
      achieve a return (after tax and investment                          achieve a return (after tax and investment                      maintain the invested capital and achieve a
      management fees) that exceeds CPI increases by                      management fees) that exceeds CPI increases by                  return (before tax and investment management
      at least 2.5% pa over rolling four year periods                     at least 2% pa over rolling three year periods                  fees) above that available on bank bills as
      achieve a return (over the medium to longer term)                   achieve a return (over the medium to longer term)               measured by the UBSWA Bank Bill Index on an
      which is competitive with comparable funds that                     which is competitive with comparable funds that                 annual basis
      have a similar allocation to growth assets and                      have a similar allocation to growth assets and
      similar risk characteristics                                        similar risk characteristics




Level of risk                                                          Level of risk                                                    Level of risk
Moderately low                                                         Low                                                              Very low

Investment approach                                                    Investment approach                                              Investment approach
Multi-manager                                                          Multi-manager                                                    Multi-manager

Mix of investments                                                     Mix of investments                                               Mix of investments
                                Range      Benchmark                                             Range     Benchmark                                                        Range   Benchmark
                                   %              %                                                 %             %                                                            %           %
  Growth                                                                 Growth
                                45-55                50                                          25-35               30
  investments                                                            investments                                                     Growth investments                                0
  Australian shares                                                      Australian shares
                                12-32                22                                            1-21              11                  Defensive investments                            100
  (f)                                                                    (f)
  Overseas shares                                                        Overseas shares
                                  8-28               18                                            0-19               9                  Cash                                             100
  (a) (g)                                                                (a) (g)
  Property &                                                             Property &
                                  0-20               10                                            0-20              10
  Infrastructure (b)                                                     Infrastructure (b)
  Defensive                                                              Defensive
                                45-55                50                                          65-75               70
  investments                                                            investments
  Australian fixed                                                       Australian fixed
                                  0-20               10                                            0-30              15
  interest (c)                                                           interest (c)
  Overseas fixed                                                         Overseas fixed
                                  0-20               10                                            0-30              15
  interest (d)                                                           interest (d)
  Cash                          10-30                20                  Cash                    20-40               30
  Alternative assets                                                     Alternative assets
                                  0-20               10                                            0-20              10
  (b)                                                                    (b)




Investment manager fast facts                                          Investment manager fast facts                                    Investment manager fast facts
The trustee selects the investment managers for                        The trustee selects the investment managers for                  The trustee selects the investment managers
this option.                                                           this option.                                                     for this option.



Notes
(a)     May include currency hedging to Australian dollars.
(b)     May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
(c)     May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
(d)     Currency exposure normally substantially or fully hedged to Australian dollars.
(e)     Currency exposure not normally hedged to Australian dollars.
(f)     Includes exposure to small companies.
(g)     Includes exposure to small companies and emerging markets.
Your Mercer Super Trust investment options – In detail
(continued)…
Your Select-your-Own investment options
Mercer Shares Plus                                                Mercer High Growth Plus                                     Mercer Growth Plus

Objective                                                         Objectives                                                  Objectives
      achieve a return (after tax and investment                     achieve a return (after tax and investment                  achieve a return (after tax and investment
      management fees) that exceeds CPI increases                    management fees) that exceeds CPI increases                 management fees) that exceeds CPI increases
      by at least 4.5% pa over rolling seven year                    by at least 4% pa over rolling six year periods             by at least 3.5% pa over rolling five year periods
      periods                                                        achieve a return (over the medium to longer                 achieve a return (over the medium to longer
                                                                     term) which is competitive with comparable                  term) which is competitive with comparable
                                                                     funds that have a similar allocation to growth              funds that have a similar allocation to growth
                                                                     assets and similar risk characteristics                     assets and similar risk characteristics




Level of risk                                                     Level of risk                                               Level of risk
High                                                              Moderately high                                             Moderate

Investment approach                                               Investment approach                                         Investment approach
Multi-manager                                                     Multi-manager                                               Multi-manager

Mix of investments                                                Mix of investments                                          Mix of investments
                              Range      Benchmark                                          Range     Benchmark                                            Range      Benchmark
                                 %              %                                              %             %                                                %              %
  Growth                                                            Growth                                                      Growth
                              90-100              100                                       75-95               85                                          60-80            70
  investments                                                       investments                                                 investments
  Australian shares                                                 Australian shares                                           Australian shares
                               30-70               50                                       22-52             37.5                                          15-45            30
  (f)                                                               (f)                                                         (f)
  Overseas shares                                                   Overseas shares                                             Overseas shares
                               30-70               50                                       20-50             35.5                                          13-43            28
  (a) (g)                                                           (a) (g)                                                     (a) (g)
  Property &                                                        Property &                                                  Property &
                                0-10                 0                                        0-25              12                                           0-25            12
  Infrastructure (b)                                                Infrastructure (b)                                          Infrastructure (b)
  Defensive                                                         Defensive                                                   Defensive
                                0-10                 0                                        5-25              15                                          20-40            30
  investments                                                       investments                                                 investments
  Cash & fixed                                                      Australian fixed                                            Australian fixed
                                0-10                 0                                        0-10               0                                           0-10           2.5
  interest                                                          interest (c)                                                interest (c)
                                                                    Overseas fixed                                              Overseas fixed
                                                                                              0-10               0                                           0-20           7.5
                                                                    interest (d)                                                interest (d)
                                                                    Cash                      0-10               0              Cash                         0-20            0
                                                                    Alternative assets                                          Alternative assets
                                                                                              0-30              15                                           0-40            20
                                                                    (b)                                                         (b)

Investment manager fast facts                                     Investment manager fast facts                               Investment manager fast facts
The trustee selects the investment managers                       The trustee selects the investment managers                 The trustee selects the investment managers
for this option.                                                  for this option.                                            for this option.




Notes
(a)     May include currency hedging to Australian dollars.
(b)     May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
(c)     May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
(d)     Currency exposure normally substantially or fully hedged to Australian dollars.
(e)     Currency exposure not normally hedged to Australian dollars.
(f)     Includes exposure to small companies.
(g)     Includes exposure to small companies and emerging markets.
Your Mercer Super Trust investment options – In detail
(continued)…
Your Select-your-Own investment options
Mercer Australian Shares                                          Mercer Overseas Shares                                      Mercer Income Plus
Plus                                                              Plus (Unhedged)
Objectives                                                        Objectives                                                  Objective
      achieve a return (over the medium to longer                    achieve a return (over the medium to longer                 achieve a return (before investment
      term) which is competitive with comparable                     term) which is competitive with comparable                  management fees) of at least 2.5% per annum
      funds that have similar risk characteristics                   funds that have similar risk characteristics                above the UBSWA Bank Bill Index over rolling
      outperform the notional return of a benchmark                  outperform the notional return of a benchmark               five year periods
      portfolio of suitable market indices over periods              portfolio of suitable market indices over periods
      of one year or greater                                         of one year or greater                                   Note: this investment option is only available from
                                                                                                                              1 September 2008.




Level of risk                                                     Level of risk                                               Level of risk
High                                                              High                                                        Low

Investment approach                                               Investment approach                                         Investment approach
Multi-manager                                                     Multi-manager                                               Multi-manager

Mix of investments                                                Mix of investments                                          Mix of investments
                                      Range     Benchmark                                          Range     Benchmark                                           Range      Benchmark
                                         %             %                                              %             %                                               %              %

 Growth investments                  90-100             100        Growth investments              90-100            100       Growth investments                 11-31            21

 Australian shares                   90-100             100        Overseas shares (e)             90-100            100       Australian shares                   0-12            6

 Defensive investments                  0-10               0       Defensive investments             0-10               0      Overseas shares (a)                 0-12             0

 Cash & fixed interest                  0-10               0       Cash & fixed interest             0-10               0      Australian listed property          0-12            6

                                                                                                                               Australian direct property          3-15            9

                                                                                                                               Defensive investments              69-89            79

                                                                                                                               Infrastructure (b)                  3-15             9

                                                                                                                               Alternative assets (b)              6-24            15

                                                                                                                               High yield debt (c)                20-40            30

                                                                                                                               Fixed interest (d)                 10-30            20

                                                                                                                               Cash                                0-10             5

Investment manager fast facts                                     Investment manager fast facts                               Investment manager fast facts
The trustee selects the investment managers                       The trustee selects the investment managers                 The trustee selects the investment managers
for this option.                                                  for this option.                                            for this option.




Notes
(a)     May include currency hedging to Australian dollars.
(b)     May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
(c)     May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
(d)     Currency exposure normally substantially or fully hedged to Australian dollars.
(e)     Currency exposure not normally hedged to Australian dollars.
Your Mercer Super Trust investment options – In detail
(continued)…
Your Select-your-Own investment options
Mercer Australian Shares                                          Mercer Australian Core                                      Mercer Australian Growth
                                                                  Shares                                                      Shares
Objectives                                                        Objectives                                                  Objectives
      achieve a return (over the medium to longer                    outperform the notional return of a benchmark               outperform the notional return of a benchmark
      term) which is competitive with comparable                     portfolio of suitable market indices over periods           portfolio of suitable market indices over periods
      funds that have similar risk characteristics                   of five years or greater                                    of five years or greater
      outperform the notional return of a benchmark
      portfolio of suitable market indices over periods
      of one year or greater




Level of risk                                                     Level of risk                                               Level of risk
High                                                              High                                                        High

Investment approach                                               Investment approach                                         Investment approach
Multi-manager                                                     Multi-manager                                               Multi- manager

Mix of investments                                                Mix of investments                                          Mix of investments
                                      Range     Benchmark                                          Range     Benchmark                                           Range      Benchmark
                                         %             %                                              %             %                                               %              %

 Growth investments                  90-100             100        Growth investments              90-100            100       Growth investments               90-100            100

 Australian shares                   90-100             100        Australian shares               90-100            100       Australian shares                90-100            100

 Defensive investments                  0-10               0       Defensive investments             0-10               0      Defensive investments               0-10             0

 Cash & fixed interest                  0-10               0       Cash & fixed interest             0-10               0      Cash & fixed interest               0-10             0




Investment manager fast facts                                     Investment manager fast facts                               Investment manager fast facts
The trustee selects the investment managers                       The trustee selects the investment managers                 The trustee selects the investment managers
for this option.                                                  for this option.                                            for this option.




Notes
(a)     May include currency hedging to Australian dollars.
(b)     May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
(c)     May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
(d)     Currency exposure normally substantially or fully hedged to Australian dollars.
(e)     Currency exposure not normally hedged to Australian dollars.
Your Mercer Super Trust investment options – In detail
(continued)…
Your Select-your-Own investment options
Mercer Australian Value                                           Mercer Australian Small                                     Mercer Overseas Shares
Shares                                                            Companies                                                   (Unhedged)
Objectives                                                        Objectives                                                  Objectives
      outperform the notional return of a benchmark                  achieve a return (over the medium to longer                 achieve a return (over the medium to longer
      portfolio of suitable market indices over periods              term) which is competitive with comparable                  term) which is competitive with comparable
      of five years or greater                                       funds that have similar risk characteristics                funds that have similar risk characteristics
                                                                     outperform the notional return of a benchmark               outperform the notional return of a benchmark
                                                                     portfolio of suitable market indices over periods           portfolio of suitable market indices over periods
                                                                     of one year or greater                                      of one year or greater




Level of risk                                                     Level of risk                                               Level of risk
High                                                              High                                                        High

Investment approach                                               Investment approach                                         Investment approach
Multi-manager                                                     Multi-manager                                               Multi-manager

Mix of investments                                                Mix of investments                                          Mix of investments
                                      Range     Benchmark                                          Range     Benchmark                                           Range      Benchmark
                                         %             %                                              %             %                                               %              %

 Growth investments                  90-100             100        Growth investments              90-100            100       Growth investments               90-100            100

 Australian shares                   90-100             100        Australian small company                                    Overseas shares (e)              90-100            100
                                                                                                   90-100            100
                                                                   shares
 Defensive investments                  0-10               0                                                                   Defensive investments               0-10             0
                                                                   Defensive investments             0-10               0
 Cash & fixed interest                  0-10               0                                                                   Cash & fixed interest               0-10             0
                                                                   Cash & fixed interest             0-10               0




Investment manager fast facts                                     Investment manager fast facts                               Investment manager fast facts
The trustee selects the investment managers                       The trustee selects the investment managers                 The trustee selects the investment managers
for this option.                                                  for this option.                                            for this option.




Notes
(a)     May include currency hedging to Australian dollars.
(b)     May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
(c)     May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
(d)     Currency exposure normally substantially or fully hedged to Australian dollars.
(e)     Currency exposure not normally hedged to Australian dollars.
Your Mercer Super Trust investment options – In detail
(continued)…
Your Select-your-Own investment options
Mercer Overseas Shares                                            Mercer Overseas Core                                        Mercer Overseas Growth
(Currency Managed)^                                               Shares                                                      Shares
^ The name of this investment option will change to Mercer
Hedged Overseas Shares on 1 September 2008.

Objectives                                                        Objectives                                                  Objectives
      outperform the notional return of a benchmark                  outperform the notional return of a benchmark               outperform the notional return of a benchmark
      portfolio of suitable market indices over periods              portfolio of suitable market indices over periods           portfolio of suitable market indices over periods
      of one year or greater                                         of one year or greater                                      of one year or greater

                                                                  Note: this investment option is only available from         Note: this investment option is only available from
                                                                  1 September 2008.                                           1 September 2008.




Level of risk                                                     Level of risk                                               Level of risk
High                                                              High                                                        High

Investment approach                                               Investment approach                                         Investment approach
Multi-manager                                                     Multi-manager                                               Multi-manager

Mix of investments                                                Mix of investments                                          Mix of investments
                                      Range     Benchmark                                          Range     Benchmark                                           Range      Benchmark
                                         %             %                                              %             %                                               %              %

 Growth investments                  90-100              100       Growth investments              90-100            100       Growth investments               90-100            100

 Overseas shares (d)*                90-100              100       Overseas shares (e)             90-100            100       Overseas shares (e)              90-100            100

 Defensive investments                  0-10                 0     Defensive investments             0-10               0      Defensive investments               0-10             0

 Cash & fixed interest                  0-10                 0     Cash & fixed interest             0-10               0      Cash & fixed interest               0-10             0

* Up to 1 September 2008, this investment
option has foreign currency exposure ranging
from partially to fully hedged to Australian
dollars.




Investment manager fast facts                                     Investment manager fast facts                               Investment manager fast facts
The trustee selects the investment managers                       The trustee selects the investment managers                 The trustee selects the investment managers
for this option.                                                  for this option.                                            for this option.




Notes
(a)     May include currency hedging to Australian dollars.
(b)     May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
(c)     May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
(d)     Currency exposure normally substantially or fully hedged to Australian dollars.
(e)     Currency exposure not normally hedged to Australian dollars.
Your Mercer Super Trust investment options – In detail
(continued)…
Your Select-your-Own investment options
Mercer Overseas Value                                             Mercer Overseas Small                                       Mercer Emerging Markets
Shares                                                            Companies
Objective                                                         Objective                                                   Objective
      outperform the notional return of a benchmark                  outperform the notional return of a benchmark               outperform the notional return of a benchmark
      portfolio of suitable market indices over periods              portfolio of suitable market indices over periods           portfolio of suitable market indices over periods
      of one year or greater                                         of one year or greater                                      of one year or greater

Note: this investment option is only available from                                                                           Note: this investment option is only available from
1 September 2008.                                                                                                             1 September 2008.




Level of risk                                                     Level of risk                                               Level of risk
High                                                              High                                                        High

Investment approach                                               Investment approach                                         Investment approach
Multi-manager                                                     Multi-manager                                               Multi-manager

Mix of investments                                                Mix of investments                                          Mix of investments
                                      Range     Benchmark                                          Range     Benchmark                                           Range      Benchmark
                                         %             %                                              %             %                                               %              %

 Growth investments                  90-100             100        Growth investments              80-100            100       Growth investments               80-100            100

 Overseas shares (e)                 90-100             100        Overseas small                                              Emerging markets (e)             80-100            100
                                                                                                   80-100            100
                                                                   companies (e)
 Defensive investments                  0-10               0                                                                   Defensive investments               0-20             0
                                                                   Defensive investments             0-20               0
 Cash & fixed interest                  0-10               0                                                                   Cash & fixed interest               0-20             0
                                                                   Cash & fixed interest             0-20               0




Investment manager fast facts                                     Investment manager fast facts                               Investment manager fast facts
The trustee selects the investment managers                       The trustee selects the investment managers                 The trustee selects the investment managers
for this option.                                                  for this option.                                            for this option.




Notes
(a)     May include currency hedging to Australian dollars.
(b)     May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
(c)     May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
(d)     Currency exposure normally substantially or fully hedged to Australian dollars.
(e)     Currency exposure not normally hedged to Australian dollars.
Your Mercer Super Trust investment options – In detail
(continued)…
Your Select-your-Own investment options
Mercer Property                                                   Mercer Direct Property                                      Mercer Australian Listed
                                                                                                                              Property
Objective                                                         Objective                                                   Objective
      outperform the notional return of a benchmark                  outperform the notional return of a benchmark               outperform the notional return of a benchmark
      portfolio of suitable market indices over periods              portfolio of suitable market indices over periods           portfolio of suitable market indices over periods
      of one year or greater                                         of one year or greater                                      of one year or greater

                                                                  Note: this investment option is only available from         Note: this investment option is only available from
                                                                  1 September 2008.                                           1 September 2008.




Level of risk                                                     Level of risk                                               Level of risk
High                                                              High                                                        High

Investment approach                                               Investment approach                                         Investment approach
Multi-manager                                                     Multi-manager                                               Multi-manager

Mix of investments                                                Mix of investments                                          Mix of investments
                                      Range     Benchmark                                          Range     Benchmark                                           Range      Benchmark
                                         %             %                                              %             %                                               %              %

 Growth investments                  90-100             100        Growth investments              80-100            100       Growth investments               90-100            100

 Property (b)                        90-100             100        Direct property                 80-100            100       Australian listed property       90-100            100

 Defensive investments                  0-10               0       Defensive investments             0-20               0      Defensive investments               0-10             0

 Cash & fixed interest                  0-10               0       Cash & fixed interest             0-20               0      Cash & fixed interest               0-10             0




Investment manager fast facts                                     Investment manager fast facts                               Investment manager fast facts
The trustee selects the investment managers                       The trustee selects the investment managers                 The trustee selects the investment managers
for this option.                                                  for this option.                                            for this option.




Notes
(a)     May include currency hedging to Australian dollars.
(b)     May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
(c)     May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
(d)     Currency exposure normally substantially or fully hedged to Australian dollars.
(e)     Currency exposure not normally hedged to Australian dollars.
Your Mercer Super Trust investment options – In detail
(continued)…
Your Select-your-Own investment options
Mercer Overseas Listed                                            Mercer Fixed Interest                                       Mercer Australian Fixed
Property                                                                                                                      Interest
Objective                                                         Objective                                                   Objective
      outperform the notional return of a benchmark                  outperform the notional return of a benchmark               outperform the notional return of a benchmark
      portfolio of suitable market indices over periods              portfolio of suitable market indices over periods           portfolio of suitable market indices over periods
      of one year or greater                                         of one year or greater                                      of one year or greater

                                                                                                                              Note: this investment option is only available from
                                                                                                                              1 September 2008.




Level of risk                                                     Level of risk                                               Level of risk
High                                                              Moderately low                                              Moderately low

Investment approach                                               Investment approach                                         Investment approach
Multi-manager                                                     Multi-manager                                               Multi-manager

Mix of investments                                                Mix of investments                                          Mix of investments
                                      Range     Benchmark                                          Range     Benchmark                                           Range      Benchmark
                                         %             %                                              %             %                                               %              %

 Growth investments                  90-100             100        Growth investments                                   0      Growth investments                                   0

 Overseas listed property                                          Defensive investments                             100       Defensive investments                              100
                                     90-100             100
 (a)
                                                                   Australian fixed interest (c)    30-75             50       Australian fixed interest (c)    70-100            100
 Defensive investments                  0-10               0
                                                                   Overseas fixed interest (d)      25-75             50       Cash                                0-30            0
 Cash & fixed interest                  0-10               0
                                                                   Cash                              0-30               0




Investment manager fast facts                                     Investment manager fast facts                               Investment manager fast facts
The trustee selects the investment managers                       The trustee selects the investment managers                 The trustee selects the investment managers
for this option.                                                  for this option.                                            for this option.




Notes
(a)     May include currency hedging to Australian dollars.
(b)     May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
(c)     May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
(d)     Currency exposure normally substantially or fully hedged to Australian dollars.
(e)     Currency exposure not normally hedged to Australian dollars.
Your Mercer Super Trust investment options – In detail
(continued)…
Your Select-your-Own investment options
Mercer Overseas Fixed Interest                                         Mercer Diversified                                           Mercer Target 2015
                                                                       Alternatives
Objective                                                              Objective                                                    Objective
      outperform the notional return of a benchmark                       achieve a return (before tax and investment                  Outperform the notional benchmark of
      portfolio of suitable market indices over periods of                management fees) of at least 3.5% pa above the               suitable market indices (as it varies toward
      one year or greater                                                 return on bank bills as measured by the UBSWA                the target date of the option) over periods
                                                                          Bank Bill Index over rolling five year periods.              of one year or greater
Note: this investment option is only available from 1
September 2008.

Level of risk                                                          Level of risk                                                Level of risk
Moderately low                                                         Moderately low                                               Moderate moving to moderately low as the
                                                                                                                                    target date approaches

Investment approach                                                    Investment approach                                          Investment approach
Multi-manager                                                          Multi-manager                                                Multi-manager

Mix of investments                                                     Mix of investments                                           Mix of investments
                                                                                                                                                                                 Target
                                      Range     Benchmark                                               Range     Benchmark                                 Range
                                                                                                                                                                      Bench
                                                                                                                                                                                 Bench
                                         %             %                                                   %             %                                             mark
                                                                                                                                                               %                  mark
                                                                                                                                                                          %
                                                                                                                                                                                     %
 Growth investments                                        0            Growth investments                                   0         Growth
                                                                                                                                                            45-70           62      50
                                                                                                                                       investments
 Defensive investments                                  100             Defensive investments                             100          Australian shares
                                                                                                                                                            10-41       28.6        22
                                                                                                                                       (f)
 Overseas fixed interest (d)         70-100             100             Alternative assets (b)         70-100             100          Overseas shares
                                                                                                                                                            10-39       23.4        18
                                                                                                                                       (a) (g)
 Cash                                   0-30               0            Cash & fixed interest             0-30               0
                                                                                                                                       Property &
                                                                                                                                                             5-15           10      10
                                                                                                                                       Infrastructure (b)
                                                                                                                                       Defensive
                                                                                                                                                            30-55           38      50
                                                                                                                                       investments
                                                                                                                                       Australian fixed
                                                                                                                                                             0-24           7       10
                                                                                                                                       interest (c)
                                                                                                                                       Overseas fixed
                                                                                                                                                             0-20           7       10
                                                                                                                                       interest (d)
                                                                                                                                       Cash                  4-30           14      20
                                                                                                                                       Alternative assets
                                                                                                                                                             0-15           10      10
                                                                                                                                       (b)
                                                                                                                                    As at 1 July 2008, the option’s benchmark will be a
                                                                                                                                    62/38 mix of growth and defensive investments. The
                                                                                                                                    benchmark allocation between growth and
                                                                                                                                    defensive investments will generally change by
                                                                                                                                    between 1% to 2% per annum as the option
                                                                                                                                    approaches its target year of 2015 resulting in a
                                                                                                                                    50/50 target benchmark mix of growth and
                                                                                                                                    defensive investment by the target year.

Investment manager fast facts                                          Investment manager fast facts                                Investment manager fast facts
The trustee selects the investment managers for                        The trustee selects the investment managers                  The trustee selects the investment
this option.                                                           for this option.                                             managers for this option.




Notes
(a)     May include currency hedging to Australian dollars.
(b)     May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
(c)     May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
(d)     Currency exposure normally substantially or fully hedged to Australian dollars.
(e)     Currency exposure not normally hedged to Australian dollars.
(f)     Includes exposure to small companies.
(g)     Includes exposure to small companies and emerging markets.
Your Mercer Super Trust investment options – In detail
(continued)…
Your Select-your-Own investment options
Mercer Target 2025                                                 Mercer Target 2035                                            Mercer Target 2045

Objective                                                          Objective                                                     Objective
      Outperform the notional benchmark of suitable                    Outperform the notional benchmark of suitable                Outperform the notional benchmark of suitable
      market indices (as it varies toward the target date              market indices (as it varies toward the target date          market indices (as it varies toward the target
      of the option) over periods of one year or greater               of the option) over periods of one year or greater           date of the option) over periods of one year or
                                                                                                                                    greater
Level of risk                                                      Level of risk                                                 Level of risk
Moderately high moving to moderately low as the                    Moderately high moving to moderately low as the               High moving to moderately low as the target
target date approaches                                             target date approaches                                        date approaches

Investment approach                                                Investment approach                                           Investment approach
Multi-manager                                                      Multi-manager                                                 Multi-manager

Mix of investments                                                 Mix of investments                                            Mix of investments
                                                   Target                                                         Target                                                          Target
                                         Bench                                                          Bench                                                         Bench
                              Range                Bench                                       Range              Bench                                     Range                 Bench
                                          mark                                                           mark                                                          mark
                                 %                  mark                                          %                mark                                        %                   mark
                                             %                                                              %                                                             %
                                                       %                                                              %                                                               %
  Growth investments          45-85         77         50             Growth investments       45-95       88         50           Growth investments       45-100          98       50

  Australian shares (f)       10-49       36.8         22             Australian shares (f)    10-53       43         22           Australian shares (f)     10-60      48.4         22
  Overseas shares (a)                                                 Overseas shares (a)                                          Overseas shares (a)
                              10-45       30.2         18                                      10-50       35         18                                     10-55      39.6         18
  (g)                                                                 (g)                                                          (g)
  Property &                                                          Property &                                                   Property &
                               5-15         10         10                                       5-15       10         10                                      5-15          10       10
  Infrastructure (b)                                                  Infrastructure (b)                                           Infrastructure (b)
  Defensive                                                           Defensive                                                    Defensive
                              15-55         23         50                                       5-55       12         50                                      0-55           2       50
  investments                                                         investments                                                  investments
  Australian fixed                                                    Australian fixed                                             Australian fixed
                               0-24          4         10                                       0-24      1.75        10                                      0-24          0.3      10
  interest (c)                                                        interest (c)                                                 interest (c)
  Overseas fixed                                                      Overseas fixed                                               Overseas fixed
                               0-20          4         10                                       0-20      1.75        10                                      0-20          0.2      10
  interest (d)                                                        interest (d)                                                 interest (d)
  Cash                         0-30          5         20             Cash                      0-30        0         20           Cash                       0-30           0       20
  Alternative assets (b)       0-15         10         10             Alternative assets (b)    0-15       8.5        10           Alternative assets (b)     0-15          1.5      10



As at 1 July 2008, the option’s benchmark will be a 77/23          As at 1 July 2008, the option’s benchmark will be a 88/12     As at 1 July 2008, the option’s benchmark will be a 98/2
mix of growth and defensive investments. The benchmark             mix of growth and defensive investments. The benchmark        mix of growth and defensive investments. The
allocation between growth and defensive investments will           allocation between growth and defensive investments will      benchmark allocation between growth and defensive
generally change by between 1% to 2% per annum as the              generally change by between 1% to 2% per annum as the         investments will generally change by between 1% to 2%
option approaches its target year of 2025 resulting in a           option approaches its target year of 2035 resulting in a      per annum as the option approaches its target year of
50/50 target benchmark mix of growth and defensive                 50/50 target benchmark mix of growth and defensive            2045 resulting in a 50/50 target benchmark mix of growth
investment by the target year.                                     investment by the target year.                                and defensive investment by the target year.


Investment manager fast facts                                      Investment manager fast facts                                 Investment manager fast facts
The trustee selects the investment managers                        The trustee selects the investment managers                   The trustee selects the investment managers
for this option.                                                   for this option.                                              for this option.




Notes
(a)     May include currency hedging to Australian dollars.
(b)     May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
(c)     May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
(d)     Currency exposure normally substantially or fully hedged to Australian dollars.
(e)     Currency exposure not normally hedged to Australian dollars.
(f)     Includes exposure to small companies.
(g)     Includes exposure to small companies and emerging markets.
Your Mercer Super Trust investment options – In detail
(continued)…
Your Select-your-Own investment options
Mercer Socially Responsible                                        Mercer Socially Responsible                                Indexed Shares
Shares                                                             Growth
Objective                                                          Objective                                                  Objective
      achieve a return (after tax and investment                     achieve a return (after tax and investment                  match the notional return of a benchmark
      management fees) that exceeds CPI increases                    management fees) that exceeds CPI increases                 portfolio of suitable market indices over periods
      by at least 4% pa over rolling seven year                      by at least 3% pa over rolling five year periods            of one year or greater
      periods.




Level of risk                                                      Level of risk                                              Level of risk
High                                                               Moderate                                                   High

Investment approach                                                Investment approach                                        Investment approach
Multi-manager and socially responsible. See                        Multi-manager and socially responsible. See                Indexed
‘Socially responsible investing’ earlier in this                   ‘Socially responsible investing’ earlier in this
section for details as to what and how SRI                         section for details as to what and how SRI
considerations are applied to this option                          considerations are applied to this option

Mix of investments                                                 Mix of investments                                         Mix of investments
                                     Range      Benchmark                                   Range      Benchmark
                                        %              %                                       %              %
  Growth investments                90-100              100          Growth                                                                                Range     Benchmark
                                                                                             65-75               70                                           %             %
  Australian shares                  30-70               50          investments
  Overseas shares (a)                30-70               50          Australian shares       23-43               33
                                                                                                                               Growth
  Defensive                                                          Overseas shares                                                                      90-100            100
                                       0-10                0                                 17-37               27            investments
  investments                                                        (a)
  Cash & fixed interest                0-10                0         Property &                                                Australian Shares            40-70           50
                                                                                              0-20               10
                                                                     Infrastructure (b)
                                                                     Defensive                                                 Overseas Shares (a)          40-70           50
                                                                                             25-35               30
                                                                     investments
                                                                     Australian fixed                                          Defensive
                                                                                              0-10                5                                          0-10            0
                                                                     interest (c)                                              investments
                                                                     Overseas fixed                                            Cash & fixed interest         0-10            0
                                                                                              0-10                5
                                                                     interest (d)
                                                                     Cash                     0-20               10
                                                                     Alternative assets
                                                                                              0-20               10
                                                                     (b)



Investment manager fast facts                                      Investment manager fast facts                              Investment manager fast facts
                                                                   The trustee selects the investment managers                The trustee selects the investment managers
The trustee selects the investment managers                                                                                   for this option.
for this option.                                                   for this option.


Notes
(a)     May include currency hedging to Australian dollars.
(b)     May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
(c)     May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
(d)     Currency exposure normally substantially or fully hedged to Australian dollars.
(e)     Currency exposure not normally hedged to Australian dollars.
Your Mercer Super Trust investment options – In detail
(continued)…
Your Select-your-Own investment options
Indexed Australian Shares                                         Indexed Overseas Shares                                     Indexed Growth

Objective                                                         Objective                                                   Objectives
      match the notional return of a benchmark                       match the notional return of a benchmark                    achieve a return (after tax and investment
      portfolio of suitable market indices over periods              portfolio of suitable market indices over periods           management fees) that exceeds CPI increases
      of one year or greater                                         of one year or greater                                      by at least 3% pa over rolling five year periods
                                                                                                                                 achieve a return (over the medium to longer
                                                                                                                                 term) which is competitive with comparable
                                                                                                                                 funds that have a similar allocation to growth
                                                                                                                                 assets and similar risk characteristics




Level of risk                                                     Level of risk                                               Level of risk
High                                                              High                                                        Moderate

Investment approach                                               Investment approach                                         Investment approach
Indexed                                                           Indexed                                                     Indexed

Mix of investments                                                Mix of investments                                          Mix of investments
                                      Range     Benchmark                                          Range     Benchmark                                           Range      Benchmark
                                         %             %                                              %             %                                               %              %

 Growth investments                  90-100             100        Growth investments              90-100            100       Growth investments                 68-72            70

 Australian Shares                   90-100             100        Overseas shares (e)             90-100            100       Australian shares                  35-39            37

 Defensive investments                  0-10               0       Defensive investments             0-10               0      Overseas shares (e)                22-28            25

 Cash & fixed interest                  0-10               0       Cash & fixed interest             0-10               0      Property (b)                         7-9             8

                                                                                                                               Defensive investments              28-32            30

                                                                                                                               Australian fixed interest           9-13            11

                                                                                                                               Overseas fixed interest (d)        15-19            17

                                                                                                                               Cash                                 1-3             2




Investment manager fast facts                                     Investment manager fast facts                               Investment manager fast facts
                                                                  The trustee selects the investment managers                 The trustee selects the investment managers
The trustee selects the investment managers                                                                                   for this option.
for this option.                                                  for this option.



Notes
(a)     May include currency hedging to Australian dollars.
(b)     May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
(c)     May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
(d)     Currency exposure normally substantially or fully hedged to Australian dollars.
(e)     Currency exposure not normally hedged to Australian dollars.
Your Mercer Super Trust investment options – In detail
(continued)…
Your Select-your-Own investment options
Indexed Conservative                                              Non Mercer Growth – Multi-                                    Non Mercer Balanced –
Growth                                                            Manager style                                                 Multi-Manager style
Objectives                                                        Objective                                                     Objective
      achieve a return (after tax and investment                     deliver returns, net of tax and investment                   deliver returns, net of tax and investment
      management fees) that exceeds CPI increases                    management fees, in excess of CPI plus 3.5%                  management fees, in excess of CPI plus 3% on
      by at least 2% pa over rolling three year periods              on average per annum over the longer term (eg                average per annum over the longer term (eg
      achieve a return (over the medium to longer                    rolling 5 year basis)                                        rolling 5 year basis)
      term) which is competitive with comparable
      funds that have a similar allocation to growth
      assets and similar risk characteristics




Level of risk                                                     Level of risk                                                 Level of risk
Low                                                               Moderate                                                      Moderate

Investment approach                                               Investment approach                                           Investment approach
Indexed                                                           Multi-Manager                                                 Multi-manager

Mix of investments                                                Mix of investments                                            Mix of investments
                                      Range     Benchmark                                            Range Benchmark                                               Range Benchmark
                                         %             %                                                %         %                                                   %         %

 Growth investments                    28-32              30       Growth investments                                     79     Growth investments                                     70

 Australian shares                     14-18              16       Australian shares                  33-37               35     Australian shares                  30-34               32

 Overseas shares (e)                    9-11              10       Overseas shares (a)                31-39               35     Overseas shares (a)                24-32               28

 Property (b)                             3-5              4       Property                              1-5               3     Property                              2-6               4

 Defensive investments                 68-72              70       Alternative assets                    4-8               6     Alternative assets                    4-8               6

 Australian fixed interest              9-13              11       Defensive investments                                  21     Defensive investments                                  30

 Overseas fixed interest (d)           15-19              17       Australian fixed interest           6-15              10.3    Australian fixed interest          11-20              15.2

 Cash                                  40-44              42       Overseas fixed interest (d)          8-13             10.7    Overseas fixed interest (d)        12-17              14.8




Investment manager fast facts                                     Investment manager fast facts                                 Investment manager fast facts
The trustee selects the investment managers for this              The trustee selects the investment managers for this          The trustee selects the investment managers for this
option.                                                           option.                                                       option.




Notes
(a)     May include currency hedging to Australian dollars.
(b)     May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
(c)     May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
(d)     Currency exposure normally substantially or fully hedged to Australian dollars.
(e)     Currency exposure not normally hedged to Australian dollars.
Your Mercer Super Trust investment options – In detail
(continued)…
Your Select-your-Own investment options
Non Mercer Balanced – Core Non Mercer Balanced –                                                                              Non Mercer Conservative
Style                      Value Style

Objective                                                         Objective                                                   Objective
      provide moderate to higher returns over the                    provide a superior return relative to the average           provide returns greater than those from cash
      medium to long term through a portfolio                        of other pooled funds over rolling three year               over the medium term through a diversified
      diversified across all asset types, but with an                periods                                                     portfolio with a core of cash and bonds and
      emphasis on shares and property                                                                                            some exposure to shares and property




Level of risk                                                     Level of risk                                               Level of risk
Moderate                                                          Moderate                                                    Low

Investment approach                                               Investment approach                                         Investment approach
Active                                                            Active                                                      Active

Mix of investments                                                Mix of investments                                          Mix of investments
                                      Range     Benchmark                                            Range    Benchmark                                          Range      Benchmark
                                         %             %                                                %            %                                              %              %

 Growth investments                                       74       Growth investments                50-85               67    Growth investments                                    33

 Australian shares                     25-47              35       Australian shares                 20-60               40    Australian shares                   5-25              14

 Overseas shares (a)                   15-40              21       Overseas shares (a)                 5-25              15    Overseas shares (a)                 0-20               7

 Property (b)                           2-30              13       Property                            5-20              12    Property (b)                        0-20              10

 Alternative assets                     0-10               5       Defensive investments             15-50               33    Alternative assets                   0-5               2

 Defensive investments                                    26       Australian fixed interest         10-50               23    Defensive investments                                 67

 Australian fixed interest              5-30              15       Cash                                0-25               5    Australian fixed interest          15-45              28

 Overseas fixed interest (d)            0-15               6       Alternative assets                  0-10               5    Overseas fixed interest (d)         5-25              13

 Cash                                   0-20               5                                                                   Cash                               10-50              26



Investment manager fast facts                                     Investment manager fast facts                               Investment manager fast facts
The trustee selects the investment managers for this              The trustee selects the investment managers for this        The trustee selects the investment managers for this
option.                                                           option.                                                     option.




Notes
(a)     May include currency hedging to Australian dollars.
(b)     May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
(c)     May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
(d)     Currency exposure normally substantially or fully hedged to Australian dollars.
(e)     Currency exposure not normally hedged to Australian dollars.
Performance of Mercer Super Trust investment options
The following tables show the performance of the investment options on both a single year and compound return basis.
Single year and compound returns are calculated assuming that $1 is invested at the start of the relevant period and that no
further amounts are invested over the period. They are based on exit prices and allow for the deduction of tax and investment
management fees (but not administration fees).
Compound returns are calculated as the average of annual returns. For example, if returns are 5%, 6% and 7% over three
consecutive years, the compound return is 6% per annum, as the same result could be achieved by earning a return of 6% in each
of the three years.
When considering investment decisions, please remember that investment returns over a short time frame (one or two years)
should not be considered in isolation. Time frames of five years or longer will provide a more accurate indication of the overall
long-term performance of an investment option. In addition, different investment options may have different levels of risk (see
‘Mercer Super Investment options – at a glance’ earlier in this section), which may lead to different investment returns for each
investment option. Finally, don’t forget that the value of investments can go up and down (through positive or negative
returns) and past performance should not be relied upon as an indicator of future performance.

How to get up to date returns
The performance information contained in this PDS is up to date at the time of its preparation. In future you can obtain updated
performance information by visiting our website at mercersupertrust.com (after you sign-in to your member account) or calling
the Helpline on 1800 810 558. We can send you a copy of the updated information, free of charge, on request. Performance is
also reported in the regular Mercer Super Trust newsletter.
Performance of Mercer Super Trust investment options
Single year returns – performance for 12 months ending 31 May
                                                                                   Commencement    2008    2007     2006       2005   2004
                                      Investment option
                                                                                       Date          %       %        %          %      %
                                      Mercer Shares                                  5 Jun 1996     -8.7   21.8         22.1   14.9   15.8
                      Ready-made




                                      Mercer High Growth                             7 Aug 2002     -6.0   19.9         18.9   14.0   13.9
                                      Mercer Growth                                 20 Mar 1996     -4.6   17.5         16.4   13.2   11.1
                                      Mercer Moderate Growth                         9 Oct 2002     -2.4   13.7         12.7   11.2    8.8
                                      Mercer Conservative Growth                     3 Jul 1996     -0.1   10.0          8.9    8.7    5.8
                                      Mercer Cash                                   29 May 1996     5.1     5.1          4.7    4.4    3.9
                                      Mercer Shares Plus                             7 Jul 2005     -9.0   22.2          na     na     na
                                      Mercer High Growth Plus                        7 Jul 2005     -6.8   19.9          na     na     na
                      Mercer Plus




                                      Mercer Growth Plus                             7 Jul 2005     -4.7   18.3          na     na     na
                                      Mercer Australian Shares Plus                  5 Aug 2005     -5.3   27.4          na     na     na
                                      Mercer Overseas Shares Plus (Unhedged)         14 Jul 2005   -15.4   11.9          na     na     na
                                      Mercer Income Plus#                                 ^          na     na           na     na     na
                                      Mercer Australian Shares                      31 Aug 1998     -5.1   27.6         24.7   22.0   18.7
                                      Mercer Australian Core Shares                 26 Apr 2007     -5.3    na           na     na     na
                                      Mercer Australian Growth Shares               25 Jan 2007     -5.4    na           na     na     na
                                      Mercer Australian Value Shares                 9 Mar 2007     -4.8    na           na     na     na
                                      Mercer Australian Small Companies              5 Aug 2005    -18.1   38.2          na     na     na
                                      Mercer Overseas Shares (Unhedged)             31 Aug 1998    -14.6   11.6         19.8    5.4    9.8
                                      Mercer Overseas Shares (Currency Managed)*    23 Aug 2005    -12.2   16.0          na     na     na
                                      Mercer Overseas Core Shares#                        ^          na     na           na     na     na
                      Mercer Sector




                                      Mercer Overseas Growth Shares#                      ^          na     na           na     na     na
                                      Mercer Overseas Value Shares#                       ^          na     na           na     na     na
                                      Mercer Overseas Small Companies                28 Jul 2005   -11.6   12.9          na     na     na
                                      Mercer Emerging Markets#                            ^          na     na           na     na     na
                                      Mercer Property                                7 Jul 2005    -11.0   22.0          na     na     na
                                      Mercer Direct Property#                             ^          na     na           na     na     na
 Select-your-Own




                                      Mercer Australian Listed Property#                  ^          na     na           na     na     na
                                      Mercer Overseas Listed Property               23 Aug 2005    -16.6   29.5          na     na     na
                                      Mercer Fixed Interest                          28 Jul 2005    3.2     4.2          na     na     na
                                      Mercer Australian Fixed Interest#                   ^          na     na           na     na     na
                                      Mercer Overseas Fixed Interest#                     ^          na     na           na     na     na
                                      Mercer Diversified Alternatives                7 Jul 2005     1.6     9.0          na     na     na
                                      Mercer Target 2015                            21 Jun 2006     -4.0    na           na     na     na
                    Mercer
                    Target




                                      Mercer Target 2025                            25 Jun 2007      na     na           na     na     na
                                      Mercer Target 2035                             8 Dec 2006     -7.4    na           na     na     na
                                      Mercer Target 2045                            11 Oct 2006     -8.0    na           na     na     na
                   Responsible




                                      Mercer Socially Responsible Shares             6 Jul 2005     -9.8   24.1          na     na     na
                     Socially
                     Mercer




                                      Mercer Socially Responsible Growth             6 Jul 2005     -5.3   18.3          na     na     na

                                      Indexed Shares                                 11 Jul 2005    -8.6   21.7          na     na     na
                                      Indexed Australian Shares                      7 Jul 2005     -5.7   27.9          na     na     na
                      Indexed




                                      Indexed Overseas Shares                        7 Jul 2005    -14.7   11.1          na     na     na
                                      Indexed Growth                                 7 Jul 2005     -5.9   16.9          na     na     na
                                      Indexed Conservative Growth                    7 Jul 2005     -0.2    8.8          na     na     na
                                      Non Mercer Growth – Multi-Manager Style        11 Jul 2005    -4.1   15.2          na     na     na
                      Non Mercer




                                      Non Mercer Balanced – Multi-Manager style      19 Jul 2005    -4.3   13.5          na     na     na
                                      Non Mercer Balanced – Core Style               7 Jul 2005     -3.5   18.6          na     na     na
                                      Non Mercer Balanced – Value Style             20 Mar 1996     -4.0   15.3         12.7   12.0   13.3
                                      Non Mercer Conservative                        18 Jul 2005    0.1    11.1          na     na     na
Notes
The ‘commencement date’ is the date the investment option received its first investment under the Mercer Super Trust.
^ indicates that the investment option has not commenced at the date of this table.
‘na’ indicates that an investment option has been operating for less than the relevant period.
# These investment options are only available from 1 September 2008.
* The name of this investment option will change to Mercer Hedged Overseas Shares on 1 September 2008.
Past performance is not a reliable indicator of future performance.
Compound annual returns – performance for periods ending 31 May 2008
                                                                                   Commencement    1 year   2 years   3 years   4 years   5 years
                                      Investment option
                                                                                       Date            %      % pa      % pa      % pa      % pa
                                      Mercer Shares                                  5 Jun 1996      -8.7       5.4      10.7      11.8      12.6
                      Ready-made




                                      Mercer High Growth                             7 Aug 2002      -6.0       6.2      10.3      11.2      11.7
                                      Mercer Growth                                 20 Mar 1996      -4.6       5.9       9.3      10.3      10.4
                                      Mercer Moderate Growth                         9 Oct 2002      -2.4       5.3       7.7       8.6       8.6
                                      Mercer Conservative Growth                     3 Jul 1996      -0.1       4.8       6.2       6.8       6.6
                                      Mercer Cash                                   29 May 1996       5.1       5.1       5.0       4.8       4.6
                                      Mercer Shares Plus                             7 Jul 2005      -9.0       5.5       na        na        na
                                      Mercer High Growth Plus                        7 Jul 2005      -6.8       5.7       na        na        na
                      Mercer Plus




                                      Mercer Growth Plus                             7 Jul 2005      -4.7       6.2       na        na        na
                                      Mercer Australian Shares Plus                  5 Aug 2005      -5.3       9.8       na        na        na
                                      Mercer Overseas Shares Plus (Unhedged)         14 Jul 2005    -15.4      -2.7       na        na        na
                                      Mercer Income Plus#                                 ^           na        na        na        na        na
                                      Mercer Australian Shares                      31 Aug 1998      -5.1      10.1      14.7      16.5      17.0
                                      Mercer Australian Core Shares                 26 Apr 2007      -5.3       na        na        na        na
                                      Mercer Australian Growth Shares               25 Jan 2007      -5.4       na        na        na        na
                                      Mercer Australian Value Shares                 9 Mar 2007      -4.8       na        na        na        na
                                      Mercer Australian Small Companies              5 Aug 2005     -18.1       6.4       na        na        na
                                      Mercer Overseas Shares (Unhedged)             31 Aug 1998     -14.6      -2.4       4.5       4.7       5.7
                                      Mercer Overseas Shares (Currency Managed)*    23 Aug 2005     -12.2       0.9       na        na        na
                                      Mercer Overseas Core Shares#                        ^           na        na        na        na        na
                      Mercer Sector




                                      Mercer Overseas Growth Shares#                      ^           na        na        na        na        na
                                      Mercer Overseas Value Shares#                       ^           na        na        na        na        na
                                      Mercer Overseas Small Companies                28 Jul 2005    -11.6      -0.1       na        na        na
                                      Mercer Emerging Markets#                            ^           na        na        na        na        na
                                      Mercer Property                                7 Jul 2005     -11.0       4.2       na        na        na
                                      Mercer Direct Property#                             ^           na        na        na        na        na
 Select-your-Own




                                      Mercer Australian Listed Property#                  ^           na        na        na        na        na
                                      Mercer Overseas Listed Property               23 Aug 2005     -16.6       3.9       na        na        na
                                      Mercer Fixed Interest                          28 Jul 2005      3.2       3.7       na        na        na
                                      Mercer Australian Fixed Interest#                   ^           na        na        na        na        na
                                      Mercer Overseas Fixed Interest#                     ^           na        na        na        na        na
                                      Mercer Diversified Alternatives                7 Jul 2005       1.6       5.2       na        na        na
                                      Mercer Target 2015                            21 Jun 2006      -4.0       na        na        na        na
                    Mercer
                    Target




                                      Mercer Target 2025                            25 Jun 2007       na        na        na        na        na
                                      Mercer Target 2035                             8 Dec 2006      -7.4       na        na        na        na
                                      Mercer Target 2045                            11 Oct 2006      -8.0       na        na        na        na
                   Responsible




                                      Mercer Socially Responsible Shares             6 Jul 2005      -9.8       5.8       na        na        na
                     Socially
                     Mercer




                                      Mercer Socially Responsible Growth             6 Jul 2005      -5.3       5.9       na        na        na

                                      Indexed Shares                                 11 Jul 2005     -8.6       5.5       na        na        na
                                      Indexed Australian Shares                      7 Jul 2005      -5.7       9.8       na        na        na
                      Indexed




                                      Indexed Overseas Shares                        7 Jul 2005     -14.7      -2.6       na        na        na
                                      Indexed Growth                                 7 Jul 2005      -5.9       4.9       na        na        na
                                      Indexed Conservative Growth                    7 Jul 2005      -0.2       4.2       na        na        na
                                      Non Mercer Growth – Multi-Manager Style        11 Jul 2005     -4.1       5.1       na        na        na
                      Non Mercer




                                      Non Mercer Balanced – Multi-Manager style      19 Jul 2005     -4.3       4.2       na        na        na
                                      Non Mercer Balanced – Core Style               7 Jul 2005      -3.5       7.0       na        na        na
                                      Non Mercer Balanced – Value Style             20 Mar 1996      -4.0       5.2       7.7       8.7       9.6
                                      Non Mercer Conservative                        18 Jul 2005      0.1       5.5       na        na        na
Notes
The ‘commencement date’ is the date the investment option received its first investment under the Mercer Super Trust.
^ indicates that the investment option has not commenced at the date of this table.
‘na’ indicates that an investment option has been operating for less than the relevant period.
# These investment options are only available from 1 September 2008.
* The name of this investment option will change to Mercer Hedged Overseas Shares on 1 September 2008.
Past performance is not a reliable indicator of future performance.
Performance relative to index – for comparison periods ending
31 March 2008
Where an objective of an investment option is stated in relation to a particular named index, eg CPI, (and that investment option
has been operating for the full comparison period) the performance of the investment option relative to that objective and index is
shown for the comparison period in the table below. Where an investment option has not been operating for the full comparison
period, no comparative performance has been included in the table below.
Rolling (compound) returns are calculated as the average annual returns over the comparison period.
Please remember however that past performance should not be relied upon as an indicator of future performance.

                                        Investment option       Commencement     Comparison         Objective over          Comparison        Investment     Comparison
                                                                    Date           Index          comparison period           period for    option rolling   Index rolling
                                                                                                                                rolling      (compound)       (compound)
                                                                                                                             (compound)     annual return    annual return
                                                                                                                            annual return        over             over
                                                                                                                                             comparison       comparison
                                                                                                                                                period           period
                                                                                                                                                 % pa             % pa
                                                                                                  Exceed CPI increases
                                        Mercer Shares             5 Jun 1996         CPI                                       7 years          6.3*              2.9
                                                                                                    by at least 4% pa*
                                                                                                  Exceed CPI increases
                                        Mercer High Growth        7 Aug 2002         CPI                                       6 years           na               na
                                                                                                   by at least 3.5% pa*
                         Ready-made




                                                                                                  Exceed CPI increases
                                        Mercer Growth            20 Mar 1996         CPI                                       5 years          10.3*             2.8
                                                                                                    by at least 3% pa*
                                        Mercer Moderate                                           Exceed CPI increases
                                                                  9 Oct 2002         CPI                                       4 years          8.1*              3.0
                                        Growth                                                     by at least 2.5% pa*
                                        Mercer Conservative                                       Exceed CPI increases
                                                                  3 Jul 1996         CPI                                       3 years          6.1*              3.2
                                        Growth                                                      by at least 2% pa*
                                                                                UBSWA Bank Bill   Exceed UBSWA Bank
                                        Mercer Cash              29 May 1996                                                   1 year           6.3^              7.0
                                                                                    Index                 Bill Index^
                                                                                                  Exceed CPI increases
                                        Mercer Shares Plus        7 Jul 2005         CPI                                       7 years           na               na
                                                                                                   by at least 4.5% pa*
                                        Mercer High Growth                                        Exceed CPI increases
                         Mercer Plus




                                                                  7 Jul 2005         CPI                                       6 years           na               na
                                        Plus                                                        by at least 4% pa*
                                                                                                  Exceed CPI increases
                                        Mercer Growth Plus        7 Jul 2005         CPI                                       5 years           na               na
                                                                                                   by at least 3.5% pa*
                                                                                                  Exceed UBSWA Bank
                                                                                UBSWA Bank Bill
                                        Mercer Income Plus#           **                           Bill Index by at least      5 year            na               na
                                                                                    Index
                                                                                                          2.5% pa^
                                                                                                  Exceed UBSWA Bank
                               Mercer
                               Sector




                                        Mercer Diversified                      UBSWA Bank Bill
 Select-your-Own




                                                                  7 July 2005                      Bill Index by at least      5 years           na               na
                                        Alternatives                                Index
                                                                                                          3.5% pa^
                   Responsible




                                        Mercer Socially                                           Exceed CPI increases
                                                                  6 Jul 2005         CPI                                       7 years           na               na
                     Socially
                     Mercer




                                        Responsible Shares                                         by at least 4% pa*

                                        Mercer Socially                                           Exceed CPI increases
                                                                  6 Jul 2005         CPI                                       5 years           na               na
                                        Responsible Growth                                         by at least 3% pa*
                                                                                                  Exceed CPI increases
                                        Indexed Growth                                                                                           na               na
                         Indexed




                                                                  7 Jul 2005         CPI                                       5 years
                                                                                                   by at least 3% pa*
                                        Indexed Conservative                                      Exceed CPI increases
                                                                  7 Jul 2005         CPI                                       3 years           na               na
                                        Growth                                                     by at least 2% pa*
                                        Non Mercer Growth –                                       In excess of CPI plus
                                                                  11 Jul 2005        CPI                                       5 years           na               na
                      Mercer




                                        Multi-Manager Style                                             3.5% pa*
                       Non




                                        Non Mercer Balanced –                                     In excess of CPI plus
                                                                  19 Jul 2005        CPI                                       5 years           na               na
                                        Multi-Manager Style                                              3% pa*
Notes
* after tax and investment management fees
^ before tax and investment management fees
# This investment option is only available from 1 September 2008.
** indicates that the investment option has not commenced at the date of this table.
‘na’ indicates that an investment option has not been operating for the full comparison period.”
20. Death and disability cover
On pages 58 to 63 of the PDS replace these pages with the following:

“You may be entitled to an insured super     If you choose to apply for death only or     Conditions that apply to this cover are as
payout in the event of your death or total   death and TPD cover, once you’ve been        follows:
                                             accepted for cover and you remain
and permanent disablement while a                                                         •   You had an insured amount for
member of the Personal Superannuation        eligible for cover, you’ll be covered 24
                                                                                              death in the CSD of $50,000 or
Division.                                    hours a day, 7 days a week up to age 80
                                                                                              more, and at least $3,000 in your
                                             for death cover and age 65 for TPD
In these circumstances, your super                                                            super account balance to transfer to
                                             cover, except where otherwise stated in
payout is made up of:                                                                         the PSD.
                                             this PDS. You may choose to have
•   your super account balance. (See         death only or both death and TPD cover.      •   To be eligible to apply for the option
    the Getting to know your super                                                            to continue death cover in the
                                                                                              Personal Superannuation Division,
    section for details) and                 Extended cover when                              you must be aged less than 65 and
•   any insurance amount received.
                                             transferring from the                            no longer be eligible for cover under
                                                                                              your employer’s plan in the CSD.
                                             Corporate
What insurance                                                                                This is also provided that an
                                                                                              insurance benefit has not been paid
                                             Superannuation Division
cover is available                           If you have transferred from a plan in the
                                                                                              or becomes payable to you in the
                                                                                              CSD. Satisfactory evidence of your
                                             Corporate Superannuation Division                good health, financial details and
The insurance cover generally available      (CSD), the insurance cover you had in            other evidence may be required
in the Personal Superannuation Division      the CSD generally extends for up to 60           before the cover is granted, and
of the Mercer Super Trust is:                days after leaving your employer. This           other conditions may apply.
•   death, or                                is referred to as ‘extended cover’ and       •   To take advantage of this option,
                                             will apply if you are under age 65. Refer        you must apply for death cover in
•   death and total and permanent            to your CSD Product Disclosure
    disablement (TPD)                                                                         the Personal Superannuation
                                             Statement or other member materials for          Division within 60 days of leaving
If you would like to speak to a Mercer       full details of this ‘extended cover’.           employment. If the application is
financial adviser about what levels of       The amount of any extended death or              made after 60 days but before 120
death and TPD cover may be                   TPD cover will be reduced by the                 days after leaving employment you
appropriate for you, please call the         amount of any death or TPD cover you             may still apply for death cover only.
Helpline on 1800 810 558.                    take up in the Personal Superannuation           However, you will be required to
                                             Division (PSD) during the extended               complete a declaration of good
Your insurance provider                      cover period.                                    health. In the event that you don’t
                                                                                              sign the declaration, cover under
The trustee has appointed The National                                                        this option will be denied. For more
Mutual Life Association of Australasia       Continuing your death                            details about the declaration of
Limited ABN 72 004 020 437 to provide
the insurance for the Personal
                                             cover after you leave the                        good health, please contact the
                                                                                              Helpline on 1800 810 558.
Superannuation Division. The insurance       Corporate                                    •   In the event that your employer
is provided under the policy of insurance
issued to the trustee. The trustee has       Superannuation Division                          doesn’t notify us of your leaving
                                                                                              employment in time to meet the 120
the right to change the insurer from time    If your insurance in the CSD was under           day timeframe set out above, then
to time.                                     the trustee’s standard insurance policy          the cover described above may not
                                             with The National Mutual Life                    be available.
Conditions apply to your                     Association of Australasia Limited and
                                                                                          •   If you have cover in another CSD
                                             you have left the CSD for reasons other
insurance cover                              than because you have requested your             plan insured under the trustee’s
                                             employer to direct your superannuation           standard insurance policy currently,
Like most forms of insurance certain                                                          or in the future, you should advise
                                             guarantee contributions to another fund,
conditions and exclusions apply to the                                                        us as this may affect your ability to
                                             you may have the option of continuing
granting, or payout of your insurance                                                         take up or retain this cover.
                                             the insurance cover that you had in the
cover. Details of the conditions and
                                             CSD in the Personal Superannuation           This option is not guaranteed under the
exclusions applicable to the insurance
                                             Division (for death cover only and at        Mercer Super Trust’s insurance policy
cover available through the Personal
                                             your own expense) up to the amount of        and may be subject to change by the
Superannuation Division are set out in
                                             cover that you had while a member of         insurer.
the pages that follow in this section.
                                             your employer’s plan in the CSD.
                                                                                          If your insurance in the CSD was not
                                                                                          under the trustee’s standard insurance
                                                                                          policy with The National Mutual Life
Association of Australasia Limited or
your application for death cover in the    TPD cover                                      What TPD is defined as
Personal Superannuation Division is not                                                   Before becoming eligible for an
made within the required time frame, as    As a member of the Personal                    insurance payout, you’ll need to meet
detailed above, you may still apply for    Superannuation Division, if you are            the insurer’s definition of TPD as set out
death insurance cover, but acceptance      eligible, you may apply for TPD                in the policy. The definition of TPD is
of your application will be subject to     insurance cover, which will only be            made up of four parts. Each of these
provision of satisfactory evidence of      granted subject to provision of                parts are described below. Generally,
good health, financial details and other   satisfactory evidence of good health,          you must meet any one of Parts (a), (b),
evidence before this cover can apply       financial details and other evidence.          (c) or (d) below to be classified as TPD.
(see below for further details).           If you are employed on a casual basis or       However, if your employment status
                                           work less than 15 hours per week or are        changes after TPD cover has been
Death cover                                unemployed, you are not eligible to
                                           apply for TPD cover.
                                                                                          granted by the insurer and you are
                                                                                          working less than 15 hours a week or
                                           You’re eligible to apply for TPD               are unemployed, then you must meet
You can choose the dollar amount of
                                           insurance cover providing:                     any one of parts (b), (c) or (d) of the
your death cover subject to a minimum
                                                                                          TPD definition to be classified as TPD.
of $50,000. The maximum amount for         •    you make your application and it is
death cover is unlimited.                       accepted prior to age 50                  Part (a) Unlikely to Work
If you are                                 •    at the time you make your                 To be eligible for a TPD benefit under
                                                application you’re in permanent           this definition, all of the following
•    a new member to the Mercer Super
                                                employment working at least 15            conditions must apply:
     Trust, or
                                                hours per week, and                       •    you must have been continuously
•    transferred from the CSD and
                                           •    you provide satisfactory evidence of           absent from work through illness or
          your insurance in the CSD was
                                                good health, financial details and             injury for six months; and
          not under the trustee’s
          standard insurance policy with        other evidence.                           •    after consideration of all the
          The National Mutual Life         You can choose the dollar amount of                 evidence the trustee and insurer
          Association of Australasia       your TPD cover subject to a minimum of              believe is necessary, they form the
          Limited; or                      $50,000. This cover must not exceed                 opinion that you have become
          your application for death       the amount of your death insurance                  incapacitated to such an extent as
          cover was not made within the    cover. The maximum amount for TPD                   to render you unlikely ever to
          required time frame,             cover is $2.5 million for any one claim in          engage in, or work for reward in,
                                           the Mercer Super Trust. This means, if              any occupation or work for which
then you will be required to provide
                                           you had a condition giving rise to a TPD            you’re reasonably qualified by
satisfactory evidence of good health,
                                           claim, the maximum amount you may be                education, training or experience.
financial details and other evidence
before you are provided with death         paid from the Mercer Super Trust (ie as        or
cover.                                     a member of any plan or plans within the
                                                                                          Part (b) Specific Loss
                                           Corporate Superannuation Division
It is also important to note that all                                                     You will be deemed to be totally and
                                           and/or the Personal Superannuation
insurance payouts are subject to the                                                      permanently disabled if you suffer the
                                           Division) as a result of this condition will
terms of the insurance policy between                                                     total and irrecoverable loss of:
                                           be subject to the overall maximum of
the trustee and the insurer. If for some
                                           $2.5 million.                                  •    the use of both hands or
reason, the trustee cannot arrange cover
for you on standard terms or if the        Your TPD cover reduces uniformly to nil        •    the use of both feet or
insurer doesn’t pay the insured part of    between ages 60 and 65.
your super, then the amount you receive                                                   •    the use of one hand and one foot or
                                           It is also important to note that all
will be reduced accordingly.               insurance payouts are subject to the           •    the sight of both eyes or
                                           terms of the insurance policy between          •    the use of one hand and the sight of
                                           the trustee and the insurer. If for some            one eye or
Death payouts may take time to be          reason, the trustee cannot arrange cover
finalised                                  for you on standard terms or if the            •    the use of one foot and the sight of
The trustee must comply with various       insurer doesn’t pay the insured part of             one eye
legal requirements in relation to the      your super, then the amount you receive        where loss of sight means to the extent
payment of death payouts. While every      will be reduced accordingly.                   that your visual acuity is 6/60 or less, or
effort is made to make these payments                                                     to the extent that your visual field is
quickly, due to the legal processes                                                       reduced to 10 degrees or less of arc.
involved there may be a significant
period of time required between the                                                       or
date of death and the time a payout is
made in order to collect and analyse all
relevant information.
Part (c) Future Care                                                                         Your cover will increase automatically
You suffer an injury or sickness which                                                       each year to age 65 (subject to a
                                               Total and permanent disablement
first occurs while you are an insured                                                        minimum of 5%) by the lesser of:
                                               payouts may take time to be finalised
member of the plan and because of that                                                       •    the CPI increase, and
                                               The assessment of a total and
injury or sickness, the trustee and
                                               permanent disablement claim involves          •    7.5%.
insurer form the opinion that you are
                                               the collection of medical and other           This does not apply for members who
permanently unable to perform at least
                                               evidence. This may mean that a                are in occupations classified as heavy
two of the five “activities of daily living”
                                               decision is not made until some 12-18         blue collar. You will be advised if this
listed below, without assistance.
                                               months after you last worked. In some         applies to you.
•    bathing / showering                       cases it may take even longer.
•    dressing / undressing
                                                                                             Increase in cover
•    eating / drinking                         Applying for cover                            Once you have chosen and been
•    using the toilet to maintain personal                                                   accepted for death or death and TPD
     hygiene                                   If you wish to apply for insurance cover      cover, you can change the amount of
                                               then you must complete an ‘Applying for       your insurance cover at any time,
•    getting in and out of bed, a chair, a     Insurance Cover’ form. You can obtain
     wheelchair or moving from place to                                                      subject to the terms and conditions in
                                               this form from our website located at         the ‘Death cover’ and ‘TPD cover’
     place by walking, a wheelchair or         www.mercersupertrust.com or by calling
     with a walking aid.                                                                     sections above. If you increase your
                                               the Helpline on 1800 810 558.                 level of insurance cover you will need to
or                                             If you’re applying for death and TPD          be assessed by the insurer and will need
Part (d) Terminal Illness                      cover, you’ll be required to provide          to provide satisfactory evidence of good
                                               satisfactory evidence of good health,         health, financial details and other
To be eligible for a TPD benefit under
                                               financial details and other evidence for      evidence before you can receive an
this definition the following conditions
                                               the insurer. This may not be required if      increased level of insurance cover.
must apply:
                                               you’re applying for death cover only.
•    you are diagnosed by a registered         You will be advised if this applies to you.
     medical practitioner as being
                                               If you are being assessed by the insurer,
                                                                                             When your cover
     terminally ill;
•    that illness stops you working; and
                                               you will generally be covered for the
                                               assessable insurance amount for
                                                                                             stops
•    in the opinion of the insurer and the     accidental death and accidental TPD
                                               cover (if applicable) for the amount of       You’ll no longer have insurance cover if
     trustee you are not expected to live                                                    you:
     more than 12 months.                      cover you have requested up to a
                                               maximum of $2 million for death and           •    advise the trustee in writing that you
The registered medical practitioner            TPD cover (if applicable) for up to 90             wish to stop paying insurance
cannot be a family member (ie spouse,          days. For the purpose of this cover                premiums
including legal spouse, de facto or            ‘accident’ means bodily injury caused
same-sex partner, parent, parent-in-law,                                                     •    have insufficient funds in your super
                                               directly and solely by violent accidental,
child including adopted child, step-child                                                         account balance to cover the
                                               external and visible means.
or an ex-nuptial child), business partner,                                                        insurance premiums
employee or employer of the insured            For the amount of cover that is subject
                                               to providing satisfactory evidence of         •    leave the Personal Superannuation
person.                                                                                           Division of the Mercer Super Trust
                                               good health, financial details and other
The sum insured for terminal illness is        evidence, the insurer may accept,             •    reach age 80 for death cover and
subject to a maximum amount of $1              decline or impose special conditions               age 65 for TPD cover
million. The balance of your sum               (such as an exclusion or premium
insured (if any) will be paid upon your                                                      •    receive a payout in respect of a
                                               loading) for that cover. Where the
death.                                                                                            TPD claim or your beneficiaries
                                               insurer accepts your application, you will
                                                                                                  receive a payout due to your death
You’ll need to provide all relevant            be notified of the date that your cover
                                                                                                  (death cover ceases on payment by
information to the trustee or the insurer      commences.
                                                                                                  the insurer of a TPD benefit)
to enable your claim to be processed.
                                                                                             •    transfer your death cover from the
Illnesses and injuries not                     Renewing your cover                                CSD, death cover ceases on
                                               Once accepted and you continue to be               acceptance of a TPD claim in the
covered                                        eligible, your cover will be renewed               CSD.
The TPD benefit relating to any initial        automatically each year until age 80 for      Your insurance cover will also stop if the
request for TPD cover or subsequent            death cover and age 65 for TPD cover          Mercer Super Trust’s insurance policy is
request for increase in TPD insurance          regardless of your health.                    cancelled in accordance with the terms
cover after joining the plan, isn’t payable                                                  of the policy.
if your disablement arises from                                                              You should be aware that if your
intentional self inflicted injury or illness                                                 employment status changes you may no
within the first 13 months from the date                                                     longer be eligible to be classified as TPD
of your initial request or the date of any                                                   under Part (a) of the definition of TPD as
increase in your level of cover in respect                                                   outlined earlier.
of the initial cover or the increased level
of cover.
If you don’t wish to continue paying your     The terms and conditions of the
premium for TPD cover you should write        continuation option are not guaranteed        Change in costs of
to the trustee requesting that the cover      and may be varied by the trustee and/or
be discontinued.                              the insurer.                                  cover
If you cease your insurance cover and
                                                                                            The insurer may vary the cost of any
subsequently wish to reinstate your
insurance cover, you’ll need to reapply
                                              Cover while                                   insurance cover offered in respect of the
                                                                                            Personal Superannuation Division
and will need to satisfy the conditions for
this insurance including providing
                                              working overseas                              without your prior approval by giving
satisfactory evidence of good health,                                                       notice to the trustee. Reasons for a
financial details and other evidence if       If you work overseas, you may be able         change in the premiums charged might
you want insurance cover.                     to continue your death and TPD cover (if      include:
                                              applicable) for up to three years subject         the event of invasion or war (whether
The insurer may impose conditions or          to the conditions of the plan’s insurance
decline your cover.                                                                             declared or undeclared) involving
                                              policy.                                           Australia’s armed forces or involving
                                              To remain eligible for overseas coverage          the country of your residence
Continuing your                               you must satisfy all of the following
                                              conditions:
                                                                                                (including temporary residence), or
                                                                                                significant changes in the total number
death cover after                             •    you must remain a member of the              of insured members and/or total
                                                                                                insurance cover and/or the information
you leave the                                 •
                                                   Personal Superannuation Division
                                                   you must be an Australian national
                                                                                                used in determining the premium rates
                                                                                                for the Personal Superannuation
Personal                                      •    in the event of a disablement claim,         Division, or
                                                   you may be required to return to
Superannuation                                     Australia at your own expense,
                                                                                                a change in taxes or duties or other
                                                                                                legislative changes that increase the
                                                   where necessary, for medical
Division                                           treatment or assessment and the
                                                                                                insurer’s costs.
                                                   trustee will not pay a TPD benefit if    The trustee will advise you of any
You have the option of continuing your             you do not return to Australia.          change in the costs of cover and in the
death insurance cover with the insurer                                                      case of an increase in costs provide you
                                              If your cover ceases and you then             with at least 30 days prior written notice.
under a personal policy at your own           subsequently return to Australia, you’ll
expense up to the same amount of              need to provide satisfactory evidence of
cover you had in place providing you:
•    stop being a member of the
                                              good health, financial details and other
                                              evidence before your cover will be
                                                                                            Non-residents’
     Personal Superannuation Division
     of the Mercer Super Trust (for any
                                              reinstated.                                   insurance
                                              The above terms are in relation to cover
     reason other than temporary or           while working overseas. You do not            If you’re based in Australia but aren’t an
     permanent disablement), and              need prior written approval for               Australian resident, you may still be
•    are under age 65.                        overseas travel for non-business              eligible for insurance cover provided:
                                              purposes and short term business
Satisfactory evidence of good health will                                                   •     you have a current visa which
                                              travel (less than three years).
not be required, however financial                                                                allows you to work in Australia;
details and other information may be          Please be aware that your insurance
                                                                                            •     you remain a member of the
requested. Any restrictions that applied      cover while working overseas isn’t
                                                                                                  Personal Superannuation Division;
to your insurance cover under the             payable if your insurance claim arises as
Personal Superannuation Division of the       a consequence of an act of war. ‘War’ in      •     you are employed to work in
Mercer Super Trust will continue to           this context includes but is not limited to         Australia; and
apply under the personal policy and           declared or undeclared war or war             you meet all other eligibility terms for
cover will be subject to the terms and        related activities, revolution, invasion or   insurance cover (including payment of
conditions of that policy. To take            rebellion or civil unrest.                    premiums).
advantage of this option, you must apply      If you don’t want cover while overseas
to the insurer and have the replacement       you can suspend it but you will need to
policy in place within 60 days of leaving
the Personal Superannuation Division of
                                              provide satisfactory evidence of good         Cost of cover
                                              health, financial details and other
the Mercer Super Trust (or stop paying        evidence to resume cover on your              The cost of cover depends on the rating
premiums, if earlier). The cost of            return. You should discuss this with us if    factors that apply to your occupation,
continuing your cover outside the Mercer      any of these circumstances apply to you.      smoker status, gender, health and
Super Trust will be based on the              For further details call the Helpline on      premium rate that applies for your age.
insurer’s prevailing individual policy,       1800 810 558.
premium levels and terms and                                                                To work out the annual premium for your
conditions and will need to be met by                                                       cover, multiply the amount of cover you
you.                                                                                        have chosen for death (and TPD cover if
                                                                                            applicable) by the relevant premium rate
                                                                                            according to your age next birthday and
                                                                                            divide by 1,000. This amount should
then be multiplied by the appropriate                               Annual
                                                                                 Annual premium
                                                                                                        Please note that for some occupations
rating factors applicable to your                                premium for                            the risk is non-insurable.
                                                   Age next                     for $1,000 of death
                                                                $1,000 of death
occupation, smoking status, gender and             birthday                       and TPD cover*
                                                                  cover only*
                                                                                         $               Smokers rating
health rating.                                                         $
                                                       35             0.38                0.56           Non-smokers                         1.0
It’s important to be aware that premiums
for a high level of cover may significantly            36             0.38                0.59           Smokers                            1.67
reduce your super payout. You should                   37             0.41                0.62
consider your insurance needs carefully                38             0.41                0.68           Gender rating
before making a decision about the level               39             0.44                0.73
                                                                                                         Females                              0.8
of cover you require. You may wish to                  40             0.47                0.80
seek professional advice from a                        41             0.53                0.89
                                                                                                         Males                                1.0
licensed, or appropriately authorised,                 42             0.57                1.00          Health rating
financial adviser to determine your                    43             0.62                1.11
                                                                                                        This cannot be advised in advance. The
appropriate level of insurance cover.                  44             0.68                1.23
                                                                                                        insurer will assess your health status
Your individual premium rate can only                  45             0.73                1.36
                                                                                                        based on the information you provide.
be determined once you’ve completed                    46             0.80                1.56
and returned satisfactory evidence of                  47             0.89                1.74
                                                                                                        Some examples of how to determine
good health, financial details and other               48             0.98                1.97
                                                                                                        your premiums based on the
evidence for the insurer.                                                                               premium rates above and the various
                                                       49             1.06                2.20
                                                                                                        rating factors are as follows
The cost of cover is calculated and                    50             1.15                2.48
deducted monthly from your super                       51             1.28                2.80          1. Jack is age 45 (46 next birthday),
account balance. Continuance of cover                  52             1.39                3.14          employed in a white collar profession
is conditional upon premiums being                     53             1.52                3.53          and is a non-smoker. Jack is insured for
paid.                                                  54             1.70                4.01          death cover only for $110,000. From the
                                                       55             1.87                4.53          death and TPD premium rate table we
The death and TPD premium rate table
                                                                                                        can see that at age 46 next birthday the
outlines the annual insurance premium                  56             2.07                5.19
                                                                                                        annual premium for death cover only is
rates per $1,000 sum insured. The                      57             2.31                5.95
                                                                                                        $0.80 for every $1,000 of cover. This
premium rates then need to be                          58             2.56                6.86
                                                                                                        means the annual cost of Jack’s cover is
multiplied by the appropriate factors to               59             2.88                7.89
                                                                                                        $110,000 times $0.80 divided by 1,000
determine your annual premium.                         60             3.22                9.08
                                                                                                        multiplied by 1.00 (occupational rating)
                                                       61             3.62               10.48
You will be advised of your individual                                                                  multiplied by 1.0 (smoker rating)
                                                       62             4.07               12.10
premium once your application has been                                                                  multiplied by 1.0 (gender rating) =
accepted.                                              63             4.57               13.97
                                                                                                        $88.00.
                                                       64             5.15               16.14
When selecting your desired level of                   65             5.79               18.63
                                                                                                        The total cost of cover may vary
insurance, you should bear in mind that                66             6.39                 n/a
                                                                                                        depending on Jack’s health rating.
premiums generally increase as you get
                                                       67             7.04                 n/a          2. Jim is age 45 (46 next birthday),
older.
                                                       68             7.72                 n/a          employed in a light blue collar profession
Death and TPD premium rate                             69             8.48                 n/a          and is a smoker. Jim is insured for
table                                                  70             9.30                 n/a          death cover only for $110,000. From the
                                                       71            10.21                 n/a          death and TPD premium rate table we
                Annual                                                                                  can see that at age 46 next birthday the
                             Annual premium            72            11.22                 n/a
             premium for
 Age next
            $1,000 of death
                            for $1,000 of death
                                                       73            12.33                 n/a          annual premium for death cover only is
 birthday                     and TPD cover*
              cover only*
                                     $                 74            13.58                 n/a          $0.80 for every $1,000 of cover. This
                   $                                                                                    means the annual cost of Jim’s cover is
                                                       75            14.95                 n/a
    15           0.25               0.31
                                                       76            16.46                 n/a
                                                                                                        $110,000 times $0.80 divided by 1,000
    16           0.25               0.31                                                                multiplied by 1.95 (occupational rating)
                                                       77            18.14                 n/a
    17           0.29               0.38                                                                multiplied by 1.67 (smoker status)
                                                       78            19.96                 n/a
    18           0.34               0.45                                                                multiplied by 1.00 (gender rating) =
                                                       79            21.95                 n/a
    19           0.38               0.53                                                                $286.57.
                                                       80            24.09                 n/a
    20           0.41               0.56
                                                                                                        The total cost of cover may vary
    21           0.41               0.56          *The above premiums are inclusive of stamp duty
                                                  and may be changed in the event of invasion or
                                                                                                        depending on Jim’s health rating.
    22           0.40               0.54
                                                  war. Individual premiums will apply for all
    23           0.38               0.50
    24           0.34               0.47
                                                  members.
                                                  * n/a indicates that this type of cover is not
                                                                                                        Making a claim
    25           0.33               0.46          available at the particular age.
    26           0.33               0.44                                                                Please contact the Helpline on 1800 810
                                                  The ratings factors are as follows:
    27           0.32               0.44                                                                558 for information on how to make a
    28           0.32               0.44           Occupational rating                                  claim.”
    29           0.32               0.45           Professional/white collar                     1.00
    30           0.33               0.46
                                                   Light blue collar                             1.95
    31           0.33               0.47
    32           0.34               0.49           Heavy blue collar                             2.70
    33           0.34               0.53
    34           0.36               0.54
21. Tax & super
Replace Step 6 – Tax & super section of the PDS with the following:




“Step 6 Tax & super

The government provides tax breaks on super investment to
encourage Australians to save for their retirement.

         Your tax file number is important                                     page 70
         Spouse contributions tax offset                                       page 70
         Tax on contributions                                                  page 71
         Claiming a deduction for your super contributions                     page 72
         Tax on your super payout                                              page 72
         Tax on investment income                                              page 73
         Surcharge tax                                                         page 73
         Up to date information                                                page 73




                                                                      Tax & super   69
                                          The following information is a general
                                          description of the tax treatment of           Spouse Contributions
                                          superannuation and is based on our
The rules at a glance….                   understanding of the tax laws as at 1         Tax Offset
Your TFN is important – if the trustee    July 2008. It aims to give you an               If your income is below $10,800 in a
has your TFN you may not have to          overview only, assuming you are an              financial year, your Spouse may be
pay extra tax on your contributions       Australian resident. If you are not an          entitled to a tax offset (or rebate) of
and your super payout, and the            Australian resident for income tax              18% for Spouse contributions up to
trustee can accept your contributions.    purposes different tax rules may apply.         $3,000 per annum your spouse makes
Concessional contributions up to          As the tax treatment of super can               in respect of you.
$50,000 per annum (or up to               become complex and may change at                If your income is between $10,800 and
$100,000 per annum until 30 June          any time we strongly recommend that             $13,800 a reduced tax offset applies.
2012 for those who are age 50 or          you obtain advice from a licensed, or
                                          appropriately authorised, financial           Certain conditions must be met to be
over) are taxed at 15%.
                                          adviser, about how the tax laws affect        eligible for the tax offset including that
Non-concessional contributions up to      you. This particularly applies if you are     you must be living with your Spouse and
$150,000 per annum are generally          considering making large contributions        you both must be Australian residents.
tax-free.                                 or are considering retiring. You should
Super payouts:                            also consider obtaining appropriate           Tax on contributions
                                          advice as you build your super so that
     are tax free when paid from age 60                                                 The tax paid on super contributions
                                          you can appropriately plan for your
     (although tax may be payable on                                                    depends on:
                                          eventual retirement.
     some death payouts)
                                          Superannuation is generally taxed at            the type of contribution – concessional
     are generally taxable when paid
                                          three stages:                                   or non-concessional
     before age 60.
                                                                                          the amount of the contribution, and
                                           contributions paid into a super fund
                                                                                          whether the trustee has your TFN.
Some useful definitions…..                 investment income of a super fund
                                                                                        Any tax (including surcharge tax) on
Concessional contributions include         super payouts from a super fund.             your contributions will be charged to
superannuation guarantee                                                                your super account according to the
contributions, salary sacrifice                                                         investment option you have selected for
contributions, any extra employer         Your tax file number                          your future cash flows into your super
contributions and contributions for                                                     account at the time the tax assessment
which a tax deduction is claimed.         is important                                  is processed.
Concessional contributions can also
                                          While you don’t have to provide your tax
include certain other amounts
                                          file number (TFN) to the trustee, and it is
                                                                                        Concessional
including notional contributions in
respect of defined benefit members,       not an offence if you don’t, if the trustee   contributions
certain amounts allocated by the          does not have your TFN:
                                                                                        The trustee deducts tax at the rate of
trustee, certain contributions made by     the trustee will not be able to accept       15% on most concessional contributions
other people (except the member’s          contributions made by or for you             made in respect of you. The amount of
spouse or employer) for the member,        including spouse contributions, after-       contributions tax is levied on your net
certain transfers from an overseas         tax contributions and government co-         contributions after relevant fees and
fund and some parts of an                  contributions;                               insurance premiums have been
employment termination payment that        you will pay higher tax on any               deducted. If a taxable contribution is
you have received from an employer         concessional contributions made for          accepted into the Mercer Super Trust,
and rolled over.                           you;                                         15% tax will be deducted immediately
Non-concessional contributions             you may pay higher tax than                  and will be held until it is required to be
include contributions made from your       necessary on your super payout.              paid to the ATO.
after-tax salary, spouse contributions    Any TFN information supplied to the
made for you, certain amounts             trustee will automatically be applied to
allocated by the trustee, any             all future contributions to, and payouts
concessional contributions over and       from, the Mercer Super Trust. For more
above the concessional contributions      information on the use of TFNs call the
limit and some transfers from an          ATO.
overseas fund.




70       Tax & super
                                              account in the Mercer Super Trust.            makes a non-concessional contribution
You’ll pay extra tax if the                   If you have already paid the tax yourself,    in excess of $150,000 in a financial year.

trustee does not have                         you can ask the trustee to refund to you
                                              the amount paid and this will reduce
                                                                                            Essentially, if a person makes non-
                                                                                            concessional contributions in excess of
your TFN                                      your super account accordingly.               $150,000 in a financial year, then
                                              Note that it will only be possible for the    additional tax will be payable if the total
Additional tax of 31.5% could be payable                                                    non-concessional contributions in that
if the trustee does not have your TFN,        trustee to pay or refund this tax up to the
                                              amount in your super account.                 and the following two financial years
i.e. a tax rate of 46.5% will apply to your                                                 exceed $450,000. See ‘You’ll pay tax if
concessional and some other                   Your payout from the Personal                 you exceed the limits’ later in this
contributions instead of 15%. If you          Superannuation Division of the Mercer         section for details.
provide your TFN to the trustee later, the    Super Trust will be reduced to take
trustee may be able to reclaim the            account of any additional tax paid from       If you are age 65 or over, at the start of
additional tax paid on your behalf and        your super account.                           the financial year, a limit of $150,000
allocate this to your super account.                                                        applies for each financial year. You
Generally only additional tax paid in the     Alternatively, you can nominate another       cannot bring forward contributions for
three income tax years prior to when you      superannuation plan or fund to pay or         future years. To make contributions
provide your TFN can be reclaimed.            refund this tax. You will not be able to      after age 65 you must meet certain
You should also note that it may not be       nominate a plan or fund if that plan or       conditions set down in legislation. See
possible for the trustee to obtain a          fund only has a defined benefit interest      the Contributions section of this PDS
refund from the ATO quickly. This             for you.                                      for details.
process may take in excess of 12              The annual concessional contribution          The limit is a limit per person, not a limit
months.                                       limit is a limit per person, not a limit on   on the amount that can be made to each
If you leave the Personal                     the amount that can be made to each           super fund if a person is a member of
Superannuation Division of the Mercer         super fund if a person is a member of         more than one fund.
Super Trust before we have received           more than one fund.
                                                                                            The trustee can generally accept
your TFN, your super payout will be           Any concessional contributions over the       amounts up to these limits but where
reduced for this additional tax. If you       limit will also count towards the limit on    any contribution, taken by itself, exceeds
request a refund of this additional tax       non-concessional contributions – see          the limits, the trustee is required to
paid after you have                           “Non-concessional contributions” below.       refuse to accept or refund the excess
 left the Personal Superannuation             ^ The limit is applicable for 2008/09 and     amount. The trustee will continue to
 Division of the Mercer Super Trust and       is indexed from 1 July each year to           accept contributions which, by
 your super payout has been paid; and         Average Weekly Ordinary Time                  themselves, do not exceed the limits.
 subsequently provided us your TFN,           Earnings (AWOTE) in steps of $5,000.          This may mean that the total
                                              *For members aged 50 or over at 1 July        contributions received for you during
a fee of $830 (see the section headed                                                       a financial year will exceed the limits
‘No-TFN tax refund fee’ in the Getting to     2007, or who turn 50 in a financial year,
                                              until 30 June 2012 the annual limit is        and you may be liable for additional
know your super section for more                                                            tax. It is the member’s responsibility
details) will be charged for processing       $100,000. For example, if a member
                                              turns age 50 on 4 November 2009, the          to monitor their contributions made
and making this payment from the                                                            during each financial year.
Mercer Super Trust.                           annual limit for them will be $100,000 for
                                              the years ending 30 June 2010, 2011           *The non-concessional contributions
                                              and 2012. This transitional $100,000          limit is three times the level of the
You’ll pay extra tax if                       amount will not be indexed.                   concessional contributions limit and will
you exceed the annual                                                                       increase as the concessional cap moves
                                              Non-concessional                              with indexation.
limit                                                                                       ^The “bring forward” limit is three times
An annual limit of $50,000*^ applies to
                                              contributions                                 the non-concessional contributions limit
the total concessional contributions that     Non-concessional contributions are            that applies in the first year you elect to
are taxed at 15%. Any concessional            generally tax-free, however an annual         bring forward contributions.
contributions over this limit will attract    limit of $150,000* applies to the amount
additional tax of 31.5% on top of the         of any non-concessional contributions
15% contributions tax, regardless of          that can be made to super.
whether you have supplied your TFN or         If you are under age 65 at any time
not.                                          during a particular financial year, you
The ATO will determine whether you            can bring forward two financial years of
have exceeded the $50,000 limit and           non-concessional contributions and
whether you are liable for any additional     make total non-concessional
tax. If additional tax is payable, the ATO    contributions of up to $450,000^ over a
will issue a tax assessment to you. You       three year period.
can either pay this additional tax            The bring forward provision is
yourself, or you can ask the trustee to       automatically triggered if a person
pay this additional tax from your super


                                                                                                                   Tax & super       71
                                              At the end of each financial year, we will     your super payout.
You’ll pay tax if you                         contact you, if you have told us that you
exceed the limits                             are self-employed or if you request, so        Your lump sum payout
                                              that you can advise how much you wish
If your non-concessional contributions        to claim as a tax deduction in that            and tax
exceed these limits in total, any excess      financial year.                                The tax payable on lump sum super
contributions will be taxed at 46.5%.                                                        payouts (for reasons other than death)
The ATO will determine whether you            Contributions may be made even if
                                              you’re not entitled to a tax deduction.        depends on your age and the different
have exceeded the limits and whether                                                         components that make up your payout.
you are required to pay any tax. Any tax      Any contribution of this nature made by
payable will be levied on you and you         you is treated as a non-concessional
must nominate a super fund to release         contribution and will count towards your
                                              non-concessional contributions limit.
                                                                                             Lump sum payouts from
money from your super account to pay
the tax liability either to the ATO or to     *Income is your assessable income for          age 60
you if you have already paid the tax          tax purposes plus your reportable fringe       You pay no tax on lump sum payouts
yourself.                                     benefits.                                      from age 60, while you are alive.
If you nominate the Mercer Super Trust,       The trustee can only accept a notice that
your payout from the Personal
Superannuation Division will be reduced
                                              you intend to claim a deduction if it is a
                                              valid notice. A notice will not be valid if:
                                                                                             Lump sum payouts
to take account of any tax paid from your       it is not provided on an approved form       before age 60
super account. You will not be able to
nominate a super fund if that plan or           when you give it to the trustee you are      Your lump sum payout will be made up
fund only has a defined benefit interest        no longer a member of the Personal           of two components:
for you.                                        Superannuation Division of the Mercer          a tax-free component – this is
                                                Super Trust                                    generally made up of your personal
Note that it will only be possible for the
trustee to pay or refund this tax up to the     the trustee no longer holds the                after-tax contributions, spouse
amount in your super account.                   contribution in respect of you, for            contributions and an amount
                                                example, if you have elected to                calculated at 1 July 2007 that
                                                transfer your benefit to another fund          represents the portion of your then
Claiming a                                      under portability or choice of fund (see       benefit built up before 1 July 1983. A
                                                                                               higher tax-free amount may apply if
                                                the Getting to know your super
deduction for your                              section of this PDS for details)               you are totally and permanently
                                                                                               disabled. You pay no tax on this
super contributions                             the trustee has started to pay an
                                                income stream or pension to you.
                                                                                               component; and
                                                                                               a taxable component – this is your
You may be eligible to claim a tax            Note that if you want to split                   super payout less any tax-free
deduction for your super contributions to     contributions with your spouse, this can         component. If you take your super
the Mercer Super Trust provided you           only be done if you have already given           payout while you are alive and after
meet certain conditions.                      the trustee a valid notice that you intend       you reach your preservation age but
                                              to claim a tax deduction for the                 before age 60, you pay no tax on the
Any contributions for which you claim a       contributions to be split.                       first $145,000* of this component and
deduction will count towards your                                                              15%^ tax on any amount over
concessional contributions limit.             Call the Helpline on 1800 810 558 if you
                                              would like more information about                $145,000. If you take your super
To be eligible to claim a deduction:          claiming a deduction or to obtain a copy         payout before you reach your
                                              of the approved form.                            preservation age, you pay tax at 20%^
 less than 10% of your income* must
                                                                                               on your total taxable component.
 come from employment as an
 employee                                     Tax on your super                              Higher tax rates will generally apply to
                                                                                             preserved or restricted non-preserved
 you must be under age 75. (To make
 contributions after age 65 you must          payout                                         super payouts to a temporary resident
                                                                                             who has permanently left Australia.
 meet certain conditions set down in
 legislation. See the Contributions           You may have to pay tax on your super          Tax at a higher rate may need to be
 section of this PDS for details.)            payout when it is paid from the Mercer         withheld from your payout if you have
                                              Super Trust. The actual amount of tax          not provided your TFN.
 you must give a valid notice to the          you’ll have to pay depends on:
 trustee of your intention to claim a                                                        * The limit is applicable for 2008/09 and is
                                                your age when your payout is paid            indexed from 1 July each year to Average
 deduction and receive an                                                                    Weekly Ordinary Time Earnings (AWOTE) in
 acknowledgement from the trustee of            the type of payout and                       steps of $5,000. The limit is a lifetime limit
 receipt of the notice                                                                       applicable to all payments made after you reach
                                                certain other factors.                       your preservation age, including such payments
 the notice must be given to the trustee                                                     made before 1 July 2007.
 by the earlier of the time you lodge         You should obtain advice from a
                                              licensed, or appropriately authorised,         ^ The Medicare levy (plus where applicable the
 your income tax return or the end of                                                        Medicare surcharge) is also payable.
 the financial year following the year        financial adviser if you are unsure of
 the contributions were made.                 what (if any) tax you may have to pay on




72     Tax & super
Your death payout and                         Surcharge tax
tax
                                              For some higher income earners and
A lump sum payment made upon your             members who had not supplied their
death directly to:                            TFN, there has been an additional tax,
  a dependant (as defined for                 known as the surcharge, on certain
  superannuation tax purposes) will be        contributions and some termination
  tax free                                    payments made by your employer.
  a non-dependant will be taxed at            The surcharge has now been removed
  special rates (ranging from 15% to          on contributions and termination
  30% plus Medicare) on the taxable           payments made on or after 1 July 2005.
  component; no tax is payable on any
                                              Although the surcharge has been
  tax-free component.
                                              removed in respect of future
Similarly, if a lump sum payment is           contributions, it will continue to apply in
made upon your death to your estate for       respect of the period up to 30 June
distribution in accordance with your will     2005. This means that the ATO will
or the administration laws, the amount        continue to issue surcharge
given to a dependant by the estate will       assessments in respect of contributions
be tax free in the estate and to the          and termination payments made before
dependant. A payment by the estate to         1 July 2005.
a non-dependant will be taxed at special
                                              If the Mercer Super Trust is required to
rates on the taxable component, no tax
                                              pay surcharge tax in respect of you, the
is payable on any tax-free component.
                                              tax payable will be charged to an
                                              account in your name in the Mercer
Tax on investment                             Super Trust. Your surcharge account
                                              (including any earnings) will be deducted
income                                        from your payout when you leave the
                                              Mercer Super Trust. You should check
                                              your most recent member statement to
Generally, the trustee is liable to pay tax
                                              see if surcharge tax has applied to you.
at a maximum rate of 15% on:
  all investment income
  realised capital gains from assets held     Up to date
  for less than twelve months, and
  two-thirds of realised capital gains        information
  from assets held for more than twelve
  months.                                     You can find up to date information on
                                              the annual contribution limits on the
Where the Mercer Super Trust is
                                              Mercer Super Trust website
invested in pooled super trusts and
                                              mercersupertrust.com (after you sign-
statutory funds of life insurance
                                              in to your member account) or call our
companies, the trustee won’t be liable to
                                              Helpline on 1800 810 558.
pay tax on gains received from these
investments because tax would have            We can also send you a copy of the
already been deducted by the pooled           updated information, free of charge on
super trust or life office.                   request.”
The actual rate at which the trustee pays
tax may be reduced below 15% due to
the effect of various tax credits and
rebates.




                                                                                            Tax & super   73
 Product Disclosure Statement
 Personal Superannuation Division




                                                                         We can help you
                                                                         choose the right path.



This Product Disclosure Statement is only applicable to the Mercer Super Trust Personal Superannuation Division and is issued by Mercer Investment
Nominees Limited (MINL) ABN 79 004 717 533, Australian Financial Services Licence 235906, as trustee of the Mercer Super Trust. ‘Mercer Wealth
Solutions Super Trust’ and the petal logo are trademarks of MINL.
  Product Disclosure Statement
  No. 2 for the Mercer Super Trust
  Personal Superannuation Division
  1 April, 2006




This Product Disclosure Statement is only applicable to the Mercer Super Trust Personal Superannuation Division and is issued by Mercer Investment
Nominees Limited ABN 79 004 717 533, Australian Financial Services Licence 235906, as trustee of the Mercer Super Trust.


                                                                                                                                                     1
    About this                                  Mercer (the administrator to the Mercer
                                                Super Trust), National Australia Bank
                                                                                             Staying up to date
    Product                                     Limited (NAB) ABN 12 004 044 937 (a
                                                custodian of the Mercer Super Trust),
                                                                                             The information contained in this
                                                                                             PDS is up to date at its preparation.
    Disclosure                                  the named investment managers, the           However, some of the information
                                                                                             can change from time to time. For
    Statement                                   insurer, AMP Superannuation Limited
                                                (ASL) (the trustee of the AMP Eligible       example, information about fees or the
    Mercer Investment Nominees Limited          Rollover Fund) and AMP Life Limited          investment approach of a particular
    (MINL) ABN 79 004 717 533, Australian       (AMP Life) are named in this PDS and         investment option. If there is a material
    Financial Services Licence 235906, is       have consented to being so named.            change, inaccurate statement or
    the trustee of the Mercer Super Trust,                                                   material omission from this PDS we will
                                                None of Mercer, NAB, the named               inform you as required by the law.
    the issuer of this Product Disclosure
                                                investment managers, the insurer, ASL
    Statement (PDS) and a wholly owned                                                       For other changes and information
                                                or AMP Life are responsible for the
    subsidiary of Mercer Human Resource                                                      about the performance of an investment
                                                preparation or issue of, or any statements
    Consulting Pty Ltd (Mercer)                                                              option, you can obtain up to date
                                                in this PDS. Nor do any of them make
    ABN 32 005 315 917.                                                                      information at any time by either calling
                                                any recommendation or provide any
    Mercer Human Resource Consulting is         opinion regarding the Mercer Super Trust     the Helpline on 1800 810 558 or by
    a registered business name of Mercer,       or an investment in it.                      visiting the Mercer Super Trust website
    which is a corporate authorised                                                          at www.mercersupertrust.com
                                                The value of investments in the
    representative 260851 of MINL. Mercer                                                    We can send you a copy of the updated
                                                investment options may rise and
    Global Investments is a registered                                                       information on request free of charge.
                                                fall from time to time. None of
    business name of MINL and a division
                                                MINL, Mercer, NAB, the insurer, ASL,
    of Mercer.
                                                AMP Life nor any of the investment           If you’ve a problem…
    MINL is referred to as ‘trustee’, ‘we’ or   managers guarantees the investment
                                                                                             The Mercer Super Trust has a process
    ‘us’ throughout this PDS.                   performance, earnings or return
                                                                                             in place for dealing with inquiries
                                                of capital invested in any of the
    This PDS provides an outline of the main                                                 and complaints. Additional help is
                                                investment options made available
    features and benefits of the Personal                                                     available to members through the
                                                through this PDS.
    Superannuation Division of the Mercer                                                    Superannuation Complaints Tribunal.
    Super Trust including the investment        Mercer financial advisers are authorised      For more information see ‘Inquiries and
    and insurance options available to you.     representatives of MINL.                     complaints procedures’ in the Getting
    It should be read carefully.                                                             to know your super section.

    The information contained in this PDS
    is general information only and does
    not take into account your individual
    financial objectives, financial situation
    or needs. We recommend that you
                                                                                             The trustee’s contact
    speak to a licensed, or appropriately                                                    details are:
    authorised, financial adviser if you need                                                 Mercer Investment Nominees Limited
    help in making an investment decision,                                                   ABN 79 004 717 533
    or insurance decision.
                                                                                             GPO Box 4303
    The insurance provider is The National                                                   Melbourne VIC 3001
    Mutual Life Association of Australasia                                                   Tel: 1800 810 558
    Limited ABN 72 004 020 437, GPO Box
                                                                                             If calling from overseas,
    2830, Melbourne VIC 3001 (insurer).
                                                                                             61 3 8687 1823
    The insurance cover is provided under a
                                                                                             Website www.mercersupertrust.com
    policy of insurance issued to the trustee
    by the insurer. The trustee has the right
    to change the insurer from time to time.

    MINL is responsible for the contents of
    this PDS.




2
Here’s what you                                                      Step 1
need to do:                                                          Read the Getting to know your super
As a new member of the Personal Superannuation Division              section then fill out your details
of the Mercer Super Trust you need to make some decisions            Read the Getting to know your super section to see how
about your super.                                                    your super works. Then fill out your contact details in Step
                                                                     1 of the application form so we can keep you informed
Make sure you read all the information in this PDS, then
                                                                     about your super.
follow the steps opposite to complete the application form
attached over the page. If you have transferred from the
Corporate Superannuation Division, we still require you to           Step 2
send to us a signed application form before we can action any
super payout requests for you.                                       Build wealth faster with contributions
To make it easy, each step of the application form is matched        Read the Contributions section which outlines what
to the section of the PDS.                                           contributions can be made to the Personal Superannuation
                                                                     Division, and how you can make these contributions.
Once you’ve completed, signed and dated the application
form (and any other relevant forms), return the forms to us in
the reply paid envelope provided.                                    Step 3
If you’re unsure of your decisions, we recommend that you see
                                                                     Choose how to invest your super
a licensed, or appropriately authorised, financial adviser.
                                                                     Read the Investment section which explains your investment
                                                                     choices. Then, fill out Step 3 of the application form.
If you don’t fill out the
application form…
                                                                     Step 4
If you don’t fill out the application form, the ‘default’ option(s)
will apply which may not be the most suitable choices for your
                                                                     Protect your family’s financial wellbeing
particular circumstances. The default options are the Mercer
Growth investment option (only for members who have not              Read the Death & disability cover section which explains
transferred from the Corporate Superannuation Division) and          what cover you can elect to take out in the Personal
nil death and disablement insurance cover.                           Superannuation Division, and how you can apply for that cover.

If you have transferred into the Personal Superannuation
Division from the Corporate Superannuation Division of the           Step 5
Mercer Super Trust and have not previously had the choice of
how to invest a part (or all) of your super,                         Who’ll get your super if you die?
                                                                     If you die while a member of the Mercer Super Trust, who
■   then that part (or all) of your super will be invested in
                                                                     would you like your super to go to? Read the Beneficiaries
    the Mercer Cash investment option until you advise us
                                                                     section for details, then fill out Step 5 of the application form.
    otherwise;
■   any future contributions or rollovers will be invested in
    the Mercer Growth investment option until you advise us          Step 6
    otherwise.
If you have transferred into the Personal Superannuation
                                                                     Don’t pay more tax than you have to
Division from the Corporate Superannuation Division of the           - let us know your tax file number
Mercer Super Trust and have previously had the choice of how         Read the Tax & super section for more information about
to invest any part of your super, then that part of your super       how tax affects your super, then fill out Step 6 of the
will be invested in the same investment options as those you         application form.
chose in the Corporate Superannuation Division until you
advise us otherwise.

For more information on investment options, see the                  Like to roll in other super money?
Investment section for further details.
                                                                     If you have other super you’d like to roll in to the Personal
                                                                     Superannuation Division of the Mercer Super Trust, fill out
                                                                     the Rollover form attached after the application form or
                                                                     call the Helpline on 1800 810 558.



                                                                                                                                         3
    Staying in                                  If you need help with
                                                your decisions...
    touch...
                                                ■   why not get advice from a licensed,
    As a member of                                  or appropriately authorised, financial
                                                    adviser. As a Personal Superannuation
    the Personal                                    Division member, you are able to
    Superannuation                                  access advice from one of Mercer’s
    Division of the                                 financial advisers. Please call the
                                                    Helpline on 1800 810 558 to access
    Mercer Super Trust                              this service.
    you’ll receive:                             ■   visit our website at
    ■   a welcome letter confirming                  www.mercersupertrust.com
        your choices in the Personal                for helpful tools and further
        Superannuation Division – you’ll also       information. You can:
        receive confirmation of any balances         ■   get up to date information on
        transferred in                                  investment options
    ■   an annual report to bring you up to         ■   learn from our wealth education
        speed on investment performance                 experts
        and what’s happened to the                  ■   project your future wealth using
        Personal Superannuation Division                our financial planning tools
        over the year
    ■   an annual member statement              If you need help
        showing changes to your super           understanding your
        account
                                                super...
    ■   regular newsletters and investment
        updates to keep you informed            Call the Helpline
    ■   notification of all material changes     1800 810 558
        or the occurrence of significant
        events                                  If calling from overseas
                                                613 8687 1823
    ■   access to a wealth of information
        and interactive planning tools on the   Visit our website
        Mercer Super Trust website              www.mercersupertrust.com

                                                Write to us
                                                Mercer Super Trust,
                                                GPO Box 4303,
                                                Melbourne, VIC 3001

                                                Let us know if your
                                                details change
                                                It’s very important that you always
                                                let us know when your address
                                                details change. We can only send you
                                                information about the Mercer Super
                                                Trust and your super if we have your
                                                current address. You can update your
                                                details via our website or by calling the
                                                Helpline on 1800 810 558.




4
Step 1 Getting to know your super




              Your super will probably be the largest amount of
              savings you’ll ever have.

              In this section you’ll find out:
              ■   About the Mercer Super Trust                                      page 6
              ■   What’s super all about                                            page 6
              ■   Joining the Personal Superannuation Division                      page 6
              ■   Your super                                                        page 6
              ■   Your super payout                                                 page 6
              ■   The benefits of being a member of the Mercer Super Trust           page 7
              ■   Risks associated with being a member of the Mercer Super Trust    page 8
              ■   Investing in your super                                           page 8
              ■   Fees and other costs                                             page 10
              ■   Super and preservation                                           page 17
              ■   Inquiries and complaints procedures                              page 18
              ■   Other things you should know                                     page 19




                                                                                             5
    About the Mercer                            Joining the                                 If you’re over age 65 and work less
                                                                                            than 240 hours in a financial year, you
    Super Trust                                 Personal                                    must take your super payout early
                                                                                            in the next financial year. However
    The Mercer Super Trust is a regulated       Superannuation                              it may be possible to keep some of
    superannuation fund for the purposes                                                    your benefit in super if your employer
    of the Superannuation Industry              Division                                    is still required to pay mandated
    (Supervision) Act 1993 (SIS).               If you are under age 65, you can join       employer contributions (eg. SG or
                                                the Personal Superannuation Division of     award contributions) for you. Even if
    It’s run by a trustee                       the Mercer Super Trust provided:            you are still working you will normally
                                                                                            be required to take your super payout
    The Mercer Super Trust is run by the        ■   you have an account balance of          when you reach age 75.
    trustee, Mercer Investment Nominees             at least $1,500 and make regular
    Limited (MINL). MINL is a company                                                       If you are unsure what to do with your
                                                    contributions; or
    which has been granted approved                                                         super payout, give the Helpline a call
                                                ■   the minimum amount transferred into     on 1800 810 558 and ask to speak
    trustee status under SIS. MINL has been
                                                    the Personal Superannuation Division    with one of Mercer’s financial advisers.
    granted its Registrable Superannuation
                                                    to open your account is $3,000.
    Entity (RSE) licence under SIS, number
    L0000819, effective 1 June 2006.            If you are age 65 or over you may be        Transfer to the
    The RSE licence replaces the current        able to join the Personal Superannuation    Allocated Pension
    Instrument of Approval held by MINL.        Division but only if you meet particular
                                                rules set by Government legislation         Division
    The trustee issues this PDS and interests   which depend on your age and recent         When the time comes to receive
    to members in the Mercer Super Trust,       work history. Please call the Helpline on   your super payout, you can choose
    appoints the investment managers for        1800 810 558 for more details.              to transfer to the Allocated Pension
    each of the investment options referred
                                                                                            Division of the Mercer Super Trust
    to in this PDS, and also appoints the
    insurer for the provision of insurance      Your super                                  (if eligible). Through the Allocated
                                                                                            Pension Division you can receive your
    cover provided within the Personal
                                                On joining the Personal Superannuation      payout in the form of a regular income,
    Superannuation Division and other
                                                Division a super account is opened          while staying invested in your chosen
    service providers. See later in this
                                                for you. Your super account balance         investment options.
    section for more details.
                                                at any time is related to the amounts
                                                                                            Before deciding to invest in the Allocated
                                                transferred in or contributed by you,
                                                                                            Pension Division, you should read the
                                                your spouse or your employer (see the
    What’s super all                            Contributions section for more details),
                                                                                            current Product Disclosure Statement
                                                                                            (issued by MINL) for the Allocated Pension
    about?                                      the investment returns earned by the
                                                investment options in which your super
                                                                                            Division and seek advice from a licensed,
                                                                                            or appropriately authorised, financial
    Financial freedom in                        is invested (see the Investment section
                                                                                            adviser. You will also need to complete an
                                                for more details), less deductions for
    retirement                                  fees, taxes and any insurance premiums.
                                                                                            application form.

    Have you ever thought about what                                                        Copies of the current Allocated Pension
    you’ll do when you stop working?                                                        Division Product Disclosure Statement
    Pay off the house, travel or maybe          Your super                                  can be obtained by calling the Helpline
                                                                                            on 1800 810 558.
    maintain the lifestyle you had before
    retiring? Whatever your goals, your
                                                payout
    super will probably play a big part in      You’ll receive a super payout:               Some useful
    helping you achieve them. It’s likely       ■   equal to your super account              definitions…
    your super will make up a large part of         balance – when you leave the
    your savings when you finish work – in           Personal Superannuation Division; or     Your super payout – refers to the
    fact it may be the largest amount of                                                     amount paid from the Mercer Super
                                                ■   equal to your super account
    money you’ll ever have!                                                                  Trust. It doesn’t necessarily mean
                                                    balance PLUS any insurance
                                                                                             that you’ll receive it in cash. It’s
                                                    amount received – if you die or
    Security while you’re                           (if applicable) become totally and       most likely that at least part of your
                                                    permanently disabled.                    super will be ‘preserved’.
    still working
                                                But remember, it’s most likely that your     Preservation - to make sure that your
    Super can also give you the security        super will be ‘preserved’, which means       super is used only for retirement, it’s
    of a cash payout if you die or become       you won’t be able to access it until         subject to government preservation
    disabled. So super is important not only    you retire permanently from work and
    for you but also anyone who depends                                                      rules. Generally, these rules mean you
                                                reach your preservation age. See ‘Super
    on you financially.                                                                       can’t access your super in cash until
                                                and preservation’ later in this section
                                                                                             you retire permanently from work and
                                                for more details.
                                                                                             reach your preservation age (varies
                                                Also see the Tax & super section for         from age 55 to 60 depending on
6                                               details on how tax will impact on your       when you were born).
                                                super payout.
                                                                                               Getting to know your super. . .


The benefits of being a member of the Mercer Super Trust
Diversification                            It helps to be large                                   Super payout
The Mercer Super Trust is focused         The Mercer Super Trust offers you                      As a member of the Personal
on helping you reach your wealth          the benefits associated with being                      Superannuation Division you can apply
goals. Your wealth goal is whatever       a member of one of the largest                         to transfer your super to another
you want it to be, a nest egg to retire   superannuation master trusts in                        complying superannuation vehicle, or
on, a healthier lifestyle in retirement   Australia, including:                                  access your super if you meet certain
free from the stress of working, or                                                              requirements at any time.
the ability to retire earlier because     ■   competitive fees
                                          ■   on-line access to your super details               Simply complete and return a
you have enough super. The Mercer
                                                                                                 ‘Receiving your payout’ form. You
Super Trust offers you a wide range       ■   access to interactive planning tools
                                                                                                 can obtain this form from our website
of investment options, each with their        on the Mercer Super Trust website
                                                                                                 at www.mercersupertrust.com or by
own investment aim and strategy,          ■   regular newsletters and investment                 calling the Helpline on 1800 810 558.
to provide you with the flexibility to         updates to keep you informed, and                  You and/or your dependants may
help you reach your wealth goals,
                                          ■   a telephone helpline to answer your                also be entitled to an additional
whatever they might be, in a tax
                                              day to day inquiries about your                    insured payout on death or total and
effective superannuation environment.
                                              super                                              permanent disablement if you take up
For further details see the Investment
                                                                                                 the insurance options offered in this
section of this PDS.
                                          International                                          PDS. See the Death & disability cover
The Mercer Super Trust gives you the                                                             section for further details.
benefit of diversification by enabling
                                          investments
you to invest in a range of investment    The Mercer Super Trust also gives you                  Tax concessions
options that provide you access to        access to international investments.
                                          Australia represents less than 2% of                   The Federal Government actively
different asset classes, investment
                                          global financial markets, so investing                  encourages Australians to save for
managers and investment styles.
                                          in international asset classes, like                   their retirement, and one of the
Depending on how you diversify,
                                          international shares and fixed interest,                ways it does this is by granting tax
underperformance in one area may
                                          gives you access to a broader range of                 concessions to money invested in
be offset by positive performance in
                                          investment opportunities. International                regulated superannuation funds such
another and as a result investment risk
                                          investments can also help you diversify.               as the Mercer Super Trust. To obtain
can be reduced.
                                                                                                 the maximum taxation savings, we
                                                                                                 recommend you speak to a licensed,
Mercer investment                                                                                or appropriately authorised, financial
options                                                                                          adviser. More information on taxation
The Mercer Super Trust provides you                                                              can be found in the Tax & super
access to the ‘Mercer investment                                                                 section of this PDS.
options’ which have been put together
by the trustee based on its multi-
manager investment approach. These
options include all of the Ready-made
                                              Here’s how your super works...
investment options and some of the            At any point in time, your super is equal to the balance
Select-your-Own investment options            in your super account. This is made up of:
covering commonly chosen investment
                                                       Contributions and amounts rolled over or transferred in
strategies. For further details on the
Mercer investment options and the              less    taxes and surcharges, fees, expenses, insurance premiums and
trustee’s investment philosophy and                    amounts paid out to or for you
approach see the Investment section.
                                               plus investment earnings on this money (these can be positive or negative
                                                    and depend on the investment earnings of your chosen investment
                                                    options)

                                               =       your super account balance
                                               Your member statement explains how your super has grown through the previous period.




                                                                                                                                         7
                                                  ■   Investment manager risk – the risk
    Risks associated                                  that a particular investment manager
                                                                                                  In addition the investment managers
                                                                                                  appointed by the trustee to manage
    with being a                                      will underperform (this could be
                                                      for example because their view on
                                                                                                  the Mercer investment options may
                                                                                                  use derivatives to help manage risk (for
    member of the                                     markets is wrong or because of their
                                                      investment “style” or because they
                                                                                                  example, to hedge part of an overseas
                                                                                                  currency exposure).
    Mercer Super                                      lose key investment personnel).
                                                                                                  See the Investment section of this
    Trust                                         ■   Credit risk – the risk that a debt
                                                      issuer will default on payment of
                                                                                                  PDS for more details of the trustee’s
                                                                                                  investment style and approach for the
    As with any investment there is always            interest or principal.
                                                                                                  Mercer investment options.
    a degree of risk. The significant risks        ■   Liquidity risk – the risk that you
    associated with your investment in the            will be unable to redeem your               Before making any investment
    Mercer Super Trust are set out in this            investment at your chosen time.             decisions, you should carefully
    section.                                                                                      consider the risks that apply to each
                                                  ■   Currency risk – the risk that overseas
                                                      investments gain or lose value as a         of the investment options on offer.
    There is a chance that if you leave the
                                                      result of a falling or rising Australian    This is important as your investment
    Mercer Super Trust you may get back
                                                      dollar.                                     in any of the investment options is
    less than the amount of contributions
                                                                                                  not guaranteed and as such you may
    paid in, because of taxes, expenses           See the ‘Investment option investment           get back less money than you invest.
    and low or negative investment returns        risk table’ over the page for details           You should be aware that investment
    (sometimes referred to as investment          as to which of the above risks apply            returns can be volatile and the value
    risk). To help minimise this risk you         to each of the investment options               of your investments may increase or
    should generally regard your super as a       available through this PDS.                     decrease over time. Also you should
    long term investment.
                                                  The trustee aims to help minimise               not rely on past performance as an
    Generally, investment risk is the chance      these investment risks by offering you          indicator of the future performance
    that your investment will be different        a wide range of investment options              of any of the investment options. We
    to what you expect. Your investment in        that provide you the benefit of                  strongly recommend that you speak
    the Mercer Super Trust could rise or fall     diversification by accessing different           to a licensed, or appropriately
    in value or produce a return which is         asset classes, investment managers              authorised, financial adviser before
    less than you anticipate. Rises and falls     and investment styles. See ‘Balancing           making any investment decisions.
    in value occur for a variety of reasons       risk and return through diversification’
                                                  in the Investment section for more              A change in the laws that govern super
    and sometimes quickly. The types
                                                  details on diversification.                      may impact on your ability to access
    of investment risks which may have
                                                                                                  your super in the future or affect the
    an impact on your investment in the           The Mercer Super Trust also provides            tax effectiveness of your super savings.
    Mercer Super Trust include:                   you access to the Mercer investment             We will keep you informed about any
    ■   Individual asset risk – the risk          options which have been put together            material changes of law which may
        attributable to individual assets         by the trustee based on its multi-              affect your super through a newsletter,
                                                  manager investment approach. The                the annual report or our website. You
        within a particular asset class.
                                                  trustee has considered the above
    ■   Market risk – the risk of major                                                           should discuss any changes with a
                                                  investment risks in constructing these
        movements within a particular asset                                                       licensed, or appropriately authorised,
                                                  investment options and aims to help
        class.                                                                                    financial adviser.
                                                  manage those risks primarily through
    ■   Political risk – the risk that domestic   diversification by:                              As a member of the Mercer Super Trust
        and international political events can    ■   investing with a number of different        you’ll incur certain fees, charges and
        impact on your investment.                    investment managers (to reduce              insurance premiums depending on
    ■   Inflation risk – the risk that money           investment manager risk);                   the investment options and insurance
        may not maintain its purchasing           ■   investing across different asset            cover you select. There is a risk that
        power due to increases in the price           classes (to reduce market risk,             these fees, charges and premiums may
        of goods and services (inflation).             inflation risk and liquidity risk);          increase from time to time which may
                                                                                                  affect your super account balance.
    ■   Timing risk – the risk that, at the       ■   investing across different countries
                                                                                                  You’ll be provided with 45 days prior
        date of investment, your money                (to reduce political risk, inflation risk,
                                                                                                  written notice of any such increases.
        is invested at higher market prices           liquidity risk and currency risk);and
        than those available soon thereafter.
                                                  ■   investing in a number of individual
        Alternatively, it can also mean the
        risk that, at the date of redemption,
                                                      securities within each asset class (to
                                                      reduce individual asset risk, liquidity
                                                                                                  Investing in your
        your investments are redeemed at
        lower market prices than those that
                                                      risk and credit risk).                      super
        were recently available or that may       Timing risk is reduced to an extent by          Investments in your super are made
        have been available soon thereafter.      diversification, but is more effectively         by contributions. Refer to the
                                                  managed by selecting an investment              Contributions section for more details.
                                                  option that best suits your particular
                                                  investment time horizon (that is, the time
8
                                                  you expect to leave your funds invested).
                                                                                                                                                             Getting to know your super. . .



Investment options and investment risks
The table shows whether there is a low, medium or high likelihood (shown as ‘L’, ‘M’ or ‘H’) that a type of investment risk (referred
to earlier in this section) may apply, from time to time, to a particular investment option. Where a type of investment risk does not
apply the relevant column has been left blank.

Please note the information contained in this table is indicative only and the likelihood that a type of investment risk may apply to a
particular investment option may change over time.

Investment option investment risk table




                                                                                                                                                                                            Manager Risk




                                                                                                                                                                                                                                           Currency Risk
                                                                                                                                                                                                                         Liquidity Risk
                                                                                                                                                             Inflation Risk
                                                                                                                                            Political Risk
                                                                                                                              Market Risk




                                                                                                                                                                              Timing Risk

                                                                                                                                                                                            Investment



                                                                                                                                                                                                           Credit Risk
                                                                                                                Asset Risk
                                                                                                                Individual
                                                          Investment Option
                                                          Mercer Shares                                            L          H              L               L                H                L            L             L                H
                   Ready-made




                                                          Mercer High Growth                                       L          H              L               L                H                L            L             L                M
                                                          Mercer Growth                                            L          M              L               L                M                L            L             L                M
                                                          Mercer Moderate Growth                                   L          M              L               L                M                L            L             L                L
                                                          Mercer Conservative Growth                               L          L              L               M                L                L            L             L                L
                                                          Mercer Cash                                              L          L              L               H                L                L            L             L                -
                                                          Mercer Shares Plus                                       L           H            L                L                 H              L            L             L                 H
                                Mercer Plus




                                                          Mercer High Growth Plus                                  L           H            L                L                 H              L            L             L                 M
                                                          Mercer Growth Plus                                       L          M             L                L                M               L            L             L                 M
                                                          Mercer Australian Shares Plus                            L           H            L                L                 H              L            L             L                  -
                                                          Mercer Overseas Shares Plus (Unhedged)                   L           H            M                L                 H              L            L             L                 H
                                                          Mercer Australian Shares                                 L           H            L                L                 H              L            L             L                  -
                                                          Mercer Australian Small Companies                        L           H            L                L                 H              L            L             L                  -
                                Mercer Sector




                                                          Mercer Overseas Shares (Unhedged)                        L           H            M                L                 H              L            L             L                 H
                                                          Mercer Overseas Shares (Currency Managed)                L           H            M                L                 H              L            L             L                 H
                                                          Mercer Overseas Small Companies                          L           H            M                L                 H              L            L             L                 H
                                                          Mercer Property                                          L           H            L                L                 H              M            L             H                 M
                                                          Mercer Overseas Listed Property                          L           H            M                L                 H              M            L             L                 H
                                                          Mercer Fixed Interest                                    L          M             L                H                M               L            M             L                 L
                                                          Mercer Diversified Alternatives                           L           H            M                L                 H              M            M             M                 H
                          Mercer Socially Mercer Target




                                                          Mercer Target 2015*                                      L          M             L                L                M               L            L             L                M/L*
                                                          Mercer Target 2025*                                      L         H/M*           L                L               H/M*             L            L             L                M/L*
                                                          Mercer Target 2035*                                      L         H/M*           L                L               H/M*             L            L             L                H/L*
                                                          Mercer Target 2045*                                      L         H/M*           L                L               H/M*             L            L             L                H/L*
 Select-your-Own

                           Responsible




                                                          Mercer Socially Responsible Shares                       L          H              L                L               H               M             L             L                H


                                                          Mercer Socially Responsible Growth                       L          M              L                L               M                L            L             L                M

                                                          Indexed Shares                                           L          H             L                L                H                L            L             L                H
                                Indexed




                                                          Indexed Australian Shares                                L          H             L                L                H                L            L             L                -
                                                          Indexed Overseas Shares                                  L          H             M                L                H                L            L             L                H
                                                          Indexed Growth                                           L          M             L                L                M                L            L             L                M
                                                          Indexed Conservative Growth                              L          L             L                M                L                L            L             L                L
                                                          AMP Capital Balanced Direct Option                       L          M             L                L                M                H            L             L                M
                                                          AMP Capital Balanced Growth Option                       L          M             L                L                M                H            L             L                M
                                                          AMP Capital Conservative Option                          L          L             L                M                L                H            L             L                L
                                                          ANZ Superannuation Pool–Growth Fund                      L          M             L                L                M                H            L             L                M
                                                          BT Active Balanced PST                                   L          M             L                L                M                H            L             L                M
                                                          Colonial First State PST–Diversified                      L          M             L                L                M                H            L             L                M
                                                          Credit Suisse Asset Management Capital Growth PST        L          M             L                L                M                H            L             L                M
                                Others




                                                          ING Managed Growth Superannuation Fund                   L          M             L                L                M                H            L             L                M
                                                          INVESCO Wholesale Diversified Growth PST                  L          M             L                L                M                H            L             L                M
                                                          Legg Mason Growth Trust                                  L          M             L                L                M                H            L             L                M
                                                          Maple-Brown Abbott PST                                   L          M             L                L                M                H            L             L                M
                                                          MLC Balanced Fund                                        L          M             L                L                M                L            L             L                M
                                                          MLC Capital Stable Fund                                  L          L             L                M                L                L            L             L                L
                                                          MLC Growth Fund                                          L          M             L                L                M                L            L             L                M
                                                          Schroders Superannuation Fund                            L          M             L                L                M                H            L             L                M
                                                          Zurich Wholesale Superannuation Managed Growth Fund      L          M             L                L                M                H            L             L                M
* The level of risk reduces as these investment options approach their target year
  (e.g. 2015 for the Mercer Target 2015 investment option).
                                                                                                                                                                                                                                                           9
     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.

         You may be able to negotiate to pay lower contribution fees and management costs where applicable. Ask the fund or your
         financial adviser.


                                                        TO FIND OUT MORE
         If you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities
         and Investments Commission (ASIC) website (www.fido.asic.gov.au) has a superannuation calculator to help you check out
         different fee options.


     This table shows fees and other costs that you may be charged by the Mercer Super Trust. These fees and costs may be deducted from
     your account balance, from the returns on your investment or from the Mercer Super Trust as a whole. Please refer to the section headed
     “GST” in the “Additional explanation of fees and costs” section of this PDS for an explanation of the impact of GST on the fees and
     charges described in this PDS.

     Tax details are set out in the Tax & super section of this PDS. Insurance premiums are set out in the Death & disability cover section.

     You should read all information about fees and costs, as it is important to understand their impact on your investment in the Personal
     Superannuation Division of the Mercer Super Trust.

     Fees and costs for particular investment options are set out in the “Breakdown of management costs table” included in the “Additional
     explanation of fees and costs” section of this PDS.

     Fees and other costs table
      Type of Fee or Cost                                                            Amount                           How and when paid
      Fees when your money moves in or out of the Mercer Super Trust
      Establishment fee
      The fee to open your investment in the Personal Superannuation Division Nil.                                    Not applicable.
      of the Mercer Super Trust.
      Contribution fee
      The fee on each amount contributed to your investment in the Personal          Nil.                             Not applicable.
      Superannuation Division of the Mercer Super Trust – either by you or
      your employer.
      Withdrawal fee
      The fee on each amount you take out of your investment in the Personal Nil.                                     Not applicable.
      Superannuation Division of the Mercer Super Trust.
      Termination fee
      The fee to close your investment in the Personal Superannuation Division Nil.                                   Not applicable.
      of the Mercer Super Trust.




10
                                                                                                                              Getting to know your super. . .



    Type of Fee or Cost                                         Amount                                                                             How and when paid
                                    1
    Management Costs
    The fees and costs for managing                             An amount is charged which depends on the investment                               The management costs
    your investment in the Personal                             option and on the value of your account balance as                                 are generally calculated
    Superannuation Division of the Mercer                       shown below:                                                                       and deducted daily,
    Super Trust.                                                                                                                                   (from the relevant
                                                                 Value of your account balance           Estimated management costs                investment option)
    The amount you pay for specific                               as at last day of each month            (% pa of your account balance)
                                                                                                                                                   when unit prices are
    investment options is shown in the                           First $250,000                          From 1.32% to 3.65%
                                                                                                                                                   determined, and are
    “Breakdown of management costs table”                        Next $250,000                           From 0.87% to 3.20%                       reflected in the value
    included in the “Additional explanation                      Balance over $500,000                   From 0.47% to 2.50%                       of your super account
    of fees and costs” section of this PDS.
                                                                                                                                                   balance. Where, the
                                                                The estimated management costs for each investment
                                                                                                                                                   actual fee deducted
                                                                option include investment management fees,
                                                                                                                                                   is greater than the
                                                                administration fees and a performance fee range (if
                                                                                                                                                   applicable fee, the
                                                                applicable), which are shown in the “Breakdown of
                                                                                                                                                   difference will be
                                                                management costs table” included in the “Additional
                                                                                                                                                   credited monthly to
                                                                explanation of fees and costs” section of this PDS.
                                                                                                                                                   your account through
                                                                                                                                                   additional units (see
                                                                For the Mercer Growth Investment Option the
                                                                                                                                                   “Additional units” in the
                                                                following management costs apply:
                                                                                                                                                   “Additional explanation
                                                                An amount which depends on the value of your account
                                                                                                                                                   of fees and costs”
                                                                balance as shown below:
                                                                                                                                                   section of this PDS for
                                                                                                                                                   further details).
                                                                 Value of your account balance           Estimated management costs
                                                                 as at last day of each month            (% pa of your account balance)
                                                                 First $250,000                          From 1.92% to 1.97%
                                                                 Next $250,000                           From 1.47% to 1.52%
                                                                 Balance over $500,000                   From 0.77% to 0.82%

    Service Fees2
    Investment switching fee
    The fee for changing investment options.                    Nil.                                                                               Not applicable.
1
    This fee may include an amount payable to an adviser (see “Adviser remuneration” in the “Additional explanation of fees and costs” section of this PDS for further details)
2
    An adviser service fee (which is negotiable) may also apply. (See “Adviser service fee” in the “Additional explanation of fees and costs” section of this PDS for further details)


Example of annual fees and costs for the Mercer Growth investment option
This table gives an example of how the fees and costs in the Mercer Growth investment option in the Mercer Super Trust can affect your
superannuation investment over a 1 year period. You should use this table to compare this product with other superannuation products.

    Example – the Mercer Growth Investment Option                                                                           Balance of $50,000 with contributions
                                                                                                                            of $5,000 during year
    Contribution Fees                                           0%                                                          For every $5,000 you put in, you will be
                                                                                                                            charged $0.
    PLUS Management Costs                                       1.92% to 1.97%                                              And, for every $50,000 you have in the
                                                                                                                            fund you will be charged between $960
                                                                                                                            and $985 each year.
    EQUALS Cost of fund                                                                                                     If you put in $5,000 during a year and
                                                                                                                            your balance is $50,000, then for that
                                                                                                                            year you will be charged fees of:

                                                                                                                            Between $960 to $985

                                                                                                                            What it costs you will depend on the
                                                                                                                            investment option you choose.



                                                                                                                                                                                         11
     Additional explanation of fees and costs
     Breakdown of management costs table
     This table shows the estimated management costs together with a breakdown of the investment management fee, administration
     fee and, where applicable, a performance fee range for each investment option.


                                                                                                                                   Administration fee     Estimated management costs
                                                                                                                               (% pa of account balance)    (% pa of account balance)
                                                                                                       Investment
                                                                                                      management Performance                      Balance                      Balance
                                                                                                           fee    fee range    First     Next       over   First      Next       over
                                               Investment option                                         (% pa)     (% pa)   $250,000 $250,000 $500,000 $250,000 $250,000 $500,000
                                               Mercer Shares                                              0.87         0–0.05        1.15      0.70       0.00    2.02–2.07 1.57–1.62 0.87–0.92
                       Ready-made




                                               Mercer High Growth                                         0.82         0–0.05        1.15      0.70       0.00    1.97–2.02 1.52–1.57 0.82–0.87
                                               Mercer Growth                                              0.77         0–0.05        1.15      0.70       0.00    1.92–1.97 1.47–1.52 0.77–0.82
                                               Mercer Moderate Growth                                     0.72         0–0.05        1.15      0.70       0.00    1.87–1.92 1.42–1.47 0.72–0.77
                                               Mercer Conservative Growth                                 0.67         0–0.05        1.15      0.70       0.00    1.82–1.87 1.37–1.42 0.67–0.72
                                               Mercer Cash                                                0.47           Nil         0.85      0.40       0.00       1.32        0.87       0.47
                                               Mercer Shares Plus^                                        1.05         0–0.25        1.15      0.70       0.00    2.20–2.45 1.75–2.00 1.05–1.30
                               Mercer Plus




                                               Mercer High Growth Plus^                                   1.00         0–0.25        1.15      0.70       0.00    2.15–2.40 1.70–1.95 1.00–1.25
                                               Mercer Growth Plus^                                        0.95         0–0.25        1.15      0.70       0.00    2.10–2.35 1.65–1.90 0.95–1.20
                                               Mercer Australian Shares Plus^                             1.05         0–0.50        1.15      0.70       0.00    2.20–2.70 1.75–2.25 1.05–1.55
                                               Mercer Overseas Shares Plus (Unhedged)^                    1.05         0–0.50        1.15      0.70       0.00    2.20–2.70 1.75–2.25 1.05–1.55
                                               Mercer Australian Shares                                   0.82         0–0.05        1.15      0.70       0.00    1.97–2.02 1.52–1.57 0.82–0.87
                                               Mercer Australian Small Companies^                         0.95         0–0.05        1.15      0.70       0.00    2.10–2.15 1.65–1.70 0.95–1.00
                               Mercer Sector




                                               Mercer Overseas Shares (Unhedged)                          0.90         0–0.05        1.15      0.70       0.00    2.05–2.10 1.60–1.65 0.90–0.95
                                               Mercer Overseas Shares (Currency Managed)^                 0.91         0–0.05        1.15      0.70       0.00    2.06–2.11 1.61–1.66 0.91–0.96
                                               Mercer Overseas Small Companies^                           1.30         0–0.05        1.15      0.70       0.00    2.45–2.50 2.00–2.05 1.30–1.35
                                               Mercer Property^                                           0.92         0–0.05        1.15      0.70       0.00    2.07–2.12 1.62–1.67 0.92–0.97
                                               Mercer Overseas Listed Property^                           1.05         0–0.50        1.15      0.70       0.00    2.20–2.70 1.75–2.25 1.05–1.55
                                               Mercer Fixed Interest^                                     0.52         0–0.05        1.15      0.70       0.00    1.67–1.72 1.22–1.27 0.52–0.57
                                               Mercer Diversified Alternatives^                            1.50         0–1.00        1.15      0.70       0.00    2.65–3.65 2.20–3.20 1.50–2.50
                                               Mercer Target 2015^*                                       0.76         0–0.05        1.15      0.70       0.00    1.91–1.96 1.46–1.51 0.76–0.81
                           Mercer
                           Target




                                               Mercer Target 2025^*                                       0.80         0–0.05        1.15      0.70       0.00    1.95–2.00 1.50–1.55 0.80–0.85
                                               Mercer Target 2035^*                                       0.84         0–0.05        1.15      0.70       0.00    1.99–2.04 1.54–1.59 0.84–0.89
                                               Mercer Target 2045^*                                       0.87         0–0.05        1.15      0.70       0.00    2.02–2.07 1.57–1.62 0.87–0.92
                           Mercer Socially
                            Responsible
     Select-your-Own




                                               Mercer Socially Responsible Shares^                        0.92         0–0.05        1.15      0.70       0.00    2.07–2.12 1.62–1.67 0.92–0.97


                                               Mercer Socially Responsible Growth^                        0.82         0–0.05        1.15      0.70       0.00    1.97–2.02 1.52–1.57 0.82–0.87

                                               Indexed Shares^                                            0.57           Nil         1.15      0.70       0.00       1.72        1.27       0.57
                               Indexed




                                               Indexed Australian Shares^                                 0.57           Nil         1.15      0.70       0.00       1.72        1.27       0.57
                                               Indexed Overseas Shares^                                   0.57           Nil         1.15      0.70       0.00       1.72        1.27       0.57
                                               Indexed Growth^                                            0.57           Nil         1.15      0.70       0.00       1.72        1.27       0.57
                                               Indexed Conservative Growth^                               0.57           Nil         1.15      0.70       0.00       1.72        1.27       0.57
                                               AMP Capital Balanced Direct Option^                        0.83           Nil         1.15      0.70       0.00       1.98        1.53       0.83
                                               AMP Capital Balanced Growth Option^                        0.82           Nil         1.15      0.70       0.00       1.97        1.52       0.82
                                               AMP Capital Conservative Option^                           0.72           Nil         1.15      0.70       0.00       1.87        1.42       0.72
                                               ANZ Superannuation Pool–Growth Fund^                       0.73           Nil         1.15      0.70       0.00       1.88        1.43       0.73
                                               BT Active Balanced PST^                                    1.10           Nil         1.15      0.70       0.00       2.25        1.80       1.10
                                               Colonial First State PST–Diversified^                       0.99           Nil         1.15      0.70       0.00       2.14        1.69       0.99
                                               Credit Suisse Asset Management Capital Growth PST^         0.97           Nil         1.15      0.70       0.00       2.12        1.67       0.97
                               Others




                                               ING Managed Growth Superannuation Fund^                    0.95           Nil         1.15      0.70       0.00       2.10        1.65       0.95
                                               INVESCO Wholesale Diversified Growth PST^                   1.18           Nil         1.15      0.70       0.00       2.33        1.88       1.18
                                               Legg Mason Growth Trust^                                   0.93           Nil         1.15      0.70       0.00       2.08        1.63       0.93
                                               Maple–Brown Abbott PST                                     0.78           Nil         1.15      0.70       0.00       1.93        1.48       0.78
                                               MLC Balanced Fund^                                         1.14           Nil         1.15      0.70       0.00       2.29        1.84       1.14
                                               MLC Capital Stable Fund^                                   1.05           Nil         1.15      0.70       0.00       2.20        1.75       1.05
                                               MLC Growth Fund^                                           1.17           Nil         1.15      0.70       0.00       2.32        1.87       1.17
                                               Schroders Superannuation Fund^                             0.82           Nil         1.15      0.70       0.00       1.97        1.52       0.82
                                               Zurich Wholesale Superannuation Managed Growth Fund^       0.93           Nil         1.15      0.70       0.00       2.08        1.63       0.93
                                                                                         Notes:
                                                                                         ^ The combined maximum investment management fee, performance fee and administration fee shall not
                                                                                           exceed 4% per annum for these investment options.
                                                                                         * As these investment options approach their target year (e.g. 2015 for the Mercer Target 2015 investment
12                                                                                         option) the estimated management costs will trend downwards to those which apply for the Mercer Moderate
                                                                                           Growth investment option (MMG). Once a Mercer Target investment option has reached or passed its target
                                                                                           year the estimated management costs will be the same as those which apply for the MMG at that time.
                                                                                      Getting to know your super. . .



Additional explanation of fees and costs (continued)
Breakdown of                             Performance fees                              Additional units
management costs                         Where an investment manager charges           A standard administration fee of 1.15%
table                                    a performance fee, that fee will be           per annum (0.85% per annum for
                                         included in the management costs              Mercer Cash) is charged by deduction
Investment management fees are           of the relevant investment option (as         from each investment option before
the fees payable for managing your       set out in the “Fees and other costs          the unit price is determined. If the
investments. The administration fee is   table”) and be passed onto members            administration fee applicable to part of
the fee payable for administering your   by way of an adjustment to the unit           your super account balance is less than
account balance and any insurance        price which will reduce the investment        1.15% per annum (0.85% per annum
arrangements. Performance fees are       performance of the relevant investment        for Mercer Cash) of your super account
described below.                         option.                                       balance, additional units will be
                                                                                       credited to your super account monthly
Worked example:                          Investment managers that charge a
                                                                                       at the end of each month based on
Denise is a member who has an            performance fee only apply those
                                                                                       the difference between the standard
amount of $50,000 invested in the        fees when performance is greater
                                                                                       administration fee of 1.15% per
Mercer Growth investment option.         than an agreed target. Accordingly,
                                                                                       annum (0.85% per annum for Mercer
                                         performance fees arise when higher
For simplicity we have assumed Denise                                                  Cash) deducted from the unit price and
                                         returns, relative to a specified target for
earns zero investment return, no                                                       the administration fee applicable to
                                         a particular manager, are achieved.
contributions were paid into Denise’s                                                  you and described in the “Breakdown
account during the year and the          As the agreed performance targets may         of management costs table” above.
maximum performance fee applies in       vary between investment managers,             The additional units credited will be
the year.                                it is not possible to provide a precise       allocated according to your investment
                                         figure for the performance fees which          strategy for future contributions.
Denise’s estimated management costs
                                         will be applicable to the relevant
will consist of:                                                                       Such additional units, if payable, will be
                                         investment options. However, set out in
                                                                                       adjusted for tax, so that only 85% of
1. An investment management fee          the “Breakdown of management costs
                                                                                       the gross rate of additional units will be
   of 0.77% per annum of her super       table” is the range of performance fees
                                                                                       credited.
   account balance, amounting to         that may apply to those investment
   $385 per annum,                       options where performance fees are
                                         charged.
                                                                                       Transactional and
2. A performance fee of 0.05%
   per annum of her super account
                                                                                       operational costs
                                         Worked example:
   balance, amounting to $25 per                                                       For some investment options the
                                         Assume an amount of $50,000 is
   annum, plus                                                                         entry price of units may differ from
                                         invested for 12 months in the Mercer
3. An administration fee of 1.15%                                                      the exit price of those units. The
                                         Growth investment option. The
   per annum of her super account                                                      difference between the entry and
                                         performance fee will be between
   balance, amounting to $575 per                                                      exit price represents an allowance for
                                         0.00% and 0.05% per annum of the
   annum.                                                                              transactional and operational costs,
                                         super account balance which will be
                                                                                       expenses, commissions, brokerage
Therefore, the total estimated annual    between $0 and $25 per annum.
                                                                                       and other fees which would be
management costs for Denise is
                                                                                       incurred in buying or selling part or
$985 made up of an investment
                                                                                       all of the underlying investments of
management fee of $385, a
                                                                                       each investment option. This is also
performance fee of $25 and an
                                                                                       commonly referred to as the buy/sell
administration fee of $575.
                                                                                       spread. Any buy/sell spread is additional
                                                                                       to the cost you incur as detailed in
                                                                                       the “Fees and other costs table”. No
                                                                                       part of the buy/sell spread is paid to
                                                                                       the trustee or any external investment
                                                                                       manager.

                                                                                       The buy/sell spreads are not subject to
                                                                                       GST.




                                                                                                                                    13
     Additional explanation of fees and costs (continued)
     The trustee does not apply a buy/sell spread to any moneys transferred from the Corporate                               Indexation of fees
     Superannuation Division to the Personal Superannuation Division of the Mercer Super Trust,
                                                                                                                             The family law fees set out below will
     unless you elect to change investment options coincident with the transfer.
                                                                                                                             be indexed annually each 1 January
     Where the contributions to a particular investment option offered through the Personal                                  to Average Weekly Ordinary Time
     Superannuation Division of the Mercer Super Trust are greater than flows of money out,                                   Earnings. The indexed fee for 1 January
     the trustee may set the exit price equal to the entry price and no buy/sell spread will apply                           2006 is set out in this PDS. The next
     to that option. Buy/sell spreads are currently applied to some but not all of the investment                            indexation will occur on 1 January
     options offered through the Personal Superannuation Division of the Mercer Super Trust.                                 2007.
     Buy/sell spreads are applied only once at the time a contribution, rollover or transfer is paid
     into the Personal Superannuation Division of the Mercer Super Trust (or switches effected                               Family Law fees
     within the Personal Superannuation Division of the Mercer Super Trust) and not at the time
                                                                                                                             If your super is subject to an agreement
     of making a withdrawal from the Personal Superannuation Division.
                                                                                                                             or court order which splits your super
     Where the trustee doesn’t currently apply a buy/sell spread to a particular investment                                  between you and your former spouse,
     option, it reserves the right to do so (by redeeming units at the exit price) where it would                            a charge of $340 will apply. This is
     prejudice the interest of other members to continue to use the entry price.                                             generally split equally between you
                                                                                                                             and your former spouse. This fee is
     Details of what, if any, estimated transactional and operational costs are applicable to                                additional to the fees shown in the
     a particular investment option are set out in the table below. These transactional and                                  “Fees and other costs table”.
     operational costs (referred to as estimated buy/sell spreads in the table below) can vary
     slightly from day to day.
                                                                                                                             Death and disability
                                                                                                                             insurance premiums
                                                   Estimated                                                   Estimated
                                                    buy/sell                                                    buy/sell     If you have death and/or disability
      Investment option                            spread (%)      Investment option                           spread (%)
                                                                                                                             insurance, the cost of your insurance
      Mercer Shares                                    0.7*        Mercer Socially Responsible Shares              0.7*
                                                                                                                             cover (premiums) will be deducted
      Mercer High Growth                               0.7*        Mercer Socially Responsible Growth              0.6*
                                                                                                                             monthly from your account. These
      Mercer Growth                                    0.6*        Indexed Shares                                  0.5*
      Mercer Moderate Growth                           0.5*        Indexed Australian Shares                       0.3*
                                                                                                                             premiums are additional to the fees
      Mercer Conservative Growth                       0.3*        Indexed Overseas Shares                         0.6*      shown in the “Fees and other costs
      Mercer Cash                                       Nil        Indexed Growth                                  0.4*      table”. See the Death & disability
      Mercer Shares Plus                               0.7*        Indexed Conservative Growth                     0.3*      cover section of this PDS for further
      Mercer High Growth Plus                          0.8*        AMP Capital Balanced Direct Option              1.0+      details of the cost of insurance cover.
      Mercer Growth Plus                               0.7*        AMP Capital Balanced Growth Option              0.8+
      Mercer Australian Shares Plus                    0.6*        AMP Capital Conservative Option                 0.6+      The trustee receives 11.55% inclusive
      Mercer Overseas Shares Plus                                  ANZ Superannuation Pool–Growth                            of GST (being 10.5% net of GST) of
                                                       0.8*                                                        0.3+
      (Unhedged)                                                   Fund                                                      the premiums charged by the insurer as
      Mercer Australian Shares                         0.6*        BT Active Balanced PST                          0.3+      a fee for administering your insurance
      Mercer Australian Small Companies                0.7*        Colonial First State PST–Diversified             0.4+
                                                                                                                             arrangements including underwriting
                                                                   Credit Suisse Asset Management
      Mercer Overseas Shares (Unhedged)                0.8*
                                                                   Capital Growth PST
                                                                                                                   0.4+      and claims processing.
      Mercer Overseas Shares (Currency                             ING Managed Growth Superannuation
                                                       0.8*                                                        0.3+      If the trustee received none of these
      Managed)                                                     Fund
      Mercer Overseas Small Companies                  0.8*        INVESCO Wholesale Diversified Growth PST         0.5+
                                                                                                                             fees or payments from the insurer, the
      Mercer Property                                  1.5*        Legg Mason Growth Trust                         0.7+      premiums charged to you would be
      Mercer Overseas Listed Property                  0.7*        Maple–Brown Abbott PST                          0.4*      7.5% lower than those set out in this
      Mercer Fixed Interest                            0.2*        MLC Balanced Fund                               0.3+      PDS and the insurer would retain the
      Mercer Diversified Alternatives                   0.4*        MLC Capital Stable Fund                         0.1+      balance.
      Mercer Target 2015^                              0.5*        MLC Growth Fund                                 0.3+
      Mercer Target 2025^                              0.6*        Schroders Superannuation Fund                   0.5+
                                                                   Zurich Wholesale Superannuation
      Mercer Target 2035^                              0.7*                                                        0.4+
                                                                   Managed Growth Fund
      Mercer Target 2045^                              0.7*

     Notes to table:
     + The estimated buy/sell spread as shown will generally be charged for these investment options.
     * The buy/sell spread for these investment options will generally be nil, however, where a buy/sell spread does apply
       the amount shown gives an indication of the estimated buy/sell spread that will be applicable.
     ^ As these investment options approach their target year (e.g. 2025 for the Mercer Target 2025 investment option)
       the estimated buy/sell spread will trend toward the estimated buy/sell spread that applies for the Mercer Moderate
       Growth investment option (MMG). Once a Mercer Target investment option has reached or passed its target year
       the estimated buy/sell spread will be the same as the one which applies for the MMG at that time.


14
                                                                                        Getting to know your super. . .


Additional explanation of fees and costs (continued)
Fee increases (other                         Other fees that can                         The costs of:

than indexation)                             arise                                       ■   any transition manager (which may
                                                                                             be Mercer) appointed to manage the
The trustee has the right to increase        The trustee may incur various costs,
                                                                                             transfer of assets within the Mercer
fees at any time, without your prior         charges and expenses (outgoings)
                                                                                             Super Trust or within or between the
approval, subject to the maximum fees        whilst acting as trustee of the Mercer
                                                                                             Mercer Investment Funds (MIFs) may
set out below. Reasons might include         Super Trust. These can include the cost
                                                                                             be paid out of the Mercer Super
changes in economic conditions,              of arranging transfers of members
                                                                                             Trust or the relevant MIF; or
government regulations or increases          into and out of the Mercer Super Trust
charged by suppliers. You will be            and the payment of various taxes and        ■   any proxy voting manager appointed
provided with at least 45 days prior         charges.                                        to advise on the voting of any rights
written notice of any such increase.                                                         attached to assets within the MIFs
                                             The trustee is entitled to seek                 may be paid out of the relevant MIF;
                                             reimbursement for these outgoings at
Maximum fees                                 the rate of 1% per annum on the value
                                                                                         which, in either case, will be included
                                                                                         in the management costs charged and
Under the governing rules the trustee        of your account balance. The trustee
                                                                                         have the effect of reducing the value of
has the right to charge maximum fees         does not currently seek reimbursement
                                                                                         affected investment options. However,
as follows:                                  for these outgoings but reserves the
                                                                                         any such reduction is expected to be
                                             right to do so in the future. Where
■   A contribution fee of 8% of                                                          immaterial in respect to the unit price
                                             this occurs the management costs
    contributions or rollovers.                                                          and/or performance of the investment
                                             applicable to the relevant investment
■   A member fee of the greater of                                                       option affected. There are no other fees
                                             option may increase. Should this occur,
    $12.30 (indexed annually) per                                                        or expenses charged by MINL in its role
                                             you will be provided with 45 days prior
    month and 1% per annum of your                                                       as trustee of the MIFs.
                                             written notice.
    account balance.                                                                     The trustee does not retain for its own
                                             The trustee is also entitled to charge
■   For investment options established                                                   use any profit made on the netting
                                             members:
    before 1 July 2005, investment                                                       of units (even though the governing
    management fees (including               ■   A membership fee of the greater         documents permit it to do so) and has
    performance fees) and administration         of $12.30 (indexed annually) per        no present intention to do so in the
    fees together not exceeding 2.5%             month and 1% of the member’s            future.
    per annum of your super account              account balance.
    balance. For investment options                                                      The trustee may retain for its own use
                                             ■   A contribution fee of 8% of
    established on or after 1 July 2005,                                                 any interest earned on contributions
                                                 contributions, rollovers or money
    investment management fees                                                           tax in the period between deduction
                                                 transferred into the Personal
    (including performance fees) and                                                     of that tax from a contribution and
                                                 Superannuation Division.
    administration fees together not                                                     payment of that tax to the Australian
                                             ■   A withdrawal fee of $384.80             Taxation Office.
    exceeding 4% per annum of your
                                                 (indexed annually) for each payout
    super account balance. (See the
                                                 made from your account.
    “Breakdown of management costs
    table” for details of those investment   ■   A switching fee of $384.80 (indexed
    options where a combined maximum             annually) for each switching request
    fee of 4.0% per annum applies).              received.
■   A withdrawal fee of $384.80              The trustee does not currently charge
    (indexed annually) for each payout       membership, contribution, switching or
    made from your account.                  withdrawal fees, but reserves the right
                                             to do so in future. Should this occur,
■   A switching fee of $384.80 (indexed
                                             you will be provided with 45 days prior
    annually) for each switching request
                                             written notice.
    received.
The trustee has elected to forego            If at any time the amount of your
these maximums for the fees charged          account balance is less than $1,000
(if any) as shown in the "Fees and           and includes or has included
other costs table" and "Breakdown of         Superannuation Guarantee or award
management costs table" above. Any           contributions by your employer,
future fee increases will be within these    Government regulations limit the
maximums.                                    amount of charges that can be
                                             deducted from your super account.


                                                                                                                                     15
     Additional explanation of fees and costs (continued)
     Adviser remuneration                       Transfers of money from the Corporate      GST
                                                Superannuation Division of the Mercer
     Your adviser may receive payment           Super Trust will generally occur           The GST disclosures in this PDS are of a
     (remuneration) for the sale of, or any     automatically on the cessation of your     general nature only.
     ongoing advice provided in respect to,     employment. Where this happens an          GST will not be payable on units
     the Personal Superannuation Division of    adviser service fee will generally not     purchased in the Mercer Super
     the Mercer Super Trust.                    apply.                                     Trust. Fees payable in respect of the
     Your adviser has to meet his or her        Where an adviser service fee applies, an   management of the Mercer Super Trust
     expenses from this remuneration, and       amount equal to the negotiated fee will    are subject to GST, as detailed below.
     also relies on it to provide him or her    be deducted by the trustee, from the       GST will apply to all fees charged to
     with an income.                            amount invested, and remitted to your      the Mercer Super Trust. Generally, the
     The trustee may pay an annual ongoing      adviser.                                   Mercer Super Trust cannot claim full
     commission to your adviser equal to                                                   input tax credits in respect of these
     0.45% per annum of the value of your       Worked example:                            fees, but will usually be entitled to
     account balance. This fee is paid by the   For an investment of $50,000 into the      reduced input tax credits (currently
     trustee out of the management costs        Mercer Growth Investment Option            equal to 75% of the GST paid) in
     it receives from you (as set out in the    an adviser service fee of between 0%       respect of some of these fees. As a
     “Fees and other costs table”), and is      ($0) and 3% ($1500) of the amount          result, the fees payable to us including
     not an additional charge to you.           invested may be deducted by the            GST are higher than those disclosed in
                                                trustee, from the amount invested and      the PDS.
     Worked example:                            paid to your adviser.                      Any fees payable to us as set out in
     Assume an amount of $50,000 is                                                        this PDS approximate the net cost of
     invested for 12 months in the Mercer       Reduced Fees                               these fees (after GST) and assume that
     Growth Investment Option. The                                                         reduced input tax credits are available.
                                                If you are a transferring member
     trustee may pay your adviser an annual     from the Corporate Superannuation
     ongoing commission of 0.45% of the         Division of the Mercer Super Trust, your   Tax and your super
     value of your account balance which is     employer may have negotiated lower         Tax details are set out in the Tax &
     $225 per annum.                            fees that will apply to your membership    super section of this PDS.
                                                of the Personal Superannuation
     Adviser service fee                        Division. If such a fee arrangement
     In addition, your adviser may charge       applies to you, you will be advised of
     you an adviser’s service fee each time     this by the trustee separately at, or
     when you make an investment in the         before, the time you are provided with
     Personal Superannuation Division of        a copy of this PDS.
     the Mercer Super Trust. The maximum
     fee the adviser can receive is 3% of
     the amount you invest in any of the
     investment options set out in this PDS
     except for Mercer Cash where no such
     fee applies. The amount your adviser
     receives is negotiated between you and
     your adviser.




16
                                                                                            Getting to know your super. . .




Super and Preservation
Government legislation is designed to make sure that your super is used for                  Your preservation age
retirement and, consequently, restricts your accessibility to your super. There are three
                                                                                             Your preservation age (i.e. the age at
super payout categories:
                                                                                             which your preserved super can be paid
■   Unrestricted non-preserved super payouts                                                 to you in cash if you permanently leave
■   Preserved super payouts                                                                  work) depends on your date of birth.
                                                                                             Set out below are details of the current
■   Restricted non-preserved super payouts
                                                                                             preservation ages.
The unrestricted non-preserved amount (if any) is the part of your super payout
that is payable in cash at any time.                                                                                  Preservation
                                                                                              Date of birth           age
Preserved or Restricted non-preserved payouts must be kept in a superannuation
fund or other approved superannuation arrangement and are only accessible on                  Before 1 July 1960      55
satisfaction of the conditions imposed under superannuation law as shown below.               Between 1 July 1960     56
                                                                                              and 30 June 1961
Conditions for accessibility of Preserved or                                                  Between 1 July 1961     57
Restricted Non-preserved super                                                                and 30 June 1962

                                                                 Accessibility                Between 1 July 1962     58
                                                                                              and 30 June 1963
                                                                        Restricted non-
                                               Preserved super                                Between 1 July 1963     59
                                                                        preserved super
                                               payout                                         and 30 June 1964
 Condition                                                              payout
 You have permanently retired from work        Full                     Full                  After 30 June 1964      60
 on or after your ‘preservation age’ (see
 below).

 You are aged 60 or more and you resign        Full                     Full                 Taking a partial
 or retire from your current employer.                                                       payout
 You are aged 65 or more.                      Full                     Full                 Some of your super payout may be
 The trustee is reasonably satisfied that you   Full                     Full                 available for payout at any time. This
 are permanently incapacitated.*                                                             amount is known as the ‘unrestricted
                                                                                             non-preserved’ component of your
 You have compassionate grounds for            Partial or full          Partial or full      super. Your member statement will
 applying.*                                                                                  show if you have any such ‘unrestricted
 You suffer severe financial hardship.*         Partial                  Partial              non-preserved’ amounts.

 You are aged less than 60 and terminate       None                     Full                 If you choose to take any of this amount
 employment with your current employer                                                       from your super account balance, then
 (but don’t permanently retire) provided                                                     the payments must at least be $1,000
 that employer has contributed to the                                                        (unless you are requesting payment
 Mercer Super Trust for you.                                                                 of your entire super account balance).
                                                                                             If you want to take advantage of this
 You have reached preservation age but         May be available         May be available     option you should call the Helpline on
 have not retired.                             as a non-                as a non-            1800 810 558 for details. Please note
                                               commutable               commutable           that the trustee requires that your super
                                               pension or               pension or           account balance remains above $2,400
                                               annuity                  annuity              at all times.
 You leave Australia permanently (if you are Full                       Full                 You may also apply to have all of your
 a temporary resident and satisfy certain                                                    super account balance rolled over to
 conditions).                                                                                another superannuation arrangement.
* as provided under superannuation law                                                       Call the Helpline on 1800 810 558 for
                                                                                             details.
The law requires that your preserved super must stay invested in an ‘approved
superannuation arrangement’. This could include another employer’s fund, another
personal super fund, a rollover fund or a retirement savings account.

                                                                                                                                         17
                                                  Some of the more significant features         The ERF does not provide insurance
                                                  of the ERF, current as at the date of this   cover.
       Looking for                                PDS, are as follows:
       financial planning                                                                       If you have reached age 65 and haven’t
                                                  ■   The assets of the ERF are invested in    told us how and where you’d like your
       advice?                                        a capital guaranteed life insurance      super paid and you can’t be contacted,
       As a Personal Superannuation                   policy (ERF Policy) issued to AMP        then your payout will be considered
       Division Member, you are able to               Superannuation Limited (ASL) by          to be unclaimed money and will be
       access advice from one of Mercer’s             AMP Life Limited (AMP Life). The         placed with the Victorian Department
       financial advisers. Please call the             ERF Policy is a “participating policy”   of Treasury. You can approach the
       Helpline on 1800 810 558 to                    in AMP Life’s Number 1 Statutory         Victorian Department of Treasury to
       access this service.                           Fund (AMP No 1 Fund). There is no        claim any such money directly.
                                                      choice of investment available to
                                                      members within the ERF.
                                                  ■   Returns are guaranteed never to          Inquiries and
     Small account
     balances
                                                      be negative. For larger account
                                                      balances (currently over $2,500)
                                                                                               complaints
     If you’re a member of the Personal
                                                      the investment objective is to           procedures
                                                      provide returns over the longer term
     Superannuation Division and your                                                          Most queries can be sorted out over
                                                      exceeding those from cash with
     account balance falls below $2,400,                                                       the telephone, but if we’re unable
                                                      security of capital.
     you may be asked to tell the trustee                                                      to help you immediately, you may be
     how and where you want your super            ■   The investment strategy for the          asked to put your question in writing to
     paid.                                            assets in the AMP No 1 Fund              the Mercer Super Trust’s Inquiries and
                                                      (that are backing the ERF Policy) is     Complaints Officer, Mercer Super Trust,
     If you don’t respond within 90 days,             centred on cash and fixed interest        GPO Box 4303, Melbourne VIC 3001.
     your super may be transferred to an              investments, supplemented by
     eligible rollover fund. This means that          investments in shares to provide         While you can expect a reply within 28
     your future payout will come from                long term growth.                        days, sometimes the maximum period
     the eligible rollover fund and you’ll                                                     of 90 days allowed under the law is
                                                  ■   AMP Life declares multi-tiered
     no longer have any rights under the                                                       experienced for more complicated
                                                      crediting rates of investment
     Mercer Super Trust. The Mercer Super                                                      queries or complaints.
                                                      earnings (interest) with respect to
     Trust uses the following eligible rollover
                                                      the ERF Policy. The interest to be       If you have a complaint and you’re
     fund:
                                                      credited to a member’s account is        not satisfied with the response, you
     AMP Eligible Rollover Fund                       calculated based on a member’s           can request that the Complaints
     Locked Bag 5400                                  daily balance and credited annually      Officer pass on your complaint to the
     Parramatta NSW 1741                              (or on withdrawal). Where a              trustee’s Complaints Committee for a
                                                      member’s account balance is less         formal reconsideration. While you can
     Telephone: 1300 300 288                          than $1,000 no interest is credited.     expect a decision from the Complaints
     Fax: 1300 301 267
                                                  ■   There are no fees charged directly       Committee within a further 28 days,
     Email: info@amp.com.au
                                                      to a member’s account by ASL.            again sometimes the maximum period
     The trustee of the AMP Eligible Rollover         Administration and investment fees       of 90 days is experienced.
     Fund (ERF) is AMP Superannuation                 as well as taxes (including earnings
                                                      tax) are deducted by AMP Life            The trustee always seeks to resolve any
     Limited.
                                                      before declaring any interest to be      complaints to the satisfaction of all
                                                      credited under the ERF Policy.           concerned and in the best interests of
                                                                                               all the members of the Mercer Super
                                                  ■   The ERF is unable to accept
                                                                                               Trust. However, if you’ve followed
                                                      contributions from members or their
                                                                                               the steps outlined above and are not
                                                      employers, however, rollovers from
                                                                                               satisfied with the outcome, or you
                                                      other superannuation funds are
                                                                                               don’t wish to refer the matter to the
                                                      permitted.
                                                                                               Complaints Committee, you may take
                                                                                               your complaint to the Superannuation
                                                                                               Complaints Tribunal.




18
                                                                                            Getting to know your super. . .



The Tribunal is an external dispute         By becoming a member of the Mercer               Family law
resolution system that covers               Super Trust, it’s assumed that you
                                                                                             Government legislation allows married
complaints by members of super              consent to this handling of your
                                                                                             couples to make binding agreements or
funds. Any complaints must be lodged        personal information. If you don’t
                                                                                             obtain court orders in respect of how
with the Tribunal within certain time       provide the trustee with your personal
                                                                                             each partner’s super will be divided
limits. For more information about          information, we may not be able to
                                                                                             upon marriage breakdown. It also
requirements and time limits, you can       provide your super and choices.
                                                                                             gives the Family Court a say in how a
contact the Superannuation Complaints
                                            Your personal information may also               couple’s super is divided upon marriage
Tribunal at:
                                            be used for marketing and research               breakdown.
■   Locked Bag 3060 GPO                     purposes (unless you have requested us
                                                                                             Splitting super entitlements with your
    Melbourne VIC 3000                      not to do so by contacting the Helpline
                                                                                             spouse will affect the preservation
■   or phone them on 1300 780 808           on 1800 810 558).
                                                                                             components of your super and may
■   or visit their website at               You can usually see any personal                 have tax consequences. You should
    www.sct.gov.au                          information held and correct it if it’s          seek professional advice as to the
                                            inaccurate. However, there are some              consequences of marriage breakdown
If the Tribunal accepts your complaint,
                                            circumstances where this isn’t possible.         on your super.
it will try and help you and the
trustee reach a mutual agreement            The trustee follows the National Privacy         Please note that under the Family
through conciliation. If conciliation is    Principles as described in the Privacy Act       Law Act the trustee is also required to
unsuccessful, the complaint is referred     1988 (Cth) and has a Privacy Policy which        provide certain information about a
to the Tribunal for a determination.        describes in detail the way the trustee          member’s super payout in the Personal
                                            handles members’ personal information.           Super Division to ‘eligible persons’
                                            If you’d like a copy of the Mercer Super         where the information is required to
Other things you                            Trust Privacy Policy please call the Helpline    negotiate a superannuation agreement

should know                                 on 1800 810 558 or visit our website at
                                            www.mercersupertrust.com.
                                                                                             or to assist with a court order. For the
                                                                                             purposes of the Family Law Act an
                                                                                             eligible person means a member, the
Accounts and audit
                                            Unclaimed money                                  spouse of a member or a person who
The financial accounts for the Personal                                                       intends to enter a superannuation
                                            If we’ve written to you twice and                agreement with the member.
Superannuation Division are prepared
                                            both times the mail has been returned
annually by the trustee and audited by
                                            unclaimed, we may transfer your super            Your super payout may need to be
an independent auditor. You can obtain
                                            to the ERF. See ‘Small account balances’         adjusted to reflect any agreements or
a copy of the latest audited accounts
                                            earlier in this section for further details      court orders which may be binding
free of charge by calling the Helpline
                                            on the ERF.                                      on the trustee. You’ll be advised of
on 1800 810 558.
                                                                                             any fee that applies when a request is
                                            If you’re above age 65 and we have               made for actions to be taken under the
Your privacy is                             written to you twice and both times              Family Law Act in respect of your super
important                                   the mail has been returned unclaimed,            payout.
                                            then your payout will be considered
The trustee of the Mercer Super Trust       to be unclaimed money and will be                You can also call the Helpline on
holds personal information about            placed with the Victorian Department             1800 810 558 about family law matters
you. Typically this includes your           of Treasury.                                     affecting your super in the Mercer
name, address, date of birth, gender,                                                        Super Trust.
occupation, salary and tax file number.      You can approach the Victorian
This information is needed to provide       Department of Treasury to claim any
                                            such money directly.
your super.                                                                                    Recently divorced
Your personal information is collected      If your super is transferred into the ERF,         or separated?
either from you or from your previous       the trustee of the ERF must ensure that
                                            all your super is subject to the ‘member           Under Family Law, married couples
super provider. Your personal
                                            protection rules’ of superannuation                have the option of splitting their
information may be disclosed to the
                                            law, irrespective of the size of your              super entitlements on marriage
Mercer Super Trust’s administrator,
                                            super payout. You will no longer be a              breakdown. Call the Helpline for
professional advisers, insurers,
                                            member of the Mercer Super Trust and               more information about Family
government bodies, and other parties
                                            any insurance cover you may have had               Law matters affecting your super in
as required, including the trustee of any
                                            will cease.                                        the Mercer Super Trust.
other super fund you may transfer to.




                                                                                                                                        19
     Access to your super                           For contributions, rollovers or transfers     Unit prices are calculated to the fourth
                                                    received, the entry price used is             decimal place. A fractional unit has a
     if you leave Australia                         generally the unit price applicable for       value equal to the proportion that it
     permanently                                    the day your request was received             bears to a whole unit. The net asset
                                                    (as soon as that unit price becomes           value of an investment option reflects
     If:
                                                    available). For super payouts, fees,          the value of the underlying assets of
     ■     you entered Australia on an ‘eligible’   premiums, tax or expenses paid out,           that option less any liabilities, provisions
           temporary resident visa, and             the exit price used is generally the          for taxation and other expenses related
     ■     you will be permanently departing        one prevailing at the time the relevant       to that option.
           Australia, and                           transaction is processed.
                                                                                                  Unit prices may rise or fall depending
     ■     your temporary resident visa will
                                                    Please note that:                             on fluctuations in the underlying value
           soon expire or will be cancelled,
                                                                                                  of the investments in each investment
                                                    ■ The trustee can only allocate units
     then you may be eligible to access your                                                      option.
                                                       when it receives all the information
     super and have it paid directly to you.           necessary to invest.                       Unit pricing and changes to
     Contact the Helpline on 1800 810 558
                                                    ■   The trustee may suspend the issue         investment options
     to obtain a leaflet which describes what
                                                        (or redemption) of units during any
     an eligible temporary resident visa is,                                                      If you request the trustee to change
                                                        period in which the trustee is of
     and how to make an application to the                                                        the investment options that apply to
                                                        the opinion that the entry price (or
     trustee for the release of your super for                                                    part or all of your existing super and
                                                        exit price) of those units cannot be
     this reason.                                                                                 your switching request is received
                                                        calculated in a manner that is fair
                                                                                                  before 4.00pm Melbourne Time on
     If you make an application to the                  to all members holding those units.
                                                                                                  a business day, the unit price used
     trustee and it’s successful, your payout           The trustee may also suspend the
                                                                                                  for your switch will generally be the
     will be immediately arranged, usually              redemption of units if it is unable to
                                                                                                  unit price applicable for the day your
     within one business day although a                 realise sufficient of the underlying
                                                                                                  request was received (as soon as that
     longer period may apply.                           assets of the investment option
                                                                                                  unit price becomes available). If your
                                                        in order to satisfy a redemption
                                                                                                  request is received after that time, it
     You can’t borrow                                   request.
                                                                                                  will be assumed to have been received
     against your super                             ■   Units are not transferable.               the next business day. By business day
                                                                                                  we mean Monday to Friday excluding
     As the law currently stands, you can’t         How and when are unit prices                  national and Melbourne public
     borrow against your super, use your            calculated?                                   holidays.
     super as security for a loan, or sign over
                                                    The unit price of each investment
     your super to anyone else.                                                                   Differing returns
                                                    option is calculated on a daily basis by
                                                    the trustee although the trustee may          Investment returns based on unit
     Monitoring inquiries                           recalculate prices more frequently when       prices as calculated within the Mercer
     The trustee may, at its discretion,            it considers it to be appropriate.            Super Trust are likely to differ from the
     monitor or record inquiries or                                                               underlying manager’s actual return
                                                    Where the amount ascertained by the           due to the differences in fees, and
     transactions made by telephone. This is        allocation or redemption of units does
     done for reasons of accuracy, security                                                       the timing impact of differences in
                                                    not exactly equal the amount received         transactions for the Mercer investment
     and service.                                   or to be paid, then the trustee may           options relative to those for the
                                                    issue or redeem a fractional unit equal       underlying manager’s trust.
     Units and unit pricing                         to the proportion of a whole unit that
                                                    is outstanding.                               How are assets valued?
     What are units?
     The assets of each investment option           The entry price and exit price of a whole     Unless the trustee determines
     are divided into units of equal value.         unit basically reflects the net asset value    otherwise, the value of the underlying
                                                    of the investment option divided by the       assets of the investment options will
     Each time a contribution is made               number of units which are referable           be market values determined by an
     to the Mercer Super Trust, units are           to that option on issue at the relevant       external custodian or investment
     allocated by the trustee in the relevant       time. In determining the unit prices,         manager.
     investment option at the entry price.          a notional allowance may be made
     Similarly, when payments are made                                                            The valuation methods and policies
                                                    for any applicable buy/sell spread. See       used result in the calculation of a unit
     for super payouts, fees, insurance             ‘Transactional and operational costs’ in
     premiums or tax, units are redeemed                                                          price that is independently verifiable.
                                                    the section ‘Additional explanation of
     by the trustee from the relevant               fees and costs’ earlier in this section for
     investment option at the exit price.           more details.



20
                                                                                            Getting to know your super. . .


Retirement of trustee                          Service Providers to                          Trust external assets and assets of the
                                                                                             MIFs, must act in accordance with the
The trustee must retire if it ceases to        the trustee                                   instructions of the trustee.
be qualified to act as trustee of the
                                               The trustee appoints a number of
Mercer Super Trust in accordance
with Government regulations. The
                                               service providers to assist it in running     The governing rules
                                               the Mercer Super Trust. The main
trustee may also retire at any time by                                                       Two legal documents make up the
                                               service providers to the trustee are
appointing another company to act as                                                         governing rules of the Personal
                                               the administrator, the custodian and
trustee in its place. The new trustee                                                        Superannuation Division:
must be eligible to act as trustee of the      the insurer. The administrator and
Mercer Super Trust. The directors of the       custodian are remunerated out of the          ■   the trust deed which governs the
trustee are also subject to government         trustee’s fee income and their fees are           operation of the Mercer Super Trust
regulations concerning their eligibility       not an additional cost to members. The        ■   the designated rules covering the
to be directors.                               cost of any insurance cover you take              general operation of the Personal
                                               out will be deducted from your super              Superannuation Division
Trustee powers and                             account balance on a monthly basis.
                                                                                             Together with the Corporations Act and
responsibilities                               Details about the administrator and           superannuation laws, the governing
                                               custodian are provided below. Refer to        rules set out the rules and procedures
The trustee is responsible for:
                                               the Death & disability cover section for      under which the Mercer Super Trust
■   ensuring members’ rights and               details about the insurer.                    and the Personal Superannuation
    interests are protected
                                               Administrator                                 Division operate together with the
■   payment of correct super payouts at                                                      trustee’s duties and obligations to you.
    the appropriate time                       The trustee has appointed Mercer Human
■   the proper investment of assets            Resource Consulting Pty Ltd (Mercer) to       Under the governing rules, there are
                                               be the administrator to the Mercer Super      provisions that may impact your super.
■   the general operation of the Mercer
                                               Trust. In addition to the administration      These provisions may apply if:
    Super Trust in accordance with the
                                               of investor records and unit holdings,
    governing documents and applicable                                                       ■   you fail to provide the trustee with
                                               Mercer provides the following services to
    legislation.                                                                                 information requested. In this case
                                               the Mercer Super Trust:
                                                                                                 insurance cover may not be able to
The trustee has power to invest the
assets of the Mercer Super Trust in real       ■   daily management of the Mercer                be provided to you or tax may be
and personal property of any nature.               Super Trust’s operations including            deducted from your super payout at
The trustee may not borrow money                   accounting                                    the highest possible rate.
except for temporary borrowing (not            ■   investment advice on investment           ■   you change your employment status.
exceeding 10% of the value of the                  manager selection, monitoring of              In the case of reducing your hours, if
assets of the Mercer Super Trust) to               investment option performance                 you are over age 65 and, depending
pay super entitlements and to settle               and advice on suitable benchmarks             on the circumstances, you may be
securities transactions.                           for investment options (through               required to take your super payout.
                                                   one of its divisions, Mercer Global           In the case of moving to a casual
The trustee has the right to override any
member’s investment options if required            Investments)                                  or a part-time arrangement, your
in accordance with its legal obligations.      ■   preparing communications materials,           insurance options may be limited.
                                                   including the Mercer Super Trust’s        The trust deed requires the trustee to
The trustee pays itself a fee out of the           internet site
fees charged to members. Refer to                                                            comply with all relevant superannuation
‘Fees and other costs’ earlier in this         ■   call centre facilities for members.       laws. This enables the Mercer Super
section for details.                           Custodian                                     Trust to be taxed at concessional
                                                                                             rates. The trustee can also deduct
                                               The trustee has also appointed National
Trustee’s indemnity                                                                          tax as appropriate from your account
                                               Australia Bank Limited (NAB) to act as
                                                                                             balance. You may request a copy of
Both the trustee and its directors are         a custodian.
                                                                                             the governing rules by contacting the
entitled to be indemnified, out of the          NAB is responsible for holding and            Helpline on 1800 810 558.
Mercer Super Trust, against all liabilities    accounting for the Mercer Super Trust
which may be incurred in administering         external assets held by the trustee
the Mercer Super Trust unless those            either in its capacity as trustee of
liabilities have arisen out of the trustee’s   the Mercer Super Trust or as trustee
or the director’s fraud, dishonesty            of related trusts. The trustee, under
or intentional or reckless neglect             Australian Prudential Regulation
or default, or are amounts, such as            Authority requirements, must monitor
penalties, for which indemnification            the activities of NAB as it is required to
is not permitted under Government              understand the risks and responsibilities
legislation. This may result in a              in the custody arrangements. NAB,
reduction in your super payout.                as the custodian of Mercer Super                                                           21
     Amendment of governing rules                   ■   to participate in the distribution of     If you cancel your membership during
     From time to time it may be necessary              assets on the winding up of the           the cooling off period your investment
     to amend the provisions of the                     Personal Superannuation Division as       will be refunded. The amount refunded
     governing rules.                                   permitted by the governing rules          will be calculated by reference to the
                                                    ■   to receive various information            price at which the units would have
     The trustee has the power to amend                 concerning their interest in the          been acquired if you had acquired
     all or any of the provisions of the                Personal Superannuation Division          them on the day the cooling off right
     trust deed and designated rules. Any               and Mercer Super Trust in general         is exercised, adjusted for payouts or
     amendment must also comply with                                                              other distributions (if any) made to
                                                    ■   to receive a payout upon the
     the restrictions in the trust deed,                                                          you during the period of membership,
                                                        happening of specified events and to
     designated rules and any applicable                                                          tax and reasonable transaction or
                                                        transfer it to another rollover vehicle
     government requirements which                                                                administration costs. Therefore, the
                                                        in accordance with the restrictions in
     protect your accrued super.                                                                  amount refunded may be greater or
                                                        the governing rules.
                                                                                                  less than the amount initially invested.
     If the Personal Superannuation Division
                                                    Being a member in the Mercer Super
     is closed, then member payouts may be                                                        The refund will be made in accordance
                                                    Trust does not entitle a person to any
     adjusted.                                                                                    with the following rules:
                                                    interests in the trusts in which the
                                                    assets of the Mercer Super Trust is           ■   Any amount representing preserved
     Closing the Mercer                             invested.                                         or restricted non-preserved benefits
     Super Trust                                                                                      will be transferred to a regulated
     The Mercer Super Trust is an indefinitely       Liability of members                              superannuation fund, approved
     continuing fund with no fixed termination                                                         deposit fund or retirement savings
                                                    The governing rules limit the rights of
     date. The trustee may terminate                                                                  account nominated by you.
                                                    the trustee and any creditors of the
     the Mercer Super Trust, or Personal            Mercer Super Trust to seek indemnity          ■   Any other amounts will be paid to
     Superannuation Division, at any time.          from a member beyond the extent of                you or rolled over as directed by you.
                                                    the Mercer Super Trust property. The          ■   If no nomination is received from
     Upon termination, the trustee must
                                                    governing rules give the trustee powers           you within one month of notifying
     realise the Personal Superannuation
                                                    to recoup amounts from members in                 us that you want to cancel your
     Division or Mercer Super Trust (as
                                                    relation to taxation liabilities in respect       membership, or if the nominated
     appropriate), discharge all liabilities, pay
                                                    of the member.                                    superannuation entity does not
     the expenses of termination and then,
                                                                                                      accept the nomination, your benefit
     subject to meeting the requirements of
     the relevant legislation, distribute the       Material changes or                               may be transferred to an Eligible
                                                                                                      Rollover Fund of our choice.
     balance in the following order:                significant events
     ■   pensions and minimum requisite             You’ll be provided with at least 45 days
         super payouts                              notice of any proposed increases in fees
     ■   members’ super account balances            or charges. All other material changes
         (less the minimum requisite payout)        or significant events will be advised in
                                                    accordance with the requirements of
                                                    the law.
     Rights of members                                                                                Regular
     Members are entitled to a beneficial            Cooling Off                                       information about
     interest in the Mercer Super Trust.
     However, members and employers                 You have 14 days after investing                  your super
     are not entitled to interfere with, or         in the Mercer Super Trust during
                                                    which you can write to us to cancel               To keep you up to date, you’ll
     exercise, the powers of the trustee                                                              receive:
     in respect of any Mercer Super Trust           your membership of the Personal
     property, liability or obligation or to        Superannuation Division. This is called           ■   an annual report with details
     lodge a caveat over Mercer Super Trust         the ‘cooling off’ period. The 14 day                  of the Mercer Super Trust’s
     property.                                      period starts from the earlier of the                 investments, finances and
                                                    date you receive our confirmation                      operations
     The rights of members include:                 of your membership or 5 days after
                                                                                                      ■   an annual member statement
     ■   to have units allocated to, and            you become a member. You will
                                                                                                          showing changes in your super
         redeemed from, their accounts              lose your right to cooling off if you
                                                                                                          account balance over the period
         subject to any restrictions contained      exercise a right under the Personal
                                                    Superannuation Division, for example              ■   regular newsletters and
         in the governing rules
                                                    if you make an investment switch or                   investment updates
                                                    withdrawal.                                       ■   access to the Mercer Super Trust
                                                                                                          website and Helpline
22
Step 2 Contributions




              Contributing a bit extra to your super now can help
              you build a bigger payout later.

              In this section you’ll find out:
              ■   What you put in - if you want to                             page 24
              ■   Rollovers – don’t let multiple fees eat away at your super   page 24
              ■   Spouse super                                                 page 25
              ■   Working past age 65                                          page 25
              ■   Further queries                                              page 25




                                                                                         23
     What you put in                             Your employer can                           Rollovers - don’t
                                                 also contribute
     - if you want to                                                                        let multiple fees
                                                 By contributing on your behalf,
     Lump sum deposits                           your employer can satisfy their             eat away at your
     As a member you can make
                                                 obligations under the Government’s
                                                 Superannuation Guarantee legislation.
                                                                                             super
     contributions at any time. Your initial                                                 You can rollover other super money
     balance must be a minimum investment        For further details on how your
                                                                                             into the Mercer Super Trust if you want
     of at least $3,000 unless you participate   employer can contribute, please call the
                                                                                             to.
     in the Regular Contributions Plan (see      Helpline on 1800 810 558.
     below). Any lump sum contribution you                                                   If you’ve had other jobs in the past,
     wish to make thereafter will need to        Tax on contributions                        you’ll probably have super accounts
     be at least $100. You must forward a                                                    with your previous employers. You have
                                                 Tax is deducted from employer               the choice of rolling in all your super
     ‘Making contributions’ form each time
                                                 contributions and any before tax            into your Mercer Super Trust account.
     you contribute. To obtain a copy of the
                                                 contributions you make. It’s applied        By doing this you could improve your
     form you should contact the Helpline
                                                 to contributions after any relevant         super investment overall. You’ll only
     on 1800 810 558 or visit our website
                                                 member fees and any insurance               be paying one set of fees and you’ll
     on www.mercersupertrust.com.
                                                 premiums have been deducted. This tax       be earning investment returns on a
     You can also make contributions via         is normally deducted at 15%. For more       bigger sum of money. It also means
     BPAY. If you wish to do so, please          details refer to the Tax & super section.   you have only one set of paperwork
     contact the Helpline on 1800 810 558                                                    to think about. Why not discuss the
     for details.                                The minimum level                           benefits of rollovers with a licensed,
                                                 for your account                            or appropriately authorised, financial
     Regular Contributions                                                                   adviser?
                                                 balance
     Plan
     You may also choose to make regular
                                                 The trustee requires that your super        If you’d like to roll
                                                 account balance remains above $2,400
     contributions using our Regular             at all times, unless you’re participating
                                                                                             other super into your
     Contributions Plan. In this case your       in the Regular Contributions Plan.          Mercer Super Trust
     initial contribution must be at least
     $1,500 with a minimum regular               If your account balance should fall
                                                                                             account…
     monthly contribution of at least $100.      below this level, your super may be         Complete the rollover form included in
                                                 transferred to the ERF (the eligible        this PDS and then send it to your other
     Your regular contribution is                rollover fund currently used by the         super fund. They will then contact the
     automatically taken out by direct debit     Mercer Super Trust) unless you make         Mercer Super Trust about rolling the
     from your nominated bank, building          further contributions or request to         money in. There will be no charge for
     society or cash management trust            transfer your super to another fund         receiving money rolled in from other
     account. This will happen on the last       (see the Getting to know your super         funds (except an adviser service fee, if
     day of the relevant month, or if this       section). See ‘Small account balances’      applicable), although you should check
     falls on a weekend or holiday, the next     in the Getting to know your super           with your other funds to see if there are
     business day. You can change your           section for further details on the ERF.     any withdrawal fees.
     payment details at any time.
                                                                                             If the money you roll in is preserved,
     The Regular Contributions Plan can only                                                 it stays preserved in the Mercer Super
     be used to make member or spouse                                                        Trust. See the Getting to know your
     contributions. While your employer can                                                  super section for more details on
     make regular contributions on your                                                      preservation.
     behalf, this can’t be done through the
     Regular Contributions Plan. If you wish                                                 If you require additional rollover forms,
     to use our Regular Contributions Plan,                                                  please call the Helpline on
     please contact the Helpline on                                                          1800 810 558 or visit our website on
     1800 810 558 or visit our website on                                                    www.mercersupertrust.com.
     www.mercersupertrust.com, for the
     relevant forms.




24
                                                                                         Contributions…



Spouse super                                 If you’re over age 65 and work less
                                             than 240 hours in a financial year, you
If your spouse wishes to make super          must take your super payout early
contributions for you, he or she will need   in the next financial year. However it
to complete and return a ‘Your spouse’s      may be possible to keep some of your
contributions’ form which sets out the       benefit in super if your employer is still
eligibility requirements. To obtain a copy   required to pay mandated employer
of this form, you can contact our Helpline   contributions for you.
on 1800 810 558 or visit our website on
                                             Even if you are still working you will
www.mercersupertrust.com.
                                             normally be required to take your super
                                             payout when you reach age 75. It
Working past                                 may be possible to keep some of your
                                             benefit in super if your employer is still
age 65                                       required to pay mandated employer
                                             contributions for you.
If you are still working after age
65, generally contributions by your          Please contact the Helpline on
employer will continue to be made.           1800 810 558 if you are over age 65
However the law will not allow such          and worked less than 240 hours in the
contributions in certain circumstances.      previous financial year.

After age 65, mandated employer
contributions may be made in respect
of you. “Mandated” employer
                                             Further queries?
contributions are the Superannuation         If you have any queries about whether
Guarantee Contributions (SGC) and/or         you should consider additional
contributions required under an award        contributions for yourself or your
or certified agreement.                       spouse, please call the Helpline on
                                             1800 810 558.
As there are currently no SGC
requirements beyond age 70,
mandated employer contributions
after age 70 will be those that may be
required under an award or certified
agreement.

Other employer (including salary sacrifice)
contributions, and contributions made by
your spouse, can only be made in respect
of you up to age 70 if you have worked
at least 40 hours during any period of
30 consecutive days in the financial year
to which the contributions relate. These
contributions cannot be made after
age 70.

Between ages 65 and 75, you can
make personal after tax contributions
if you have worked at least 40 hours
during any period of 30 consecutive
days in the financial year to which the
contributions relate.

Once you reach age 75, the personal
after tax contributions can no longer be
accepted.




                                                                                                          25
26
Step 3 Investments




             You choose how your super is invested.

             In this section you’ll find out:
             ■   An overview of your choice                             page 28
             ■   Learn the investment basics                            page 30
             ■   Trustee’s investment philosophy and approach           page 31
             ■   What choice is right for you                           page 34
             ■   Making your decision                                   page 35
             ■   Your Mercer Super Trust investment options             page 36
             ■   Performance of Mercer Super Trust investment options   page 53
             ■   Performance relative to index                          page 56




                                                                                  27
                                                                     Step 1 - An overview of
     Your super                                                      your choice
                                                                     We recognise that different people have different investment
      – your choice!                                                 needs. That’s why the trustee of the Mercer Super Trust offers
     We understand that choosing the right investment option can     you different investment options. Each investment option is
     be a confusing experience.                                      designed to suit different investment objectives and strategies.

     This section provides a structured path to help you make a      Mercer Super Trust makes it easy!
     choice that meets your investment needs and objectives.
                                                                     To make it easy, the trustee of the Mercer Super Trust offers
                                                                     you a choice of six Ready-made options which correspond
       Step 1
                                                                     to common investment strategies. All the other available
                                                                     investment options make up the Select-your-Own options.
       An overview of your choice
                                                                     You can choose any one or more of the investment options
       Look at this section to understand what you need to do
                                                                     – either Ready-made or Select-your-Own or a mix of both.
       and what your choices are.
                                                                     It’s recommended that you seek advice from a licensed,
                                                                     or appropriately authorised, financial adviser before you
       Step 2                                                        choose your options.


       Learn the investment basics                                   The ‘Ready-made’ investment
       This section runs through the investment basics to help       options
       you understand the differences between the investment         The Ready-made options are a set of investment options
       options offered. This section also describes the Trustee’s    where the trustee of the Mercer Super Trust has selected the
       investment philosophy and approach.                           investment managers for you and has selected the mix of asset
                                                                     classes. You can pick an investment option that you think best
                                                                     suits your needs without having the hassle of choosing or
       Step 3                                                        monitoring the actual investment managers or deciding how
                                                                     to allocate the different asset classes.
       What choice is right for you                                  These options take advantage of the trustee’s multi-manager
       Consider the factors that will influence your choice.          investment approach and correspond to commonly chosen
       Remember you should speak to a licensed, or                   investment strategies. These strategies range from growth
       appropriately authorised, financial adviser if you need help   (holding mainly shares and property) to defensive strategies
       with your investment choices.                                 (holding mainly fixed interest and cash).

                                                                     The Ready-made options are:

       Step 4                                                        ■   Mercer Shares
                                                                     ■   Mercer High Growth
                                                                     ■   Mercer Growth
       Making your decision                                          ■   Mercer Moderate Growth
       You’re now ready to make a decision and to make this          ■   Mercer Conservative Growth
       easy we’ve included a summary table to compare all the        ■   Mercer Cash.
       options at a glance and detailed information about all the
                                                                     The Ready-made options are described in more detail later in
       investment options. A table of past performance is also
                                                                     this section.
       included.

                                                                     The “Select-your-Own” investment
                                                                     options
                                                                     All the other available investment options make up the Select-
                                                                     your-Own options.

                                                                     They include investment options managed by specific investment
                                                                     managers, specialist investment options invested in one particular
                                                                     asset class (referred to as ‘Mercer Sector’ investment options in
                                                                     this PDS), ‘Mercer Plus’ investment options (see below for further
                                                                     details), ‘Mercer Target’ investment options (see below for further
                                                                     details), Indexed investment options (commencing with the word
                                                                     ‘Indexed’) and socially responsible investment options.
28
                                                                                                           Investments…



The Mercer Plus investment options          If you don’t make a choice….                Different investment
(eg Mercer Growth Plus) are expected
to have higher risk and return
                                            If you have joined the Personal             fees apply to each
                                            Superannuation Division without
characteristics when compared to their      being transferred from the Corporate
                                                                                        investment option
equivalent Mercer investment options        Superannuation Division, and don’t          Each investment option is managed
(eg Mercer Growth). However, there is       make an investment choice, your super       by professional investment managers.
no guarantee that these expectations        will be automatically invested in the       Their fees are included in the
will be met over any particular period.     default investment option. The default is   investment management fees and a
These Mercer Plus investment options,       the Mercer Growth investment option.        performance fee range (if applicable)
when compared to their equivalent                                                       which are deducted before unit
Mercer investment options, may have         If you have transferred into the
                                                                                        prices are worked out and allocated
different allocations to investment         Personal Superannuation Division from
                                                                                        to your account. These investment
managers within asset classes, different    the Corporate Superannuation Division
                                                                                        management fees and performance
benchmark weights eg greater                of the Mercer Super Trust and have not
                                                                                        fee range (if applicable) will vary
exposure to alternative assets where        previously had the choice of how to
                                                                                        between investment options. For
relevant and wider asset allocation         invest a part (or all) of your super,
                                                                                        more information on fees and other
ranges.                                                                                 deductions see the Getting to know
                                            ■   then that part (or all) of your super
The Mercer Target investment options            will be invested in the Mercer Cash     your super section of this PDS.
(e.g. Mercer Target 2015) have been             investment option; and
designed so that the asset allocation       ■   any future contributions or rollovers   Remember – there are
of each option will be progressively            will be invested in the Mercer          no guarantees!
adjusted to move from the current               Growth investment option.
growth (e.g. shares and property)/                                                      Investment returns, including the
                                            If you have transferred into the            capital, from any of the investment
defensive (e.g. cash and fixed interest)     Personal Superannuation Division
asset mix to the growth/defensive asset                                                 options aren’t guaranteed. Your
                                            from the Corporate Superannuation           account balance will move up and
mix applicable by their target year         Division of the Mercer Super Trust and
(e.g. 2015 for the Mercer Target 2015                                                   down in value depending on the
                                            have previously had the choice of how       movements in the value of the
investment option). Over this time, the     to invest any part of your super, then
exposure of each of the Mercer Target                                                   underlying investments in your
                                            that part of your super will be invested    chosen investment option(s).
investment options to growth assets         in the same investment options as
will fall with a corresponding increase     those you chose in the Corporate            If you are unsure about your investment
to the exposure of defensive assets         Superannuation Division.                    choice, you should see a licensed, or
and accordingly the suitability and risks                                               appropriately authorised, financial
of each investment option will also         It is strongly recommended that you         adviser.
change.                                     speak to a licensed, or appropriately
                                            authorised, financial adviser to work        If you leave the Mercer Super Trust
The Select-your-Own options are             out whether your investment options         within a few years of joining, the
described in more detail later in this      under the Personal Superannuation           payout you receive may be less than the
section.                                    Division continue to suit your personal     amount of contributions paid into your
Your investment                             needs and circumstances.                    super account if investment returns are
                                                                                        low or negative. The impact of tax and
choice applies to all
                                            Changing investment                         any fees and charges incurred will also
your super                                                                              reduce the amount you receive.
                                            options
The investment options you first
                                            Changes to your investment options
choose will apply to your existing
                                            can only be made via the website or
super account balance and all future
                                            the appropriate form. You can change
cash flows including contributions
                                            your investment options online at the
made to your super and any amounts
                                            Mercer Super Trust website www.
transferred in.
                                            mercersupertrust.com or by completing
If you change your investment options       and returning a ‘Changing your                Note that the trustee may add
it’s important to specify whether the       investment options’ form. You can             new investment options, remove
change is to apply to only your existing    obtain a copy of this form by calling the     existing investment options or alter
super account balance, future cash          Helpline on 1800 810 558. See ‘Units          any investment option from time to
flows into your account balance, or          and unit pricing’ in the Getting to           time. You’ll be kept informed of any
both.                                       know your super section for details on        such changes.
                                            which unit price applies for changes to
                                            investment options.

                                                                                                                                  29
     Step 2 - Learn the                                                 Property
     investment basics                                                  Investing directly in office buildings, shopping centres,
                                                                        industrial estates and other similar property investments is
     Before we get into explaining the options                          known as direct property investment. Investors can also buy
     and how they work, here are a few                                  units in property trusts, which invest in a variety of properties.
                                                                        These trusts may be listed on an Australian or overseas
     investment basics
                                                                        stock exchange or they may be unlisted. Overseas property
     There are lots of different types of investments, also called      investments may be subject to currency movements which can
     asset classes, for example, shares, property, fixed interest and    add to, or take away from, returns.
     cash. Here’s a brief explanation of the major asset classes that
     your super can be invested in.                                     Like shares, a property investment is suitable for long-term
                                                                        investment as it has the expectation of some ups and downs
       Growth investments…                                              in the short-term.

       ■   Shares                                                       Fixed interest
       ■   Property
       ■   Alternative assets                                           Fixed interest investments are issued to investors by Australian
                                                                        and overseas governments, semi-government authorities and
       These are types of investments that have the potential to        companies in return for cash. Interest is paid to the investors
       grow over the long term but are also likely to experience        over the life of the investment, usually at a fixed rate. These
       volatility (ups and downs) in performance from year to           investments can generally be bought or sold before they
       year.                                                            mature, potentially resulting in capital gains or losses.

                                                                        Overseas fixed interest investments are normally hedged
       Defensive investments…                                           to remove the effect of currency movements. Hedging is a
                                                                        process of protecting investments against, or reducing the risk
       ■   Fixed interest                                               of a loss.
       ■   Cash                                                         Fixed interest investments are generally expected to be less
       ■   Alternative assets                                           volatile than shares and property but with a lower expected
       These are types of investments used when trying to               return in the long-term.
       protect the investment from the chance of a negative
       return (in other words the value of the investment falls).       Cash
       Defensive investments tend to produce lower long term
       but more stable returns than growth investments.                 Cash includes short-term interest bearing investments.
                                                                        Generally, the likelihood of losing the initial investment in cash
                                                                        is minimal. While volatility (the chance of ups and downs in
                                                                        value) with cash is low, the returns are also likely to be lower
     Shares                                                             than those available from fixed interest, property and shares
                                                                        over the long term.
     When you buy shares you are actually buying a portion, or
     share, of a company. Your investment return will depend
     on how the company performs over time and on economic              Alternative assets
     factors.                                                           Alternative assets generally comprise those investments
     By investing in overseas shares you are investing in different     which do not fit within the traditional broad asset classes
     economies, which may assist in reducing overall volatility (ups    (such as shares, property, fixed interest and cash). Examples
     and downs in returns) by increased diversification. Overseas        may include absolute return funds (eg. hedge funds),
     share investments may be subject to currency movements             infrastructure, commodities, etc.
     which can add to, or take away from, the share market return.

     Over the long-term, returns from shares have in the past
     tended to be higher than those achieved by property, fixed
     interest and cash. However, in the short-term, performance
     tends to have more ups and downs.




30
                                                                                                            Investments…



Balancing risk and                           Trustee’s                                   Choosing and
return through                                                                           monitoring
diversification
                                             investment                                  investment managers
It doesn’t matter what sort of
                                             philosophy and                              Mercer Global Investments (a division
investment you choose - there is             approach                                    of Mercer) provides the trustee with
always going to be some level of risk                                                    a comprehensive investment service
involved. There is always a chance,          The trustee has put together a range of     including advice on the selection and
even if it’s a small one, of losing some     investment options that includes all the    ongoing evaluation of investment
of your money because of investment          Ready-made and some of the Select-          managers, management of investment
performance.                                 your-Own investment options (those          manager appointments and
                                             that start with ‘Mercer’). These options    replacements, and reviews and reports
How likely it is that you’ll lose money in   (we’ll collectively call them the ‘Mercer   on performance against investment
any one given year, will be influenced        investment options’) are all managed        objectives.
by the mix of growth and defensive           on what’s called a multi-manager
investments your super is invested in.       approach. In the following sections we      Mercer Global Investments
                                             describe this approach in more detail.      uses sophisticated performance
By spreading your investments across
                                                                                         measurement and analytical tools.
asset classes, countries and investment
managers you can balance the level of
                                             Investment                                  These quantitative tools are designed to
                                                                                         complement the extensive qualitative
risk associated with investing. This is      philosophy                                  research performed into the operations
called diversification.
                                             The trustee’s investment philosophy         of investment managers. The overall
                                             is founded on the belief that an            objective of this research is to
More on growth                               optimal investment strategy is one that     determine whether the manager has a
and defensive                                takes full advantage of investment          sustainable competitive advantage.
                                             opportunities appropriate to an
investments                                                                              Details regarding the investment
                                             investor’s risk profile by diversifying
Historically, growth investments have                                                    managers currently used by the trustee
                                             across asset classes and investment
tended to give higher returns over                                                       for the Mercer investment options, and
                                             styles, and is implemented in a manner
the long term but experience more                                                        the Indexed options can be obtained
                                             that aims to maximise investment
‘volatility’ (ups and downs or ‘risk’) in                                                by looking at the Mercer Super Trust
                                             efficiency. The trustee believes that
the short term.                                                                          website www.mercersupertrust.com or
                                             appropriately constructed combinations
                                                                                         calling the Helpline on 1800 810 558.
                                             of quality asset-class specialist
Historically, defensive investments have                                                 We can send you a copy of the updated
                                             investment managers can generally be
tended to give lower returns over the                                                    information, free of charge on request.
                                             expected to result in consistent, above-
long term but experience less volatility
                                             average performance over time.              The trustee may remove, replace,
than growth investments in the short
term.                                                                                    or appoint additional, investment
                                             The Mercer investment options have
                                                                                         managers for the Mercer investment
                                             been developed to be consistent
By having different ‘mixes’ of growth                                                    options and the Indexed options at its
                                             with this philosophy and reflect
and defensive investments in an                                                          discretion.
                                             Mercer Global Investments’ thinking
investment option, the characteristics
                                             and research into best practice for
of that investment option change.
                                             institutional investment strategies.        Each of the
If an investment option has a high                                                       investment options
proportion of growth investments             Investment approach                         has a set of objectives
compared to defensive investments,
                                             Under a multi-manager approach,             For each investment option, the trustee
you would generally expect higher
                                             specialist managers are appointed to        has determined a strategy which it
long term returns with more short
                                             invest assets in each sector (or ‘asset     believes is reasonably likely to enable
term volatility. In the opposite case of a
                                             class’). Often more than one manager        the option to meet its objectives. The
low proportion of growth investments
                                             is appointed in an asset class to           strategy includes the selection of a
and a high proportion of defensive
                                             provide diversification. The underlying      long-term mix of investments (asset
investments, you would generally
                                             investment manager panels may be            classes) that supports the option’s
expect lower but more stable returns.
                                             configured to achieve exposure to a          objectives. This mix is chosen after
                                             range of investment management              considering the advice of Mercer Global
                                             styles, with the overall objective of       Investments, which also provides
                                             producing consistent performance            advice on choosing and monitoring the
                                             throughout market cycles.                   investment managers.


                                                                                                                                    31
     Mercer Global Investments uses              In each case the trustee may invest         Socially responsible
     sophisticated financial models which         through the MIFs, a series of wholesale
     use historical data and economic            investment trusts.
                                                                                             investing
     forecasts to estimate each asset class’s                                                Investment options that are
     future performance. The model also          The underlying investments of the
                                                 MIFs are invested at arms length            subject to labour standards,
     estimates the probability of each
     projected return occurring. The next        and are separately indentifiable. All        social, environmental or ethical
     step is to assess, for an option with a     external investments are held by            issues
     given allocation to growth assets (eg       National Australia Bank Limited, an         The trustee offers two socially
     shares and property), an appropriate        independent custodian. The trustee has      responsible investment options:
     mix of asset classes aiming to give the     not appointed a custodian to hold its
     highest possible expected return, given     interest in the MIFs.                       ■   the Mercer Socially Responsible
     the intended investment approach of                                                         Shares investment option
     the investment option. This becomes         MINL is the trustee or responsible entity
                                                                                             ■  the Mercer Socially Responsible
     the recommended benchmark asset             of each of the MIFs.
                                                                                                Growth investment option
     allocation for that option.                                                             (collectively referred to as the SRI
     Based on Mercer Global Investments’
                                                 Use of derivatives                          options).
     experience and expertise, the trustee       in the Mercer Super                         These are the only investment options
     believes that the chosen strategies         Trust                                       where the trustee takes labour
     give the Mercer investment options
                                                 Derivatives, such as futures or options,    standards, social, environmental or
     a reasonable probability of meeting
                                                 are investment products whose value         ethical issues (SRI considerations) into
     their objectives. There is no guarantee
                                                 is derived from other investments. For      account in the development of the
     however, that a particular objective will
                                                 example, the value of a share option        investment strategy and appointment
     be met over a particular period.
                                                 is linked to the value of the underlying    of investment managers.
     Changes are made to the objectives          share.
     and strategies as required in order to                                                  SRI considerations are not taken
     ensure that the objectives continue         Investment managers may utilise             into account, for any of the other
     to have a reasonable probability of         derivatives in managing investment          investment options made available
     being attained. In addition, the trustee    portfolios for the trustee and in           through this PDS, by either:
     monitors the options’ performance           managing pooled investment vehicles         ■   the trustee in the development of
     against their objectives, with formal       in which the trustee invests. However,          its investment strategy for those
     assessments and attribution analysis        the trustee doesn’t undertake day-              options, or
     performed quarterly.                        to-day management of derivative
                                                                                             ■   the investment managers,
                                                 instruments. Derivatives may be used,
                                                                                                 appointed for those options, in their
     How the Mercer Super                        among other things, to manage risk
                                                                                                 investment decision making process
     Trust’s assets are                          (eg. for currency hedging). Losses
                                                                                                 with respect to selecting, retaining
                                                 from derivatives can occur (eg. due to
     invested                                    market movements). The trustee seeks
                                                                                                 or realising investments

     The trustee invests the Mercer Super        to manage risk by placing limits on the     although sometimes these matters do
     Trust’s assets as follows:                  extent of derivative use in any relevant    indirectly affect the economic factors
                                                 Investment Management Agreements            upon which decisions are based.
     ■   in respect of the Mercer investment     between the trustee and investment
         options and the Indexed options by      managers. The trustee also considers        Decisions about the selection, retention
         appointing professional investment      the risks and the controls set out in       or realisation of investments for
         managers to manage the assets           the managers’ Risk Management               the other investment options made
         and/or from time to time investing      Statements.                                 available through this PDS, are primarily
         in a range of investment vehicles                                                   based on economic factors.
         offered by professional investment      The trustee has also adopted its own
         managers; and                           Risk Management Statement in which
     ■   in respect of the remaining             the relationship between the Mercer
         investment options, by investing in     Super Trust’s overall investment strategy
         particular investment vehicles, the     and the usage of derivatives is outlined.
         names of which correspond to the        This Risk Management Statement
         names of the investment options         states that the Mercer Super Trust is
         offered. You can obtain copies of       not to be geared by using derivatives or
         the Product Disclosure Statements       otherwise.
         (if available) for these investment
         options by calling the Helpline on
         1800 810 558.

32
                                                                                                           Investments…



Some asset classes are subject to            SRI considerations                       SRI investment methodologies
SRI considerations                                                                    The investment managers appointed by
                                             Labour standards
Currently, the only asset classes of                                                  the trustee for the SRI asset classes may
                                             Factors                                  adopt one or more of the following
the SRI options which are subject to
SRI considerations are Australian and        ■   Education and training               SRI investment methodologies in their
overseas shares (SRI asset classes)                                                   investment decision making process:
                                             ■   Employee rights and benefits
however, this may be extended to other       ■   Healthcare services                  ■   Engagement: This involves
asset classes in the future. See the                                                      seeking to influence the
                                             ■   Health and safety
‘Your Select-your-Own options in detail’                                                  ethical, environmental or social
section for the full range of assets that    ■   Employee relations
                                                                                          performance of a company through
these options can invest in together         ■   Codes of Conduct                         communication with a company,
with their investment aims.                  ■   Performance measurement systems          proxy voting or shareholder
                                             ■   Labour practices                         resolutions.
SRI considerations taken into
account in the SRI asset classes             ■   Talent attraction and retention      ■   Best of Sector: This involves
                                                                                          choosing the best performing
The SRI options use a multi-manager
                                             Environmental issues                         companies in their sector (measured
investment approach with potentially
                                             Factors                                      against a range of SRI criteria).
different investment managers selected
to implement investment strategies in        ■   Energy conservation                  ■   Screening: This is the practice of
each asset class applicable to the SRI                                                    including or excluding securities
                                             ■   Pollution control
options.                                                                                  based on SRI criteria involving
                                             ■   Recycling                                the use of positive and negative
The investment managers appointed to
                                             ■   Renewable energy                         screens. Positive screening assesses
manage the SRI asset classes must take
                                             ■   Water management                         a company’s performance according
into account:
                                                                                          to specified SRI criteria; companies
                                             ■   Greenhouse gases
■   at least one of the SRI considerations                                                that engage in desirable practices
                                             ■   Mining
    set out below; and                                                                    are then selected for investment.
                                             ■   Nuclear power                            Negative screens are used to rule
■   at least three of the factors which
    the trustee considers to be relevant     ■   Ozone depletion                          out, or avoid, certain types of
    for each SRI consideration utilised      ■   Pesticides                               investments or activities.

                                             ■   Water pollution                      ■   Preference strategies: Involves the
in their investment decision making
                                             ■   Environmental policies                   adoption of a list of guidelines or SRI
process with respect to selecting,
                                                                                          criteria that companies should meet.
retaining or realising investments.          ■   Environmental reporting
                                                                                          This approach may also involve a
The trustee does not, however,                                                            mixture of the other methodologies.
                                             Social and Ethical issues
require an investment manager to
                                             Factors                                  ■   Index based: This involves
include or exclude an investment in a
                                                                                          the construction of a portfolio
company solely because that company          ■   Community involvement                    using established indices of
has an exposure to a particular SRI          ■   Alcohol                                  environmentally and socially
consideration or to any factor within
                                             ■   Gambling                                 responsible companies.
a particular SRI consideration. See SRI
investment methodologies for details         ■   Armaments                            Applying socially responsible investment
of the different SRI methodologies the       ■   Tobacco                              principles may impact on an investment
investment managers may apply in their       ■   Pornography                          option’s risk and return. The factors
investment decision making process                                                    that may cause this include the impact
                                             ■   Animal testing
with respect to selecting, retaining or                                               of potentially higher fees and restricting
realising investments.                       ■   Fur                                  the universe of available investments
                                             ■   Corporate citizenship/philanthropy   through the application of a socially
                                             ■   Human rights                         responsible methodology. Because of
                                                                                      these methodologies, the investment
                                             ■   Bribery and corruption
                                                                                      managers may pass up opportunities
                                                                                      to buy certain securities when it is
                                                                                      otherwise financially advantageous to
                                                                                      do so, or may sell certain securities due
                                                                                      to social responsibility concerns when it
                                                                                      is financially disadvantageous to do so.



                                                                                                                                    33
     Step 3 - What choice is                                             Other issues you may want to
                                                                         think about:
     right for you?
                                                                         ■   Do you have other investments outside of super? Are they
     The main things you need to think about when choosing                   mainly growth or defensive investments? You may want
     investment option(s) are:                                               to take this into account when choosing your investment
                                                                             option.
     How long you’re investing for                                       ■   How much longer will you be earning an income and
     Ask yourself this question -                                            putting money into your super? Think about your
                                                                             timeframe.
     “When will I need my super money?”
                                                                         ■   Are you planning on cashing in all or part of your super
     Government rules generally mean that you can’t access your              when you retire for things other than ongoing income?
     super until you’re at least age 55. Even once you’ve retired,
                                                                         To assist you in planning your finances either now or in
     you’re likely to need to invest a big proportion of your money
                                                                         retirement you should see a licensed, or appropriately
     to give you an adequate income in retirement.
                                                                         authorised, financial adviser.
     So for many people, the answer to this question will be:
                                                                         As a Personal Superannuation Division member, you
     “Not for a long time”                                               are able to access advice from one of Mercer’s financial
                                                                         advisers. Please call the Helpline on 1800 810 558 to
     If you’ve a long time frame, time is on your side. You may
                                                                         access this service.
     consider focusing on investments that have a high proportion
     of growth investments. With time on your side, you may feel
     you can afford to ride out the inevitable ups and downs of
     investment markets.

     On the other hand, if you’ve got a short time frame, and if it’s
     important to avoid short term falls in the value of your super, a
     more conservative approach may be better.

     How much risk are you
     comfortable with?
     Most investments involve some level of ‘risk’ – (the chance
     of the investment changing in value – either up or down).
     Because some investments are more volatile than others
     (depending on the mix of growth and defensive investments)
     having a choice of investment options means that you
     can help control how much risk you want to take. Refer
     to ‘Risks associated with being a member of the Mercer Super
     Trust’ in the Getting to know your super section for further
     details on risk.

     Investing your super mainly in defensive investments over
     the long term also carries a risk – the risk that your super
     investment won’t keep up with inflation.

     If your super money doesn’t grow as fast as inflation, your
     super could lose its buying power and you may end up with a
     smaller nest egg than you need.




34
                                                                                                                    Investments…



Step 4 - Making your                                                  ■   a ‘moderate’ level of risk means that a negative return is
                                                                          expected, on average, approximately one year in every six
decision                                                                  to seven.
To make this easy we’ve included an at a glance table to              ■   a ‘moderately low’ level of risk means that a negative
give you an overview of all the investment options which                  return is expected, on average, approximately one year in
is followed by detailed information on each option. Tables                every seven to nine.
setting out the past performance of the investment options            ■   a ‘low’ level of risk means that a negative return is
on a single and compound return basis, together with a table              expected on average, less than approximately one year in
of performance relative to a named index, such as CPI (refer              every nine.
to “Option objectives” below for further details) are also            ■   a ‘very low’ level of risk means that a positive return is
included, later in this section of the PDS.                               expected over rolling twelve month periods.
                                                                      Please note that these statements are based on historical data
But first… some terms explained                                        and shouldn’t be considered to be a guarantee or forecast that
To help you understand the differences between the                    a negative return in one year will be followed by a positive
investment options we’ve explained below some of the terms            return in the next year.
used in the ‘at a glance’ table and ‘in detail’ sections that
follow.
                                                                      Mix of investments
                                                                      This refers to the mix of asset classes allocated to an investment
Benchmark and ranges                                                  option. Each investment option has a potentially different mix
The benchmark is the long-term mix of investments. Factors            according to its investment strategy and objectives.
such as the trustee’s assessment of market valuations may
cause the actual mix to vary from this benchmark but it will
                                                                      Option objectives
generally stay within the asset allocation ranges.                    These identify the type of return the investment option aims to
                                                                      achieve for investors. These are sometimes stated in relation to
Consumer Price Index (CPI)                                            a particular named index such as CPI. Where this occurs (and
Is used to measure the rate of inflation. In Australia it’s based      the relevant option has been operating for the full comparison
on a selection of household goods and services.                       period) the performance of the option relative to the named
                                                                      index is set out in the “Performance relative to index” table
Hedging                                                               included later in this section of the PDS.
Hedging refers to the process of protecting investments
                                                                      Please note that the objectives of any particular option should not
against, or reducing the risk of, a loss. For example, in the
                                                                      be treated, or relied upon as a forecast, indicator or guarantee of
context of currency hedging, the value of overseas investments
                                                                      any future returns or performance for that option and the value
is affected by rises or falls in the value of the Australian dollar
                                                                      of each option may rise and fall.
relative to foreign currencies (if the Australian dollar rises
in value, then overseas investments will reduce in value).            Multi-manager investment approach
Investment managers can use various techniques to minimise
                                                                      More than one specialist manager may be appointed to
the effect of currency movements on overseas investments
                                                                      manage assets in each asset class or sector within the options.
- this is currency hedging.
                                                                      Socially responsible investment approach
Investment timeframe
                                                                      Socially responsible investment involves making an investment
This is the minimum time you should generally consider
                                                                      decision based on principles of social responsibility in addition
holding your investment in this option. This is a guide only.
                                                                      to the usual investment criteria. See ‘Socially responsible
Level of risk                                                         investing’ earlier in this section for further details.
For each investment option we’ve included the average                 Target Benchmark
expected likelihood of the option giving a negative return (in
                                                                      The target benchmark is the proposed mix of investments
other words, falling in value). In this context:
                                                                      for the Mercer Target investment options by their target year.
■   a ‘high’ level of risk means that a negative return is            Factors such as the trustee’s assessment of market valuations
    expected, on average, approximately one year in every             may cause the actual mix to vary from the target benchmark
    three to five.                                                     but it will generally stay within the asset allocation ranges.
■   a ‘moderately high’ level of risk means that a negative
    return is expected, on average, approximately one year in
    every five to six.




                                                                                                                                            35
     Your Mercer Super Trust investment options - at a glance
                                                                                                        Investment        % Growth        Investment
                                                Investment option                                       Timeframe        investments       approach             Level of risk
                                                Mercer Shares                                         At least 7 years      100         Multi-manager               High
                        Ready-made




                                                Mercer High Growth                                    At least 6 years       85         Multi-manager          Moderately high
                                                Mercer Growth                                         At least 5 years       70         Multi-manager             Moderate
                                                Mercer Moderate Growth                                At least 4 years       50         Multi-manager          Moderately low
                                                Mercer Conservative Growth                            At least 3 years       30         Multi-manager               Low
                                                Mercer Cash                                            1 year or less        0          Multi-manager             Very low
                                                Mercer Shares Plus                                    At least 7 years      100         Multi-manager               High
                                Mercer Plus




                                                Mercer High Growth Plus                               At least 6 years       85         Multi-manager          Moderately high
                                                Mercer Growth Plus                                    At least 5 years       70         Multi-manager             Moderate
                                                Mercer Australian Shares Plus                         At least 7 years      100         Multi-manager               High
                                                Mercer Overseas Shares Plus (Unhedged)                At least 7 years      100         Multi-manager               High
                                                Mercer Australian Shares                              At least 7 years      100         Multi-manager               High
                                                Mercer Australian Small Companies                     At least 7 years      100         Multi-manager               High
                                Mercer Sector




                                                Mercer Overseas Shares (Unhedged)                     At least 7 years      100         Multi-manager               High
                                                Mercer Overseas Shares (Currency Managed)             At least 7 years      100         Multi-manager               High
                                                Mercer Overseas Small Companies                       At least 7 years      100         Multi-manager               High
                                                Mercer Property                                       At least 7 years      100         Multi-manager               High
                                                Mercer Overseas Listed Property                       At least 7 years      100         Multi-manager               High
                                                Mercer Fixed Interest                                 At least 3 years       0          Multi-manager          Moderately low
                                                Mercer Diversified Alternatives                        At least 5 years       0          Multi-manager          Moderately high
                                                                                                                                                                 Moderateg
                                                Mercer Target 2015*                                   At least 5 years    65g50*        Multi-manager
                                                                                                                                                               Moderately low*
                                                                                                                                                              Moderately highg
                                                Mercer Target 2025*                                   At least 6 years    80g50*        Multi-manager
                            Mercer
                            Target




                                                                                                                                                               Moderately low*
                                                                                                                                                              Moderately highg
                                                Mercer Target 2035*                                   At least 7 years    90g50*        Multi-manager
                                                                                                                                                               Moderately low*
                                                                                                                                                              Highg Moderately
                                                Mercer Target 2045*                                   At least 7 years    100g50*       Multi-manager
                                                                                                                                                                   low*
      Select-your-Own
                            Mercer Socially




                                                                                                                                        Multi-manager/
                             Responsible




                                                Mercer Socially Responsible Shares                    At least 7 years      100                                     High
                                                                                                                                       Socially responsible

                                                                                                                                        Multi-manager/
                                                Mercer Socially Responsible Growth                    At least 5 years       70                                   Moderate
                                                                                                                                       Socially responsible
                                                Indexed Shares                                        At least 7 years      100             Indexed                 High
                                Indexed




                                                Indexed Australian Shares                             At least 7 years      100             Indexed                 High
                                                Indexed Overseas Shares                               At least 7 years      100             Indexed                 High
                                                Indexed Growth                                        At least 5 years       70             Indexed               Moderate
                                                Indexed Conservative Growth                           At least 3 years       30             Indexed                 Low
                                                AMP Capital Balanced Direct Option                    At least 5 years       64              Active               Moderate
                                                AMP Capital Balanced Growth Option                    At least 5 years       74              Active               Moderate
                                                AMP Capital Conservative Option                       At least 3 years       33              Active                 Low
                                                ANZ Superannuation Pool–Growth Fund                   At least 5 years       70              Active               Moderate
                                                BT Active Balanced PST                                At least 5 years       66              Active               Moderate
                                                Colonial First State PST–Diversified                   At least 5 years       70              Active               Moderate
                                                Credit Suisse Asset Management Capital Growth PST     At least 5 years       70              Active               Moderate
                                Others




                                                ING Managed Growth Superannuation Fund                At least 5 years       70              Active               Moderate
                                                INVESCO Wholesale Diversified Growth PST               At least 5 years       73              Active               Moderate
                                                Legg Mason Growth Trust                               At least 5 years       80              Active               Moderate
                                                Maple–Brown Abbott PST                                At least 5 years       67              Active               Moderate
                                                MLC Balanced Fund                                     At least 5 years       70         Multi-manager             Moderate
                                                MLC Capital Stable Fund                               At least 3 years       30         Multi-manager               Low
                                                MLC Growth Fund                                       At least 5 years       79         Multi-manager             Moderate
                                                Schroders Superannuation Fund                         At least 5 years       69              Active               Moderate
                                                Zurich Wholesale Superannuation Managed Growth Fund   At least 5 years       70              Active               Moderate
     * The exposure to growth assets (and therefore the level of risk) reduces as these investment options approach their target year (e.g. 2015 for the Mercer Target 2015
       investment option).


36
                                                                                                                                                 Investments…



Your Mercer Super Trust investment options – In detail
 Your Ready-made investment options
 Mercer Shares                                              Mercer High Growth                                         Mercer Growth
 Objective:                                                 Objectives:                                                Objectives:
 ■ achieve a return (after tax and                          ■ achieve a return (after tax and                          ■ achieve a return (after tax and
   investment management fees) that                           investment management fees) that                           investment management fees) that
   exceeds CPI increases by at least 4%                       exceeds CPI increases by at least                          exceeds CPI increases by at least 3%
   pa over rolling seven year periods                         3.5% pa over rolling six year periods                      pa over rolling five year periods
                                                            ■   achieve a return (over the medium                      ■   achieve a return (over the medium
                                                                to longer term) which is competitive                       to longer term) which is competitive
                                                                with comparable funds that have a                          with comparable funds that have a
                                                                similar allocation to growth assets                        similar allocation to growth assets
                                                                and similar risk characteristics                           and similar risk characteristics

 Level of risk                                              Level of risk                                              Level of risk
 High                                                       Moderately high                                            Moderate

 Investment approach                                        Investment approach                                        Investment approach
 Multi-manager                                              Multi-manager                                              Multi-manager

 Mix of investments                                         Mix of investments                                         Mix of investments
                                Range Benchmark                                             Range Benchmark                                            Range Benchmark
                                   %         %                                                 %         %                                                %         %

 Growth investments            90-100           100          Growth investments             80-90           85          Growth investments             65-75             70
 Australian shares               28-73            50         Australian shares              22-60          41.5         Australian shares              18-50             34
 Overseas shares (a)             32-67            50         Overseas shares (a)            19-48          33.5         Overseas shares (a)            16-41             28
 Defensive investments            0-10             0         Property (b)                    5-15            10         Property (b)                    3-13              8

 Cash & fixed interest             0-10             0         Defensive investments 10-20                    15          Defensive investments 25-35                      30
                                                             Australian fixed interest (c)    0-12          3.75         Australian fixed interest (c)    0-18             7.5
                                                             Overseas fixed interest (d)      0-10          3.75         Overseas fixed interest (d)      0-16             7.5
                                                             Cash                              0-9          2.5         Cash                            2-18             10
                                                             Alternative assets (b)          0-10             5         Alternative assets (b)          0-10              5


 Investment manager fast facts                              Investment manager fast facts                              Investment manager fast facts
 The trustee selects investment                             The trustee selects investment                             The trustee selects investment
 managers for this option.                                  managers for this option.                                  managers for this option.




 Notes
 (a) May include currency hedging to Australian dollars.
 (b) May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
 (c) May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
 (d) Currency exposure normally substantially or fully hedged to Australian dollars.
 (e) Currency exposure not normally hedged to Australian dollars.




                                                                                                                                                                               37
     Your Mercer Super Trust investment options - In detail
     (continued)...
 Your Ready-made investment options
     Mercer Moderate Growth                                     Mercer Conservative Growth                                 Mercer Cash
     Objectives:                                                Objectives:                                                Objective:
     ■ achieve a return (after tax and                          ■ achieve a return (after tax and                          ■ maintain the invested capital and
       investment management fees) that                           investment management fees) that                           achieve a return (before tax and
       exceeds CPI increases by at least 2.5%                     exceeds CPI increases by at least 2%                       investment management fees)
       pa over rolling four year periods                          pa over rolling three year periods                         above that available on bank bills as
     ■   achieve a return (over the medium                      ■   achieve a return (over the medium                        measured by the UBSWA Bank Bill
         to longer term) which is competitive                       to longer term) which is competitive                     Index on an annual basis
         with comparable funds that have a                          with comparable funds that have a
         similar allocation to growth assets                        similar allocation to growth assets
         and similar risk characteristics                           and similar risk characteristics


     Level of risk                                              Level of risk                                              Level of risk
     Moderately low                                             Low                                                        Very low

     Investment approach                                        Investment approach                                        Investment approach
     Multi-manager                                              Multi-manager                                              Multi-manager

     Mix of investments                                         Mix of investments                                         Mix of investments

                                    Range Benchmark                                             Range Benchmark                                            Range Benchmark
                                       %         %                                                 %         %                                                %         %

     Growth investments             45-55            50          Growth investments             25-35           30          Growth investments                                 0

     Australian shares               12-38        24.25          Australian shares               6-26          14.5         Defensive investments                            100

     Overseas shares (a)             10-30        19.75          Overseas shares (a)             4-20          11.5         Cash                                             100

     Property (b)                     1-11             6         Property (b)                      0-8            4

     Defensive investments 45-55                     50          Defensive investments 65-75                    70

     Australian fixed interest (c)     0-25          12.5         Australian fixed interest (c)    2-33          17.5

     Overseas fixed interest (d)       2-23          12.5         Overseas fixed interest (d)      5-30          17.5

     Cash                            10-30            20         Cash                           18-42            30

     Alternative assets (b)           0-10             5         Alternative assets (b)          0-10             5

     Investment manager fast facts                              Investment manager fast facts                              Investment manager fast facts
     The trustee selects investment                             The trustee selects investment                             The trustee selects investment
     managers for this option.                                  managers for this option.                                  managers for this option.




     Notes
     (a) May include currency hedging to Australian dollars.
     (b) May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
     (c) May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
     (d) Currency exposure normally substantially or fully hedged to Australian dollars.
     (e) Currency exposure not normally hedged to Australian dollars.




38
                                                                                                                                                Investments…



                                For further information on any of the options please call the Helpline.


Your Select-your-Own investment options
Mercer Shares Plus                                         Mercer High Growth Plus                                    Mercer Growth Plus
Objective:                                                 Objectives:                                                Objectives:
■ achieve a return (after tax and                          ■ achieve a return (after tax and                          ■ achieve a return (after tax and
  investment management fees) that                           investment management fees) that                           investment management fees)
  exceeds CPI increases by at least                          exceeds CPI increases by at least 4%                       that exceeds CPI increases by at
  4.5% pa over rolling seven year                            pa over rolling six year periods                           least 3.5% pa over rolling five year
  periods                                                  ■   achieve a return (over the medium                        periods
                                                               to longer term) which is competitive                   ■   achieve a return (over the medium
                                                               with comparable funds that have a                          to longer term) which is competitive
                                                               similar allocation to growth assets                        with comparable funds that have a
                                                               and similar risk characteristics                           similar allocation to growth assets
                                                                                                                          and similar risk characteristics

Level of risk                                              Level of risk                                              Level of risk
High                                                       Moderately high                                            Moderate

Investment approach                                        Investment approach                                        Investment approach
Multi-manager                                              Multi-manager                                              Multi-manager

Mix of investments                                         Mix of investments                                         Mix of investments

                               Range Benchmark                                             Range Benchmark                                            Range Benchmark
                                  %         %                                                 %         %                                                %         %

Growth investments            90-100           100          Growth investments             75-95           85          Growth investments             60-80             70
Australian shares             25-100             50         Australian shares               0-81          37.5         Australian shares               0-67             31

Overseas shares (a)             25-80            50         Overseas shares (a)            15-67          37.5         Overseas shares (a)            12-55             31

Defensive investments            0-10             0         Property (b)                    0-25            10         Property (b)                    0-20              8

Cash & fixed interest             0-10             0         Defensive investments           5-25           15          Defensive investments 20-40                      30
                                                            Australian fixed interest (c)    0-20             0         Australian fixed interest (c)    0-30             2.5

                                                            Overseas fixed interest (d)      0-10             0         Overseas fixed interest (d)      0-22             7.5

                                                            Cash                            0-10             0         Cash                            0-20              5

                                                            Alternative assets (b)          0-25            15         Alternative assets (b)          0-30             15


Investment manager fast facts                              Investment manager fast facts                              Investment manager fast facts
The trustee selects investment                             The trustee selects investment                             The trustee selects investment
managers for this option.                                  managers for this option.                                  managers for this option.




Notes
(a) May include currency hedging to Australian dollars.
(b) May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
(c) May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
(d) Currency exposure normally substantially or fully hedged to Australian dollars.
(e) Currency exposure not normally hedged to Australian dollars.




                                                                                                                                                                              39
     Your Mercer Super Trust investment options - In detail
     (continued)...
 Your Select-your-Own investment options
     Mercer Australian                                          Mercer Overseas                                            Mercer Australian Shares
     Shares Plus                                                Shares Plus (Unhedged)
     Objectives:                                                Objectives:                                                Objectives:
     ■ achieve a return (over the medium                        ■ achieve a return (over the medium                        ■ achieve a return (over the medium

       to longer term) which is competitive                       to longer term) which is competitive                       to longer term) which is competitive
       with comparable funds that have                            with comparable funds that have                            with comparable funds that have
       similar risk characteristics                               similar risk characteristics                               similar risk characteristics
     ■   outperform the notional return of                      ■   outperform the notional return of                      ■   outperform the notional return of
         a benchmark portfolio of suitable                          a benchmark portfolio of suitable                          a benchmark portfolio of suitable
         market indices over periods of one                         market indices over periods of one                         market indices over periods of one
         year or greater                                            year or greater                                            year or greater

     Level of risk                                              Level of risk                                              Level of risk
     High                                                       High                                                       High

     Investment approach                                        Investment approach                                        Investment approach
     Multi-manager                                              Multi-manager                                              Multi-manager

     Mix of investments                                         Mix of investments                                         Mix of investments

                                    Range Benchmark                                             Range Benchmark                                            Range Benchmark
                                       %         %                                                 %         %                                                %         %

     Growth investments            90-100           100          Growth investments           90-100           100          Growth investments           90-100              100

     Australian shares             90-100           100          Overseas shares (e)           90-100          100          Australian shares             90-100             100

     Defensive investments            0-10             0         Defensive investments           0-10             0         Defensive investments           0-10              0

     Cash & fixed interest             0-10             0         Cash & fixed interest            0-10             0         Cash & fixed interest            0-10               0


     Investment manager fast facts                              Investment manager fast facts                              Investment manager fast facts
     The trustee selects investment                             The trustee selects investment                             The trustee selects investment
     managers for this option.                                  managers for this option.                                  managers for this option.




     Notes
     (a) May include currency hedging to Australian dollars.
     (b) May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
     (c) May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
     (d) Currency exposure normally substantially or fully hedged to Australian dollars.
     (e) Currency exposure not normally hedged to Australian dollars.




40
                                                                                                                                                Investments…



                                For further information on any of the options please call the Helpline.


Your Select-your-Own investment options
Mercer Australian                                         Mercer Overseas Shares                                      Mercer Overseas Shares
Small Companies                                           (Unhedged)                                                  (Currency Managed)
Objectives:                                               Objectives:                                                 Objective:
■ achieve a return (over the medium                       ■ achieve a return (over the medium                         ■ outperform the notional return of
  to longer term) which is competitive                      to longer term) which is competitive                        a benchmark portfolio of suitable
  with comparable funds that have                           with comparable funds that have                             market indices over periods of one
  similar risk characteristics                              similar risk characteristics                                year or greater
■   outperform the notional return of                     ■   outperform the notional return of
    a benchmark portfolio of suitable                         a benchmark portfolio of suitable
    market indices over periods of one                        market indices over periods of one
    year or greater                                           year or greater

Level of risk                                             Level of risk                                               Level of risk
High                                                      High                                                        High

Investment approach                                       Investment approach                                         Investment approach
Multi-manager                                             Multi-manager                                               Multi-manager

Mix of investments                                        Mix of investments                                          Mix of investments

                               Range Benchmark                                            Range Benchmark                                            Range Benchmark
                                  %         %                                                %         %                                                %         %

Growth investments           90-100            100         Growth investments            90-100           100          Growth investments           90-100              100

Australian small                                           Overseas shares (e)           90-100           100          Overseas shares (a)           90-100             100
                              90-100           100
company shares
                                                           Defensive investments           0-10              0         Defensive investments           0-10              0
Defensive investments           0-10              0
                                                           Cash & fixed interest             0-10             0         Cash & fixed interest            0-10               0
Cash & fixed interest             0-10             0


Investment manager fast facts                             Investment manager fast facts                               Investment manager fast facts
The trustee selects investment                            The trustee selects investment                              The trustee selects investment
managers for this option.                                 managers for this option.                                   managers for this option.




Notes
(a) May include currency hedging to Australian dollars.
(b) May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
(c) May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
(d) Currency exposure normally substantially or fully hedged to Australian dollars.
(e) Currency exposure not normally hedged to Australian dollars.




                                                                                                                                                                              41
     Your Mercer Super Trust investment options - In detail
     (continued)...
 Your Select-your-Own investment options
     Mercer Overseas Small                                      Mercer Property                                            Mercer Overseas Listed
     Companies                                                                                                             Property
     Objective:                                                 Objective:                                                 Objective:
     ■ outperform the notional return of                        ■ outperform the notional return of                        ■ outperform the notional return of
       a benchmark portfolio of suitable                          a benchmark portfolio of suitable                          a benchmark portfolio of suitable
       market indices over periods of one                         market indices over periods of one                         market indices over periods of one
       year or greater                                            year or greater                                            year or greater



     Level of risk                                              Level of risk                                              Level of risk
     High                                                       High                                                       High

     Investment approach                                        Investment approach                                        Investment approach
     Multi-manager                                              Multi-manager                                              Multi-manager

     Mix of investments                                         Mix of investments                                         Mix of investments

                                    Range Benchmark                                             Range Benchmark                                            Range Benchmark
                                       %         %                                                 %         %                                                %         %

     Growth investments            80-100           100          Growth investments           90-100           100          Growth investments           90-100              100
     Overseas small companies                                    Property (b)                  90-100          100          Overseas listed property (a) 90-100              100
     and emerging markets          80-100           100
     shares (e)                                                  Defensive investments           0-10             0         Defensive investments           0-10              0

     Defensive investments            0-20             0         Cash & fixed interest            0-10             0         Cash & fixed interest            0-10               0

     Cash & fixed interest             0-20             0


     Investment manager fast facts                              Investment manager fast facts                              Investment manager fast facts
     The trustee selects investment                             The trustee selects investment                             The trustee selects investment
     managers for this option.                                  managers for this option.                                  managers for this option.




     Notes
     (a) May include currency hedging to Australian dollars.
     (b) May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
     (c) May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
     (d) Currency exposure normally substantially or fully hedged to Australian dollars.
     (e) Currency exposure not normally hedged to Australian dollars.




42
                                                                                                                                                  Investments…



                                  For further information on any of the options please call the Helpline.


Your Select-your-Own investment options
Mercer Fixed Interest                                          Mercer Diversified                                   Mercer Target 2015
                                                               Alternatives
Objective:                                                     Objective:                                          Objective:
■ outperform the notional return of                            ■ achieve a return (before tax and                  ■ to outperform the notional
  a benchmark portfolio of suitable                              investment management fees) of                      benchmark of suitable market
  market indices over periods of one                             at least 3.5% pa above the return                   indices (as it varies toward the target
  year or greater                                                on bank bills as measured by the                    date of the option) over periods of
                                                                 UBSWA Bank Bill Index over rolling                  one year or greater
                                                                 five year periods

Level of risk                                                  Level of risk                                       Level of risk
Moderately low                                                 Moderately high                                     Moderate moving to moderately low as
                                                                                                                   the target date approaches
Investment approach                                            Investment approach
Multi-manager                                                  Multi-manager                                       Investment approach
                                                                                                                   Multi-manager
Mix of investments                                             Mix of investments
                                                                                           Range Benchmark
                                                                                                                   Mix of investments
                                  Range Benchmark
                                     %         %                                              %         %
                                                                                                                                                                     Target
                                                                                                                                                            Bench-
                                                                                                                                                    Range            Bench-
 Growth investments                                  0          Growth investments                            0                                        %
                                                                                                                                                             mark
                                                                                                                                                                      mark
                                                                                                                                                                %
                                                                                                                                                                         %
 Defensive investments                            100           Defensive investments                      100
                                                                                                                   Growth investments              45-70      65        50
 Australian fixed interest (c)     30-75             50          Alternative assets (b)    70-100           100
                                                                                                                   Australian shares               12-43     29.5     22.5
 Overseas fixed interest (d)       25-75             50          Cash & fixed interest         0-30             0
                                                                                                                   Australian small companies        0-5     2.25     1.75
 Cash                              0-30              0
                                                                                                                   Overseas shares (a)             10-34       24    18.25

                                                               Investment manager fast facts                       Overseas small
Investment manager fast facts                                                                                      companies (a)
                                                                                                                                                     0-5     1.75      1.5
The trustee selects investment                                 The trustee selects investment
                                                                                                                   Property (b)                     1-13      7.5        6
managers for this option.                                      managers for this option.
                                                                                                                   Defensive investments           30-55       35       50
                                                                                                                   Australian fixed interest (c)     0-25     8.75     12.5
                                                                                                                   Overseas fixed interest (d)       0-23     8.75     12.5
                                                                                                                   Cash                             4-30     12.5       20
                                                                                                                   Alternative assets (b)           0-10        5        5

                                                                                                                   At the date of this PDS, the option’s
                                                                                                                   benchmark is a 65/35 mix of growth
                                                                                                                   and defensive investments. The
                                                                                                                   benchmark allocation between growth
                                                                                                                   and defensive investments will generally
                                                                                                                   change by between 1% to 2% per
                                                                                                                   annum as the option approaches its
                                                                                                                   target year of 2015 resulting in a 50/50
                                                                                                                   target benchmark mix of growth and
                                                                                                                   defensive investment by the target year.

                                                                                                                   Investment manager fast facts
Notes
                                                                                                                   The trustee selects investment
(a) May include currency hedging to Australian dollars.
                                                                                                                   managers for this option.
(b) May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
(c) May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally
    substantially or fully hedged to Australian dollars.
(d) Currency exposure normally substantially or fully hedged to Australian dollars.
(e) Currency exposure not normally hedged to Australian dollars.




                                                                                                                                                                              43
     Your Mercer Super Trust investment options - In detail
     (continued)...
 Your Select-your-Own investment options
     Mercer Target 2025                                         Mercer Target 2035                                         Mercer Target 2045
     Objective:                                                 Objective:                                                 Objective:
     ■ to outperform the notional                               ■ to outperform the notional                               ■ to outperform the notional
       benchmark of suitable market                               benchmark of suitable market                               benchmark of suitable market
       indices (as it varies toward the target                    indices (as it varies toward the target                    indices (as it varies toward the target
       date of the option) over periods of                        date of the option) over periods of                        date of the option) over periods of
       one year or greater                                        one year or greater                                        one year or greater

     Level of risk                                              Level of risk                                              Level of risk
     Moderately high moving to moderately                       Moderately high moving to moderately                       High moving to moderately low as the
     low as the target date approaches                          low as the target date approaches                          target date approaches

     Investment approach                                        Investment approach                                        Investment approach
     Multi-manager                                              Multi-manager                                              Multi-manager

     Mix of investments                                         Mix of investments                                         Mix of investments
                                                     Target                                                      Target                                                      Target
                                            Bench-                                                      Bench-                                                      Bench-
                                    Range            Bench-                                     Range            Bench-                                     Range            Bench-
                                             mark                                                        mark                                                        mark
                                       %              mark                                         %              mark                                         %              mark
                                                %                                                           %                                                           %
                                                         %                                                           %                                                           %

     Growth investments             45-85      80       50       Growth investments             45-95     90       50       Growth investments             45-100    100       50
     Australian shares              12-52      36     22.5       Australian shares              12-57 40.75       22.5      Australian shares               12-65    45.5     22.5
     Australian small companies       0-6    2.75     1.75       Australian small companies       0-6       3     1.75      Australian small companies        0-7     3.5     1.75
     Overseas shares (a)            10-40    29.5    18.25       Overseas shares (a)            10-45 33.25      18.25      Overseas shares (a)             10-50 36.25      18.25
     Overseas small                                              Overseas small                                             Overseas small
                                      0-5    2.25      1.5                                        0-5     2.5      1.5                                        0-7    2.75      1.5
     companies (a)                                               companies (a)                                              companies (a)
     Property (b)                    1-15     9.5        6       Property (b)                    1-15    10.5        6      Property (b)                     1-17      12        6

     Defensive investments          15-55      20       50       Defensive investments           5-55      10       50      Defensive investments            0-55       0       50
     Australian fixed interest (c)    0-25       5     12.5       Australian fixed interest (c)    0-25     2.5     12.5      Australian fixed interest (c)     0-25       0     12.5
     Overseas fixed interest (d)      0-23       5     12.5       Overseas fixed interest (d)      0-23     2.5     12.5      Overseas fixed interest (d)       0-23       0     12.5
     Cash                            0-30       5       20       Cash                            0-30       0       20      Cash                             0-30       0       20
     Alternative assets (b)          0-10       5        5       Alternative assets (b)          0-10       5        5      Alternative assets (b)           0-10       0        5


     At the date of this PDS, the option’s                      At the date of this PDS, the option’s                      At the date of this PDS, the option’s
     benchmark is a 80/20 mix of growth                         benchmark is a 90/10 mix of growth                         benchmark is a 100/0 mix of growth
     and defensive investments. The                             and defensive investments. The                             and defensive investments. The
     benchmark allocation between growth                        benchmark allocation between growth                        benchmark allocation between growth
     and defensive investments will generally                   and defensive investments will generally                   and defensive investments will generally
     change by between 1% to 2% per                             change by between 1% to 2% per                             change by between 1% to 2% per
     annum as the option approaches its                         annum as the option approaches its                         annum as the option approaches its
     target year of 2025 resulting in a 50/50                   target year of 2035 resulting in a 50/50                   target year of 2045 resulting in a 50/50
     target benchmark mix of growth and                         target benchmark mix of growth and                         target benchmark mix of growth and
     defensive investment by the target year.                   defensive investment by the target year.                   defensive investment by the target year.

     Investment manager fast facts                              Investment manager fast facts                              Investment manager fast facts
     The trustee selects investment                             The trustee selects investment                             The trustee selects investment
     managers for this option.                                  managers for this option.                                  managers for this option.
     Notes
     (a) May include currency hedging to Australian dollars.
     (b) May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
     (c) May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
     (d) Currency exposure normally substantially or fully hedged to Australian dollars.
     (e) Currency exposure not normally hedged to Australian dollars.




44
                                                                                                                                                Investments…



                                For further information on any of the options please call the Helpline.


Your Select-your-Own investment options
Mercer Socially                                            Mercer Socially                                            Indexed Shares
Responsible Shares                                         Responsible Growth                                         Objective:
Objective:                                                 Objective:                                                 ■ match the notional return of a

■ achieve a return (after tax and                          ■ achieve a return (after tax and                            benchmark portfolio of suitable
  investment management fees) that                           investment management fees) that                           market indices over periods of one
  exceeds CPI increases by at least 4%                       exceeds CPI increases by at least 3%                       year or greater
  pa over rolling seven year periods                         pa over rolling five year periods

Level of risk                                              Level of risk                                              Level of risk
High                                                       Moderate                                                   High

Investment approach                                        Investment approach                                        Investment approach
Multi-manager and socially responsible.                    Multi-manager and socially responsible.                    Indexed
See ‘Socially responsible investing’                       See ‘Socially responsible investing’
earlier in this section for details as to                  earlier in this section for details as to
what and how SRI considerations are                        what and how SRI considerations are
applied to this option                                     applied to this option

Mix of investments                                         Mix of investments                                         Mix of investments
                               Range Benchmark                                             Range Benchmark                                            Range Benchmark
                                  %         %                                                 %         %                                                %         %

Growth investments            90-100           100          Growth investments             65-75           70          Growth investments           90-100              100
Australian shares               40-67            50         Australian shares              20-53            34         Australian shares              40-70              50
Overseas shares (a)             40-67            50         Overseas shares (a)            14-47            28         Overseas shares (a)            40-70              50
Defensive investments            0-10             0         Property (b)                    3-13             8         Defensive investments           0-10              0
Cash & fixed interest             0-10             0         Defensive investments 25-35                    30          Cash & fixed interest            0-10               0
                                                            Australian fixed interest (c)    0-18           7.5
                                                            Overseas fixed interest (d)      0-16           7.5
                                                            Cash                            2-18            10
                                                            Alternative assets (b)          0-10             5


Investment manager fast facts                              Investment manager fast facts                              Investment manager fast facts
The trustee selects investment                             The trustee selects investment                             The trustee selects investment
managers for this option.                                  managers for this option.                                  managers for this option.




Notes
(a) May include currency hedging to Australian dollars.
(b) May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
(c) May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
(d) Currency exposure normally substantially or fully hedged to Australian dollars.
(e) Currency exposure not normally hedged to Australian dollars.




                                                                                                                                                                              45
     Your Mercer Super Trust investment options - In detail
     (continued)...
 Your Select-your-Own investment options
     Indexed Australian Shares                                  Indexed Overseas Shares                                    Indexed Growth
     Objective:                                                 Objective:                                                 Objectives:
     ■ match the notional return of a                           ■ match the notional return of a                           ■ achieve a return (after tax and
       benchmark portfolio of suitable                            benchmark portfolio of suitable                            investment management fees) that
       market indices over periods of one                         market indices over periods of one                         exceeds CPI increases by at least 3%
       year or greater                                            year or greater                                            pa over rolling five year periods
                                                                                                                           ■   achieve a return (over the medium
                                                                                                                               to longer term) which is competitive
                                                                                                                               with comparable funds that have a
                                                                                                                               similar allocation to growth assets
                                                                                                                               and similar risk characteristics


     Level of risk                                              Level of risk                                              Level of risk
     High                                                       High                                                       Moderate

     Investment approach                                        Investment approach                                        Investment approach
     Indexed                                                    Indexed                                                    Indexed

     Mix of investments                                         Mix of investments                                         Mix of investments

                                    Range Benchmark                                             Range Benchmark                                            Range Benchmark
                                       %         %                                                 %         %                                                %         %

     Growth investments            90-100           100          Growth investments           90-100           100          Growth investments            68-72              70

     Australian shares             90-100           100          Overseas shares (e)           90-100          100          Australian shares              35-39             37

     Defensive investments            0-10             0         Defensive investments           0-10             0         Overseas shares (e)            22-28             25

     Cash & fixed interest             0-10             0         Cash & fixed interest            0-10             0         Property (b)                      7-9             8
                                                                                                                            Defensive investments 28-32                      30
                                                                                                                            Australian fixed interest        9-13             11
                                                                                                                            Overseas fixed interest (d)     15-19             17
                                                                                                                            Cash                              1-3             2


     Investment manager fast facts                              Investment manager fast facts                              Investment manager fast facts
     The trustee selects investment                             The trustee selects investment                             The trustee selects investment
     managers for this option.                                  managers for this option.                                  managers for this option.




     Notes
     (a) May include currency hedging to Australian dollars.
     (b) May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
     (c) May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
     (d) Currency exposure normally substantially or fully hedged to Australian dollars.
     (e) Currency exposure not normally hedged to Australian dollars.




46
                                                                                                                                                  Investments…



                                For further information on any of the options please call the Helpline.


Your Select-your-Own investment options
Indexed Conservative                                       AMP Capital Balanced                                       AMP Capital Balanced
Growth                                                     Direct Option                                              Growth Option
Objectives:                                                Objective:                                                 Objective:
■ achieve a return (after tax and                          ■ provide moderate to higher returns                       ■ provide moderate to higher returns
  investment management fees) that                           over the medium to long term, with                         over the medium to long term
  exceeds CPI increases by at least 2%                       lower volatility than many other                           through a portfolio diversified across
  pa over rolling three year periods                         balanced funds through higher                              all asset types, but with an emphasis
■   achieve a return (over the medium                        exposure to direct investment in                           on shares and property
    to longer term) which is competitive                     property and other assets
    with comparable funds that have a
    similar allocation to growth assets                    Level of risk                                              Level of risk
    and similar risk characteristics                       Moderate                                                   Moderate

Level of risk                                              Investment approach                                        Investment approach
Low                                                        Active                                                     Active

Investment approach                                        Mix of investments                                         Mix of investments
Indexed
                                                                                           Range Benchmark                                            Range Benchmark
                                                                                              %         %                                                %         %
Mix of investments                                          Growth investments                             64          Growth investments                               74
                               Range Benchmark              Australian shares              15-35            23         Australian shares              25-47             35
                                  %         %
                                                            Overseas shares (a)            10-25            16         Overseas shares (a)            15-40             21
Growth investments             28-32            30
                                                            Property (b)                    5-30            15         Property (b)                    2-30             13
Australian shares               14-18            16
                                                            Alternative assets              5-15            10         Alternative assets              0-10              5
Overseas shares (e)              9-11            10
                                                            Defensive investments                          36          Defensive investments                            26
Property (b)                       3-5            4
                                                            Australian fixed interest       10-35            23         Australian fixed interest        5-30             15
Defensive investments 68-72                     70
                                                            Overseas fixed interest (d)      0-15             8         Overseas fixed interest (d)      0-15              6
Australian fixed interest         9-13            11
                                                            Cash                            0-15             5         Cash                            0-20              5
Overseas fixed interest (d)      15-19            17
Cash                            40-44            42        Investment manager fast facts                              Investment manager fast facts
                                                           AMP Capital Investors Limited is one                       AMP Capital Investors Limited is one
                                                           of Australia and New Zealand’s leading                     of Australia and New Zealand’s leading
Investment manager fast facts                              specialist investment managers.                            specialist investment managers.
The trustee selects investment                             As at 30 June 2005 they managed                            As at 30 June 2005 they managed
managers for this option.                                  over $84.36 billion for investors.                         over $84.36 billion for investors.
                                                           AMP Capital Investors offers a select                      AMP Capital Investors offers a select
                                                           range of investment opportunities;                         range of investment opportunities;
                                                           those where they have the skills,                          those where they have the skills,
                                                           experience and resources to deliver                        experience and resources to deliver
                                                           strong, consistent performance. They                       strong, consistent performance. They
                                                           invest in shares, bonds, property,                         invest in shares, bonds, property,
                                                           infrastructure and private equity. They                    infrastructure and private equity. They
                                                           also work in partnership with other                        also work in partnership with other
                                                           leading investment specialists in order                    leading investment specialists in order
                                                           to further enhance opportunities for                       to further enhance opportunities for
                                                           investors.                                                 investors.
Notes
(a) May include currency hedging to Australian dollars.
(b) May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
(c) May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
(d) Currency exposure normally substantially or fully hedged to Australian dollars.
(e) Currency exposure not normally hedged to Australian dollars.



                                                                                                                                                                             47
     Your Mercer Super Trust investment options - In detail
     (continued)...
 Your Select-your-Own investment options
     AMP Capital                                                ANZ Superannuation Pool                                    BT Active Balanced PST
     Conservative Option                                        – Growth Fund
     Objective:                                                 Objective:                                                 Objective:
     ■ provide returns greater than those                       ■ out-perform CPI on average by 5% pa                      ■ deliver over the long term a return
       from cash over the medium term                             over rolling 5 year periods before fees                    higher than that achieved by its
       through a diversified portfolio with                        and taxes                                                  benchmark mix of investments
       a core of cash and bonds and some
       exposure to shares and property

     Level of risk                                              Level of risk                                              Level of risk
     Low                                                        Moderate                                                   Moderate

     Investment approach                                        Investment approach                                        Investment approach
     Active                                                     Active                                                     Active

     Mix of investments                                         Mix of investments                                         Mix of investments

                                    Range Benchmark                                             Range Benchmark                                            Range Benchmark
                                       %         %                                                 %         %                                                %         %

     Growth investments                              33          Growth investments Maximum 90                  70          Growth investments                               66

     Australian shares                5-25            14         Australian shares              20-50            35         Australian shares              28-48             38

     Overseas shares (a)              0-20             7         Overseas shares (a)            10-40            25         Overseas shares (a)            12-32             20

     Property (b)                     0-20            10         Property (b)                    2-28            10         Property (a)                    0-20              8

     Alternative assets                 0-5            2         Alternative assets              0-10             0         Defensive investments                            34
     Defensive investments                           67          Defensive investments                          30          Australian fixed interest        5-32             17

     Australian fixed interest        15-45            28         Australian fixed interest        0-30            15         Overseas fixed interest (d)      0-20              7

     Overseas fixed interest (d)       5-25            13         Overseas fixed interest (d)      0-20            10         Cash                            0-10              2

     Cash                            10-50            26         Cash                            0-30             5         Alternative assets              0-10              8


     Investment manager fast facts                              Investment manager fast facts                              Investment manager fast facts
     AMP Capital Investors Limited is one                       ING Investment Management (INGIM)                          The investment manager is BT Funds
     of Australia and New Zealand’s leading                     is the specialist global investment                        Management No. 2 Limited, part of
     specialist investment managers.                            manager within the ING Group.                              the Westpac Banking Corporation.
     As at 30 June 2005 they managed                            Worldwide INGIM employs around                             As at 30 June 2005, BT had more
     over $84.36 billion for investors.                         2,400 staff in 31 countries across three                   than A$63 billion in total assets under
     AMP Capital Investors offers a select                      broad geographic regions: Europe, the                      management and administration.
     range of investment opportunities;                         Americas and Asia Pacific. Its global
     those where they have the skills,                          assets under management totalled
     experience and resources to deliver                        A$592 billion as at 31 December 2005,
     strong, consistent performance. They                       while the total assets of ING Group
     invest in shares, bonds, property,                         were approaching A$900 billion.
     infrastructure and private equity. They                    INGIM is one of the largest investment
     also work in partnership with other                        managers in Australia with over A$34
     leading investment specialists in order                    billion of assets under management as
     to further enhance opportunities for                       at 31 December 2005.
     investors.

     Notes
     (a) May include currency hedging to Australian dollars.
     (b) May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
     (c) May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
     (d) Currency exposure normally substantially or fully hedged to Australian dollars.
     (e) Currency exposure not normally hedged to Australian dollars.



48
                                                                                                                                          Investments…



                               For further information on any of the options please call the Helpline.


Your Select-your-Own investment options
Colonial First State PST -                                Credit Suisse Asset                                  ING Managed Growth
Diversified                                                Management Capital                                   Superannuation Fund
                                                          Growth PST
Objective:                                                Objective:                                           Objective:
■ provide medium to long term capital                     ■ provide exposure to a range of                     ■ out-perform CPI on average by 5% pa
  growth, together with some income,                        sectors to achieve mostly capital                    over rolling 5 year periods before fees
  by investing in cash, fixed interest,                      growth over the long term with                       and taxes
  property and shares                                       some income potential
Level of risk                                             Level of risk                                        Level of risk
Moderate                                                  Moderate                                             Moderate

Investment approach                                       Investment approach                                  Investment approach
Active                                                    Active                                               Active

Mix of investments                                        Mix of investments                                   Mix of investments
                               Range Benchmark                                          Range Benchmark                                     Range Benchmark
                                  %         %                                              %         %                                         %         %
Growth investments                             70          Growth investments                             70   Growth investments Maximum90             70
Australian shares              32-38            35         Australian shares            25-50             40   Australian shares            20-50       35
Overseas shares (a)            23-33            28         Overseas shares (a)          15-40             25   Overseas shares (a)          10-40       25
Property (b)                     3-11            7         Property                      0-15              5   Property (b)                  0-26        8
Defensive investments                          30          Defensive investments                          30   Alternative assets            0-10        2
Fixed interest & cash (a)      20-40            30         Australian fixed interest      0-30             15   Defensive investments                    30
                                                           Overseas fixed interest (d)    0-25             10   Australian fixed interest      0-30       15
Investment manager fast facts
                                                           Cash                          0-20              5   Overseas fixed interest (d)    0-20       10
The investment manager is Colonial
                                                                                                               Cash                          0-30        5
First State Investments Limited.                          Investment manager fast facts
Colonial First State has been managing                    Credit Suisse is a leading global                    Investment manager fast facts
investment funds since 1988. As at                        financial services organisation                       ING Investment Management (INGIM)
30 June 2005 they managed more                            headquatered in Zurich and established               is the specialist global investment
than A$100 billion globally on behalf                     in 1856. The asset management                        manager within the ING Group.
of investors. Colonial First State actively               business of Credit Suisse is comprised               Worldwide INGIM employs around
manages investments across all major                      of the bank’s discretionary asset                    2,400 staff in 31 countries across three
asset classes including Australian and                    management businesses and manages                    broad geographic regions: Europe, the
international shares, property, fixed                      portfolios, pooled schemes, and                      Americas and Asia Pacific. Its global
interest and cash. Colonial First State                   other investment vehicles for a                      assets under management totalled
is a wholly owned subsidiary of the                       broad spectrum of clients, ranging                   A$592 billion as at 31 December 2005,
Commonwealth Bank of Australia, a                         from governments, institutions, and                  while the total assets of ING Group
leading Australian financial services                      corporations to private individuals                  were approaching A$900 billion.
organisation.                                             around the world. As at 31 December                  INGIM is one of the largest investment
                                                          2005, Credit Suisse Asset Management                 managers in Australia with over A$34
                                                          (Australia) Limited has approxiamately               billion of assets under management as
                                                          A$20.6 billion in funds under                        at 31 December 2005.
                                                          management.
Notes
(a) May include currency hedging to Australian dollars.
(b) May include exposure to overseas investments which may have currency exposure hedged to Australian
    dollars.
(c) May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure
    normally substantially or fully hedged to Australian dollars.
(d) Currency exposure normally substantially or fully hedged to Australian dollars.
(e) Currency exposure not normally hedged to Australian dollars.



                                                                                                                                                              49
     Your Mercer Super Trust investment options - In detail
     (continued)...
 Your Select-your-Own investment options
     INVESCO Wholesale                                          Legg Mason Growth Trust                                    Maple-Brown Abbott PST
     Diversified Growth PST
     Objective:                                                 Objective:                                                 Objective:
     ■ provide medium to long term capital                      ■ exceed the return, over rolling three                    ■ provide a superior return relative to
       growth by investing in a range of assets                   year periods, of the benchmark mix                         the average of other pooled funds
       with an emphasis on growth assets                          of investments                                             over rolling three year periods


     Level of risk                                              Level of risk                                              Level of risk
     Moderate                                                   Moderate                                                   Moderate

     Investment approach                                        Investment approach                                        Investment approach
     Active                                                     Active                                                     Active

     Mix of investments                                         Mix of investments                                         Mix of investments
                                    Range Benchmark                                             Range Benchmark                                            Range Benchmark
                                       %         %                                                 %         %                                                %         %

     Growth investments             40-85          72.5          Growth investments                             80          Growth investments            50-85              67
     Australian shares               25-55            40         Australian shares              35-55            45         Australian shares              20-60             40
     Overseas shares (a)             10-35          22.5         Overseas shares (a)            22-38            30         Overseas shares (a)             5-25             15
     Property                         0-20            10         Property                        0-10             5         Property                        5-20             12
     Defensive investments 15-60                   27.5          Defensive investments                          20          Defensive investments 15-50                      33
     Australian and overseas                                     Australian & overseas fixed                                 Australian fixed interest        0-50             25
                                    7.5-55          22.5                                         7-27            17
     fixed interest (a)                                           interest (a)
                                                                                                                            Cash                            0-25              8
     Cash                             0-20             5         Cash                            0-12             3


     Investment manager fast facts                              Investment manager fast facts                              Investment manager fast facts
     The investment manager is INVESCO                          The investment manager is Legg Mason                       The investment manager is Maple-
     Australia Ltd which is a wholly-owned                      Asset Management Australia Limited                         Brown Abbott Limited which was
     subsidiary of AMVESCAP PLC, one of                         (“Legg Mason Asset Management”).                           formed in July 1984 to provide
     the world’s largest listed independent                     Legg Mason Asset Management is the                         investment management services to
     investment managers spanning the                           Australian asset management business                       both private and institutional investors.
     world’s major markets, with US$373                                                                                    Their services cover equity and fixed
                                                                of Legg Mason, Inc. Legg Mason Inc. is
     billion in funds under management (as
                                                                listed on the New York Stock Exchange.                     interest markets, and property through
     at 30 June 2005). INVESCO Australia
                                                                Legg Mason is a major global asset                         the medium of Australian-listed
     Ltd had assets under management of
                                                                manager with US$830 billion in assets                      property trusts. As at 30 June 2005
     A$7.6 billion at 30 June 2005.
                                                                under management. Australian sourced                       they managed over A$18.2 billion of
                                                                assets under management totalled                           client funds. Maple-Brown Abbott Ltd is
                                                                A$12.0 billion as at 31 December 2005.                     solely engaged in funds management.
                                                                                                                           The company is wholly owned by
                                                                                                                           staff and directors (including entities
                                                                                                                           controlled by directors).




     Notes
     (a) May include currency hedging to Australian dollars.
     (b) May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
     (c) May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
     (d) Currency exposure normally substantially or fully hedged to Australian dollars.
     (e) Currency exposure not normally hedged to Australian dollars.




50
                                                                                                                                                  Investments…



                                For further information on any of the options please call the Helpline.


Your Select-your-Own investment options
MLC Balanced Fund                                          MLC Capital Stable Fund                                    MLC Growth Fund

Objective:                                                 Objective:                                                 Objective:
■ deliver returns, net of tax and investment               ■ deliver returns, net of tax and investment               ■ deliver returns, net of tax and investment
  management fees, in excess of CPI plus                     management fees, in excess of CPI plus                     management fees, in excess of CPI plus
  3% on average per annum over the                           2% on average per annum over the                           3.5% on average per annum over the
  longer term (eg rolling 5 year basis)                      longer term (eg rolling 3 year basis)                      longer term (eg rolling 5 year basis)

Level of risk                                              Level of risk                                              Level of risk
Moderate                                                   Low                                                        Moderate

Investment approach                                        Investment approach                                        Investment approach
Multi-manager                                              Multi-manager                                              Multi-manager

Mix of investments                                         Mix of investments                                         Mix of investments
                               Range Benchmark                                             Range Benchmark                                            Range Benchmark
                                  %         %                                                 %         %                                                %         %

Growth investments                              70          Growth investments                             30          Growth investments                                79
Australian shares               30-34            32         Australian shares               8-12            10         Australian shares              33-37              35
Overseas shares (a)             26-30            28         Overseas shares (a)            14-18            16         Overseas shares (a)            33-37              35
Property                           2-6            4         Property                          0-4            2         Property                          1-5              3
Alternative assets                 4-8            6         Alternative assets                0-4            2         Alternative assets                4-8              6
Defensive investments                           30          Defensive investments                          70          Defensive investments                             21
Australian fixed interest        11-20          15.2         Australian fixed interest       35-43            39         Australian fixed interest        6-15             10.3
Overseas fixed interest (d)      12-17          14.8         Overseas fixed interest (d)     19-24          21.2         Overseas fixed interest (d)      8-13             10.7
                                                            Cash                            7-12           9.8


Investment manager fast facts                              Investment manager fast facts                              Investment manager fast facts
The investment manager is MLC Limited,                     The investment manager is MLC Limited,                     The investment manager is MLC Limited,
a wholly owned subsidiary of National                      a wholly owned subsidiary of National                      a wholly owned subsidiary of National
Australia Bank Limited a major provider                    Australia Bank Limited a major provider                    Australia Bank Limited a major provider
of financial services in Australia. MLC                     of financial services in Australia. MLC                     of financial services in Australia. MLC
is the fourth largest “manager of                          is the fourth largest “manager of                          is the fourth largest “manager of
managers” in the world (source: Cerrulli                   managers” in the world (source: Cerrulli                   managers” in the world (source: Cerrulli
Australia) and the largest in Australia                    Australia) and the largest in Australia                    Australia) and the largest in Australia
with approximately A$62 billion of funds                   with approximately A$62 billion of funds                   with approximately A$62 billion of funds
under management as at 30 June 2005.                       under management as at 30 June 2005.                       under management as at 30 June 2005.




Notes
(a) May include currency hedging to Australian dollars.
(b) May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
(c) May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
(d) Currency exposure normally substantially or fully hedged to Australian dollars.
(e) Currency exposure not normally hedged to Australian dollars.




                                                                                                                                                                               51
     Your Mercer Super Trust investment options - In detail
     (continued). . .
 Your Select-your-Own investment options
     Schroders Superannuation                                   Zurich Wholesale
     Fund                                                       Superannuation Managed
                                                                Growth Fund
     Objective:                                                 Objective:
     ■ achieve returns in the order of 4%                       ■ provide investors with capital growth
       to 5% above inflation (as measured                          over the medium to long-term by
       by headline CPI) over the medium to                        investing in a mix of Australian and
       longer term (eg rolling 3 year basis)                      international shares, fixed interest
     Level of risk                                                securities, listed property, securities
     Moderate                                                     and cash

     Investment approach                                        Level of risk
     Active                                                     Moderate
     Mix of investments                                         Investment approach
                                    Range Benchmark             Active
                                       %         %

     Growth investments                              69         Mix of investments
     Australian and New                                                                         Range Benchmark
                                     28-45            37                                           %         %
     Zealand shares
     Overseas shares (a)             10-30            20         Growth investments            54-85            70

     Property                         0-15             6         Australian shares              25-43            33

     Alternative assets               0-15             6         Overseas shares (a)            24-45            30

     Defensive investments                           31          Property                        5-12             7

     Australian and overseas                                     Defensive investments 15-46                    30
                                     10-60            23
     fixed interest (a)                                           Australian fixed interest       13-24            18
     Cash                             0-20             8         Overseas fixed interest (d)      2-12             7
                                                                 Cash                            0-10             5
     Investment manager fast facts
     Schroder Investment Management
                                                                Investment manager fast facts
     Australia Limited, (SIMAL), is part of
     the Schroder Group which, as at 31                         Zurich Financial Services Australia
     December 2005, managed investment                          Limited is a member of the Swiss based
     assets of approximately A$287 billion                      Zurich Group. To further enhance
     worldwide. Schroders is one of the                         capabilities and resources Zurich
     largest and most internationally diverse                   seek out and develop major strategic
     investment managers, with over 230                         partnerships with other organisations.
     investment professionals, providing                        Zurich Financial Services Australia
     investment management, research and                        Limited had over A$6 billion funds
     marketing services from its 34 offices                      under management as at 30 June 2005.
     located in 26 countries. In Australia,
     investment management has been a core
     business since 1961. As at 31 December
     2005, SIMAL managed A$11 billion
     across a broad range of asset classes.



     Notes
     (a) May include currency hedging to Australian dollars.
     (b) May include exposure to overseas investments which may have currency exposure hedged to Australian dollars.
     (c) May include some bonds sourced from overseas as a proxy for Australian bonds. Any currency exposure normally substantially or fully hedged to Australian dollars.
     (d) Currency exposure normally substantially or fully hedged to Australian dollars.
     (e) Currency exposure not normally hedged to Australian dollars.



52
                                                                                      Investments…



Performance of                             How to get up to date
                                           returns
Mercer Super
                                           The performance information
Trust investment                           contained in this PDS is up to date at
options                                    the time of its preparation. In future
                                           you can obtain updated performance
The following tables show the              information by visiting our website at
performance of the investment options      www.mercersupertrust.com or calling
on both a single year and compound         the Helpline on 1800 810 558. We
return basis.                              can send you a copy of the updated
                                           information, free of charge, on request.
Single year and compound returns are
                                           Performance is also reported in the
calculated assuming that $1 is invested
                                           regular Mercer Super Trust newsletter.
at the start of the relevant period and
that no further amounts are invested
over the period. They are based on
exit prices and allow for the deduction
of tax, investment management and
administration fees.

Compound returns are calculated as
the average of annual returns. For
example, if returns are 5%, 6% and
7% over three consecutive years, the
compound return is 6% per annum, as
the same result could be achieved by
earning a return of 6% in each of the
three years.

When considering investment
decisions, please remember that
investment returns over a short time
frame (one or two years) should not be
considered in isolation. Time frames of
five years or longer will provide a more
accurate indication of the overall long-
term performance of an investment
option. Finally, don’t forget that the
value of investments can go up and
down and past performance should
not be relied upon as an indicator
of future performance.




                                                                                                     53
      Performance of Mercer Super Trust investment options
      Single year returns – performance for 12 months ending 31 March
                                                                                           Commencement            2006       2005   2004   2003    2002
                                       Investment option
                                                                                               Date                  %          %      %      %       %
                                       Mercer Shares                                         5 Jun 1996             26.1      14.8   18.1   -18.1    1.3
                          Ready-made




                                       Mercer High Growth                                   7 Aug 2002              21.7      13.9   15.3     na      na
                                       Mercer Growth                                        20 Mar 1996             18.8      12.4   11.9    -8.3    2.9
                                       Mercer Moderate Growth                                9 Oct 2002             14.4       9.7   10.0     na      na
                                       Mercer Conservative Growth                            3 Jul 1996             10.0       6.7    6.9    -0.1    2.1
                                       Mercer Cash                                          29 May 1996                 4.0    3.5    3.0    2.8     2.8
                                       Mercer Shares Plus                                    7 Jul 2005                 na      na     na     na      na
                       Mercer Plus




                                       Mercer High Growth Plus                               7 Jul 2005                 na      na     na     na      na
                                       Mercer Growth Plus                                    7 Jul 2005                 na      na     na     na      na
                                       Mercer Australian Shares Plus                        5 Aug 2005                  na      na     na     na      na
                                       Mercer Overseas Shares Plus (Unhedged)                14 Jul 2005                na      na     na     na      na
                                       Mercer Australian Shares                             31 Aug 1998             25.6      22.6   19.8    -9.4    9.7
                                       Mercer Australian Small Companies                    5 Aug 2005                  na      na     na     na      na
                                       Mercer Overseas Shares (Unhedged)                    31 Aug 1998             27.6       5.8   10.0   -27.9    -9.9
                                       Mercer Overseas Shares (Currency Managed)            23 Aug 2005                 na      na     na     na      na
                                       Mercer Overseas Small Companies                       28 Jul 2005                na      na     na     na      na
                       Mercer Sector




                                       Mercer Property                                       7 Jul 2005                 na      na     na     na      na
                                       Mercer Overseas Listed Property                      23 Aug 2005                 na      na     na     na      na
                                       Mercer Fixed Interest                                 28 Jul 2005                na      na     na     na      na
                                       Mercer Diversified Alternatives                        7 Jul 2005                 na      na     na     na      na
                                       Mercer Target 2015                                        ^                      na      na     na     na      na
                                       Mercer Target 2025                                        ^                      na      na     na     na      na
                       Mercer
                       Target




                                       Mercer Target 2035                                        ^                      na      na     na     na      na
                                       Mercer Target 2045                                        ^                      na      na     na     na      na
                       Responsible




                                       Mercer Socially Responsible Shares                    6 Jul 2005                 na      na     na     na      na
     Select-your-Own


                       Socially
                       Mercer




                                       Mercer Socially Responsible Growth                    6 Jul 2005                 na      na     na     na      na

                                       Indexed Shares                                        11 Jul 2005                na      na     na     na      na
                                       Indexed Australian Shares                             7 Jul 2005                 na      na     na     na      na
                       Indexed




                                       Indexed Overseas Shares                               7 Jul 2005                 na      na     na     na      na
                                       Indexed Growth                                        7 Jul 2005                 na      na     na     na      na
                                       Indexed Conservative Growth                           7 Jul 2005                 na      na     na     na      na
                                       AMP Capital Balanced Direct Option                   19 Oct 2005
                                       AMP Capital Balanced Growth Option                    7 Jul 2005                 na      na     na     na      na
                                       AMP Capital Conservative Option                       18 Jul 2005                na      na     na     na      na
                                       ANZ Superannuation Pool-Growth Fund                   19 Jul 2005                na      na     na     na      na
                                       BT Active Balanced PST                                7 Jul 2005                 na      na     na     na      na
                                       Colonial First State PST-Diversified                  4 Aug 2005                  na      na     na     na      na
                                       Credit Suisse Asset Management Capital Growth PST     18 Jul 2005                na      na     na     na      na
                       Others




                                       ING Managed Growth Superannuation Fund                18 Jul 2005                na      na     na     na      na
                                       INVESCO Wholesale Diversified Growth PST              3 Aug 2005                  na      na     na     na      na
                                       Legg Mason Growth Trust                               12 Jul 2005                na      na     na     na      na
                                       Maple-Brown Abbott PST                               20 Mar 1996             15.5      12.4   12.3    -4.9    9.9
                                       MLC Balanced Fund                                     19 Jul 2005                na      na     na     na      na
                                       MLC Capital Stable Fund                               7 Jul 2005                 na      na     na     na      na
                                       MLC Growth Fund                                       11 Jul 2005                na      na     na     na      na
                                       Schroders Superannuation Fund                         14 Jul 2005                na      na     na     na      na
                                       Zurich Wholesale Superannuation Managed
                                                                                             6 Jul 2005                 na      na     na     na      na
                                       Growth Fund
 Notes:
 The ‘commencement date’ is the date the investment option received its first investment under the Mercer Super Trust.
 ^ Indicates that the investment option had not commenced at the date of this table.
 ‘na’ indicates that an investment option has been operating for less than the relevant period.
 Past performance is not a reliable indicator of future performance.

54
                                                                                                                                          Investments…




Compound annual returns – performance for periods ending 31 March 2006
                                                                                       Commencement             1 year       2 years   3 years   4 years   5 years
                                   Investment option
                                                                                           Date                     %          % pa      % pa      % pa      % pa
                                   Mercer Shares                                           5 Jun 1996              26.1         20.3      19.6       8.8       7.2
                      Ready-made




                                   Mercer High Growth                                     7 Aug 2002               21.7         17.7      16.9        na        na
                                   Mercer Growth                                          20 Mar 1996              18.8         15.5      14.3       8.2       7.1
                                   Mercer Moderate Growth                                  9 Oct 2002              14.4         12.0      11.4        na        na
                                   Mercer Conservative Growth                              3 Jul 1996              10.0          8.4       7.9       5.8       5.1
                                   Mercer Cash                                           29 May 1996                   4.0       3.8       3.5       3.3       3.2
                                   Mercer Shares Plus                                      7 Jul 2005                  na         na        na        na        na
                   Mercer Plus




                                   Mercer High Growth Plus                                 7 Jul 2005                  na         na        na        na        na
                                   Mercer Growth Plus                                      7 Jul 2005                  na         na        na        na        na
                                   Mercer Australian Shares Plus                          5 Aug 2005                   na         na        na        na        na
                                   Mercer Overseas Shares Plus (Unhedged)                 14 Jul 2005                  na         na        na        na        na
                                   Mercer Australian Shares                               31 Aug 1998              25.6         24.1      22.6      13.7      12.9
                                   Mercer Australian Small Companies                      5 Aug 2005                   na         na        na        na        na
                                   Mercer Overseas Shares (Unhedged)                      31 Aug 1998              27.6         16.1      14.0       1.7      -0.7
                                   Mercer Overseas Shares (Currency Managed)              23 Aug 2005                  na         na        na        na        na
                                   Mercer Overseas Small Companies                        28 Jul 2005                  na         na        na        na        na
                   Mercer Sector




                                   Mercer Property                                         7 Jul 2005                  na         na        na        na        na
                                   Mercer Overseas Listed Property                        23 Aug 2005                  na         na        na        na        na
                                   Mercer Fixed Interest                                  28 Jul 2005                  na         na        na        na        na
                                   Mercer Diversified Alternatives                          7 Jul 2005                  na         na        na        na        na
                                   Mercer Target 2015                                           ^                      na         na        na        na        na
                                   Mercer Target 2025                                           ^                      na         na        na        na        na
                   Mercer
                   Target




                                   Mercer Target 2035                                           ^                      na         na        na        na        na
                                   Mercer Target 2045                                           ^                      na         na        na        na        na
                   Responsible




                                   Mercer Socially Responsible Shares                      6 Jul 2005                  na         na        na        na        na
 Select-your-Own


                   Socially
                   Mercer




                                   Mercer Socially Responsible Growth                      6 Jul 2005                  na         na        na        na        na

                                   Indexed Shares                                         11 Jul 2005                  na         na        na        na        na
                                   Indexed Australian Shares                               7 Jul 2005                  na         na        na        na        na
                   Indexed




                                   Indexed Overseas Shares                                 7 Jul 2005                  na         na        na        na        na
                                   Indexed Growth                                          7 Jul 2005                  na         na        na        na        na
                                   Indexed Conservative Growth                             7 Jul 2005                  na         na        na        na        na
                                   AMP Capital Balanced Direct Option                     19 Oct 2005                  na         na        na        na        na
                                   AMP Capital Balanced Growth Option                      7 Jul 2005                  na         na        na        na        na
                                   AMP Capital Conservative Option                        18 Jul 2005                  na         na        na        na        na
                                   ANZ Superannuation Pool-Growth Fund                    19 Jul 2005                  na         na        na        na        na
                                   BT Active Balanced PST                                  7 Jul 2005                  na         na        na        na        na
                                   Colonial First State PST-Diversified                    4 Aug 2005                   na         na        na        na        na
                                   Credit Suisse Asset Management Capital Growth PST      18 Jul 2005                  na         na        na        na        na
                   Others




                                   ING Managed Growth Superannuation Fund                 18 Jul 2005                  na         na        na        na        na
                                   INVESCO Wholesale Diversified Growth PST                3 Aug 2005                   na         na        na        na        na
                                   Legg Mason Growth Trust                                12 Jul 2005                  na         na        na        na        na
                                   Maple-Brown Abbott PST                                 20 Mar 1996              15.5         14.0      13.4       8.5       8.8
                                   MLC Balanced Fund                                      19 Jul 2005                  na         na        na        na        na
                                   MLC Capital Stable Fund                                 7 Jul 2005                  na         na        na        na        na
                                   MLC Growth Fund                                        11 Jul 2005                  na         na        na        na        na
                                   Schroders Superannuation Fund                          14 Jul 2005                  na         na        na        na        na
                                   Zurich Wholesale Superannuation Managed
                                                                                           6 Jul 2005                  na         na        na        na        na
                                   Growth Fund
Notes:
The ‘commencement date’ is the date the investment option received its first investment under the Mercer Super Trust.
^ Indicates that the investment option had not commenced at the date of this table.
‘na’ indicates that an investment option has been operating for less than the relevant period.                                                                 55
Past performance is not a reliable indicator of future performance.
     Performance relative to index – for comparison periods
     ending 31/12/05
     Where an objective of an investment option is stated in relation to a particular named index, eg CPI, (and that investment option has been
     operating for the full comparison period) the performance of the investment option relative to that objective and index is shown for the
     comparison period in the table below. Where an investment option has not been operating for the full comparison period, no comparative
     performance has been included in the table below.
     Rolling (compound) returns are calculated as the average annual returns over the comparison period.
     Please remember however that past performance should not be relied upon as an indicator of future performance.
                                                                                                                                                                    Investment       Comparison
                                                                                                                                                  Comparison      option rolling     index rolling
                                                                                                                                                     period        (compound)        (compound)
                                                                                     Commencement      Comparison         Objective over
                                                         Investment option                                                                         for rolling    annual return     annual return
                                                                                         Date            Index          comparison period
                                                                                                                                                  (compound)     over comparison   over comparison
                                                                                                                                                 annual return        period            period
                                                                                                                                                                       % pa              % pa
                                                                                                                       Exceed CPI increases by
                                                    Mercer Shares                     5 Jun 1996           CPI                                      7 years           6.3*               3.1
                                                                                                                          at least 4% pa*
                                                                                                                       Exceed CPI increases by
                                                    Mercer High Growth                7 Aug 2002           CPI                                      6 years            na                na
                                                                                                                         at least 3.5% pa*
                         Ready-made




                                                                                                                       Exceed CPI increases by
                                                    Mercer Growth                     20 Mar 1996          CPI                                      5 years           5.9*               2.8
                                                                                                                          at least 3% pa*
                                                                                                                       Exceed CPI increases by
                                                    Mercer Moderate Growth            9 Oct 2002           CPI                                      4 years            na                na
                                                                                                                         at least 2.5% pa*
                                                                                                                       Exceed CPI increases by
                                                    Mercer Conservative Growth         3 Jul 1996          CPI                                      3 years           6.7*               2.6
                                                                                                                          at least 2% pa*
                                                                                                     UBSWA Bank Bill    Exceed UBSWA Bank
                                                    Mercer Cash                       29 May 1996                                                   1 year            5.9^               5.7
                                                                                                          Index              Bill Index^
                                                                                                                       Exceed CPI increases by
                                                    Mercer Shares Plus                 7 Jul 2005          CPI                                      7 years            na                na
                                      Mercer Plus




                                                                                                                         at least 4.5% pa*
                                                                                                                       Exceed CPI increases by
                                                    Mercer High Growth Plus            7 Jul 2005          CPI                                      6 years            na                na
                                                                                                                          at least 4% pa*
                                                                                                                       Exceed CPI increases by
                                                    Mercer Growth Plus                 7 Jul 2005          CPI                                      5 years            na                na
                                                                                                                         at least 3.5% pa*
                              Mercer




                                                                                                                        Exceed UBSWA Bank
                              Sector




                                                                                                     UBSWA Bank Bill
                                                    Mercer Diversified Alternatives     7 Jul 2005                       Bill Index by at least      5 years            na                na
                                                                                                          Index
                                                                                                                             3.5%pa^
                                Mercer Socially




                                                    Mercer Socially                                                    Exceed CPI increases by
                                 Responsible




                                                                                       6 Jul 2005          CPI                                      7 years            na                na
                                                    Responsible Shares                                                    at least 4% pa*

                                                    Mercer Socially                                                    Exceed CPI increases by
                                                                                       6 Jul 2005          CPI                                      5 years            na                na
       Select-your-Own




                                                    Responsible Growth                                                    at least 3% pa*

                                                                                                                       Exceed CPI increases by
                                      Indexed




                                                    Indexed Growth                     7 Jul 2005          CPI                                      5 years            na                na
                                                                                                                          at least 3% pa*

                                                                                                                       Exceed CPI increases by
                                                    Indexed Conservative Growth        7 Jul 2005          CPI                                      3 years            na                na
                                                                                                                          at least 2% pa*

                                                    ANZ Superannuation Pool                                              Outperform CPI on
                                                                                      19 Jul 2005          CPI                                      5 years            na                na
                                                    - Growth Fund                                                       average by 5% pa^

                                                    ING Managed Growth                                                   Outperform CPI on
                                                                                      18 Jul 2005          CPI                                      5 years            na                na
                                                    Superannuation Fund                                                 average by 5% pa^
                                                                                                                        In excess of CPI plus
                                                    MLC Balanced Fund                 19 Jul 2005          CPI                                      5 years            na                na
                                                                                                                              3% pa*
                                      Others




                                                                                                                        In excess of CPI plus
                                                    MLC Capital Stable Fund            7 Jul 2005          CPI                                      3 years            na                na
                                                                                                                              2% pa*
                                                                                                                        In excess of CPI plus
                                                    MLC Growth Fund                   11 Jul 2005          CPI                                      5 years            na                na
                                                                                                                             3.5% pa*
                                                                                                                        Exceed CPI increases
                                                    Schroders Superannuation Fund     14 Jul 2005          CPI         by in the order of 4%        3 years            na                na
                                                                                                                             to 5% pa*
                                                                                             Notes:
                                                                                             * after tax and investment management fees
                                                                                             ^ before tax and investment management fees
56                                                                                             na indicates that an investment option has not been operating for the full comparison period
Step 4 Death & disability cover




              As well as providing a payout on leaving the
              Personal Superannuation Division, the Mercer
              Super Trust helps provide you with security for
              you and your family in the event of your death or
              disability while you’re a member.

              In this section you’ll find out:
              ■   What insurance cover is available                 page 58
              ■   Applying for cover                                page 60
              ■   When your cover stops                             page 60
              ■   Continuing your death cover after you leave the
                  Personal Superannuation Division                  page 61
              ■   Cover while working overseas                      page 61
              ■   Non-residents’ insurance                          page 61
              ■   Cost of cover                                     page 62
              ■   Making a claim                                    page 63




                                                                              57
     You may be entitled to an insured         Conditions apply to                        ■   To be eligible to apply for the
     super payout in the event of your death                                                  option to continue death cover
     or total and permanent disablement
                                               your insurance cover                           in the Personal Superannuation
     while a member of the Personal            Like most forms of insurance certain           Division, you must be aged less
     Superannuation Division.                  conditions and exclusions apply to the         than 65 and no longer be eligible
                                               granting, or payout of your insurance          for cover under your employer’s
     In these circumstances, your super
                                               cover. Details of the conditions and           plan in the CSD. Satisfactory
     payout is made up of:
                                               exclusions applicable to the insurance         evidence of your good health,
     ■   your super account balance. (See      cover available through the Personal           financial details and other evidence
         the Getting to know your super        Superannuation Division are set out in         may be required before the cover is
         section for details) and              the pages that follow in this section.         granted, and other conditions may
                                                                                              apply.
     ■   any insurance amount received.        If you choose to apply for death only
                                               or death and total and permanent           ■   To take advantage of this option,
     What insurance                            disablement cover, once you’ve been
                                               accepted for cover and you remain
                                                                                              you must apply for death cover
                                                                                              in the Personal Superannuation
     cover is available                        eligible for cover , you’ll be covered         Division within 60 days of leaving
                                               24 hours a day, 7 days a week up to            employment. If the application is
     The insurance cover generally available
                                               age 65, except where otherwise stated          made after 60 days but before 120
     in the Personal Superannuation Division
                                               in this PDS. You may choose to have            days after leaving employment you
     of the Mercer Super Trust is:
                                               death only or both death and total and         may still apply for death cover only.
     ■   death, or                             permanent disablement cover.                   However, you will be required to
                                                                                              complete a declaration of good
     ■   death and total and permanent
         disablement                           Continuing your                                health. In the event that you don’t
                                                                                              sign the declaration, cover under
     If you would like to speak to a Mercer    death cover after you                          this option will be denied. For more
     financial adviser about what levels        leave the Corporate                            details about the declaration of
     of death and total and permanent
                                               Superannuation                                 good health, please contact the
     disablement cover may be appropriate                                                     Helpline on 1800 810 558.
     for you, please call the Helpline on      Division
     1800 810 558.                                                                        ■   In the event that your employer
                                               If you have transferred from a plan in
                                                                                              doesn’t notify us of your leaving
                                               the Corporate Superannuation Division
                                                                                              employment in time to meet the
     Your insurance                            (CSD), the cover you had in the CSD
                                                                                              120 day timeframe set out above,
     provider                                  generally extends for up to 60 days
                                                                                              then the cover described above
                                               after leaving your employer. This is
     The trustee has appointed The                                                            may not be available.
                                               referred to as ‘extended cover’ and will
     National Mutual Life Association of       apply if you are under age 65. Refer       ■   This option is not guaranteed under
     Australasia Limited ABN 72 004 020        to your CSD member materials for full          the Mercer Super Trust’s insurance
     437 to provide the insurance for the      details of this ‘extended cover’.              policy and may be subject to
     Personal Superannuation Division. The                                                    change by the insurer.
     insurance is provided under the policy    If your insurance in the CSD was
     of insurance issued to the trustee. The   under the trustee’s standard insurance     If your insurance in the CSD was not
     trustee has the right to change the       policy with The National Mutual Life       under the trustee’s standard insurance
     insurer from time to time.                Association of Australasia Limited and     policy with The National Mutual Life
                                               you have left the CSD for reasons other    Association of Australasia Limited or
                                               than because you have requested your       your application for death cover in
                                               employer to direct your superannuation     the Personal Superannuation Division
                                               guarantee contributions to another         is not made within the required time
                                               fund, you may have the option of           frame, as detailed above, you may still
                                               continuing the insurance cover that        apply for death insurance cover, but
                                               you had in the CSD in the Personal         acceptance of your application will
                                               Superannuation Division (for death         be subject to provision of satisfactory
                                               cover only and at your own expense)        evidence of good health, financial
                                               up to the amount of cover that you         details and other evidence before this
                                               had while a member of your employer’s      cover can apply (see below for further
                                               plan in the CSD. Conditions that apply     details).
                                               to this cover are as follows:




58
                                                                                            Death & disability cover…



Death cover                                 Total and permanent                        What total and
You can choose the dollar amount of         disablement cover                          permanent
your death cover subject to a minimum       Any member in the Personal                 disablement is
of $50,000. The maximum amount for
death cover is $5 million.
                                            Superannuation Division may apply          defined as
                                            for total and permanent disablement
                                            insurance cover, which will only           Before becoming eligible for an
If you are:
                                            be granted subject to provision of         insurance payout, you’ll need to meet
■   a new member to the Mercer Super        satisfactory evidence of good health,      the insurer’s definition of total and
    Trust, or                               financial details and other evidence.       permanent disablement. Generally if
                                                                                       you are employed for 15 hours or more
■   transferred from the CSD and
                                            You’re eligible to apply for total and     per week this is:
    • your insurance in the CSD was         permanent disablement insurance cover
       not under the trustee’s standard     providing:                                 ■   you must have been continuously
       insurance policy with The                                                           absent from work through illness or
       National Mutual Life Association     ■   you make your application and it is        injury for six months and,
       of Australasia Limited; or               accepted prior to age 50               ■   the trustee and insurer must form
                                            ■   at the time you make your                  the opinion, based on medical
    • your application for death cover
                                                application you’re in permanent            evidence, that you’re unlikely to
       was not made within the required
                                                employment working at least 15             ever engage in or work for reward
       time frame,
                                                hours per week, and                        in any occupation for which you’re
then you will be required to provide                                                       reasonably qualified through
                                            ■   you provide satisfactory evidence of
satisfactory evidence of good health,                                                      education, training or experience
                                                good health, financial details and
financial details and other evidence
                                                other evidence.                        In addition you will be deemed to be
before you are provided with death cover.
                                            You can choose the dollar amount of        totally and permanently disabled if you
It is also important to note that all       your total and permanent disablement       suffer the total and irrevocable loss of:
insurance payouts are subject to the        cover subject to a minimum of              ■   the use of both hands, or
terms of the insurance policy between       $50,000. This cover must not exceed
the trustee and the insurer. If for some                                               ■   the use of both feet, or
                                            the amount of your death insurance
reason, the trustee cannot arrange          cover. The maximum amount for total        ■   the use of one hand and one foot, or
cover for you on standard terms or if       and permanent disablement cover is $2      ■   the sight of both eyes, or
the insurer doesn’t pay the insured part    million.                                   ■   the use of one hand and the sight of
of your super, then the amount you
                                                                                           one eye, or
receive will be reduced accordingly.        Your total and permanent disablement
                                            cover reduces uniformly to nil between     ■   the use of one foot and sight of one
                                            ages 60 and 65.                                eye.

                                            It is also important to note that all      You’ll need to provide all relevant
                                            insurance payouts are subject to the       information to the trustee or the insurer
                                            terms of the insurance policy between      to enable your claim to be processed.
                                            the trustee and the insurer. If for some
                                            reason, the trustee cannot arrange
    Death payouts                           cover for you on standard terms or if          Total and
    may take time to                        the insurer doesn’t pay the insured part
                                                                                           permanent
                                            of your super, then the amount you
    be finalised                             receive will be reduced accordingly.           disablement
    The trustee must comply with
                                            If you are employed on a casual basis          payouts may take
    various legal requirements in
    relation to the payment of death
                                            or work less than 15 hours per week            time to be finalised
                                            or are unemployed, you are not eligible
    payouts. While every effort is made                                                    The assessment of a total and
                                            for total and permanent disablement
    to make these payments quickly,                                                        permanent disablement claim
                                            cover.
    due to the legal processes involved                                                    involves the collection of medical
    there may be a significant period                                                       and other evidence. This may mean
    of time required between the date                                                      that a decision is not made until
    of death and the time a payout                                                         some 12-18 months after you last
    is made in order to collect and                                                        worked. In some cases it may take
    analyse all relevant information.                                                      even longer.



                                                                                                                                   59
     Applying for                                  Renewing your cover                          ■   become ineligible for total and
                                                                                                    permanent disablement cover due to
     cover                                         Once accepted and you continue to
                                                   be eligible, your cover will be renewed
                                                                                                    changes in your employment status
                                                                                                    (see below)
     If you wish to apply for insurance cover      automatically each year until age 65
                                                                                                ■   in the case of total and permanent
     then you must complete an ‘Applying for       regardless of your health. Your cover
                                                                                                    disablement cover, continue to
     Insurance Cover’ form. You can obtain         will increase automatically each year
                                                                                                    be on unpaid leave or temporary
     this form from our website located at         (subject to a minimum of 5%) by the
                                                                                                    absence from employment for more
     www.mercersupertrust.com or by calling        lesser of:
                                                                                                    than 6 months.
     the Helpline on 1800 810 558.
                                                   ■   the CPI increase, and                    Your insurance cover will also stop
     If you’re applying for death and total        ■   7.5%.                                    if the Mercer Super Trust’s insurance
     and permanent disablement cover,                                                           policy is cancelled in accordance with
                                                   This does not apply for members who
     you’ll be required to provide satisfactory                                                 the terms of the policy.
                                                   are in occupations classified as heavy
     evidence of good health, financial details
                                                   blue collar. You will be advised if this     As your employment status affects
     and other evidence for the insurer. This
                                                   applies to you.                              your eligibility for total and permanent
     may not be required if you’re applying
     for death cover only. You will be advised                                                  disablement cover, the trustee
     if this applies to you.                       Increase in cover                            recommends that you inform us in
                                                                                                writing should your employment
                                                   Once you have chosen and been
     If you are being assessed by the insurer,                                                  status change (eg on changing jobs
                                                   accepted for death or death and total
     you will generally be covered for the                                                      or employers, going on unpaid leave,
                                                   and permanent disablement cover,
     assessable insurance amount for                                                            moving overseas, or changing from
                                                   you can change the amount of your
     accidental death and accidental total                                                      fulltime to part-time employment) and
                                                   insurance cover at any time, subject
     and permanent disablement cover (if                                                        you’ll be advised if you’re still covered
                                                   to the terms and conditions in the
     applicable) for the amount of cover you                                                    for total and permanent disablement
                                                   ‘Death cover’ and ‘Total and permanent
     have requested up to a maximum of $5                                                       insurance. If you don’t do this, the
                                                   disablement cover’ sections above. If
     million for death cover and $2 million for                                                 trustee will not be responsible for your
                                                   you increase your level of insurance
     total and permanent disablement cover                                                      total and permanent disablement cover.
                                                   cover you will need to be assessed by
     (if applicable) for up to 90 days. For the
                                                   the insurer and will need to provide         If your total and permanent
     purpose of this cover ‘accident’ means
                                                   satisfactory evidence of good health,        disablement cover stops due to
     bodily injury caused directly and solely
                                                   financial details and other evidence          changes in your employment status,
     by violent accidental, external and visible
                                                   before you can receive an increased          your insurance premiums don’t
     means. Premiums will be charged for the
                                                   level of insurance cover.                    automatically reduce during such a
     period of provisional accident cover.
                                                                                                period unless you advise the trustee in
     For the amount of cover that is subject                                                    advance. If you don’t wish to continue
     to providing satisfactory evidence of         When your cover                              paying your premium for total and
     good health, financial details and other
     evidence, the insurer may accept,
                                                   stops                                        permanent disablement cover you
                                                                                                should write to the trustee requesting
     decline or impose special conditions          You’ll no longer have insurance cover        that the cover be discontinued.
     (such as an exclusion or premium              if you:
     loading) for that cover. Where the                                                         If you subsequently wish to reinstate
     insurer accepts your application, you         ■   advise the trustee in writing that       your insurance cover, you’ll need to
     will be notified of the date that your             you wish to stop paying insurance        reapply and will need to satisfy the
     cover commences.                                  premiums                                 conditions for this insurance including
                                                   ■   have insufficient funds in your           providing satisfactory evidence of good
                                                       super account balance to cover the       health and other information if you
                                                       insurance premiums                       want total and permanent disablement
                                                                                                cover.
                                                   ■   leave the Personal Superannuation
                                                       Division of the Mercer Super Trust       The insurer may impose conditions or
                                                   ■   reach age 65                             decline your cover.
                                                   ■   receive a payout in respect of a total
                                                       and permanent disablement claim or
                                                       your beneficiaries receive a payout
                                                       due to your death (death cover
                                                       ceases on payment by the insurer of
                                                       a total and permanent disablement
                                                       benefit)

60
                                                                                            Death & disability cover…



Continuing your                             Cover while                                 If your cover ceases and you then
                                                                                        subsequently return to Australia, you’ll
death cover                                 working overseas                            need to provide satisfactory evidence
                                                                                        of good health, financial details and
after you leave                             If you work overseas, you can generally     other evidence before your cover will
                                            continue your death and total and
the Personal                                permanent disablement cover for up to
                                                                                        be reinstated. The insurer may impose
                                                                                        conditions or decline your cover.
Superannuation                              three years.
                                                                                        The trustee will not be responsible
Division                                    If you’ll be resident in Austria,
                                            Belgium, Canada, Denmark, Finland,
                                                                                        for your insurance cover where it
                                                                                        has not received written advice
You have the option of continuing your      France, Germany, Greece, Hong               from you that you are leaving for,
death insurance cover with the insurer      Kong, Hungary, Iceland, Italy, Japan,       or returning from, overseas for
under a personal policy at your own         Luxembourg, Monaco, Netherlands,            business purposes.
expense up to the same amount of            New Zealand, Norway, Poland,
cover you had in place providing you:       Portugal, Singapore, Spain, Sweden,         The above terms are in relation to cover
                                            Switzerland, USA, UK and Ireland            while working overseas. You do not
■   stop being a member of the Personal     (collectively referred to as the A-         need to notify us of your overseas
    Superannuation Division of the          listed countries), then your cover          travel for non-business purposes.
    Mercer Super Trust (for any reason      will automatically continue to apply.
    other than temporary or permanent                                                   Please be aware that in the event
                                            Premiums will continue to be charged
    disablement), and                                                                   that a war or civil unrest occurs in any
                                            at the same rate.
                                                                                        country, your cover may be affected.
■   are under age 65.
                                            If you are travelling to a non A-listed
Satisfactory evidence of good health                                                    You will be advised if this applies to
                                            country, you will still be eligible
will not be required, however financial                                                  you.
                                            for cover but will be subject to an
details and other information may
                                            additional premium where the duration       If you don’t want cover while overseas
be requested. Any restrictions that
                                            of your business trip exceeds eight         you can suspend it but you will need to
applied to your insurance cover
                                            weeks.                                      provide satisfactory evidence of good
under the Personal Superannuation
                                                                                        health and other evidence to resume
Division of the Mercer Super Trust will     Please be aware that the above A-listed
                                                                                        cover on your return.
continue to apply under the personal        countries may be varied by the insurer
policy and cover will be subject to the     from time to time.                          For further details call the Helpline on
terms and conditions of that policy.                                                    1800 810 558.
To take advantage of this option,           To remain eligible for overseas coverage
you must apply to the insurer and           you must satisfy all of the following
have the replacement policy in place        conditions:
                                                                                        Non-residents’
within 60 days of leaving the Personal
Superannuation Division of the Mercer
                                            ■   You must remain a member of the
                                                Personal Superannuation Division
                                                                                        insurance
Super Trust (or stop paying premiums,                                                   If you’re based in Australia but aren’t
                                            ■   You must be an Australian national
if earlier). The cost of continuing your                                                an Australian resident, you may still be
cover outside the Mercer Super Trust        ■   In the event of a disablement claim,
                                                                                        eligible for insurance cover provided:
will be based on the insurer’s prevailing       you must be aware that you may
individual policy premium levels and            be required to return to Australia at   ■   you have a current visa which allows
terms and conditions and will need to           your own expense                            you to work in Australia;
be met by you.                              ■   You continue to advise us of            ■   you remain a member of the
                                                any changes in your overseas                Personal Superannuation Division;
The terms and conditions of the                 arrangements.
continuation option are not guaranteed                                                  ■   you are employed to work in
                                            You should advise us if you will be             Australia; and
and may be varied by the trustee and /
                                            staying overseas for longer than a          ■   you meet all other eligibility terms
or the insurer.
                                            three-year period. The trustee may              for insurance cover (including
                                            need to get the insurer’s prior written         payment of premiums).
                                            approval on your behalf. You should
                                            advise the trustee of your travel plans.
                                            If you don’t have written approval, then
                                            you may not be covered. You should be
                                            aware that additional premiums may
                                            be payable and in some instances cover
                                            may be limited. You will be advised if
                                            this applies to you.

                                                                                                                                   61
                                                 The following table outlines the annual insurance premium rates per
                                                 $1,000 sum insured. The premium rates then need to be multiplied by the
     Cost of cover                               appropriate factors to determine your annual premium. You will be advised of
                                                 your individual premium once your application has been accepted.
     The cost of cover depends on the rating
     factors that apply to your occupation,      When selecting your desired level of insurance, you should bear in mind that
     smoker status, gender, health and           premiums generally increase as you get older.
     premium rate that applies for your age.
                                                 Death and total and permanent disablement premium
     To work out the annual premium for
     your cover, multiply the amount of
                                                 rate table*
     cover you have chosen for death (and                                        Annual premium
     total and permanent disablement                                               for $1,000 of                                        Annual premium
                                                                                 death annd total                                         for $1,000 of
     cover if applicable) by the relevant                       Annual premium and permanent                          Annual premium death annd total
     premium rate according to your age                           for $1,000 of    disablement                          for $1,000 of   and permanent
                                                   Age next     death cover only       cover             Age next     death cover only disablement cover
     next birthday and divide by 1,000.            birthday             $                $               birthday             $                 $
     This amount should then be multiplied             15              0.24                 0.30            41              0.51                0.86
     by the appropriate rating factors                 16              0.24                 0.30            42              0.55                0.97
     applicable to your occupation, smoking            17              0.28                 0.37            43              0.60                1.08
     status, gender and health rating.                 18              0.33                 0.44            44              0.66                1.19
                                                       19              0.37                 0.51            45              0.71                1.32
     It’s important to be aware that
                                                       20              0.40                 0.54            46              0.78                1.51
     premiums for a high level of cover may            21              0.40                 0.54            47              0.86                1.69
     significantly reduce your super payout.            22              0.39                 0.52            48              0.95                1.91
     You should consider your insurance                23              0.37                 0.49            49              1.03                2.14
     needs carefully before making a                   24              0.33                 0.46            50              1.12                2.41
     decision about the level of cover                 25              0.32                 0.45            51              1.24                2.72
     you require. You may wish to seek                 26              0.32                 0.43            52              1.35                3.05
     professional advice from a licensed,              27              0.31                 0.43            53              1.48                3.43
     or appropriately authorised, financial             28              0.31                 0.43            54              1.65                3.89
     adviser to determine your appropriate             29              0.31                 0.44            55              1.82                4.40
     level of insurance cover. Your individual         30              0.32                 0.45            56              2.01                5.04

     premium rate can only be determined               31              0.32                 0.46            57              2.24                5.78

     once you’ve completed and returned                32              0.33                 0.48            58              2.49                6.66
                                                       33              0.33                 0.51            59              2.80                7.66
     satisfactory evidence of good health ,
                                                       34              0.35                 0.52            60              3.13                8.82
     financial details and other evidence for
                                                       35              0.37                 0.54            61              3.51               10.17
     the insurer.
                                                       36              0.37                 0.57            62              3.95               11.75
     The cost of cover is deducted monthly             37              0.40                 0.60            63              4.44               13.56
     from your super account balance.                  38              0.40                 0.66            64              5.00               15.67

     Continuance of cover is conditional               39              0.43                 0.71            65              5.62               18.09
                                                       40              0.46                 0.78
     upon premiums being paid.
                                                 * The above premiums are inclusive of stamp duty and may be changed in the event of invasion or war.
                                                   Individual premiums will apply for all members. Higher premiums may apply if you travel overseas for
                                                   business purposes.


                                                 The ratings factors are as follows:

                                                  Occupational rating                                       Smokers rating
                                                  Professional/white collar                  1.00           Non-smokers                                   1.0
                                                  Light blue collar                          1.95           Smokers                                    1.67
                                                  Heavy blue collar                          2.70

                                                 Please note that for some occupations the risk is
                                                                                                            Gender rating
                                                 non-insurable.
                                                                                                            Females                                       0.8

                                                                                                            Males                                         1.0
                                                 Health rating
                                                 This cannot be advised in advance. The insurer will assess your health status based on
                                                 the information you provide.


62
                                           Death & disability cover…



Some examples of how to
determine your premiums based
on the premium rates above and
the various rating factors are as
follows.
1. Jack is age 45 (46 next birthday),
   employed in a white collar
   profession and is a non-smoker.
   Jack is insured for death cover only
   for $110,000. From the death and
   total and permanent disablement
   premium rate table we can see
   that at age 46 next birthday the
   annual premium for death cover
   only is $0.78 for every $1,000 of
   cover. This means the annual cost of
   Jack’s cover is $110,000 times $0.78
   divided by 1,000 multiplied by 1.00
   (occupational rating) multiplied by
   1.0 (smoker rating) multiplied by 1.0
   (gender rating) = $85.80
  The total cost of cover may vary
  depending on Jack’s health rating.

2.Jim is age 45 (46 next birthday),
  employed in a light blue collar
  profession and is a smoker. Jim is
  insured for death cover only for
  $110,000. From the death and total
  and permanent disablement premium
  rate table we can see that at age 46
  next birthday the annual premium for
  death cover only is $0.78 for every
  $1,000 of cover. This means the
  annual cost of Jim’s cover is $110,000
  times $0.78 divided by 1,000
  multiplied by 1.95 (occupational
  rating) multiplied by 1.67 (smoker
  status) multiplied by 1.00 (gender
  rating) = $279.41
  The total cost of cover may vary
  depending on Jim’s health rating.




Making a claim
Please contact the Helpline on
1800 810 558 for information on
how to make a claim.




                                                                       63
64
Step 5 Beneficiaries




              For the sake of your family, it’s important that
              Mercer Super Trust has a record of your wishes as
              to who you’d like to receive your super payout if
              you die while you’re a member.

              In this section you’ll find out:
              ■   How can you make a nomination?           page 66
              ■   Who you can nominate?                    page 67




                                                                     65
     If you die while you’re a member of the     OR                                         A binding death benefit nomination
     Mercer Super Trust, your super payout                                                  will cease to have effect if:
     will be paid to the person(s) you have      2. Binding Death                           ■ three years have passed from the
     nominated in a binding death benefit                                                       day you signed the Binding Death
     nomination that is valid and in effect at   Benefit Nomination                             Benefit Nomination Form or last re-
     the time of your death.                     You can nominate one or more persons          confirmed that nomination; or
                                                 that you require the trustee of the        ■   you have revoked the nomination;
     If a binding death benefit nomination
                                                 Mercer Super Trust to pay your super           or
     has not been made or is invalid or no
                                                 payout to, according to the proportions
     longer in effect at the time of your                                                   ■   the trustee is prevented from
                                                 specified by you, by making a binding
     death, the trustee of the Mercer Super                                                     making payment in accordance
                                                 death benefit nomination.
     Trust has the discretion to pay your                                                       with your binding death benefit
     super payout to any one or more of          You can make a binding death benefit            nomination due to the operation of
     your dependants and your estate in any      nomination that the trustee will be            the Family Law Act 1975; or
     proportion it determines.                   bound to follow in the event of your       ■   you are subject to a Court Order
                                                 death, unless it has become invalid or         that prevents you from making a
     Because of this, we would like to know
                                                 is no longer in effect, by completing a        binding death benefit nomination
     who you’d like to receive your super
                                                 Binding Death Benefit Nomination Form.          or that requires you to revoke
     payout.
                                                                                                an otherwise valid binding death
                                                 A binding death benefit nomination              benefit nomination.
     How can                                     will be invalid if:
                                                 ■ it is not made using the MST Binding
                                                                                            Making, changing, revoking

     you make a                                     Death Benefit Nomination Form; or
                                                                                            or re-confirming your binding
                                                                                            death benefit nomination
     nomination?                                 ■   the Binding Death Benefit Nomination
                                                     Form has not been properly             If you wish to make a binding death
     You may nominate who you would like             completed in accordance with the       benefit nomination, or amend or revoke
     to receive your super payout in one of          relevant legal requirements which      an existing binding death benefit
     two ways.                                       are specified on the form (for          nomination please contact the Helpline
                                                     example, the nominated proportions     on 1800 810 558 or visit our website
                                                                                            www.mercersupertrust.com for the
     1. Preferred                                    are not clear or do not equal 100%,
                                                                                            Binding Death Benefit Nomination Form,
                                                     or the form has not been signed and
     Beneficiaries                                    witnessed correctly); or               which also contains full instructions on
     Nomination                                  ■   at the time of your death, one or
                                                                                            how to complete it.

     You can nominate who you would                  more of the persons nominated by       If you wish to re-confirm your existing
     prefer to receive your super payout             you in the Binding Death Benefit        binding death benefit nomination to
     in the event of your death. This is an          Nomination Form has died or is not     continue for another three years, you
     indication of your preferences only,            your dependant or legal personal       can do this by calling the Helpline on
     and pertains to the distribution of             representative; or                     1800 810 558 for the necessary form
     your super payout in the event you          ■   you remarry after making the           to complete and return.
     do not make a binding death benefit              nomination; or
     nomination. The trustee of the
                                                 ■   you were legally incapable of
     Mercer Super Trust will not be
                                                     making the nomination; or
     legally bound by your wishes but
     will take them into account.                ■   the trustee is legally restrained or
                                                     prohibited from paying your super
     Making, or changing your                        payout to one or more of the
     preferred beneficiary                            persons nominated by you in the
     nomination                                      Binding Death Benefit Nomination
                                                     Form.
     To let the trustee of the Mercer Super
     Trust know your wishes, you should
     complete Step 5 of the application form.

     You can also make a nomination of
     preferred beneficiaries, or change your
     existing preferred beneficiary nomination
     at any time either through our website
     www.mercersupertrust.com or by calling
     the Helpline on 1800 810 558.

66
                                             Beneficiaries…



Who can you
nominate?
When making a nomination of
preferred beneficiaries or a binding
death benefit nomination you have
the choice of nominating one or more
of your dependants and your legal
personal representative (your estate).

Your dependants can include:

■   your spouse (this includes de-facto
    but not same-sex partners),
■   your children including step-children
    and adopted children,
■   any other person who the trustee
    considers is wholly or partially
    dependent on you, and
■   any other person with whom
    you have an interdependency
    relationship. (This will occur
    where you have a close personal
    relationship with another person
    (whether or not related by family)
    and:
    ●   you and that other person live
        together,
    ●   you, the other person, or both
        of you provide the other with
        financial support, and
    ●   you, the other person, or both
        of you provide the other with
        domestic support and personal
        care.
    It will also occur where you have
    a close personal relationship with
    another person but due to a disability
    the other criteria of interdependency
    cannot be met.)

As mentioned above, you can
also nominate your legal personal
representative (your estate). If your
legal personal representative receives
your payout, it will be distributed
according to your will, or if you don’t
have a will, according to the laws of
the State in which you resided at the
date of your death.

If you don’t have any dependants or
a legal personal representative, the
trustee of the Mercer Super Trust has
the discretion to pay your super payout
to any person allowed by the law.



                                                             67
68
Step 6 Tax & super




             The government provides tax breaks on super
             investment to encourage Australians to save for
             their retirement.

             In this section you’ll find out:
             ■   How tax applies to your super                    page 70
             ■   Providing your tax file number may save you tax   page 70
             ■   Rebate for spouse contributions                  page 71
             ■   Co-contributions                                 page 71
             ■   Tax on investment income                         page 71
             ■   Tax on your super payout                         page 72
             ■   Up to date information                           page 73




                                                                            69
         This general taxation information
                                                 Providing your                                Surcharge tax
         guide is based on our
         interpretation of existing laws
                                                 tax file number                                For some higher income earners there
                                                                                               has been an additional tax, known
         and proposed legislation as at          may save you tax                              as the surcharge, on all employer
         the date of preparation of this                                                       contributions (which includes any salary
                                                 Where you provide your tax file number         sacrifice contributions you made) and
         PDS. Discussion of these taxation
                                                 to us, you acknowledge that we may            tax deductible member contributions.
         matters aims to give you an
                                                 supply your tax file number to Mercer          The surcharge tax may also have
         overview of what may apply to
                                                 and other relevant parties. If you don’t      applied to an eligible termination
         your super, assuming you are an
                                                 supply your tax file number we may be          payment made by your employer.
         Australian resident. If you’re not an
                                                 required to deduct tax at the highest
         Australian resident for income tax                                                    The surcharge tax could also have
                                                 marginal rate plus the Medicare levy
         purposes, different tax rules may                                                     applied automatically if you had
                                                 from any super payout made to you.
         apply. As personal circumstances                                                      not provided your tax file number,
                                                 Your contributions may also be subject
         differ, we strongly recommend that                                                    irrespective of what you earned.
                                                 to the highest rate of surcharge. It is
         specific tax advice is sought from
                                                 not an offence not to provide your tax
         a suitably qualified professional.                                                     The surcharge has now been removed
                                                 file number.
         Taxation laws may change at any                                                       on superannuation contributions made
         time.                                   Any tax file number information                on or after 1 July 2005 and eligible
                                                 supplied will automatically be applied        termination payments made by an
                                                 to all future investments in the Mercer       employer on or after 1 July 2005.

     How tax applies                             Super Trust. For more information
                                                 about the use of tax file numbers ring
                                                                                               Although the surcharge has been

     to your super                               your local branch of the tax office.
                                                                                               removed in respect of future
                                                                                               contributions, it will continue to apply
     In most cases, you have to pay tax on                                                     in respect of the period up to 30
     your super payout when it’s paid from
                                                 Tax on contributions                          June 2005. This means that the tax
     the Mercer Super Trust.                     The trustee pays tax at the rate of           office will continue to issue surcharge
                                                 15% on contributions made by your             assessments in respect of contributions
     The actual amount of tax you’ll have to                                                   and eligible termination payments
                                                 employer (which includes any salary
     pay depends on:                                                                           made by employers before 1 July 2005.
                                                 sacrifice contributions you make)
     ■   the size of your payout                 and on contributions on which you
                                                                                               If you rollover super into the Mercer Super
                                                 claim a tax deduction. The amount
     ■   the type of payout                                                                    Trust from another super fund or from an
                                                 of contribution tax is levied on your
     ■   the date you started employment                                                       employer, any liability to pay the surcharge
                                                 net contributions after relevant fees
     ■   your level of taxable income                                                          tax for contributions to that fund which
                                                 and insurance premiums have been
                                                                                               has not been paid, or in respect of the
     ■   when your payout is taken as cash.      deducted. If a taxable contribution is
                                                                                               employer payout, may be transferred to
                                                 accepted into the Mercer Super Trust,
     You can legally defer and, in some                                                        the Mercer Super Trust.
                                                 tax will be deducted immediately and it
     cases, reduce the amount of tax to be
                                                 will be held until it’s required to be paid   If the Mercer Super Trust is required
     paid by rolling your payout into another
                                                 to the tax office.                             to pay surcharge tax in respect of
     super arrangement. Tax generally needs
                                                                                               contributions made for you, the
     to be paid when you withdraw money          Tax at 15% is also deducted from
                                                                                               tax payable will be charged to your
     from that rollover fund.                    amounts paid by some Government
                                                                                               account in the Mercer Super Trust. You
                                                 funds and certain payments from
                                                                                               should check your most recent member
                                                 employers which are rolled into the
                                                                                               statement to see if surcharge tax has
                                                 Mercer Super Trust. These amounts
                                                                                               applied to you.
                                                 are considered to be from an untaxed
                                                 source and therefore tax must be              Your surcharge assessment will generally
                                                 deducted when they are received. The          be charged according to the investment
                                                 part that is subject to tax is normally       option you have selected for your future
                                                 called the “untaxed post June 1983”           cash flows into your account at the time
                                                 component.                                    the assessment is processed.

                                                                                               If we receive a surcharge assessment in
                                                                                               respect of your membership after you
                                                                                               have left the Personal Superannuation
                                                                                               Division we will return it to the tax
                                                                                               office. The tax office will then forward
                                                                                               it to the fund to which your benefit
70                                                                                             was paid, or to you if your benefit was
                                                                                               paid directly to you.
                                                                                                                       Tax & super…



Contribution limits                            Rebate for                                     your income is $40,000, and you make a
                                                                                              contribution of at least $600 you will be
Your contributions will generally only
be tax deductible to you if you’re
                                               spouse                                         eligible for a co-contribution of $900.

self-employed or receive no employer           contributions                                  The co-contribution will only be
                                                                                              available to people who earn at
super support. If that is the case then
                                               Your spouse may be entitled to a tax           least 10% of their income from
you may claim tax deductions for
                                               rebate of 18% for super contributions          employment as an employee and will
contributions of $5,000 and 75% of
                                               of up to $3,000 made on your behalf            not be available to those self-employed
contributions in excess of $5,000 up to
                                               providing you’re a:                            persons who are able to claim a tax
your maximum deductible contributions
                                                                                              deduction for their contributions.
limit. Your maximum deductible                 ■   non-income earner, or
contributions limit depends upon your          ■   earn assessable income and                 You must also be under age 71 at the
age as follows for the 2005/2006                                                              end of the year. The co-contribution
                                                   reportable fringe benefits below
financial year:                                                                                is not available to most temporary
                                                   $10,800 per year.
                                                                                              residents.
 Under Age 35                        $14,603   Lower rebates may apply if your
                                               assessable income and reportable               The trustee must give the tax office
 Age 35-49                           $40,560   fringe benefits are between $10,800             information about your contributions
                                               and $13,800 per year.                          and those made by your employer.
 Age 50 and over                   $100,587                                                   Using this information and information
                                                                                              in your tax return, the tax office will
These amounts are indexed from 1 July
each year.                                     Co-contributions                               work out if you are entitled to receive
                                                                                              a co-contribution. Any co-contribution
If you receive less than 10% of your           - the Government                               payable will then be sent directly to the
                                                                                              Mercer Super Trust or another fund to
income* from employment where
your employer provides super support
                                               may provide                                    which you belong.
then you’re entitled to the same tax           additional                                     We recommend that you speak to a
deductions for super contributions                                                            licensed, or appropriately authorised,
as self-employed and unsupported               contributions                                  financial adviser to work out how this
persons.
                                               for you if you                                 might apply to you.
                                                                                              * Income is your assessable income plus your
At the end of each financial year,
we will contact you, if you have told
                                               make after tax                                   reportable fringe benefits.

us that you are self-employed or if            contributions to                               Tax on
you request, so that you can advise
how much you wish to claim as a tax            super                                          investment
deduction in that financial year.               The co-contribution is a contribution,         income
Contributions may be made even if              by the Government, of up to $1.50
                                               for each $1.00 of personal after-              Generally, the trustee is liable to pay tax
you’re not entitled to a tax deduction.
                                               tax member contributions paid to a             at a maximum rate of 15% on:
Any contribution of this nature made
                                               superannuation fund.
by you is treated as an undeducted                                                            ■   all investment income
contribution, which is not subject to          The amount of the co-contribution              ■   realised capital gains from assets
contributions tax and is not taxed when        you will get depends on your income*               held for less than twelve months,
paid as a benefit. However, earnings on         and the personal after tax contribution            and
undeducted contributions are subject           you have made during the financial
                                                                                              ■   two-thirds of realised capital gains
to the tax on investment earnings.             year. The maximum amount of co-
                                                                                                  from assets held for more than
                                               contribution for a financial year is
Employer super contributions are                                                                  twelve months.
                                               $1,500 and is available to people
generally tax deductible for the               whose income is $28,000 or less. This          Where the Mercer Super Trust is
employer up to the age based limits set        maximum or cap then phases down                invested in pooled super trusts and
out above.                                     by 5 cents for each dollar of additional       statutory funds of life insurance
* Income is your assessable income plus your   income and cuts out completely for             companies, the trustee won’t be liable
  reportable fringe benefits.                   incomes of $58,000 or more. You also           to pay tax on gains received from these
                                               need to meet other conditions to be            investments.
                                               eligible for the co-contribution – these
                                               are set out below.                             The actual rate at which the trustee
                                                                                              pays tax may be reduced below 15%
                                               For example, if your income is $28,000         due to the effect of various tax credits
                                               or less and you make a personal after-tax      and rebates.
                                               contribution of $1,000 (and you meet the
                                               other conditions set out below) you will be
                                               eligible for a co-contribution of $1,500. If                                                  71
     Tax on your                                             Your death payout and tax
     super payout                                            A lump sum payment made upon your death directly to:

                                                             ■   a dependant (as defined for tax purposes) will be tax free up to your pension RBL
     Reasonable benefit                                       ■   a non-dependant will be taxed as an ETP at special rates.
     limits (RBLs)
                                                             Similarly, if a lump sum payment is made upon your death to your estate for
     Your RBL is the maximum amount of                       distribution in accordance with your Will or the administration laws, the amount
     super and similar entitlements that you’re              given to a dependant by the estate will be tax free in the estate and to the
     entitled to receive during your lifetime                dependant up to your available pension RBL. A payment to the estate in respect of a
     on a concessionally taxed basis from the                non dependant will be treated as an ETP in the hands of the trustee of the estate and
     following sources:                                      taxed at special rates.
     ■   super funds, including pensions                     If lump sum payments exceed the pension RBL, the excess amount will be taxed at
     ■   approved deposit funds                              38% to 47%, plus the Medicare levy.
     ■   certain annuities
     ■   other Eligible Termination Payments                 Your lump sum payments and tax
         (ETPs).                                             Lump sum payouts (otherwise referred to as ETPs) are made up of different
     Your RBL amount depends on whether                      components each of which may be subject to tax.
     you receive your super in the form of                   The most common components of a payout are:
     a lump sum, a non-complying pension
     or annuity, or a complying pension or                                                                              Tax Tratment
                                                              Components
     annuity.
                                                              Undeducted contributions - your own                       Tax free
     If you receive a super payout this will                  personal contributions after 30 June 1983
     be taken into account in determining                     for which you have not claimed a tax
     whether you have exceeded your RBL.                      deduction.
     Where at least 50% of the total amount
     received from all sources is taken as a                  Pre 1 July 1983 - related to your period of               5% is included in your taxable
     complying pension or annuity the pension                 service up to 30 June 1983                                income and taxed at your marginal
     RBL will generally apply. Where this is not                                                                        rate*
     the case the lump sum RBL will generally                 Post 30 June 1983 - related to your period                If under age 55 - taxed at 20%*. If
     apply.                                                   of service since 1 July 1983                              over age 55 - first $129,751† is tax
     The table below outlines the relevant                                                                              free, the balance is taxed at 15%*
     RBLs:                                                   * The Medicare levy (plus where applicable, the Medicare surcharge) is also payable.
                                                             † The limit is applicable for 2005/2006 and is indexed from 1 July each year.
     Reasonable Benefit Limits

      Type of Benefit              RBL 2005/2006*
      Lump sum                              $648,946

      Pension (complying                 $1,297,886
      pension and
      annuities only)**
     * These amounts are applicable for 2005/2006 and
       are indexed from 1 July each year. If you receive
       your super payout prior to your 55th birthday, your
       lump sum RBL will be reduced by 2.5% for every
       year by which you’re younger than age 55.

     ** Generally applies if at least 50% of your super
        payout is taken as a complying pension or annuity,
        otherwise the lump sum RBL will apply.

     Note you may be eligible for transitional
     Lump Sum and Pension RBLs which
     are higher than the above figures. We
     recommend you discuss your RBLs with
     a licensed, or appropriately authorised,
     financial adviser.


72
                                                                                               Tax & super…



Other components that are less common include:

 Components                                                Tax Tratment
 Post June 1994 invalidity component – may Tax free
 apply if you leave service due to invalidity

 Concessional component – only applicable                  5% is included in your taxable
 up to 1 July 1994, applied on leaving                     income and taxed at your marginal
 service due to invalidity or redundancy                   rate*

 Capital Gains Tax exempt component                        Tax free up to RBL
 – applies to capital proceeds from the sale
 of a small business

 Excessive component – that part of your                   From 38% to 47%*
 benefit that exceeds your RBL. (This
 component is determined by the tax
 office).
* The Medicare levy (plus where applicable, the Medicare surcharge) is also payable.

Higher tax rates will generally apply to preserved and restricted non-preserved super
payouts when a temporary resident has permanently left Australia.


Up to date information
You can find up to date information on age based contribution limits and reasonable
benefits limits on the Mercer Super Trust website at
www.mercersupertrust.com or call our Helpline on 1800 810 558.

We can also send you a copy of the updated information, free of charge on request.




                                                                                                              73
74
                                                                                                                                                     Step 1 continued

                                                                                                                                                     Are you self-employed?       Yes     No                  Date joined Employer          /          /
                                                                                                                                                     Employer’s name



Application form to
join the Mercer Super Trust
Personal Superannuation Division                                                                                                                     Step 2
This application form is for applying for participation in the Mercer Super Trust Personal Superannuation Division
under the Product Disclosure Statement (PDS) dated 1 April 2006. It is also for members who have transferred from the
                                                                                                                                                     Contributions - to help you build your wealth faster
Corporate Superannuation Division of the Mercer Super Trust.                                                                                         Please see the Contributions section of the PDS for further details on how to remit contributions to the Personal
                                                                                                                                                     Superannuation Division.



                                                                                                                                                     Step 3
                                                                                                                                                     Take control of how your super is invested
About this form                                                                  To make it easy, each step is matched to the section of the PDS.    You can choose one or more of the Ready-made or Select-your-Own investment options or a mix of both. Please
                                                                                 If a step isn’t relevant to you – just move on to the next one.     ensure the total adds to 100% otherwise the default investment option will apply until it’s corrected. If you don’t
We need you to fill out this form to let us know:
                                                                                 Once you’ve finished the form, don’t forget to sign it and           make a selection, you’ll automatically be invested in the default investment option (please see the Investment
■ your details
                                                                                 return it to us.                                                    section of the PDS to find out which default investment option is relevant to you).
■ which investment option you’d like your money invested in
■ who you’d prefer to receive your super if you die while                        If you’re unsure of your decisions, we recommend that you           I’d like to invest in the following investment option(s) (maximum of 10):
   you’re a member of the Mercer Super Trust                                     see a licensed, or appropriately authorised, financial adviser.      Ready-made investment options                                                   Percentage to be invested
■ your tax file number
                                                                                                                                                     Mercer Shares                                                                                                   %
                                                                                                                                                     Mercer High Growth                                                                                              %
     Step 1




                                                                                                                                        St er
                                                                                                                                                     Mercer Growth                                                                                                   %




                                                                                                                                          h
                                                                                                                                          ar e
                                                                                                                                            t
                                                                                                                                                     Mercer Moderate Growth                                                                                          %
    To keep you informed we need to know your contact details                                                                                        Mercer Conservative Growth                                                                                      %
    Please print in black or blue pen, in uppercase, one character per box. A           ✓
                                                                                                                                                     Mercer Cash                                                                                                     %
    Title       Mr          Mrs          Ms          Miss                                   Date of birth            /   /
                                                                                                                                                     Select-your-Own investment options (list any chosen Select-your-Own option in the space below)
    Given names
                                                                                                                                                     1.                                                                                                              %

    Surname
                                                                                                                                                     2.                                                                                                              %
    Home address

                                                                                                                                                     3.                                                                                                              %
    Suburb                                                                                                   State           Postcode

                                                                                                                                                     4.                                                                                                              %
    Telephone                                                               Mobile - see note below
           -
    Email - see note below                                                                                                                           5.                                                                                                              %



    Providing your email address and mobile phone                                                                                                    6.                                                                                                              %

    The trustee currently provides information such as annual reports, member statements and exit statements, notices of any
    material changes or occurrences of significant events and member publications (such as “Your Wealth”) in a written form.
    In the future, the trustee may provide this type of information, together with any marketing or research material by electronic                  7.                                                                                                              %
    means. If you wish to receive this type of information electronically (when applicable in that form) by email or (where
    applicable) by mobile phone you will need to complete the email and/or mobile phone section above.
                                                                                                                                                     8.                                                                                                              %
    Are you an employee of Mercer Human Resource Consulting Pty Ltd
    or Marsh & McLennan Companies Inc or a related company? Tick one.                           Yes         No
    If you are a family member of such an employee, provide:                                                                                         9.                                                                                                              %

    Name of Employee
                                                                                                                                                     10.                                                                                                             %
    Your relationship to this employee

                                                                                                                                                                                                                             Total (must equal 100%)       1   0   0 %
                                                                                                                                   continued over
                                                                                                                                          20060401
Mercer Super Trust trustee: Mercer Investment Nominees Limited (MINL) ABN 79 004 717 533
AFSL 235906. Address: GPO Box 4303, Melbourne Vic 3001. Tel: 1800 810 558. Mercer Human
Resource Consulting is a registered business name of Mercer Human Resource Consulting Pty Ltd
ABN 32 005 315 917 which is a corporate authorised representative 260851 of MINL. ‘Mercer
                                                                                                   *MSTCF.Y01BHI1*                                                                                                               *MSTCF.Y01HI2*
Wealth Solutions Super Trust’ and the petal logo are trademarks of MINL.
Step 4                                                                                                                        Step 6
Protect your family’s financial wellbeing – think about death & disability cover…                                              Don’t pay more tax than you have to - let us know your tax file number
Please see the Death & disability cover section of the PDS for further details.                                               Your tax file number is confidential and you don’t have to give it to the Mercer Super Trust. It is not an offence
                                                                                                                              to not provide your tax file number. However, you may pay more tax than you have to if you don’t supply it.

                                                                                                                              My tax file number is                      –                –

                                                                                                                              Special note: Mercer Super Trust is required by law to ask for your tax file number. By providing your tax file
Step 5                                                                                                                        number, you’re allowing the Mercer Super Trust to use it to:
                                                                                                                              ■    find or identify your super when there’s no other way
                                                                                                                              ■    work out any tax payable
Who’ll get your super if you die while you’re in the Mercer Super Trust?                                                      ■
                                                                                                                              ■
                                                                                                                                   pass your tax file number to the tax office when you receive your super payout or have unclaimed super money after reaching pension age
                                                                                                                                   pass your tax file number to any other super fund or account to which your super is transferred in the future, unless you tell the trustee
You can nominate who you prefer your death payout to be paid to if you die while in the Mercer Super Trust by                      not to do so, and
completing this section of the application form. This is an indication of your preferences only, as to the                    ■    report details of contributions to the tax office for working out surcharge tax

distribution of your super payout in the event you do not make a binding death benefit nomination. The trustee                 If you don’t provide your tax file number, now or later:
of the Mercer Super Trust will not be legally bound by your wishes but will take them into account.                           ■    you may pay more tax on your super than you would otherwise (although you can claim this back)
                                                                                                                              ■    it may be more difficult to find your super in the future or combine any other super accounts you have, and
If you wish to make a nomination for payment of your death payout that will be binding on the trustee, you must
                                                                                                                              ■    the tax office could incorrectly work out any surcharge tax.
complete a separate Binding Death Benefit Nomination Form available from the website www.mercersupertrust.com
                                                                                                                              The legal purposes for which the trustee can use your tax file number and the consequences of you not quoting
or by calling the Helpline on 1800 810 558. In the meantime, before your binding death benefit nomination is
                                                                                                                              your tax file number may change in the future.
received by the trustee, you may still wish to complete this section of the application form in order to advise the
trustee of your preferences.                                                                                                                                                                                   Date of birth            /          /
                                                                                                                              Your name
Please see the Beneficiaries section of this PDS for further details.
Name


                                                                                                                                                                                   Don’t forget to sign and return this form in the reply paid envelope
                                                                                                                              Step 7 – Sign the form                               provided. You should also keep a copy for your records.
Relationship to you*                                                            Proportion of payout              %

Name                                                                                                                          By signing this form, I:                                                     1800 810 558). I understand I can access my information by
                                                                                                                              ■ acknowledge that I have received all information I require in              contacting the Privacy Officer of the Mercer Super Trust.
                                                                                                                                  order to exercise the choices I have made.                         ■     acknowledge that if I provided my email address and/or
                                                                                                                              ■ apply (except where I have transferred from the Corporate                  mobile phone number in this application form, the trustee
                                                                                                                                  Superannuation Division) to be a member of the Mercer Super              may, at its discretion, use that email address or mobile phone
Relationship to you*                                                            Proportion of payout              %               Trust.                                                                   number (as amended and notified to the trustee from time to
                                                                                                                              ■ accept that I will be bound by the provisions of the trust                 time):
                                                                                                                                  deed, and designated rules which govern the operation of the             ■ to send me information concerning my super, including
Name
                                                                                                                                  Personal Superannuation Division and Mercer Super Trust.                    any annual reports, member and exit statements, notices
                                                                                                                              ■ understand that my personal information will be handled                       of material changes or occurence of signifi cant events,
                                                                                                                                  by the Mercer Super Trust to provide and manage my super.                   member publications (such as “Your Wealth”), and
                                                                                                                                  Without this information it may not be able to provide my                ■ for marketing and research purposes (unless I have
                                                                                                                                  super and choices. For this purpose, my personal information                requested you not to do so by contacting the Helpline on
Relationship to you*                                                            Proportion of payout              %
                                                                                                                                  may pass between the trustee of the Mercer Super Trust and                  1800 810 558).
                                                                                                                                  its administrator, professional advisers, insurers, government     ■     consent to the trustee paying commission to the adviser who
Name                                                                                                                              bodies, my employer and other parties as required, including             has stamped this application form, and unless you instruct
                                                                                                                                  the trustee of any other super fund that my super is                     the trustee otherwise, to the trustee providing relevant
                                                                                                                                  transferred to.                                                          account information to that adviser.
                                                                                                                                  I consent to the handling of my personal information in this       ■     acknowledge that I have read and understood the attached
                                                                                                                                  manner. I also agree that my personal information can be                 PDS and agree to be bound by it.
Relationship to you*                                                            Proportion of payout              %               used for marketing and research purposes (unless I have
                                                                                                                                  requested you not do so by calling the Helpline on
                                                                                               Total   1   0   0 %
                                                                                                                              Signature
* must be a dependant or be your legal personal representative (or the executor of your will). A dependant is defined as:
■   your spouse (including de-facto but not same-sex partner),                                                                 ✗                                                                      Date             /          /
■   your children including step-children and adopted children,
■   any other person who the trustee considers is wholly or partially dependent on you at the time of death, and
    any person with whom you have an interdependency relationship. (Refer to the Beneficiaries section of this
                                                                                                                           Adviser use only section
■
    PDS for a description of an interdependency relationship).
                                                                                                                           Please indicate what (if any) Adviser service fee is to be deducted from the following:

                                                                                                                           This application                                   %                          Please note that if you do not indicate a percentage no
                                                                                                                                                                                                         Advisor service fee will be deducted from the amount
                                                                                                                           Regular contributions plan                         %                          invested by the member.
                                                                                                                           Future additional contributions                    %

                                                                                                                           Signature                                                                              /          /
                                                                                                                                                                                  Date

                                                                                                                           Name                                                   Advisor number

                                                                                                                           Phone                                                  Advisor Stamp



                                                                              *MSTCF.Y01HI3*                                                                                                                               *MSTCF.Y01HI4*
Rollover into the
Mercer Super Trust
Roll other super money into the Mercer Super Trust




                                                                                                 Personal Superannuation Division

To rollover other super money you have, complete this form and send it to your previous
                                                                                                   If you need help
super provider.
                                                                                                   For assistance or to access the
If you have super money with more than one previous super provider, you’ll need to                 Privacy Policy and your personal
complete a separate Rollover form for each amount. Once your previous super money has              information call the Helpline on
been received and credited to your super account balance, you’ll receive confirmation from          1800 810 558.
the Mercer Super Trust.




                                                                                   Please print in black or
   Step 1 Complete your personal details




                                                                                                                           St er
                                                                                   blue pen, in uppercase,    A      ✓




                                                                                                                             h
                                                                                                                             ar e
                                                                                   one character per box.




                                                                                                                               t
   Title    Mr      Mrs     Ms          Miss                       Date of birth             /            /

   Given names



   Surname



   Street address



   Suburb                                                                                                         State



   Postcode                Telephone                                       Fax
                                    -                                                 -

   E-mail



   Membership number


                                                                                                                     Continued over




                                                                                     *MTPSD.901NO1*
    Step 2 Provide details of your previous super fund
    Name of previous fund or policy




    Address of previous fund




    Suburb


    State                Postcode


    Membership or policy number                                              Approximate value

                                                                             $          ,        ,

    Step 3 Instructions to previous super provider & sign the form
    I request that you transfer the total value held in respect of me for the above super fund or policy to the Mercer Super Trust:
        I understand that on payment by my previous super fund, I discharge that super fund from any further liability in
        respect of the amount transferred.
        I approve the deduction of any appropriate exit fees from the amount transferred subject to legislative restrictions.
        I request that any further contributions received by my previous super fund after my payment, be redirected to my
        membership with the Mercer Super Trust.
        I understand that information contained in this form will be handled by the trustee of the Mercer Super Trust to process
        my rollover and that any personal information may be disclosed to the administrator, government agencies or any other
        party as necessary. By signing this form I consent to the handling of my personal information in this way.
        I understand that I will receive confirmation once my money has been received in the Mercer Super Trust.



    Signature
                    ✗                                                                       Date
                                                                                                        /      /

    Don’t forget to send this form to your previous super provider.


Notes for previous superannuation provider
Name of Fund: Mercer Super Trust – Personal Superannuation Division (PSD)
SFN: 3297 429 55 ABN: 19 905 422 981 SPIN: MRT0101AU
When transferring money in to Mercer Super Trust please note:
    Mercer Super Trust is a regulated super fund under the Superannuation Industry (Supervision) Act 1993. Accordingly
    the Mercer Super Trust can accept the rollover of both preserved and non-preserved benefits in accordance with the
    Superannuation Industry (Supervision) Act.
    Cheques should be made payable to Mercer Super Trust (PSD) – Account of [member’s name]
    Please forward:
    - this authority
    - the cheque
    - an ETP rollover statement
    - other associated documentation
    to
    Mercer Super Trust
    GPO Box 4303
    Melbourne VIC 3001




Issued by Mercer Investment Nominees Limited (MINL) ABN 79 004 717 533, AFSL 235906
as trustee of the Mercer Super Trust. Address: GPO Box 4303, Melbourne Vic 3001.
Tel: 1800 810 558. Mercer Human Resource Consulting is a registered business name
of Mercer Human Resource Consulting Pty Ltd ABN 32 005 315 917, which is a corporate
authorised representative 260851 of MINL. Mercer Wealth Solutions Super Trust and the
petal logo are trademarks of MINL.                                                                   *MTPSD.901NO2*
20051207
                                                                                                                                                        ®




Applying for insurance cover in the                                                                            Please print in black or

Mercer Super Trust
                                                                                                               blue pen, in uppercase,
                                                                                                               one character per box.       n✓
                                                                                                                                            A



You can use this form to apply for insurance cover or to request
a change to existing cover                          Personal Superannuation Division


Duty of disclosure                                                                Privacy – Use and disclosure of personal
                                                                                  information
Insurance Contracts Act 1984                                                      The privacy of your personal information is important to you
Before you enter into a contract of life insurance with an                        and also to AXA Australia. AXA Australia will collect only
insurer, you have a duty, under the Insurance Contracts Act                       information about you and your immediate family background,
1984, to disclose to the insurer every matter that you know, or                   that is necessary for the purposes of assessing your application
could reasonably be expected to know which is relevant to the                     for insurance, any claim you may make under the policy, and
insurer’s decision whether to accept the risk of insurance and                    for managing the policy (including Group Insurance plans).
if so, on what terms.                                                             Necessary information includes details about health, financial
                                                                                  situation, occupation and lifestyle. If the information you
You have the same duty to disclose those matters to the                           provide is not complete or accurate AXA Australia may not be
insurer before you renew or extend, vary or reinstate a contract                  able to provide you with the insurances you have applied for.
of life insurance.                                                                In assessing your cover or any claim you may make (including
Your duty, however, does not require disclosure of a matter:                      Group insurance plans), AXA Australia may need to disclose your
   that diminishes the risk to be undertaken by the insurer;                      personal information to other parties, such as re-insurers, claims
   that is of common knowledge;                                                   assessors, medical professional, policy intermediaries/advisers,
   that your insurer knows of, in the ordinary course of its                      the Policy Owner, judicial or dispute resolution bodies, and AXA
   business, ought to know;                                                       Australia Group companies.
   as to which compliance with your duty is waived by the                         You are entitled to request reasonable access to information
   insurer.                                                                       AXA Australia has about you. AXA Australia reserves the
                                                                                  right to charge an administration charge for collating the
Non disclosure                                                                    information you request. For AXA’s policy on Privacy refer to
                                                                                  www.axa.com.au.
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                      If you need help
the contract within three years of entering into it. If your non                  For assistance or to access the Mercer Super Trust Privacy
disclosure is fraudulent, the insurer may avoid the liability for                 Policy and your personal information call the Helpline on 1800
a particular member or avoid the contract, depending on the                       810 558.
source of the non disclosure, at any time.

An insurer who is entitled to avoid a contract of life insurance
may, by notice given in writing to you, within three years of
entering into it, elect not to avoid it but to reduce the sum that
                                                                                                                                                 er t
                                                                                                                                               ov tar




you have been insured for in accordance with a formula that
                                                                                                                                                S




takes into account the premium that would have been payable
if you had disclosed all relevant matters
to the insurer.



Applying for insurance cover in the Mercer Super Trust                             10/2007
                                                                                                  *MTPSD.902Z11*
Issued by Mercer Investment Nominees Limited (MINL) ABN 79 004 717 533, AFSL 235906, Registrable Superannuation Entity (RSE) Licence number L0000819,
as trustee of the Mercer Super Trust, RSE Registration number R1067088. Address: GPO Box 4303, Melbourne Vic 3001.Tel: 1800 682 525.
Mercer Wealth Solutions Super Trust and the petal logo are registered trademarks of MINL.
                                                                                        Please print in black or
   Step 1 – Complete your personal details




                                                                                                                                 St er
                                                                                        blue pen, in uppercase,    A      ✓




                                                                                                                                   h
                                                                                                                                   ar e
                                                                                        one character per box.




                                                                                                                                     t
   Title     Mr       Mrs       Ms         Miss                      Date of birth
                                                                                                    /          /

   Given names


   Surname


   Street address


   Suburb                                                                                                              State


   Postcode                     Telephone                                         Fax

                                       -                                                    -
   E-mail


   Membership number in the Personal Superannuation Division (if available)




   Step 2 – Transfer details
   Select one option only   ✓

    I have transferred from the Corporate Superannuation Division of the Mercer Super Trust

           No

           Yes, date ceased employment
                                                  /        /

    If yes, name of plan in the Corporate Superannuation Division




   Step 3 – Choose level of cover

    I wish to have variable premium insurance cover of   $      ,             ,                 .          (minimum $50,000)
    I wish my insurance cover to apply
           On Death only

           On Death and Total and Permanent Disablement (TPD)

    If you’re applying for death and total and permanent disablement cover, you will be required to provide satisfactory
    evidence of good health, financial and other evidence for the insurer before cover is provided. This may not be required
    if you’re applying for death cover only and have recently transferred from the Corporate Superannuation Division.
    The administrator will forward details of any health evidence requirements on receipt of this form. Please refer to the
    Personal Superannuation Division’s Product Disclosure Statement for further details on insurance cover.

                                                                                                                           Continued over




Applying for insurance cover in the Mercer Super Trust              10/2007
                                                                                  *MTPSD.902Z12*
   Step 4 Additional details

   Occupation details
   1. Please give details of your current occupation or job

   Current    From                                                    To
   principal                                                           p   r    e     s     e       n   t
   occupation             /            /
                 Occupation



                 Employer


                 Select an option ✓


                     Employed by own company                      Self employed           Partnership       Employee

   2. How many hours per week do you spend at your principal occupation?                                    hours

   3. How many weeks per year do you spend at your principal occupation?                                    weeks per year

   4. In your principal occupation, what percentage of time do you spend performing the following types of duties?

      Sedentary / Administrative                              %

      Supervising manual work                                 %

      Light manual                                            %

      Heavy manual                                            %

      Other (including hazardous                              %
      duties eg. handling
      dangerous substances,
      working at heights)
      ToTal DuTieS                         1       0     0 %



   Residence details                                                                         Select one option only ✓
   5. Are you an Australian citizen currently residing outside Australia?                                                     No       Yes
   If yes, please provide details of the country and city that you reside in:



   From what date have you lived there?                               When is your intended date of return?
             /            /                                                    /                /



   Habits                                                             Select one option only ✓

   6. Do you smoke or have you ever been a smoker?                                                          No          Yes

                                      Month            Year

   If you have stopped, when?
                                               /
                                                                                                                                   Continued over




Applying for insurance cover in the Mercer Super Trust                             10/2007
                                                                                                    *MTPSD.902Z13*
   Step 5 – Declaration and consent and sign the form
   If my request is agreed to, I understand that:

       any reduction from my existing insurance payout will take effect from the date the trustee receives my request
       provision of any higher insurance cover will be subject to the provision of evidence of satisfactory good health,
       financial and other evidence to the insurer and will not be provided until the insurer has advised me in writing of its
       acceptance of the increased insurance cover
       my choice is binding on my dependants and my legal personal representative
       this request replaces any previous instruction by me
       the information on this form will be handled by the trustee to process my insurance choice
       to provide me with an insurance payout the trustee may disclose or make accessible my personal information to the
       administrator, insurer, my employer or any other party necessary
       by signing this form I consent to this handling of my personal information.


   Declaration and consent
       Duty of Disclosure – I acknowledge that I have read the Duty of Disclosure Notice above. (Warning: You have a duty to
       disclose all relevant information).
       Truth and accuracy – I have checked the truth, accuracy and completeness of the answers in this Insurance
       Application and all statements in writing given in support of this application which shall, subject to law, form the
       basis of my membership in the Personal Superannuation Division of the Mercer Super Trust.
       Changes make contract void – I agree that any change of material circumstances between the time of this Insurance
       Application and its acceptance shall allow the Insurer to cancel my insurance cover under the group insurance
       contract of the Personal Super Division of Mercer Super Trust.




                  ✗                                                                                /          /
   Signature                                                                         Date

   Please return your completed form to Mercer Super Trust, GPO Box 4303, Melbourne, VIC 3001.




Applying for insurance cover in the Mercer Super Trust               10/2007
                                                                                 *MTPSD.902Z14*

				
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