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AUSCOAL Superannuation Fund
Product Disclosure Statement (PDS)
7 July 2010
Issued by AUSCOAL Superannuation Pty Ltd
ABN 70 003 566 989 AFSL 246864
Trustee for the AUSCOAL Superannuation Fund
ABN 16 457 520 308
AUSCOAL Super | TOLL FREE 1300 AUSCOAL (1300 287 262) | Web: www.auscoalsuper.com.au
Contents
Important information 2
Overview of AUSCOAL Super 4
Becoming a member 6
Your super account 7
Building your super 8
Contribution splitting 11
Accessing your super 12
Investment choice 15
– Investment basics 16
– Investment choice options 21
– Making your own investment choice 26 About this Product Disclosure Statement
– Other investment information 28
Insurance to protect your assets 29 This Product Disclosure Statement (PDS) dated 7 July 2010, has
been issued for the AUSCOAL Superannuation Fund (AUSCOAL
Other information 42 Super), by AUSCOAL Superannuation Pty Ltd, the Trustee of
Privacy Statement 43 AUSCOAL Super.
General super facts 44 It provides important information about the features, costs,
Tax and super 45 benefits and risks of investing in AUSCOAL Super. It will help
you compare the features of AUSCOAL Super with those of
Fees and other costs 47
other superannuation funds.
Frequently asked questions 52
This PDS is up to date at the time of preparation.
Definitions of key terms 53 Information that is not materially adverse is subject to
Forms 54 change from time to time. Updated information can be
found anytime by calling us on TOLL FREE 1300 AUSCOAL
Contact us 61
(1300 287 262) or at our website www.auscoalsuper.com.au
You can also ask for a free paper copy of the updated
information. Please note that if any change to the
information in this PDS is materially adverse, we will
reissue the PDS or issue a supplementary PDS.
Contact us
By mail: Locked Bag 1, Warners Bay NSW 2282
By phone: TOLL FREE 1300 AUSCOAL (1300 287 262)
By fax: +61 (2) 4948 6955
By email: enquiries@auscoal.com.au
Internet: www.auscoalsuper.com.au
In person: 472 The Esplanade
Warners Bay NSW 2282
1
Important information
General benefits and risks
of investing in AUSCOAL Super
The benefits The risks
■ You can save for your retirement in a ■ The value of your superannuation
value-for-money, tax effective environment investment may rise or fall depending on
■ You can choose from a range of investment the investment returns earned by AUSCOAL
options if the default investment strategy is Super and the investment options you
not suitable for your needs or attitude to risk choose
■ You can make additional, regular or lump sum ■ The Government may also increase or
contributions to your superannuation account change the form of taxation that applies
to superannuation
■ You can roll other superannuation accounts
into your AUSCOAL Super account ■ Government laws and regulations may
change the rules for superannuation,
■ You can check your account balance online restricting when and in what form you
via our website or by contacting us may receive your benefits
■ You can speak to a dedicated AUSCOAL ■ Increases in fees and charges, due to
Service Officer on TOLL FREE 1300 AUSCOAL inflation or other factors, may reduce
(1300 287 262) your investment return.
■ You may be entitled to insurance cover,
depending on, among other things, your
employment situation and age. Information
on this is set out on pages 29 to 41.
2 AUSCOAL Super | TOLL FREE 1300 AUSCOAL (1300 287 262) | Web: www.auscoalsuper.com.au
Costs Defined terms
AUSCOAL Super does not charge entry fees or exit fees. Some words in this PDS have a special meaning.
However, fees and charges may apply if you make a
withdrawal or change your investment options. There are They are defined on page 53.
also costs associated with the ongoing management and Where we refer to ‘AUSCOAL Super’ or ‘the Fund’, we
administration of AUSCOAL Super. Fees and other costs are mean AUSCOAL Superannuation Fund. Where we refer
set out on pages 47 to 51. to ‘the Trustee’ , ‘we’, ‘us’, or ‘our’, we mean AUSCOAL
Superannuation Pty Ltd.
General information notice
The information in this PDS is general in nature and has
Questions or complaints
been prepared without taking into account your objectives, AUSCOAL Service Officers are available to assist you with
financial situation or needs. Because of this, you should, any questions you have about superannuation in general, or
before acting on the information contained in this PDS, your AUSCOAL Super account once you become a member.
consider whether it is appropriate for your objectives, If you have a problem or issue, which our AUSCOAL Service
financial situation and needs. Officers cannot resolve to your satisfaction, you are able
to lodge a formal complaint with our Complaints Officer,
About advice who will attempt to deal with your complaint quickly and
AUSCOAL Superannuation Pty Ltd, the Trustee of AUSCOAL efficiently. See the Complaints Procedure on page 42 for
Super, is licensed under Australian Financial Services Licence details.
(AFSL) No. 246864. This licence does not cover the provision
of personal financial advice.
If you require personal financial advice, you may wish to
seek the advice of a licensed financial adviser, such as
AUSCOAL Advisory Services Pty Ltd ABN 22 104 151 635
(AUSCOAL Advisory Services).
You can contact AUSCOAL Advisory Services on TOLL FREE
1300 AUSCOAL (1300 287 262).
Please note: Your employer is unable to give you advice
about AUSCOAL Super or recommend any other financial
product unless they are licensed to do so. The Fund’s
administrator, AUSCOAL Services Pty Ltd ABN 49 051 315 014
and its employees are not authorised to give personal
financial advice.
3
Overview of AUSCOAL Super
AUSCOAL Super’s mission is to advance the lifelong prosperity, financial
security and quality of lifestyle of our members through creating, building
and protecting member wealth for retirement.
As a member of a regulated superannuation fund, you The Trustee uses a range of specialist service providers to
receive the benefits of concessional tax treatment available assist it in looking after AUSCOAL Super and its investments.
for your retirement savings. Details of AUSCOAL Super’s investment managers and
AUSCOAL Super was established in April 2005 as a result other organisations associated with managing the
of a merger between Coalsuper Retirement Income Fund Fund are provided in the Annual Report. You can
(COALSUPER) and the Queensland Coal and Oil Shale Mining obtain a copy of the Annual Report from our website
Industry Superannuation Fund (QCOS). www.auscoalsuper.com.au or by calling TOLL FREE
1300 AUSCOAL (1300 287 262).
Our ‘profits to member’ approach
We are an organisation that exists for the benefit of
How AUSCOAL Super is governed
members, not shareholders, which means our priority is Government legislation and the Trust Deed govern AUSCOAL
you, not our bottom line. We operate on a cost only basis, Super’s operations. This PDS provides an outline of the
returning all that we can to members through investment benefits and conditions of membership.
returns (which may be positive or negative) and lower fees
and charges. This means more of your superannuation is The Trust Deed
working harder to help you become financially secure in
On becoming a member of AUSCOAL Super, you agree to be
retirement.
bound by the Trust Deed governing AUSCOAL Super. The Trust
Deed is AUSCOAL Super’s rule book. This legal document
About the Trustee sets out the Trustee’s powers, your entitlements as a member
AUSCOAL Superannuation Pty Ltd is the Trustee and is and matters relating to AUSCOAL Super’s administration. The
responsible for the management of and investment decisions Trustee is responsible for ensuring that AUSCOAL Super is
for AUSCOAL Super. It is wholly owned by the NSW Minerals always managed in accordance with the Trust Deed and for
Council, the Construction, Forestry, Mining and Energy Union the protection of members’ entitlements.
(Mining and Energy Division) (CFMEU) and the Queensland While the PDS sets out general information about AUSCOAL
Resources Council, on behalf of coal industry employers and Super, the Trust Deed takes precedence over anything
trade unions. The Board of Directors of the Trustee consists contained in the PDS. You may inspect a copy of the
of equal numbers of employer and member representatives, Trust Deed during normal business hours at AUSCOAL
and an independent director. Super’s registered office or by contacting us on TOLL FREE
1300 AUSCOAL (1300 287 262) if you require a copy.
4 AUSCOAL Super | TOLL FREE 1300 AUSCOAL (1300 287 262) | Web: www.auscoalsuper.com.au
Administration Contact: AUSCOAL Advisory Services
AUSCOAL Services Pty Ltd ABN 49 051 315 014 (AUSCOAL Telephone: TOLL FREE 1300 AUSCOAL
Services), wholly owned by the Trustee, administers (1300 287 262)
AUSCOAL Super.
Email advice@auscoal.com.au
In order to maximise members’ benefits, AUSCOAL Super is
administered on a not-for-profit basis. Refer to pages 47 to Location address: 472 The Esplanade
51 for further information about our fees and other costs. Warners Bay NSW 2282
Postal address: PO Box 645
AUSCOAL Advisory Services Warners Bay NSW 2282
If you require personal financial advice you may wish to
seek the services of a licensed financial adviser, for example, Lost members
AUSCOAL Advisory Services Pty Ltd ABN 22 104 151 635
(AUSCOAL Advisory Services). AUSCOAL Advisory Services is In the event you become a lost member, it is our policy to
an authorised representative (number 240325) of Genesys retain your superannuation account rather than transfer it to
Wealth Advisers Limited ABN 20 060 778 216 AFSL 232686. an Eligible Rollover Fund (ERF).
Because of the specialised nature of this service, a fee is This means locating your super is relatively easy as it will not
payable for obtaining advice. Information regarding the be transferred out of AUSCOAL Super until legislation requires
financial planning service and the fee payable is set out us to. We will advise if there is any change to this policy.
in the Financial Services Guide (FSG) of AUSCOAL Advisory Details of lost members are provided to the Australian
Services. You can obtain a copy of the FSG by calling Taxation Office’s (ATO) Lost Members Register.
TOLL FREE 1300 AUSCOAL (1300 287 262).
AUSCOAL Advisory Services is wholly owned by AUSCOAL
Services which, in turn, is wholly owned by the Trustee. No
commissions are paid to the Trustee or AUSCOAL Services as
a result of this relationship.
ers
Our profi t-for-memb benefit
ans we ex
ist to
bers.
appro ach me
our mem
5
Becoming a member
AUSCOAL Super is a non-public offer industry superannuation fund,
which means you must meet certain criteria to become a member.
Who is eligible to join? When does spouse membership commence?
You can join AUSCOAL Super if you are an employee of Your spouse’s membership commences when we receive
participating employers in the New South Wales, Queensland the first contribution on behalf of your spouse. The Trustee
or Tasmanian coal mining industries. reserves the right to decline membership to AUSCOAL Super.
How to join What happens after joining?
If you are an employee joining AUSCOAL Super you will After joining, we will send you a New Member Pack which
need to complete and return to your pay office a Member contains information about AUSCOAL Super, your account,
Application form which is located at the back of this PDS. forms you may need to complete and information to allow
Your pay office will forward your application on to us. you to view your account details securely online via our
website www.auscoalsuper.com.au.
When does your membership commence?
Is there a cost to join?
Your membership commences when we receive the first
contribution from your employer. The Trustee reserves the It does not cost you anything to join AUSCOAL Super.
right to decline membership to AUSCOAL Super. For details of fees and other costs see pages 47 to 51.
Spouse membership Additional information for certain
If you are an AUSCOAL Super member, your spouse is also employees
eligible to open their own account with us and enjoy the
benefits of AUSCOAL Super membership. If you are employed by any of the following employers:
All money in your spouse’s account is held in your spouse’s ■ Port Kembla Coal Terminal
name and becomes your spouse’s benefit in AUSCOAL ■ Oceanic Coal, or
Super, allowing your spouse to decide how their super is
invested and providing them with access to spouse voluntary ■ Centennial Coal
insurance. special conditions apply to your contributions and
entitlements. As the details are confidential, only those
Joining AUSCOAL Super who are affected can request information. If this applies
Spouses of AUSCOAL Super members who wish to join the to you, you can request information from your paymaster
Fund should read the PDS to decide if AUSCOAL Super is or other company representative responsible for your
appropriate for their needs. superannuation entitlements.
To join, please complete the Spouse Membership Application
and Tax File Number Notification at the back of this PDS and
forward it to AUSCOAL Super together with:
■ a certified copy of one of your driver’s licence or
passport or government issued photo identification, and
■ a copy of your marriage certificate or proof you are
in a defacto relationship (eg a rates notice or rental
agreement in both names).
6 AUSCOAL Super | TOLL FREE 1300 AUSCOAL (1300 287 262) | Web: www.auscoalsuper.com.au
Your super account
How your AUSCOAL Super account works
Your super account works with contributions (employer and ■ There is an event which results in us not being
member) and rollovers deposited into your account and able to buy or sell an asset.
any taxes, applicable insurance premiums, or other fees ■ A fund an investment option has invested in
and costs deducted. Taxes are set out on pages 45 and 46, suspends new investments or withdrawals.
insurance costs are set out on pages 31 to 35, and fees and
other costs are set on pages 47 to 51. ■ The law allows us to delay or restrict processing
contributions, switches or withdrawals.
Each business day we calculate the value of your account
using a daily unit price. This daily unit price reflects the Requests to contribute, withdraw or switch during the
value of the assets your investment option has invested in. suspension period will be processed using the next unit
price declared after the suspension has been lifted.
The value of your account depends on the number of
units allocated to you and the unit price of the investment Your benefit
options you are invested in. Unit prices are calculated each
business day by dividing the value of the assets held in the Your benefit entitlement will be the amount of money in
investment option (after allowing for certain fees, taxes and your super account. The payment options available to you
expenses) by the total number of units on issue for that are set out on pages 12 to 14 ‘Accessing your super’.
investment option. The unit price can move up and down in In the event of your death or total and permanent
line with the changes in the value of the assets. disablement, there may be an additional amount added to
Refer to the ‘Fees and other costs’ section on pages 47 to 51 your account in respect of insurance. This information is set
for more information. out on pages 36 to 37.
The following diagram illustrates this:
If you leave your current employer
If you leave your current employer, you can keep your
How your super account works super invested with AUSCOAL Super.
If you start working for a new employer, you can ask
Opening balance (if any) your new employer to pay your super into your AUSCOAL
Super account. Your new employer will have to apply and
PLUS
be accepted by the Trustee before they can start paying
Contributions and rollovers are deposited contributions for you.
into your account
MINUS Restrictions on when you can withdraw
Taxes, fees and other costs are deducted your money
PLUS or MINUS Superannuation savings are intended for retirement and
Net investment earnings are applied normally cannot be paid out in cash until you satisfy a
condition of release as set out on pages 12 to 14 ‘Accessing
EQUALS your super’.
Your account balance
Stay in AUSCOAL Super even after
you retire
Suspending contributions, switches and You can continue to keep your retirement savings invested
withdrawals with us once you retire.
We may suspend processing contributions, withdrawals
We will advise you of any changes
or switches between investment options if, for example:
We will not increase a fee or charge without giving you at
■ We cannot determine the value of an asset an
least 30 days notice. We will also advise you of any other
investment option has invested in.
changes to AUSCOAL Super in our Annual Report or our
member newsletter, AUSCOAL Extra, as required by law.
7
Building your super
Concessional contributions (employer) Superannuation Guarantee
Concessional contributions (employer contributions) include all The Superannuation Guarantee ensures that eligible
types of payments (including salary sacrifice contributions) Australian workers receive superannuation support from their
made by your employer directly into your AUSCOAL Super employers. If you are eligible, your employer must contribute
account. All employer contributions are subject to a minimum of 9% of Ordinary Time Earnings (OTE) (subject to
contributions tax of 15%. a maximum amount which is indexed yearly) to a complying
superannuation fund (like AUSCOAL Super) or a retirement
For the 2010–11 financial year, the concessional contributions savings account, at least every quarter.
cap is $25,000 per person. Contributions above this limit are
effectively taxed at 31.5% in addition to the 15% Additional employer contributions
contributions tax (see ‘Tax and super’ on pages 45 and 46
(salary sacrifice)
for more detail). The concessional contributions cap is
indexed annually to Average Weekly Ordinary Times Earnings Your employer may agree to allow you to ‘salary sacrifice’
(AWOTE) but in increments of $5,000. to your AUSCOAL Super account. This means your employer
agrees to make contributions to your account on your behalf,
As long as you are still working, concessional contributions
from your before-tax income. These are also referred to as
can be made right up until you are aged 75.
concessional contributions.
Transitional arrangements apply for people aged 50 to 74 until
A separate fact sheet called Salary Sacrifice is available if
30 June 2012. From 1 July 2009, the transitional concessional
you would like further information. You can download a copy
contributions cap reduced to $50,000 pa from $100,000 pa.
from our website www.auscoalsuper.com.au or call TOLL
It is not indexed.
FREE 1300 AUSCOAL (1300 287 262) to request a copy.
Coal mining industry/industrial agreement
Employers in the coal industry are bound by Government
legislation and industrial agreements to pay certain
superannuation contributions on behalf of persons defined
as a mineworker employed in the coal mining industry. The
employer must pay these contributions to AUSCOAL Super
at least monthly.
Salary sacrifice may be a
tax-effective ntributions.
way to make super co
8 AUSCOAL Super | TOLL FREE 1300 AUSCOAL (1300 287 262) | Web: www.auscoalsuper.com.au
Non-concessional contributions The annual limit for non-concessional (after-tax) contributions
is six times the annual concessional (employer) contribution limit.
(member contributions)
You can choose to make non-concessional contributions in
You can choose to make additional after-tax (non-concessional) the following ways:
contributions to your super account (subject to an annual
limit of $150,000 for the 2010–11 financial year). ■ Arrange for your employer to make regular contributions
on your behalf, from your after-tax pay
To be eligible to make an after-tax contribution you must be
under age 65, or satisfy the work test described on page 10 if ■ Make lump sum contributions of $100 or more by
you are over age 65. If you are under age 65, you can bring completing and returning a Lump Sum Contribution form
forward two years of the $150,000 limit to make a larger one- with your cheque attached or by Electronic Funds Transfer
off payment of up to $450,000. (EFT).
AUSCOAL Super is unable to accept single contributions Please note: If you have not provided your TFN, AUSCOAL
exceeding the limit. If you pay more than the allowable limit Super cannot accept non-concessional contributions. For
because you contribute to more than one fund then excess more information on TFNs refer to page 46.
contributions will be taxed at the highest tax rate (see pages
45 and 46 for more details).
Rollovers (transfers) from other funds
Roll in your other superr
You can rollover any other superannuation accounts you
have into your AUSCOAL Super account. If you would like
pe
accounts to AUSCOAL Su
AUSCOAL Super to arrange the rollover for you, you will
need to complete a Transfer Form. You can download this
and save.
form from our website www.auscoalsuper.com.au or call
TOLL FREE 1300 AUSCOAL (1300 287 262) to request a
copy. Alternatively, you can contact your other fund and
arrange the rollover with them.
This may result in cost savings for you, especially if you are
paying fees calculated as a fixed dollar cost in both funds.
9
Building your super
continued
Spouse contributions Government co-contribution
AUSCOAL Super members whose spouse has joined the You may be eligible to receive a co-contribution payment under
Fund can make contributions to their spouse’s account, the Government Co-contribution Scheme if you have made
even if their spouse is not working, and may be entitled to non-concessional (member) contributions (excluding spouse
a tax offset. See page 46 for more information. A minimum contributions). The amount of the co-contribution you are eligible
contribution of $100 applies. Spouse contributions are to receive will depend on your income and the level of non-
classified as non-concessional contributions. concessional (after-tax) contributions you make.
Spouse members can direct all their super contributions ■ From 1 July 2009 to 30 June 2012, the government’s
to AUSCOAL Super, including employer Superannuation co-contribution matching rate will be 100%, with a maximum
Guarantee contributions, voluntary lump sum contributions co-contribution of $1,000 reducing by 3.333 cents for each
and rollovers from other superannuation funds. $1 of total income over the threshold for receiving the full
Please note that current legislation prevents spouse co-contribution.
members aged 70 and above from contributing to ■ From 1 July 2012 to 30 June 2014, the matching rate will be
AUSCOAL Super. 125%, with a maximum co-contribution of $1,250 reducing
by 4.167 cents for each $1 of total income over
Contributions after age 65 the threshold.
If you are between age 65 and 74 and you have been in ■ From 1 July 2014 onwards, the matching rate will be 150%,
paid employment for at least 40 hours over a consecutive with a maximum co-contribution of $1,500 reducing by
30 day period during a financial year, contributions can 5 cents for each $1 of total income over the threshold.
continue to be made to your account for that financial year. Eligibility for the co-contribution is also subject to other conditions.
The Australian Tax Office (ATO) works out the amount of
co-contribution you are eligible to receive after reviewing
your tax return and it will automatically credit the amount
to AUSCOAL Super where it will be deposited into your
super account. For further information refer to our
Government co-contribution fact sheet. You can download
a copy from our website www.auscoalsuper.com.au or call
TOLL FREE 1300 AUSCOAL (1300 287 262) to request a copy.
Alternatively, you can contact the ATO or visit their website
www.ato.gov.au/super
10 AUSCOAL Super | TOLL FREE 1300 AUSCOAL (1300 287 262) | Web: www.auscoalsuper.com.au
Contribution splitting
Members and their spouses have the opportunity to contribute more
at concessional tax rates.
Contribution splitting gives members and their spouses Are there any fees charged?
greater opportunity to contribute more to their super at
concessional tax rates by taking advantage of two low There is no direct fee charged by AUSCOAL Super to split
rate thresholds. your contributions with your spouse, however, the split is
considered a benefit withdrawal and may result in a $22 fee
The maximum concessional contributions that can be split if you have had more than two benefit withdrawals in that
in a year are the lesser of: financial year.
■ 85% of concessional contributions (employer
contributions which includes salary sacrifice) received by Are split contributions preserved?
a fund for a member, and
Any contributions you split with your spouse must be
■ The concessional contribution cap – an annual limit of preserved in the superannuation system until your spouse
$25,000* on contributions from before-tax pay. reaches their preservation age (see table on the next page)
*$25,000 is the annual limit for members who are under or satisfies another condition of release.
age 50. There is also a transitional period until 30 June 2012
which allows an annual limit of $50,000 for members who When and how can you make a split?
are aged 50 or over. At the end of each financial year, you can apply to the
It is still not possible to split amounts that have been rolled Trustee to split the contributions you have made to your
over to AUSCOAL Super or transferred from an overseas super during that financial year.
fund. To split your super contributions you need to complete a
Contribution Splitting form which is available from our
Does my spouse need to be a member website at www.auscoalsuper.com.au. The form must be
of AUSCOAL Super? lodged before the end of the following financial year.
If your spouse is not already a member, they become a
member when you make a contributions split. Your spouse
will need to complete an Application for Spouse Membership
form if not already a member.
Your spouse can join
AUSC OAL Super too!
11
Accessing your super
When can you access your super?
Your superannuation must be preserved in a super fund until Non-preserved superannuation
you satisfy one of the following conditions of release:
You may be able to access non-preserved money before you
■ You reach age 65, or retire. Unrestricted non-preserved money can be withdrawn
■ You terminate employment on or after age 60, or at any time (subject to the Fund’s rules). Restricted
■ You reach your ‘preservation age’ (see table below) and non-preserved money can be withdrawn when you terminate
retire, or from your current AUSCOAL Super employer (subject to
■ You die, or AUSCOAL Super’s rules).
■ You terminate employment with your participating
employer in the Fund and your preserved account What happens to your super?
balance is $200 or less, or If you leave your AUSCOAL Super employer your super
■ You become totally and permanently disabled, or remains with AUSCOAL Super unless you choose to:
■ You have a terminal medical condition and two registered
■ Withdraw any unrestricted non-preserved portion of your
medical practitioners, one of whom is a specialist in the
account at any time, or
relevant field, have certified you suffer from an illness or
injury likely to cause death within the certified period. ■ Transfer part or all of your account to another super fund
The certification period must not end more than 12 months or eligible scheme.
after the date of certification, or If you reach your preservation age and retire your super
■ You suffer severe financial hardship or are eligible on remains with AUSCOAL Super unless you choose to:
specified grounds to withdraw some of your super (strict
■ Transfer to an AUSCOAL Super Account-based Pension, or
government rules apply), or
■ You are a temporary resident who has departed Australia ■ Withdraw it as a lump sum (less applicable taxes), or
(a higher tax rate may apply), or ■ Seek the advice of a licensed financial adviser, for
■ You have exceeded the concessional or non-concessional example, AUSCOAL Advisory Services, who can look
contributions cap and you or the Commissioner of at your personal circumstances and discuss any other
Taxation have provided the Fund with a Release Authority options that may be available to you.
(but only to the extent of tax paid or payable in respect To find out more about the AUSCOAL Super Account-based
of those contributions), or Pension you can obtain a Product Disclosure Statement from
■ You reach your preservation age (see table below) and our website www.auscoalsuper.com.au or call TOLL FREE
receive your benefits as a Pre-retirement Pension, or 1300 AUSCOAL (1300 287 262) to request a copy.
■ You become classified as a lost member and when you
are found, your benefit is less than $200. Temporary residents
Superannuation preservation age A temporary resident is a person holding a temporary visa
Your date of birth Your preservation age under the Migration Act 1958. A person who has at any
stage been a temporary resident (other than a retirement
Before 1 July 1960 55 visa or investment retirement visa holder) and who is not
1 July 1960 – 30 June 1961 56 an Australian citizen, New Zealand citizen or permanent
1 July 1961 – 30 June 1962 57 resident, is only able to withdraw their superannuation
benefits under these conditions of release:
1 July 1962 – 30 June 1963 58
■ Death
1 July 1963 – 30 June 1964 59
■ Terminal medical condition
After 30 June 1964 60
■ Permanent incapacity
Please note: By law, all contributions and investment
■ Departed temporary resident
earnings (which may be positive or negative) on your
superannuation investment are preserved.
12 AUSCOAL Super | TOLL FREE 1300 AUSCOAL (1300 287 262) | Web: www.auscoalsuper.com.au
If it suits your personal situation, you can access your super before you
permanently retire from the workforce under ‘transition to retirement’ legislation…
Accessing your super before you retire When you die
If it suits your personal situation, you can access your super One or more of your dependants or your estate are entitled
before you permanently retire from the workforce under to receive your account balance plus any insurance that may
‘transition to retirement’ legislation. be payable on your behalf. Further information regarding
Under this legislation, you can access your super when insurance cover is set out on pages 29 to 41.
you reach your preservation age (see ‘Superannuation
preservation age’ table on page 12) provided you roll over Nomination of beneficiaries
your benefit into a transition to retirement pension, which is All members of AUSCOAL Super can nominate, either by a
a special type of pension that pays you a regular income but binding or non-binding nomination, who their benefit is to be
does not allow you to convert your account balance into a paid to on their death. A valid binding nomination means the
lump sum. AUSCOAL Super’s Pre-retirement Pension qualifies Trustee must distribute the benefits as per your instructions,
as a transition to retirement pension under the transition to whilst a non-binding nomination provides the Trustee with
retirement legislation. an indication of your wishes. For further information on the
rules governing nominating beneficiaries and how to make a
For more information on AUSCOAL Super’s Account-based nomination, refer to ‘Nomination of Beneficiaries’ on page 40.
Pension, refer to the Product Disclosure Statement at our
website www.auscoalsuper.com.au or call TOLL FREE Total and permanent disablement
1300 AUSCOAL (1300 287 262) and we will send you a You may be eligible to access your super and any insurance
copy. If you are nearing or have reached your preservation cover to which you are entitled if you are totally and
age, the Trustee recommends that you consider discussing permanently disabled. Further information regarding
your options with a licensed financial adviser, for example insurance cover is set out on pages 29 to 41.
AUSCOAL Advisory Services.
To be eligible, you must meet the Trust Deed’s definition of
Total and Permanent Disablement and satisfy a government
approved condition of release. Refer page 39 for the
definition of Total and Permanent Disablement and eligibility
for insurance cover.
on
A Pre-retirement Pensi
y to
m ay be a tax-effective wa
ease into retirement.
13
Accessing your super
continued
Making a withdrawal Special conditions
You will need to complete a Withdrawal Application form The Government may under certain circumstances allow you
and forward the original to us. You can download the form to access some of your superannuation benefit before you
from our website www.auscoalsuper.com.au or call TOLL are otherwise eligible, for example, on specified grounds or
FREE 1300 AUSCOAL (1300 287 262) and we will send you if you are suffering severe financial hardship.
one. For more information please call AUSCOAL Super on
There are some important points to note when making a TOLL FREE 1300 AUSCOAL (1300 287 262).
withdrawal:
■ You should allow five working days for processing from Portability
the date we receive your form. We may take longer or Superannuation portability allows you to move your existing
suspend withdrawals if necessary. investment from one fund to another. If you are still
■ Payment to you can be made directly into your bank receiving employer contributions into your AUSCOAL Super
account or by cheque. account, the following conditions will apply:
■ You will need to leave a minimum of $5,000 in your 1. You can transfer your funds if you have not made a
account to keep it open. transfer in the previous 12 months, and
2. You must maintain a minimum balance of $5,000
Withdrawal fees in your account.
Each member of AUSCOAL Super receives two free You can contact us on TOLL FREE 1300 AUSCOAL
withdrawals in a financial year. Subsequent withdrawals (1300 287 262) for further information.
attract a fee of $22 per withdrawal. Refer to ‘Fees and other
costs’ on pages 47 to 51 for more information.
Tax on withdrawals
In accordance with current tax legislation, AUSCOAL Super
may have to deduct tax before paying your benefit to you.
General information about tax and super is set out on pages
45 and 46. If you have any questions about the general tax
treatment of superannuation, you can contact an AUSCOAL
Service Officer on TOLL FREE 1300 AUSCOAL (1300 287 262).
Alternatively, you can contact the Australian Taxation
Office for clarification. For tax information specific to your
superannuation and your circumstances, you should consult
your tax adviser.
14 AUSCOAL Super | TOLL FREE 1300 AUSCOAL (1300 287 262) | Web: www.auscoalsuper.com.au
Investment choice
AUSCOAL Super’s investment focus is on delivering
long-term results for its members…
AUSCOAL Super’s investment focus is on delivering
long-term results for its members with a willingness
to deviate from indexes and industry peer groups.
Your investment options
AUSCOAL Super’s goal is to provide a fund that
will meet its members’ total superannuation needs, One of the benefits of investing with AUSCOAL Super is
1
through a diversified strategy, that offers a wide that you can:
range of investment choices and delivers competitive
investment returns (which may be positive or negative) Invest in the ‘Trustee Default Lifecycle Strategy’
whilst protecting downside risk and thereby enabling (the default option). The pre-mixed investment
our members to do what they want, when they want, options in this strategy reflect the changing risk
with their super. tolerance of members as they grow older,
2
With this in mind, investment choice is an important OR
feature of AUSCOAL Super. Investment choice
effectively gives you superannuation choice within Choose your own strategy by selecting from
AUSCOAL Super because it lets you decide how your a range of pre-mixed and asset class options.
super is invested. Each investment option has its own investment
objective and strategy which are set out on
The decisions you face regarding how to invest your
pages 23 to 25.
super can seem overwhelming. The information in this
section is designed to help you understand the options
available to you in respect of investment choice. You When you join AUSCOAL Super, your super is automatically
should also consider obtaining financial advice from a invested in one of four pre-mixed options under the Trustee
licensed financial adviser, such as AUSCOAL Advisory Default Lifecycle Strategy, which has been designed to keep
Services, in relation to your specific circumstances pace with the changing needs of a typical member over their
and objectives. lifetime. You’ll be invested in the pre-mixed option applicable
to your age group (see graph on page 21 for more detail).
The pre-mixed option that applies to you is invested
according to a strategy that is considered generally
appropriate by the Trustee for members within certain age
groups. However, it is important to realise that individual
approaches to investment vary and you should carefully
consider your investment options.
If you do not wish to have your super invested in the
Trustee Default Lifecycle Strategy, you can choose to invest
in any of the four pre-mixed options and any of the six asset
class options. The pre-mixed options invest across a mix
of asset classes. More information about AUSCOAL Super’s
investment options is outlined on pages 23 to 25.
15
Investment basics
To make the right investment choice for you, it’s important
that you understand some investment basics.
Overview of asset classes 3. Property
There are five main classes of investment assets – To invest in property means you are investing in industrial,
shares, property, fixed interest (bonds), cash and other commercial, retail, CBD, hospitality or other real estate
(alternatives). Each asset class has a different level of risk assets. The value of your investment changes as the
and expected return. Generally, as the potential for a high property value either increases or decreases.
return increases, the risk of loss also becomes greater. In general, property provides long-term returns in excess of
Let’s take a look! inflation, but earnings generally tend to be lower over the
longer term than those provided by shares.
1. Cash
When you invest in the cash asset class you are investing in 4. Listed shares (or equities)
short-term fixed interest investments. These investments are When you buy listed shares, you are buying a ‘share’ in a
much like bonds, except the time invested is much shorter, company listed on a public stock exchange. This means that
ranging from one day to more than one year. As with bonds, the value of your investment changes as the company’s
when you invest in a cash investment you are effectively share price increases or decreases on the share market.
lending your money to a company or government body. You The company may also pay you a dividend on your
earn interest which is usually higher for investments with investment.
longer timeframes. The value of a cash investment can also
Of all the asset types, shares generally tend to earn the
move up or down in line with changes in market interest
highest return in the long term and they have the highest
rates. But generally these changes or fluctuations in value
probability of negative returns in the short term.
are small because cash investments have short investment
terms. This is why the cash asset class is considered to have 5. Other (alternatives)
the lowest risk of the asset classes. The meaning of cash
here is different from its more general meaning, where it Other investments are also known as alternatives and
refers to notes and coins. include hedge funds, return seeking bonds, infrastructure
and private equity (refer to page 53 for definitions). These
2. Fixed interest (bonds) investments are used to diversify risk and are an additional
source of returns that do not necessarily follow the pattern
When you buy fixed interest securities (such as bonds), you
of traditional share markets.
are effectively lending money to a corporation or government
body at a set interest rate. The value of your investment Members are not able to invest directly into alternatives as
changes when interest is paid and when the value of the a separate asset class option. Investment in alternatives is
bond increases or decreases (with interest rate changes). included in the investment strategy of the four pre-mixed
options, available under the Trustee Default Lifecycle Strategy
Over the long term, fixed interest investments have tended
or by a separate investment choice into those options.
to provide a higher return than cash, but a lower return
than shares and property. Their value can fluctuate, so
fixed interest investments are more volatile than cash,
but generally less volatile than shares or property.
16 AUSCOAL Super | TOLL FREE 1300 AUSCOAL (1300 287 262) | Web: www.auscoalsuper.com.au
What is the difference?
Investing in growth assets, especially shares, is generally
Growth versus income assets expected to make more money over the long term, say five
years or more, than investing in income assets.
The five types of assets (explained on page 16) can be
Attached to higher returns is a higher level of risk. Growth
grouped into two main categories – growth and income.
assets tend to fluctuate up and down in value. There is
■ Growth assets include property, shares and also the risk that growth assets may have a negative return
alternatives. These assets generally produce higher in any one year. Income assets tend to produce a steadier
returns over the long term (five or more years). result, but with lower returns, over the long run.
They are also more likely to fluctuate in value over
the short term (say one year).
■ Income assets include cash and fixed interest
Terms explained...
investments. Usually, these investments provide a ■ Fluctuate – means a change in price, value or rate.
lower return over the long term than growth assets,
and are less likely to fluctuate in the short term. ■ Volatility – the ups and downs, or fluctuations of
Income assets are known as defensive assets due investment returns. This is sometimes known as
to their lower volatility. risk.
The investment cycle
History shows that economies and investment markets
typically move in cycles of highs and lows or a pattern of
ups and downs.
Generally this is the case for the different sections of the
economy, including property and share markets which rise
and fall over time. Some investments such as shares are
more volatile in that they can change substantially in value
within a short period while others, like fixed interest, are
slower to change.
17
Investment basics
continued
Risk and return Diversifying helps manage risk
By spreading your investment across a range of asset classes,
Terms explained... you are diversifying your investment which helps you manage
the level of risk to which you are exposed. This does not
■ Risk is the potential for your super to go up
necessarily mean you will reduce your overall level of risk. It
and down in value.
does mean that you are not risking your entire investment by
■ Return is the amount of money earned by your investing it in one area, or asset class.
super investment.
It is not recommended to invest in one asset class only, but
if you are considering investing in one asset class only, take
Risk and return are important considerations when investing important note of the benefits of diversifying your investment
your super. The higher the long-term return you are aiming in reducing your exposure to large losses.
for, the greater the risk of your money going up and down
in value in the short term. This is because to get a high Compounding returns
long-term return, you generally have to invest in a greater
proportion of growth assets and returns from growth assets When you invest even a small amount of money in cash,
can be volatile. shares, property or some other type of investment it will
usually earn you interest, rent or other income over time.
Annual returns from growth investments can vary a lot more
than returns from income investments. There is a much If you immediately reinvest this interest or income rather
greater risk that growth assets will have a negative return in than spending it, you will effectively be earning ‘interest
any one year. on your interest’. This can mean that your savings grow
even faster. This is the principle of compounding (see the
Depending on your personal circumstances, risk can also mean: illustration below).
■ Not having enough money to live on in retirement. Compounding works in the same way with your super.
Choosing an investment option with less risk in the Each week, investment returns (which may be positive
short term may mean you earn a lower return on your or negative) are applied to your super. When returns are
money in the long term. Over a long period, even a positive, your super may grow even more over time with
small difference in your investment returns (which may the help of compounding.
be positive or negative) can make a big difference to
your final benefit. This is mainly due to the principle of This simple graph demonstrates the principle of
compounding returns (see next column). compounding, but it is not intended to depict the future
value of an investment (which may rise or fall).
■ Your money may not keep up with inflation. If you
choose an investment option that has less potential for
growth, your money will not increase very much before The effect of compounding
you retire. Over time, prices for goods and services
usually go up. If your retirement is some way off, your
money won’t buy as much by the time you retire as it
does today.
value
time (years)
■ Interest earned ■ Super contributions
18 AUSCOAL Super | TOLL FREE 1300 AUSCOAL (1300 287 262) | Web: www.auscoalsuper.com.au
Risks of investing Interest rate risk – Changes in interest rates can have
a positive or a negative impact directly or indirectly on
There are certain risks associated with investing. The investment values or returns.
following is a description of various general risks associated
with investments. Currency risk – Investments can be in other countries. If their
currencies change in value relative to the Australian dollar,
Investment risk – As with all investments, there are risks the value of the investment can change. This risk affects
associated with a decision to invest in superannuation, only unhedged investments (ie they are not protected from
and also in choosing a particular investment option or mix movements in foreign currency) so can be considered a risk
of options. Different asset classes perform differently at for options where a significant proportion of the assets are
different times. Since each investment option has a different invested overseas and unhedged.
investment mix, the risks of investing in each option are
different. Diversification across asset classes helps to Time horizon for investing
manage this risk.
■ Short term – generally refers to an investment
Inflation risk – The rate of inflation may exceed the rate of period of 12 months to three years.
return achieved on your investment. This effectively means
■ Medium term – generally refers to an investment
that the purchasing power of your investment is reduced. This
period of three to five years.
is because time makes a big difference to the value of money.
■ Long term – generally refers to an investment
Individual investment risk – Individual investments can (and
period of five years or more.
do) fall in value and returns may be positive or negative in
any given year. This risk affects mainly investments in shares
and property, although it can also affect investments in fixed
interest investments.
Market risk – Changes in investment markets resulting from
changes in economic, political and legal conditions or market
sentiment can affect the value of investments. This risk affects
AUSCOAL Super’s options that invest in shares, property and
fixed interest investments. Diversification across asset classes
helps to manage this risk.
19
Investment basics
continued
Your investment profile How many years do I have before I need my
Your investment choice is a personal decision. It’s important
super?
to think about how much super you will need, how much How much time you have before you need to access your
time you have to save and how much risk you are prepared super may determine how much risk you are prepared to
to take. Everyone is different – so ask yourself these important take when you invest. For people with a long investment
questions to help you work out what is best for you: horizon, short-term ups and downs in returns are usually
less of a concern than for those who will need their super
■ How much super will I need when I retire?
soon.
■ How many years do I have before I will need my super?
Keep in mind that you may not need to access your entire
■ How much risk am I comfortable with? super benefit when you retire. Many people continue to
invest their super after they retire.
How much super will I need when I retire?
The answer to this question depends on your personal How much risk am I comfortable with?
circumstances – it’s different for everyone. Financial experts Remember the two Rs – risk and return. Based on historical
say that to maintain your lifestyle in retirement, you may returns, the more you are prepared to ride out the ups and
need an annual income of around 60-70%* of your final downs of investing in growth assets – that is, the more short-
income when you retire. This income may come from several term risk you are prepared to take the higher the return you
sources, not just your super. can expect in the long term.
So if you have other investments, make sure you consider The level of risk you feel comfortable with will probably
these. change over your working life. If you have a longer time to
*Source: Australian Senate Select Committee on invest before you need to access your super, you may be
Superannuation, Inquiry into Superannuation and more comfortable with a higher-risk investment option. Or,
Standards of Living in Retirement. if you have less time to save, you may prefer a lower-risk
December 2002. option.
Of course, how you invest your super is entirely up to you.
Ultimately, the choice that you make will depend on what
you are personally comfortable with.
This information is general in nature and should not be
considered advice. If you require personal financial advice
that takes into account your objectives, financial situation
or needs, you can seek the advice of a licensed financial
adviser, for example, AUSCOAL Advisory Services.
20 AUSCOAL Super | TOLL FREE 1300 AUSCOAL (1300 287 262) | Web: www.auscoalsuper.com.au
Investment choice options
Your investment options are set out on pages 23 to 25, with their asset
mix and investment objectives and strategies. This will help you choose the
best option for your personal situation. A licensed financial adviser can help
you make your decision, but if you do not make a choice, your super will
be invested in the Trustee Default Lifecycle Strategy.
What’s on offer! Trustee Default Lifecycle Strategy
AUSCOAL Super has a range of investment options to Allocation to growth assets over the age lifecycle matches
choose from, according to your needs and financial goals risk with age and reduces exposure to growth assets as
for retirement. Your super will automatically be invested in you age. However, it is important to realise that individual
the pre-mixed option applicable to you under the Trustee approaches to investment vary and you should carefully
Default Lifecycle Strategy, or you can determine your own consider your investment options.
investment mix by choosing any one or more of AUSCOAL
Super’s four pre-mixed options and six asset class options.
Allocation to growth assets over the age lifecycle
Trustee Default Lifecycle Strategy
100%
This strategy has been designed by the Trustee to keep
% Allocated to growth assets
90%
pace with the changing needs of a typical AUSCOAL Super
80%
member over their lifetime. Your super will be invested
70%
according to a pre-mixed investment option that is
considered generally appropriate for members within 60%
certain age groups. As you get older and progress to the 50%
next age category, the investment strategy moves on. As 40%
Aggressive
retirement approaches, a more conservative strategy is 30%
AUSCOAL
AUSCOAL
AUSCOAL
AUSCOAL
Balanced
adopted and AUSCOAL Super moves some investments into 20%
Growth
Stable
lower risk assets comprising bonds and cash, giving some 10%
protection from short-term fluctuations in growth assets. 0%
This progression is shown in this graph.
Age up to 44 45–54 55–64 65
21
Investment options at a glance
How it works...
1
Accept the Trustee Default Lifecycle Strategy How to read the investment table
When you first join AUSCOAL Super, all monies in Description – Explains how the investment option is
your account are invested in the pre-mixed option invested.
applicable to you under the Trustee Default Lifecycle Investment objectives – The goal of the investment
Strategy. No action is required if you accept this. option over a rolling five year period. It is not a
Switching into the next option within the Trustee Default guaranteed rate of return. The Consumer Price Index or
Lifecycle Strategy will happen automatically each year at CPI is a measure of Australia’s inflation rate.
1 May and 1 November unless you opt to choose your own Asset mix – This shows the types of assets the
investment mix. investment option is invested in.
■ Members turning 45, 55 or 65 and whose birthday falls
Investment strategy – This breaks down the types of
between 1 November and 30 April will be advised with
assets the investment option is invested in by asset
their Annual Statement that they will automatically be
class. It also shows how much of the investment
moved on to the next pre-mixed option unless they
option will generally be invested (our target) in each
choose their own investment options.
asset class.
■ Members turning 45, 55 or 65 and whose birthday falls
Allowable ranges – This is the percentage range that
between 1 May and 31 October will be advised with their
an investment option can be invested in each asset
Half-yearly Statement that they will automatically be
class around its target (investment strategy).
moved on to the next pre-mixed option unless they
choose their own investment options. Risk profile – This shows the approximate risk and
level of volatility of the investment option and the
Also, members can opt at any time to select their own
type of investor it is best suited to.
investment options.
or
2
Choose your own investment options
You can choose to invest in any of the four pre-mixed
options shown on page 23, as well as the six asset
class options as outlined on pages 24 to 25.
You can choose any combination of the pre-mixed
options and the asset class options as long as
your total investment adds up to 100%.
22 AUSCOAL Super | TOLL FREE 1300 AUSCOAL (1300 287 262) | Web: www.auscoalsuper.com.au
How the Trustee Default Lifecycle Strategy is invested...
Pre-mixed options
aggr
Investment option AUSCOAL Aggressive AUSCOAL Growth AUSCOAL Balanced AUSCOAL Stable
Description Investment in shares, Diversified investment Diversified investment Offers diversification
property, unlisted equities, aiming to optimise risk/ aiming to balance risk across major asset classes,
infrastructure and other return potential. and return. with some exposure to
alternatives that aim to growth assets.
maximise returns.
aggressive growt
Investment objectives To achieve a return (net To achieve a return (net To achieve a return (net To achieve a return (net
of tax and investment of tax and investment of tax and investment of tax and investment
expenses) that exceeds expenses) that exceeds expenses) that exceeds expenses) that exceeds
the increase in CPI by at the increase in CPI by at the increase in CPI by at the increase in CPI by at
least 5% pa over moving least 4% pa over moving least 3.5% pa over moving least 3% pa over moving
five-year periods. five-year periods. five-year periods. five-year periods.
To limit the probability To limit the probability To limit the probability To limit the probability
of a negative return over of a negative return over of a negative return over of a negative return over
moving one-year periods moving one-year periods moving one-year periods moving one-year periods
to less than one in four. to less than one in five. to less than one in seven. to less than one in ten.
growth
aggressive balance
Asset mix 100% Growth assets* 80% Growth assets 59% Growth assets 40% Growth assets
20% Income assets 41% Income assets 60% Income assets
Investment strategy
5%
20% 20% 17.4%
Diversified Shares 25% 36% 30%
Growth
Property 7%
aggressive stable
growth balanced
Alternatives
10%
25% 45% 15.6%
65% 9%
Bonds
Income
40%
Cash 10% 20%
Allowable ranges 60–80% Diversified Shares 40–60% Diversified Shares 25–45% Diversified Shares 10–30% Diversified Shares
for investments 0–20% Property 0–20% Property 0–19% Property 0–17% Property
10–30% Alternatives growth
10–30% Alternatives 6–26% Alternatives 3–23% Alternatives
stable
10–30% Bonds 26–46% Bonds 30–50% Bonds
balanced
0–10% Cash 0–14% Cash 10–30% Cash
Risk profile High risk with medium Medium to high risk with Medium risk with medium Low to medium risk with
to high volatility. medium volatility. volatility. low to medium volatility.
Better suited to Better suited to Better suited to Better suited to
longer-term investments. longer-term investments. medium-term investments. medium-term investments.
balanced
stable
* There will be times when we hold a small part of the investment option in cash. This is a standard investment administration
process. It allows us to set aside money to invest with our managers and also manage cash outflows such as benefit payments
without having to ask our investment managers to cash in an investment.
23
Investment options at a glance
continued
How asset class options are invested...
Asset class options
Investment option Diversified Shares Australian Shares International Shares
Description Australian and international Australian share based International share based
share based investment investment investment
Investment objective To achieve a return (net of tax To achieve a return (net of tax To achieve a return (net of tax
and investment expenses) that and investment expenses) that and investment expenses) that
exceeds the increase in CPI by exceeds the increase in CPI by exceeds the increase in CPI by Diversi
at least 5.5% pa over moving at least 5.5% pa over moving at least 5% pa over moving
five-year periods. five-year periods. five-year periods.
To limit the probability of To limit the probability of To limit the probability of
achieving a negative return over achieving a negative return over achieving a negative return over
moving one-year periods to less moving one-year periods to less moving one-year periods to less
than one year in three and a than one year in three. than one year in three.
half.
Diversi ed
100% listed Australian 100% listed 100% listed Aus sha
Asset mix
and international shares* Australian shares* international shares*
Investment strategy
Australian Shares
International Shares
Growth
Property Diversi ed
50% 50% 100% Aus shares 100% Inter sh
Alternatives
Bonds
Income
Cash
Risk profile Diversified to give equal High risk with high volatility. High risk with high volatility.
exposure to Australian and Potential for higher returns over Inter shares for higher returns over Propert
Potential
international share markets. Aus shares investment terms.
longer longer investment terms.
High risk with high volatility.
Potential for higher returns over
longer investment terms.
Bonds
Property
the shares
* There will be times when we hold a small part of Inter investment option in cash. This is a standard investment
administration process. It allows us to set aside money to invest with our managers and also manage cash outflows
such as benefit payments without having to ask our investment managers to cash in an investment.
Bonds Cash
Property
24 AUSCOAL Super | TOLL FREE 1300 AUSCOAL (1300 287 262) | Web: www.auscoalsuper.com.au
Diversi ed
Diversi ed
Aus shares
Property Bonds Cash
Diversi ed
Aus shares Inter shares
Australian and international Australian bond and international Cash based investment
property based investment bond-based investment
To achieve a return (net of tax To achieve a return (net of tax To achieve a return (net of tax
and investment expenses) that and investment expenses) that and investment expenses) that
exceeds the increase in CPI by exceeds the increase in CPI by at exceeds the increase in CPI by
at least 3.5% pa over moving least 2% pa over moving at least 1% pa over moving
Aus shares Inter shares periods. Property
five-year periods. five-year periods. five-year
To limit the probability of To limit the probability of To limit the probability of
achieving a negative return over achieving a negative return over achieving a negative return
moving one-year periods to less moving one-year periods to less over a one month period.
than one year in five. than one year in fifteen.
100% Australian and Inter shares
100% Australian and Property cash and cash equivalents Bonds
100%
international listed, unlisted international fixed
and direct property* income assets*
100% Property 100% Bonds 100% Cash
Medium risk with medium Low to medium risk, low to Low risk with low volatility.
volatility. medium volatility and a low
Bonds Cash
Better suited to shorter term
Better suited to medium term possibility of negative returns. investments.
investments. Better suited to shorter and
medium term investments.
Cash
* There will be times when we hold a small part of the investment option in cash. This is a standard investment
administration process. It allows us to set aside money to invest with our managers and also manage cash outflows
such as benefit payments without having to ask our investment managers to cash in an investment.
This information is general in nature and should not be considered advice.
It is important that you review your investment choice regularly to ensure it remains appropriate to you.
25
Making your own investment choice
Mixing investment options may allow you to diversify your investments and
protect your super in a way that best suits your needs and retirement goals…
Making an investment choice What is the cost of making an
If you want to make your own choice from any of the four investment choice?
pre-mixed options and any of the six asset class options, Your first two switches in a financial year are free.
you will need to complete and return an Investment Choice
Nomination form which you can obtain from our website Subsequent switches incur a fee of $22 per switch. The
www.auscoalsuper.com.au or by calling toll free 1300 AUSCOAL automatic age based switches within the Trustee Default
(1300 287 262). Lifecycle Strategy are not subject to switch fees. If you
nominate several option changes on one form, this is
classed as a single switch for fee purposes.
If you need help filling out the form or
with obtaining more information, simply call
TOLL FREE 1300 AUSCOAL (1300 287 262) Choosing where your future
and speak to an AUSCOAL Service Officer. contributions are invested
In addition to choosing where your current AUSCOAL Super
When can you make your choice? account balance is invested, AUSCOAL Super members can
also choose where to invest any future contributions. This
You can make an investment choice at any time. This is means money contributed to your super can be invested
referred to as `switching’. Your choice will be effective the differently to your account balance, providing more flexibility
next business day after we receive your Investment Choice to tailor your investment strategy to your financial needs
Nomination form. We may take longer to process your switch and risk tolerance.
or suspend switching if necessary.
You can choose to leave your future contributions invested
Choosing more than one option in the Trustee Default Lifecycle Strategy, which reflects
members’ changing risk tolerance as they grow older, or you
You can choose any combination of the pre-mixed options can invest your future contributions in any combination of
and the asset class options as long as your total investment the four pre-mixed options and six asset class options.
adds up to 100%.
If you do not choose where to invest your future
Mixing investment options may allow you to diversify your contributions, your contributions will be invested in the
investments (spreading them across a different mix of assets) same way as your account balance.
and protect your super in a way that best suits your needs
and retirement goals.
26 AUSCOAL Super | TOLL FREE 1300 AUSCOAL (1300 287 262) | Web: www.auscoalsuper.com.au
Rules governing your future contributions
investment choice
Before you make an investment choice, we recommend
you read this Product Disclosure Statement and ensure
you understand the rules governing your investment choice
and future contribution investment choice. In particular
please note:
■ the first two investment choices in a financial year are free.
Subsequent choices are $22 each and will be deducted
from your account. An investment choice includes an
account balance choice only, a future contribution
investment choice only or both at the same time.
■ AUSCOAL Super recommends you monitor your
investment choice to ensure it continues to meet
your needs.
■ your investment choice will be effective the next business
day after we receive this form.
■ if you select a future contribution investment choice,
all future contributions will be directed to your chosen
investment options.
You can makee at
choic
an investment
any time...
27
Other investment information
How investment earnings are applied Investment management fees
Each business day we calculate a unit price for each For details on the investment management fees applicable to
investment option. We then use this unit price to calculate each pre-mixed option and asset class option, refer to ‘Fees
the value of your account each day by multiplying the and other costs’ on page 49.
number of units you have been allocated in an investment
option by their unit price. The unit price can move up Past investment options returns
and down in line with the changes in the value of the
For past investment options returns see our latest Annual
underlying assets.
Report, check out our website www.auscoalsuper.com.au or
Each week we publish a weekly investment return call TOLL FREE 1300 AUSCOAL (1300 287 262) to talk to
on our website www.auscoalsuper.com.au or call an AUSCOAL Service Officer. However, you should always
TOLL FREE 1300 AUSCOAL (1300 287 262). remember that past performance is not necessarily an
indicator of future performance.
Investment options returns Please note: AUSCOAL Super does not take into account
Up to date investment options returns are provided on our labour standards or environmental, social or ethical
website www.auscoalsuper.com.au and shown each year in considerations in selecting, realising or retaining the Fund’s
the Fund’s latest Annual Report. investments.
Managing the investments Volatility of investment options
The Trustee, with the assistance of an independent asset AUSCOAL Super monitors its investments and investment
consultant, appoints professional investment managers, strategy on a regular basis.
who invest AUSCOAL Super’s assets in accordance with If appropriate, AUSCOAL Super may make investment
strict guidelines. allocation changes to its investment options to reduce the
These investment managers are chosen on the basis of volatility of those options in line with their investment
research, professional advice and because their investment objectives.
approach and style is consistent with the objectives for
AUSCOAL Super’s various investment options.
The Trustee reviews each investment manager’s performance
on a regular basis and may change investment managers
and investment objectives from time to time.
For more details on our investment managers, see our latest
Annual Report, check out our website www.auscoalsuper.com.au
or call TOLL FREE 1300 AUSCOAL (1300 287 262) to talk to
an AUSCOAL Service Officer.
28 AUSCOAL Super | TOLL FREE 1300 AUSCOAL (1300 287 262) | Web: www.auscoalsuper.com.au
Insurance to protect your assets
AUSCOAL Super offers a range of insurance options to help protect you and your
family against financial hardship if you become totally and permanently disabled
or die.
Insurance is an important part of your How much insurance cover do you need?
financial plan There are two ways3 to calculate how much cover
you need:
Thinking about insurance should not be about weighing up
your chance of becoming disabled or dying, no one wants to ■ Needs approach: add up the amounts that represent all
think about that! Instead, you should consider insurance as your family’s needs if you couldn’t work or if you die.
an important element of your overall financial plan. For instance, consider your mortgage, credit cards, cost
of raising children and running a car.
Protecting wealth is as important as building wealth.
Insurance helps protect the assets you have built up over ■ Replacement income approach: calculate the amount of
time and your earning potential so if the worst was to life insurance you need to replace the income your family
happen, you or your dependants can use your insurance would lose if you couldn’t work or if you die.
proceeds, rather than spending your savings or finding other
While the amount differs for everyone, a general rule of
ways to make ends meet.
thumb is that most people need around ten times their
Unfortunately, many Australians are not adequately insured. annual income4.
While 84% of Australians insure their car, they neglect to
insure themselves, with only 32% insuring against their
inability to earn an income due to disability1. Ironically, a car
is worth tens of thousands of dollars, while the average wage Are you a home maker?
earner earns around $2.2 million over their working life2. Some people fall into the trap of thinking they don’t need
insurance because they are not in the workforce. However,
if a stay at home parent becomes totally and permanently
disabled or dies, the family’s breadwinner will either have
to reduce their working hours or employ outside help.
A family losing a stay at home parent may find the cost
of home help and child care for young children exceeds
$75,0005 per year. The good news is AUSCOAL Super
spouse members can apply for voluntary insurance cover.
See page 34 for more information.
1 TNS/IFSA Investigating Income Protection Insurance in
Australia, July 2006
2 Based on full time adult average weekly ordinary times
earnings as at May 2006, multiplied by 40 years of
continuous employment.
Source: Australian Bureau of Statistics
3 moneytips.com.au
4 TNS Research: Investigating the issue of underinsurance
in Australia, August 2005
5 Investment and Financial Services Association: Australian
Mothers – Undervalued and Underinsured, October 2005
29
Insurance with AUSCOAL Super
Insurance with AUSCOAL Super
Our insurance cover is especially designed for people
Definition: active employment
working in the coal industry, who often find it hard to obtain This means you are employed by an employer to carry
adequate and reasonably priced insurance due to their out identifiable duties and are actually performing those
occupation. The insurance cover available is comprised of duties or are on employer approved leave, except leave
basic and voluntary insurance. It covers you 24 hours a day, caused by sickness or injury. In addition, in the opinion
seven days a week, worldwide – not just when you are at of the insurer, you are not restricted by sickness or
work – so you know you are well protected. injury from performing those duties and the duties of
If you are eligible, AUSCOAL Super automatically provides your normal occupation on a full time basis, which is at
you with basic insurance cover in the form of Death and least 35 hours per week, even though you may then be
Terminal Illness (DTI) insurance cover and Total and working on a full time, part time or casual basis.
Permanent Disablement (TPD) insurance cover. You can also
apply for extra DTI and TPD voluntary insurance cover.
This insurance cover is provided through an insurance policy Definition: limited cover
AUSCOAL Super has with CommInsure. You automatically
receive basic insurance cover provided you are aged 15 to 64 You are only covered for claims arising from a sickness
and meet the eligibility criteria. that first became apparent, or an injury that first occurred,
on or after the date your cover last commenced,
There are advantages in insuring yourself through AUSCOAL
recommenced or increased.
Super rather than seeking insurance outside of super.
Firstly, your insurance cover covers you for all the unique
When would you receive limited cover?
work undertaken in the coal industry. Limited cover will apply until you have been in active
employment for two consecutive months if you are not in
Secondly, your insurance cover is more affordable, as your
active employment on either the date:
premiums are set at discounted wholesale rates. You also
receive tax advantages by paying your insurance premiums ■ you commence employment, or
through your super fund, provided your personal tax rate is ■ your cover starts under AUSCOAL Super.
above 15%. Limited cover will apply for the life of your AUSCOAL
Thirdly, premium payments are hassle free, as they are Super membership if you:
automatically deducted from your super account while you ■ join AUSCOAL Super more than 180 days after starting
remain an AUSCOAL Super member. employment with your AUSCOAL Super employer or
if sufficient employer contributions are not made to
cover your premium within 180 days after starting
employment. In these cases an insurance benefit will
What is Death and Terminal Illness (DTI) not be paid:
and Total and Permanent Disablement (TPD) − for death due to suicide within 13 months of limited
cover commencing, whether or not you are sane at
insurance cover?
the time, or
DTI insurance cover provides a lump sum payment on
your death or if you have a terminal illness with less − for total and permanent disablement due to
than 12 months to live. intentional self inflicted injury, infection or attempt
at suicide, whether or not you are sane at the time.
DTI and TPD insurance cover provides a lump sum
payment on your death or terminal illness, as above, ■ have previously been paid, or are entitled to be paid,
or if you become totally and permanently disabled. a TPD benefit under another policy or fund or by
See page 39 for a definition of TPD. AUSCOAL Super.
30 AUSCOAL Super | TOLL FREE 1300 AUSCOAL (1300 287 262) | Web: www.auscoalsuper.com.au
Basic insurance cover Cost of basic insurance cover
Our basic insurance cover is provided to you upon joining Basic insurance cover premiums are charged at 93 cents
AUSCOAL Super. This cover provides you with a basic level per week per $10,000 unit of DTI and TPD insurance cover.
of protection and is a foundation on which to build your full Premiums are automatically deducted from your account
insurance cover needs. balance monthly in arrears or on exiting the fund.
Eligibility for basic insurance cover Table 1: Age based basic insurance cover
You are eligible for basic DTI and TPD insurance cover What you are Premium
provided you are: covered for per week
■ aged 15 to 64 years, and Age DTI TPD
■ in active employment with an AUSCOAL Super employer 15–24 $50,000 $50,000 $4.65
and we receive your first employer contribution within
25–49 $100,000 $100,000 $9.30
180 days of your employment commencing.
If you are not in active employment, you may be eligible 50–54 $80,000 $80,000 $7.44
for limited cover. Refer to page 30 for definitions of limited 55–59 $60,000 $60,000 $5.58
cover and active employment. 60 $50,000 $50,000 $4.65
61 $50,000 $40,000 $4.08
When does basic insurance cover start?
62 $50,000 $30,000 $3.51
Your basic insurance cover starts when you start work and
AUSCOAL Super receives your first employer contribution, 63 $50,000 $20,000 $2.94
provided: 64 $50,000 $10,000 $2.37
■ you are in active employment on that date, and 65 NIL NIL N/A
■ we receive an employer contribution sufficient to cover
the premium within 180 days of you starting work. Example: Calculating the cost of your basic
insurance cover
Sam has just joined AUSCOAL Super aged 25 and will
therefore receive $100,000 basic DTI and TPD insurance
cover. To calculate the cost of Sam’s basic insurance cover
follow the example below:
Number of $10,000 units of DTI and TPD insurance cover
x cost per unit per week
10 x 93 cents = $9.30 per week or $483.60 per year
31
Insurance
continued
Voluntary insurance cover Step 4:
To ensure you have enough insurance cover to meet your Calculate the cost of your voluntary insurance cover as
needs, you can apply to increase DTI cover up to a maximum follows:
of $5 million or DTI and TPD cover up to a maximum of
$2 million, subject to completing a Personal Statement and Cost of voluntary insurance cover = number
acceptance by the insurer. of units x occupational rating x annual cost
You can apply for different levels of DTI and TPD insurance per unit
cover, provided TPD cover is not more than the amount
of DTI cover. If you have DTI and TPD insurance cover and Table 2: Occupational ratings
receive a TPD benefit, your DTI cover is reduced by the
amount of the TPD benefit paid. Occupational rating A:
Keep your voluntary insurance cover even if you ■ You earn more than $60,000 gross a year
stop work ■ You are an office worker, with little or no
physical activity
AUSCOAL Super members can keep any voluntary insurance
cover even if they are no longer working, provided that ■ You are not required to go underground more than
premiums are paid. 18 times per year
Occupational rating B:
How to apply for voluntary insurance cover
■ You earn $60,000 gross or less a year
To apply for voluntary insurance cover, please complete a
Voluntary Insurance Application form, available by calling ■ You are an office worker, with little or no
TOLL FREE 1300 AUSCOAL (1300 287 262). physical activity
■ You are not required to go underground more than
Cost of voluntary insurance cover 18 times per year
The cost of your cover depends on your occupation, sex, Occupational rating C:
smoking status, age and amount of cover. Premiums are
deducted automatically from your account balance monthly ■ You are not an office worker
in arrears. ■ You are not in occupational rating D
To calculate the cost of your voluntary insurance cover, you Occupational rating D:
need to:
■ You are required to spend 20% or more
Step 1: of your work time underground
Decide how many units of voluntary insurance cover you
need (1 unit = $10,000 in cover) Male Female
Step 2: Smoker Non-smoker Smoker Non-smoker
Find your occupational rating from Table 2 based on your A 1.05 0.85 0.80 0.65
occupation, gender and smoking status B 1.20 1.00 0.90 0.75
C 2.50 2.05 1.95 1.60
Step 3:
D 3.00 2.50 2.35 1.95
Find the rate for your age from Table 3
32 AUSCOAL Super | TOLL FREE 1300 AUSCOAL (1300 287 262) | Web: www.auscoalsuper.com.au
Example: Calculating the cost of your voluntary
Table 3: Voluntary insurance cover premiums
per $10,000 unit, per annum insurance cover
John, who is 35 years of age, has assessed his financial
Age DTI TPD Age DTI TPD commitments and decided to purchase extra DTI and TPD
insurance cover to pay the mortgage and provide for his
15 $4.84 $0.66 43 $11.35 $7.65 family should he die or become totally and permanently
16 $5.67 $1.03 44 $12.09 $8.91 disabled.
17 $6.70 $1.10 45 $13.21 $9.79 To calculate the cost of John’s voluntary insurance cover
follow the example below:
18 $6.79 $1.11 46 $14.32 $11.08
Step 1:
19 $6.32 $1.08 47 $15.62 $12.58
Decide how many units of voluntary insurance cover
20 $5.67 $1.13 48 $17.21 $14.50 John needs
21 $5.21 $1.09 49 $19.07 $16.54 John has calculated he will need an additional $800,000
22 $4.74 $0.96 50 $20.93 $18.98 in DTI and TPD insurance cover to meet his financial
commitments. As insurance is provided in $10,000 units,
23 $4.46 $1.04 51 $23.06 $21.24 John will need 80 units of DTI and TPD insurance.
24 $4.37 $1.13 52 $25.30 $23.80 Step 2:
25 $4.19 $1.32 53 $27.71 $26.79 Find your occupational rating from Table 2 based on
26 $4.00 $1.20 54 $30.50 $30.20 your occupation, gender and smoking status
27 $4.56 $0.94 55 $33.85 $33.95 John spends 20% or more of his work time underground,
so his occupational rating is D. He is also a non-smoker.
28 $4.28 $1.32 56 $37.29 $39.01 This means he needs to multiply his premium by 2.5.
29 $4.37 $1.53 57 $41.20 $44.90 Step 3:
30 $4.46 $1.84 58 $44.83 $49.77 Find the rate for your age from Table 3
31 $4.84 $1.96 59 $49.29 $54.51 John is 35 years of age so his rate is $9.01 per annum per
60 $54.41 $59.60 unit of DTI ($6.05) and TPD ($2.96) insurance cover.
32 $5.12 $2.29
Step 4:
33 $5.49 $2.41 61 $59.89 $65.11
34 $5.86 $2.44 62 $66.03 $71.77 Calculate the cost of John’s voluntary insurance cover as
follows:
35 $6.05 $2.96 63 $74.03 $80.37
36 $6.42 $3.08 64 $82.77 $91.03 Cost of voluntary insurance cover = number of
65 $93.47 N/A units x occupational rating x annual cost per unit
37 $6.79 $3.51
80 units x 2.5 x $9.01 = $1,800 per annum
38 $7.35 $4.15 66 $106.11 N/A
or $34.62 per week
39 $8.09 $4.51 67 $120.90 N/A
40 $8.84 $5.27 68 $138.57 N/A
41 $9.67 $5.93 69 $159.31 N/A
42 $10.42 $6.68
Note: Your TPD cover cannot exceed your DTI cover
33
Insurance
continued
Voluntary insurance cover Table 4: Insurance cover premiums per $10,000 unit,
for spouse members per annum for AUSCOAL Super spouse members
Spouse members can apply for DTI cover up to a
Age DTI TPD Age DTI TPD
maximum of $5 million or DTI and TPD cover up to a
maximum of $2 million at the rates shown in Table 4, 15 $2.89 $0.31 43 $7.73 $6.74
provided the spouse member:
16 $3.29 $0.31 44 $8.06 $7.76
■ has an account balance over $5,000
17 $3.69 $0.63 45 $8.35 $9.08
■ completes a Personal Statement, and
■ is accepted by the insurer. 18 $4.00 $0.65 46 $8.75 $10.04
Spouse voluntary insurance premium rates are the same 19 $4.01 $0.66 47 $9.28 $11.41
for males and females and there is no occupation and 20 $3.82 $0.67 48 $10.01 $13.01
smoking loading.
21 $3.63 $0.78 49 $10.84 $15.05
Spouse members who receive employer contributions
from participating employers and who are eligible for 22 $3.35 $0.79 50 $12.18 $17.24
basic insurance cover will have any existing spouse
voluntary cover converted to member voluntary cover 23 $3.16 $0.69 51 $13.58 $19.86
with the relevant occupation loading applied (refer 24 $2.97 $0.79 52 $14.99 $22.33
Tables 2 and 3 for details).
25 $2.72 $0.90 53 $16.42 $25.14
26 $2.49 $1.11 54 $17.85 $28.41
27 $2.44 $1.01 55 $19.38 $32.16
28 $2.58 $0.74 56 $21.09 $36.22
29 $2.62 $1.14 57 $22.80 $41.63
30 $2.74 $1.36 58 $24.58 $47.93
31 $2.86 $1.68 59 $26.46 $53.22
32 $3.06 $1.81 60 $28.46 $58.47
33 $3.33 $2.13 61 $30.81 $64.16
34 $3.58 $2.27 62 $33.71 $70.36
35 $3.90 $2.30 63 $37.35 $77.83
36 $4.29 $2.83 64 $41.56 $87.47
37 $4.72 $2.98 65 $46.22 N/A
38 $5.21 $3.42 66 $51.61 N/A
39 $5.75 $4.08 67 $58.02 N/A
40 $6.33 $4.46 68 $65.73 N/A
41 $6.87 $5.25 69 $74.67 N/A
42 $7.38 $5.94
34 AUSCOAL Super | TOLL FREE 1300 AUSCOAL (1300 287 262) | Web: www.auscoalsuper.com.au
Getting more insurance cover is easy Get more insurance cover when you experience a
with AUSCOAL Super significant life event
It’s important to think about whether the basic insurance If any of the following events occur while you are an
cover provided to you when joining AUSCOAL Super is AUSCOAL Super member, you can double your existing level
appropriate for your needs. of basic insurance cover (including ‘introductory cover’):
If you need more cover, you can apply to increase your ■ birth or adoption of a child
insurance cover at any time. ■ mortgaging a home
To work out how much insurance cover you may ■ marriage or re-marriage.
need and what that cover might cost, call TOLL FREE 1300 This offer can only be utilised once and will result in increased
AUSCOAL (1300 287 262) and ask our Service Officers to basic insurance cover premiums.
assist you.
How to apply
Introductory cover option To take advantage of this offer, you must contact AUSCOAL
If you are a new member of AUSCOAL Super, you have a Super within 60 days of the event occurring, provide
one-off opportunity to take up ‘introductory cover’. If your satisfactory evidence of the event occurring and complete an
basic DTI and TPD insurance cover is: Increase cover – Significant life event option form, available
from www.auscoalsuper.com.au or by calling TOLL FREE 1300
■ $100,000 – you can lock in this $100,000 of basic DTI
AUSCOAL (1300 287 262).
and TPD insurance cover; or
■ less than $100,000 – you can increase your basic DTI and Get more insurance cover at any other time
TPD insurance cover to $100,000 and lock it in.
You can request to increase your cover at any time by
Your basic DTI and TPD insurance cover will stay at $100,000 applying for voluntary insurance cover.
until you reach age 60. After that, your:
To apply, you must complete a Personal Statement and be
■ basic DTI insurance cover will remain at $100,000 until accepted by the insurer. See Voluntary insurance cover on
you reach age 65 page 32.
■ basic TPD insurance cover will decrease by $20,000
each year from age 61 to age 65 (eg at age 61 basic TPD
insurance cover is $80,000). Find out how much insurance cover you have
To check how much existing insurance cover you
Eligibility for introductory cover option have, see your member statement, log onto the secure
To be eligible for ‘introductory cover’, we must receive section of our website www.auscoalsuper.com.au or
a correctly completed application form within 60 days of call TOLL FREE 1300 AUSCOAL (1300 287 262).
your AUSCOAL Super membership commencing and your
application must be approved by the insurer.
If your application is approved and your insurance cover
increases, your insurance premiums will also increase.
How to apply
Complete an Increase cover – Introductory Cover Option
form, available from www.auscoalsuper.com.au or by calling
TOLL FREE 1300 AUSCOAL (1300 287 262).
35
Insurance
continued
What if you already have insurance Interim accident cover
cover elsewhere If you apply for voluntary insurance cover you will be
You can transfer any existing DTI or DTI and TPD insurance entitled to a lump sum benefit if you die or become
cover with another insurer to AUSCOAL Super. totally and permanently disabled due to an accident that
occurs during the period in which your application is being
Subject to you satisfying certain conditions, you will receive considered by the insurer.
an equivalent amount of insurance cover in AUSCOAL Super,
rounded up to the nearest $10,000. Premiums will be
charged at voluntary insurance cover rates as shown in Definition: accident
Table 3 on page 33.
Bodily injury caused solely and directly by accidental,
If you were not covered for terminal illness in your previous external and visible means, independent of any other cause.
fund, AUSCOAL Super will add this to your death cover.
Conditions for transferring your insurance cover How much will I be covered for?
You must meet the following conditions to transfer your The lump sum benefit will be the amount of voluntary
insurance cover: insurance cover you have requested. However, this amount
■ insurance cover is provided up until the day before will be subject to a maximum of $500,000, less the amount
AUSCOAL Super accepts the transfer and cover of any insured cover you already have with AUSCOAL Super.
commences and you agree to waive any right to continue
insurance cover under the insurance policy Eligibility criteria
■ you have not received or been admitted for, and are not To be eligible to claim a benefit, the date of death or
eligible for, a TPD benefit from another insurer disablement must occur within 120 days of the accident.
■ you have not been diagnosed with an illness that has Interim accident cover starts on the date AUSCOAL Super
reduced your life expectancy to less than 12 months receives your application for voluntary insurance cover and
ends on the earliest of:
■ you are in active employment
■ the date your application is withdrawn
■ you provide a copy of a statement dated within 30 days
of applying to transfer your insurance cover as evidence ■ the date the insurer accepts or rejects your application, or
of the type and amount of cover held in your previous fund ■ 120 days from the date AUSCOAL Super receives your
■ any special conditions that may apply to your cover, such application.
as exclusions, continue to apply to your insurance cover
under AUSCOAL Super. How will your insurance benefit
be paid?
How to transfer your insurance cover
To transfer your existing insurance cover to AUSCOAL Super, Death and Terminal Illness insurance payments
please complete the Insurance Transfer Form, available from If you die, a lump sum ‘death benefit’ will be paid to your
www.auscoalsuper.com.au or by calling TOLL FREE 1300 dependants or estate. The ‘death benefit’ amount includes
AUSCOAL (1300 287 262). your DTI insurance cover (the ‘insured amount’) and your
AUSCOAL Super account balance.
Initially, the insured amount is deposited into AUSCOAL
Super’s bank account. It may earn bank interest from the
date it is deposited into the bank account until the date the
Trustee approves the death benefit payment.
36 AUSCOAL Super | TOLL FREE 1300 AUSCOAL (1300 287 262) | Web: www.auscoalsuper.com.au
Your AUSCOAL Super account balance remains invested in When will your insurance cover stop?
your chosen investment options where investment returns
may be positive or negative. Your insurance cover will generally continue while AUSCOAL
Super receives regular contributions on your behalf unless
Once your death benefit payment is approved by the the following events occur.
Trustee, both your AUSCOAL Super account balance (plus or
minus any investment return) and insured amount (plus any Basic insurance cover only
bank interest) are transferred into the AUSCOAL Super Cash
Investment Option until payment is made or it is transferred Your basic insurance cover only will cease if:
to an existing AUSCOAL Super account held by a beneficiary. ■ you go on approved leave without pay continuously for
more than 12 months
■ you go on leave without pay and:
Don’t forget to nominate your beneficiaries
− the leave is not approved
Be sure to nominate the beneficiaries who you
wish to receive your benefit. You can do this by − the premiums are not paid during that time, or
completing a Nomination of Beneficiaries form, − you are not employed on a permanent basis before
available from www.auscoalsuper.com.au or by taking leave
calling TOLL FREE 1300 AUSCOAL (1300 287 262).
■ you reach age 65.
For more information about nominating your
beneficiaries see page 40. Voluntary insurance cover only
Your voluntary DTI insurance cover will cease when you
reach age 70.
Total and Permanent Disablement insurance
Your voluntary TPD insurance cover will cease when you
cover payments reach age 65.
If you become totally and permanently disabled, you may be
entitled to a lump sum benefit. If your TPD claim is approved Basic and voluntary insurance cover
by the insurer, a lump sum benefit (the ‘insured amount’) is Your basic and voluntary insurance cover will stop on the
paid into AUSCOAL Super’s bank account on your behalf. earlier of the following:
The insured amount deposited into AUSCOAL Super’s bank ■ your AUSCOAL Super membership ceases
account is held there pending Trustee approval of your TPD
benefit. It will earn bank interest (if any) while it is held ■ you join any armed forces other than the Australian
there. Once the Trustee has formally approved payment Armed Forces Reserve
of your TPD benefit, the insured amount (plus any bank ■ AUSCOAL Super receives a written request from you to
interest) is transferred from the AUSCOAL Super bank cancel your insurance cover
account to your AUSCOAL Super account and invested into
■ there is insufficient money in your account to cover the
the same investment options as your current AUSCOAL Super
next premium payment
account balance. This means that your total TPD benefit will
be subject to investment market movements applying to ■ the date the policy is terminated or cancelled for any
those investment options which may be positive or negative. reason, or
To receive a cash payment you will need to apply to ■ you die.
withdraw money from your AUSCOAL Super account
and satisfy a government approved condition of release.
Refer page 12 for details.
37
Insurance
continued
Death and terminal illness cover continuation Exclusion
When you cease employment, your basic TPD insurance You will not be eligible for an insurance benefit if your DTI
cover ceases and you receive 90 days of free basic DTI or TPD claim is directly or indirectly caused by an act of war
insurance cover only. The amount of cover provided will outside of Australia.
equal your pre-termination basic DTI insurance cover. Any
voluntary insurance cover you have will continue to apply as Reducing or cancelling insurance cover
usual and will be charged at voluntary insurance cover rates
during this period. Basic insurance cover
Following the 90 day free period, if you have not applied You can cancel your basic insurance cover by completing
to cancel your insurance cover, premiums for your total DTI an Insurance Opt-out form, available by calling TOLL FREE
insurance cover will be charged at voluntary insurance cover 1300 AUSCOAL (1300 287 262). If you do this you cannot
rates (see page 33 for voluntary insurance cover rates table). reactivate basic insurance cover at a later date. You can
You will need to confirm with us your employment status by apply for voluntary insurance cover.
completing an Alteration of Voluntary Insurance Cover form,
available from www.auscoalsuper.com.au or by calling TOLL Voluntary insurance cover
FREE 1300 AUSCOAL (1300 287 262). If you do not tell us You can reduce or cancel your voluntary insurance cover by
your employment status you will be given an ‘Occupation completing an Alteration of Voluntary Insurance Cover form,
rating C’ (smoker). Refer page 32 for details of how this will available from www.auscoalsuper.com.au or by calling TOLL
affect your premium. FREE 1300 AUSCOAL (1300 287 262).
If you start work with an eligible employer at a later date, Please note that if you reduce or cancel your insurance cover
your existing voluntary DTI insurance cover will continue and and later wish to increase or reapply for cover, you will need to
basic DTI and TPD insurance cover will recommence. complete a Personal Statement and be accepted by the insurer.
How to reduce or cancel your continued Death and
Terminal Illness insurance cover
To reduce or cancel your continued DTI insurance cover, How do I make a claim?
please complete an Alteration of Voluntary Insurance Cover If you would like to make a claim, please call
form, available from www.auscoalsuper.com.au or by calling TOLL FREE 1300 AUSCOAL (1300 287 262) for assistance.
TOLL FREE 1300 AUSCOAL (1300 287 262).
What happens to your insurance cover if you
are on paid leave or overseas
Your insurance cover will continue unchanged while you
are on paid leave, including annual leave, parental leave,
overseas or leave without pay (for a maximum of 12 months
unless approved by the insurer), as long as there are
sufficient funds in your account to cover the cost of premium
deductions.
You don’t have to notify AUSCOAL Super of this leave or
when you travel overseas, unless your travel period will or
does exceed 12 months.
38 AUSCOAL Super | TOLL FREE 1300 AUSCOAL (1300 287 262) | Web: www.auscoalsuper.com.au
Definition: total and permanent disablement
As an insured member of AUSCOAL Super: OR
1. You were employed for at least 15 hours per week 3. As a result of sickness or injury, you have for six consecutive
immediately prior to the date of disablement, and months from the date of disablement been totally unable to
perform without the physical assistance of another person any
■ as a result of sickness or injury, you have been absent
two of the following activities of daily living:
from all employment for six consecutive months from
■ dressing
the date of disablement and the insurer considers, on
the basis of medical and other evidence satisfactory to ■ toileting
it, that you are unlikely ever to be able to engage in any ■ mobility
occupation.
■ continence
Where occupation means:
■ for a mining industry employee, professional or senior ■ feeding
management, your occupation based on your general and you are permanently and irreversibly unable to do so for life.
area of expertise
OR
Where mining industry employee means the member has
been working within the Australian mining industry, including 4. You are aged 64 years or less and are absent from all work
mining other than coal mining, as as a result of suffering from any of the conditions specified
■ an employee with at least five consecutive years of
in the Schedule of Medical Conditions (please call TOLL FREE
service, or 1300 AUSCOAL for a copy) and as a result of that condition are
unlikely ever to be able to engage in any occupation, whether
■ an apprentice with at least four years service out of or not for reward and you are likely to be so disabled for life,
the last five years, or
Where occupation means an occupation you can perform, on
■ an employee with at least five years service out of a full or part time basis, based on skills and knowledge
the last eight years. you have acquired through previous education, training or
Otherwise: experience.
■ an occupation you can perform, on a full or part time
basis, based on the skills and knowledge you have
acquired through previous education, training and
experience.
OR
2. The insurer is satisfied on medical and other evidence that
you have suffered, as a result of sickness or injury:
■ the total and permanent loss of the use of two limbs
■ blindness in both eyes
■ the total and permanent loss of the use of one limb
and blindness in one eye.
39
Insurance
continued
Your duty of disclosure Nomination of beneficiaries
Before you sign a life insurance contract with an insurer, All members of AUSCOAL Super can nominate who they
you have a duty, under the Insurance Contracts Act 1984, to would like their benefit to be paid to on their death by
disclose to the insurer every matter that you know, or could completing a binding or non-binding nomination.
reasonably be expected to know, is relevant to the insurer’s
decision whether to accept the risk of the insurance and, if Binding nomination
so, on what terms. A valid binding nomination means the Trustee must
You have the same duty to disclose those matters to the distribute the benefit as per your instructions. In order to
insurer before you renew, extend, vary or reinstate a life be binding on the Trustee, a binding nomination must:
insurance contract. ■ Be in writing, stating the full name and date of birth
Your duty does not require disclosure of a matter: of beneficiaries,
■ That diminishes the insurer’s risk, ■ Nominate a beneficiary or beneficiaries who is/are a
dependant or your executor (the person administering your
■ That your insurer knows or, in the ordinary course of
estate) at the time of your death,
its business, ought to know,
■ Be signed and dated by you in the presence of two adult
■ That is common knowledge, or
witnesses who are not nominated beneficiaries,
■ For which your insurer has waived your duty to disclose.
■ Contain a signed and dated declaration from your two
Non-disclosure witnesses that your beneficiary nomination was made in
their presence, and
If you fail to comply with your duty of disclosure, and the
insurer would not have entered into the contract on any ■ For multiple beneficiaries, specify the proportions of the
terms if the failure had not occurred, the insurer may void benefit, which must add up to no more than 100%.
the contract within three years of entering into it. A binding nomination must be updated at least every three
If your non-disclosure is fraudulent, the insurer may void the years and will become invalid if:
contract at any time. An insurer who is entitled to void a ■ It has expired, ie more than three years has lapsed since
contract of life insurance may, within three years of entering the last binding nomination,
into it, elect not to void it but to reduce the sum that you ■ A nominated beneficiary is not a dependant or your
have been insured for in accordance with a formula that executor at the time of your death,
takes into account the premium that would have been
payable if you had disclosed all relevant information to the ■ The proportion of the benefit paid to each person is not
insurer. The insurer reserves the right to adjust premiums if certain or readily ascertainable, or
it becomes apparent that, at any time, an incorrect premium ■ You cancel it.
has been deducted.
Non-binding
If you return a Nomination of Beneficiaries form and it is not
witnessed, incomplete or not complying with legislation it will
be deemed to be a non-binding nomination. AUSCOAL Super’s
Trustee is not bound by this nomination. The Trustee will use
its discretion to distribute your benefit to your appropriate
dependants or your estate.
To nominate beneficiaries you will need to complete a
Nomination of Beneficiaries form. You can download a copy of
this form from our website www.auscoalsuper.com.au or call
TOLL FREE 1300 AUSCOAL (1300 287 262) to request a copy.
40 AUSCOAL Super | TOLL FREE 1300 AUSCOAL (1300 287 262) | Web: www.auscoalsuper.com.au
AUSCOAL Super’s insurer
AUSCOAL Super reviews the insurance provider from If you are using AUSCOAL Super’s insurance to replace
time to time and may change the insurance company your current life insurance arrangements, you may
to maintain competitive insurance benefits for Fund wish to wait until AUSCOAL Super has notified you in
members. writing that the insurer has agreed to insure you before
AUSCOAL Super’s current insurer is CommInsure. cancelling your old insurance cover.
CommInsure is a registered business name of The The insurance policy
Colonial Mutual Life Assurance Society Limited ABN The insurance policy document and any endorsements
12 004 021 809 AFSL 235035. CommInsure assesses (policy document), sets out matters relating to insurance
all applications for voluntary insurance cover and cover offered by AUSCOAL Super. While the PDS sets out
determines the premium rates that will apply. general information about the insurance cover, the policy
You should also be aware that the terms and conditions document takes precedence over anything contained in
for basic and voluntary insurance cover are subject the PDS. You may inspect a copy of the policy document
to change. This may be due to changing insurance during normal business hours at AUSCOAL Super’s
providers or changes made by AUSCOAL Super’s head office or ask for one to be sent to you by calling
insurer under AUSCOAL Super’s insurance policy. TOLL FREE 1300 AUSCOAL (1300 287 262).
Prote cting wealth
ant as
is as import
building wealth...
41
Other information
Keeping you up to date AUSCOAL Service Officers
Each year you will receive important information from AUSCOAL Super employs dedicated service officers who can
AUSCOAL Super about your investment. It’s a good idea to assist you with general information about your super. You
take the time to read it so you can keep up to date with can talk to an AUSCOAL Service Officer over the phone by
what’s going on. You’ll get this information at regular times calling TOLL FREE 1300 AUSCOAL (1300 287 262), 8am to
throughout the year in various ways… by post, email, online, 6pm, Monday to Friday.
over the phone or face-to-face.
Need some personal financial advice?
Member Statements As super can be complex, you may need some personal
Every February and August we’ll send you a Member financial advice that takes into account your objectives,
Statement detailing your account balance, investment financial situation and needs. No matter what your age or
options returns, insurance cover and more. account balance, AUSCOAL Advisory Services advisers can
help you on a range of matters – from simple, super-related
Newsletters questions to a full financial plan. As salaried employees,
Every quarter we’ll send you AUSCOAL Extra. This newsletter they are not paid any commissions – they simply recommend
is filled with timely tips, investments information, education what they think is best for you and your future. Call us to
and more to help you grow your super balance. find out more or to make an appointment today.
Annual Report Complaints procedure
Every November we’ll send you your copy of our Annual If you have any issues or concerns about your
Report. superannuation account with AUSCOAL Super please contact
an AUSCOAL Service Officer, on TOLL FREE 1300 AUSCOAL
Member seminars (1300 287 262) or +61 (2) 4948 3333, who will attempt to
resolve your matter promptly.
At various times throughout the year we host free member
seminars covering super-related topics relevant to you. We If, upon investigation, the AUSCOAL Service Officer is unable
hold our seminars in the regional mining communities of to resolve the issue to your satisfaction, you may lodge a
NSW, QLD and Tasmania. Keep an eye out for an invitation formal complaint to:
to a seminar near you. Complaints Officer
AUSCOAL Superannuation Fund
www.auscoalsuper.com.au PO Box 246
For general information and education about your super, Warners Bay NSW 2282
head to www.auscoalsuper.com.au where you’ll find weekly
If you require assistance in the writing of your complaint to
investment option returns, investment news, investment
be able to adequately express your concerns, our AUSCOAL
updates and more. To update your personal information
Service Officers are available to help you either by phone or
or review your account balance, register for our secure,
in person (by appointment only).
password protected website. Registration is quick and easy.
Simply go to www.auscoalsuper.com.au, click the Member The Complaints Officer will formally review your complaint and
Login button, provide the required personal information and forward a response within 90 days (maximum time allowed).
you’ll be able to review your personal details instantly. If your complaint is not finalised to your satisfaction or the
response is not received within 90 days, you have the right
to pursue your complaint with the Superannuation
Complaints Tribunal (SCT).
42 AUSCOAL Super | TOLL FREE 1300 AUSCOAL (1300 287 262) | Web: www.auscoalsuper.com.au
The SCT is an independent body set up by the Federal In some cases, AUSCOAL Super is required by law to collect
Government to resolve complaints by superannuation personal information about you. For example, under tax
fund members or their beneficiaries. The SCT will attempt legislation, AUSCOAL Super is required to collect your Tax
conciliation between AUSCOAL Super and the member or File Number before it can accept after tax (non-concessional)
beneficiaries. If the matter is then not resolved, the SCT may contributions from you. Also, under anti-money laundering
make a review decision that is binding on both parties. and counter-terrorism financing legislation, AUSCOAL Super
The SCT is only able to decide on matters that have first been must collect certain information about you before payment
through AUSCOAL Super’s internal complaints procedure. of benefits or commencing pension payments.
You can contact the SCT: You can access your personal information held by AUSCOAL
Super. If any of your personal information is incorrect, you
Phone: 1300 780 808
may have the opportunity to correct it. However, there are
Mail: Locked Mail Bag 3060, some circumstances where you may be denied access to
GPO Melbourne VIC 3001 your information. AUSCOAL Super’s Privacy Officer will advise
Website: www.sct.gov.au if any of these circumstances apply.
AUSCOAL Super abides by the National Privacy Principles
Privacy Statement under the Privacy Act 1988 (Cth) and has adopted a Privacy
To provide you with superannuation benefits, including Policy that details how we handle members’ personal
death and disability benefits, and to properly manage the information. If you would like a copy of our Privacy Policy
Fund and provide services to you, AUSCOAL Super will please contact:
hold personal information about you. This information Privacy Officer
typically includes your name, address, date of birth, gender, AUSCOAL Superannuation Fund
occupation, salary, Tax File Number, medical information, PO Box 246
usage of the AUSCOAL Super website and other similar Warners Bay NSW 2282
information. Or call TOLL FREE 1300 AUSCOAL (1300 287 262).
AUSCOAL Super generally collects this information either
from you or your employer. Your personal information
may be disclosed to AUSCOAL Services as the Fund’s
administrator, AUSCOAL Advisory Services and other
professional advisers, insurers, government bodies, your
employer and other parties as required, including the trustee
of any other fund you may transfer to. AUSCOAL Advisory
Services provides services to AUSCOAL Super and may also
You can find us online at
contact you directly if they have information or offer services
which they believe might be of value to you.
By becoming an AUSCOAL Super member, you consent to
this handling of your personal information. If you do not www.auscoalsuper.com.au
provide us with your personal information we may not be
able to provide your superannuation benefits and choices
other than those required by law.
43
General super facts
Family Law legislation: division of Unclaimed super
superannuation benefits If you have turned age 65 and AUSCOAL Super has not
Superannuation benefits can be included as property for the received any contributions in respect of you in the last two
purposes of a property settlement under the Family Law Act. years and has been unable to contact you for over five
For more information contact your solicitor or the Family years, your benefits will be classified as unclaimed super.
Court of Australia. Likewise, if you die and AUSCOAL Super determines a
benefit is payable, but has not received any contributions
Bankruptcy legislation in respect of you in the last two years and is unable to
ensure the benefit is received by the person who is entitled
Contributions paid by you or on behalf of you with the
to receive the benefit after a reasonable period has passed,
intention of defeating creditors may be recovered from the
your benefits will be classified as unclaimed super.
fund if you become bankrupt. The Trustee will take any
action that it considers necessary to comply with an order If you are a temporary resident and it has been at least six
or notice under the Bankruptcy Act 1966 (Cth). months since both of the following occurred:
■ you departed Australia, and
Superannuation Guarantee
■ your visa was cancelled or expired,
The Superannuation Guarantee ensures that most
the Trustee, upon receipt of a notice from the Australian
Australian workers receive superannuation support from
Taxation Office (ATO), will be required to pay your unclaimed
their employers. Employers must make superannuation
super to the ATO. The Trustee is not required to notify you
contributions for you at least every quarter. If you are
about this or provide you with an exit statement, as it relies
an eligible employee, your employer should contribute
on relief from the Australian Securities and Investments
9% of Ordinary Times Earnings (OTE) to a complying
Commission (ASIC). You can apply to the ATO directly for
superannuation fund or a retirement savings account.
payment of your unclaimed super.
Most employees are covered by the Superannuation
Further details on unclaimed super and how you can make a
Guarantee legislation. The main exceptions are employees
claim can be found at www.ato.gov.au/superfunds
who are:
■ Paid less than $450 per calendar month, Lost members
■ 70 years of age or over, You will be classified as a lost member if:
■ Under 18 years and working 30 hours a week or less, or ■ We are unable to make contact with you (usually due to
■ Employed for domestic or private work for 30 hours inaccurate or out-of-date address details), or
a week or less. ■ Mail sent to your address is returned as unclaimed mail, or
■ We have not received a contribution for you in the past
five years and you have not indicated to us that you
want to remain a member of the fund.
If this happens we will provide your details to the Australian
Taxation Office (ATO) which will be stored on the ATO Lost
Members Register. For more information about the ATO Lost
Members Register visit the ATO website at www.ato.gov.
au/super. If you become a lost member, we will retain your
superannuation account in the Fund.
No loans to members
AUSCOAL Super is not permitted to make loans to members.
Also, benefit entitlements are strictly personal, that is, they
cannot be assigned, charged or passed on to any other person.
44 AUSCOAL Super | TOLL FREE 1300 AUSCOAL (1300 287 262) | Web: www.auscoalsuper.com.au
Tax and super
Tax on contributions The tax free component of your benefit is generally made
up of contributions from your after-tax income, amounts
If you have provided your Tax File Number (TFN) then the which represent the portion of your account balance that
rates of tax on your contributions apply as follows: accrued before 1 July 1983 (as calculated at 30 June 2007),
■ Non-Concessional: Nil any Capital Gains Tax exempt component and any post–June
1994 invalidity component.
■ Concessional: 15%
The taxable component is the balance of your account.
If you have not advised us of your Tax File Number (TFN) you
end up paying more tax on your contributions than you need
to, as follows: Rolling your superannuation from one fund
■ Non-Concessional: cannot be accepted and are returned
to another
to the payer You do not pay any tax when you roll your super investment
■ Concessional: 15% plus an additional tax of 31.5% from one superannuation fund to another.
(including the Medicare Levy)
Rolling your benefit into a Superannuation
For further information, please refer to the ATO at
www.ato.gov.au or by calling 13 28 61. income stream
You may be able to roll your superannuation benefit to an
Tax on investment earnings income stream, for example, the AUSCOAL Super Account-
Tax is payable on investment earnings at the rate of up to 15%. based Pension which may reduce the amount of tax you
The investment earnings (which may be positive or negative) have to pay.
credited or debited to your account are net of tax. If you are approaching retirement, a licensed financial
adviser, for example, AUSCOAL Advisory Services, can assist
Tax on withdrawal you to develop strategies to minimise the amount of tax you
have to pay.
When you withdraw money from AUSCOAL Super, you may have
to pay tax. Check the table below to see if tax applies in your
circumstances.
Preservation age Taxable component Tax free component
Age 60 or over Tax free (and does not Tax free
have to be included in
your tax return)
You may be able to
Age 55 to age 59 Tax free up to Tax free (including
$160,000* an amount of benefit
roll your super into an
Amounts above the withdrawn due to
threshold taxed at 15% terminal illness)
income stream.
plus Medicare levy
Under age 55 Taxed at 20% plus Tax free (including
Medicare levy. There is an amount of benefit
no tax free threshold withdrawn due to
terminal illness)
* This amount is known as the low rate threshold and applies for
the 2010–2011 financial year. It is indexed annually (where the
cumulative increase in the index would require an adjustment of
at least $5,000) and is the total of the taxable components of all
payments made to a person, not the limit per payment.
45
Tax and super
continued
Tax on death benefits Tax File Numbers (TFNs)
If a lump sum death benefit is paid by AUSCOAL Super to We request your TFN when you apply to become a member
a person who is considered a dependant for tax purposes, of AUSCOAL Super. You do not have to provide us with your
it will be paid tax free. TFN, however if you choose not to:
The benefit will also generally include an additional lump ■ AUSCOAL Super will not be able to accept your
sum payment called an ‘anti-detriment payment’. This non-concessional contributions (and you will not be
additional amount represents a refund of the 15% eligible for Government Co-Contributions)
contributions tax deducted from the member’s ■ Concessional contributions will attract an additional
superannuation account during their lifetime. It is only 31.5% tax (including the Medicare Levy)
paid as part of a lump sum death benefit payment.
■ Your withdrawals may be taxed at a higher rate.
A dependant for tax purposes is:
If you do not have a TFN you can contact the Australian
■ A spouse, Taxation Office on 13 28 61.
■ A child under 18 years of age or a financially dependent
child between 18 and 25 years, Spouse contribution tax offset
■ Any other person who was financially dependent on you A tax offset of 18% on up to $3,000 may be applicable
at the time of death, or where contributions are made on behalf of a low income or
■ Any person with whom you had an ‘interdependency non-working spouse.
relationship’ at the time of death. The maximum contribution eligible for the tax offset reduces
If the lump sum benefit is paid to a person who is not a by $1 for each dollar by which your spouse’s assessable
dependant for tax purposes, the taxable component will be income and total reportable fringe benefits exceed $10,800 –
subject to tax at 16.5% (including the Medicare Levy) when reducing to zero where your spouse’s assessable income and
it is paid out of AUSCOAL Super (see table). total reportable fringe benefits are $13,800 or more.
Spouses as defined under ‘Definition of Key Terms’ on page
Lump sum death benefits – tax rates 53 are eligible for the spouse contribution tax offset.
Please note: that the tax information set out in this PDS
Tax free Taxable is general information only and is provided by way of
component component summary. Taxation is subject to change by the government
from time to time. Therefore, you should consult your tax
Paid to a dependent 0% 0%
adviser for detailed tax advice specific to your circumstances.
Paid to a non-dependent 0% 16.5%
46 AUSCOAL Super | TOLL FREE 1300 AUSCOAL (1300 287 262) | Web: www.auscoalsuper.com.au
Fees and other costs
The following is a consumer advisory warning which, by law,
must be shown.
Fees and other costs
This document shows fees and other costs that you may be
Did you know? charged. These fees and costs may be deducted from your
account, from the returns of your investment or from the
Small differences in both investment performance Fund assets as a whole.
and fees and costs can have a substantial impact
Tax and insurance costs are set out in another part of this
on your long term returns.
document.
For example, total annual fees and costs of 2% of
You should read all the information about fees and costs
your fund balance rather than 1% could reduce your
because it is important to understand their impact on your
final return by up to 20% over a 30 year period
investment.
(for example, reduce it from $100,000 to $80,000).
Fees and costs of particular investment options are set out
You should consider whether features such as
on page 49.
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 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.
47
Fees and other costs
continued
Fees and costs
Type of fee or cost Amount How and when paid
Fees when your money moves in or out of the Fund
Establishment fee Nil Not applicable
The fee to open your investment
Contribution fee Nil Not applicable
The fee on each amount contributed
to your investment – either by you or
your employer
Withdrawal fee First two withdrawals in a financial year are The fee is deducted from your account when
The fee on each amount you take out free. Subsequent withdrawals are $22 each the withdrawal is made
of your investment
Termination fee Nil Not applicable
The fee to close your investment
Management costs
The fees and costs for managing your Administration costs The $1 per week ($52 pa) fee is deducted from
investment $1 per week ($52 pa) + asset based fee your account monthly or upon your exit from
The amount you pay for specific ranging between 0.10% to 0.14% pa ($1.00 to AUSCOAL Super
investment options is shown on the $1.40 per $1,000 of assets). For the 2010–2011 The asset based fee is paid from the assets of
next page year, the estimated asset based fee is 0.12% AUSCOAL Super before investment returns are
pa ($1.20 per $1,000 of assets) calculated and credited to your account. Any
member protection costs are included in the
asset based fee
Trustee costs The Trustee costs are paid from the assets of
Trustee costs range between 0.18% pa to AUSCOAL Super before investment returns are
0.22% pa ($1.80 to $2.20 per $1,000 of calculated and credited to your account
assets). For the 2010–2011 year, the estimated
Trustee costs are 0.20% pa ($2.00 per $1,000
of assets)
Investment management fee This cost is deducted from the assets of each
Depending on the investment options you are investment option before investment option
invested in, the cost will range from 0.11% to returns are calculated. It includes fees paid to
0.64% pa ($1.10 to $6.40 per $1,000 of assets) investment managers and is the estimated cost
See the table on page 49 for the estimated cost
of each investment option
Service fees
Investment switching fee First two switches in a financial year are free. When applicable, this fee is deducted from your
The fee for changing investment Subsequent switches are $22 each account each time you ask us to switch money
options between investment options. There is no switch
fee for automatic switching within the Trustee
Default Lifecycle Strategy
Personal financial advice fee The fee agreed between you and AUSCOAL See the Additional Explanation of Fees and
The fee for providing personal Advisory Services for providing personal Costs on page 49 for full details
superannuation advice by AUSCOAL superannuation advice
Advisory Services
48 AUSCOAL Super | TOLL FREE 1300 AUSCOAL (1300 287 262) | Web: www.auscoalsuper.com.au
Estimated investment management fees (based on figures for the 2010–2011 financial year)
Investment Example of fee
Investment option
management fees per $1,000 of assets pa
Pre-mixed options
AUSCOAL Aggressive 0.61% pa $6.10 per $1,000 of assets
AUSCOAL Growth 0.55% pa $5.50 per $1,000 of assets
AUSCOAL Balanced 0.48% pa $4.80 per $1,000 of assets
AUSCOAL Stable 0.39% pa $3.90 per $1,000 of assets
Asset class options
Diversified Shares 0.63% pa $6.30 per $1,000 of assets
Australian Shares 0.62% pa $6.20 per $1,000 of assets
International Shares 0.64% pa $6.40 per $1,000 of assets
Property 0.59% pa $5.90 per $1,000 of assets
Bonds 0.34% pa $3.40 per $1,000 of assets
Cash 0.11% pa $1.10 per $1,000 of assets
Please : Example fee is for illustrative purposes only.
Additional explanation of fees and costs
Fee changes – We will not increase a fee or other cost Member protection costs – The asset based administration
deducted from your account without giving you at least 30 fee includes member protection costs. Member protection is
days prior notice. Management costs reflect actual costs paid legally required for most accounts under $1,000 to ensure
by the Trustee to external providers and may change from members’ savings are not eroded by fees. Low account
time to time. The actual costs are reported in the Annual Report. balance members receive a rebate so their dollar based
Administration fees – AUSCOAL Super is administered administration charges cannot exceed the earnings paid to
on a not for profit basis by using its own subsidiary their account, unless AUSCOAL Super’s investment returns
administration company, AUSCOAL Services, to maximise are less than the administration costs, in which case an
member value. additional $10 can be deducted. The rebate is applied on
30 June or upon leaving AUSCOAL Super.
Trustee costs – AUSCOAL Superannuation Pty Ltd, as Trustee
for AUSCOAL Super, provides Trustee services to AUSCOAL Adviser fee/commission – We do not pay commissions to
Super on a not for profit basis. financial advisers for recommending AUSCOAL Super. If you
consult an AUSCOAL Advisory Services adviser, a fee may be
Insurance – Refer to pages 29–41 for more information. payable. These fees are detailed in the AUSCOAL Advisory
Taxation – Refer to pages 45–46 for more information. Services Financial Plan Fee Schedule on page 50.
49
Fees and other costs
continued
AUSCOAL Advisory Services (AAS) personal financial advice fee
AAS’s advice fees will be outlined for you in a Statement of Financial reviews
Advice. You will only be charged fees from when we receive We recommend that you review your financial situation at
your signed Authority to Proceed or when we send you a least every 12 months or whenever your personal or financial
Statement of Advice. circumstances change.
Advice fees – for an initial meeting with an A review of your financial affairs by an AAS adviser costs
$330 (GST inclusive), which you will pay direct to AAS (it will
AAS adviser not be deducted from your AUSCOAL Super account).
You are entitled to a free, no obligation first meeting with Statement of full financial advice
one of AAS’s advisers.
Use this service for advice on more complex financial issues
Advice fees – for issues affecting your such as retirement planning, wealth creation, estate planning
and managing your debts. An AAS adviser will prepare for
AUSCOAL Super account you a Full Financial Advice Plan, which will outline strategies
Specific superannuation advice to achieve your goals and objectives.
Use this service for quick advice on a specific superannuation A Financial Advice Plan costs $1,100 (GST inclusive),
issue affecting your AUSCOAL Super account such as salary which you can either pay to AAS directly or if the advice
sacrifice, voluntary contributions, selecting investment options is superannuation related, have it deducted from your
or transferring your other super to AUSCOAL Super. AUSCOAL Super account at the time you accept this service.
This fee covers the cost of investigating, researching and
This advice is free.
preparing your plan and a meeting to discuss it.
Complex superannuation advice
Ongoing, unlimited service
Use this service for advice on more complex superannuation
Use this service to get access to a professional AAS adviser
issues affecting your AUSCOAL Super account such as
at any time, including an annual review of your financial
account-based pensions and transition to retirement
situation.
pensions.
This service costs $1,100, which you can pay direct to AAS
This advice costs $110 (GST inclusive) for each Statement of
or if the advice is superannuation related, have it deducted
Specific Advice, which will be deducted from your AUSCOAL
from your AUSCOAL Super account.
Super account at the time you accept this service.
Other fees and charges may be levied for services provided
Financial reviews
outside of specific superannuation related advice. These fees
We recommend that you review your financial situation at and charges cannot be debited from your AUSCOAL Super
least every 12 months or whenever your personal or financial account and payment options will be negotiated at the time
circumstances change. the service is provided.
A review of your AUSCOAL Super account by an AAS adviser All fees are outlined in the Statement of Advice (provided to
costs $110 (GST inclusive), which will be deducted from your you at the time you accept a service from AAS). Your written
AUSCOAL Super account. consent will be obtained before proceeding. You will only be
charged fees from when we receive your signed Authority to
Advice fees – for general financial issues Proceed or when we send you a Statement of Advice.
Specific advice
Use this service for quick advice on a specific financial issue
not related to your AUSCOAL Super account such as personal
insurance and a regular savings plan.
This advice costs $330 (GST inclusive) for each Statement
of Advice, which you will pay direct to AAS (it will not be
deducted from your AUSCOAL Super account).
50 AUSCOAL Super | TOLL FREE 1300 AUSCOAL (1300 287 262) | Web: www.auscoalsuper.com.au
Example of annual fees and costs for a balanced investment option
This table gives an example of how the fees and costs in the AUSCOAL Balanced investment option can affect your
superannuation investment over a one year period. You should use this table to compare this product with other
superannuation products.
Example – an investment in Balance of $50,000 with total contributions
the AUSCOAL Balanced option of $5,000 during the year
Contribution fees Nil For every $5,000 you put in, you will be
charged $0.
Plus 0.80% And, for every $50,000 in the Fund, you
management costs + $52 per year ($1 per week) will be charged $400 each year, plus $52
in administration fees, regardless of your
balance.
Equals If you put in $5,000 during a year and your
cost of funds balance was $50,000, then for that year you
will be charged fees of: $452*
* Additional fees may apply What it costs will depend on the investment
option you choose and the fee you negotiate
** Members cannot negotiate management costs with your fund or financial adviser.**
Withdrawal fee: Your first two withdrawals during a financial The Trustee has also established an Operational Risk
year are free, subsequent withdrawals incur a $22 fee. Reserve (ORR) to meet the financial implications of identified
Trustee Default Lifecycle Strategy: This strategy comprises adverse risk events. The ORR provides a source of funding to
four pre-mixed options, including the AUSCOAL Balanced compensate members for operational errors and to manage
option above. The option members are invested in depends the compensation process.
on their age. For information purposes, the other three The ORR aims to enable the Trustee to put members’
options would produce the following result if the above accounts back into the position they would have been had
example was applied to them. the error not occurred and to do so in a timely manner while
awaiting professional indemnity or trustee liability insurance
Investment option Fee claims to be settled (if any) or recovery of compensation
payments and costs from third party providers (where
AUSCOAL Aggressive $517 relevant).
AUSCOAL Growth $487 The ORR was established on 29 May 2010 and it is intended
to slowly build up the ORR by setting aside a small portion
AUSCOAL Stable $407 of the investment earnings of the Fund. The amount needed
for the ORR will be determined periodically by the Trustee
Reserve accounts in accordance with the Trustee’s policies and the Trustee
reserves the right to change the policies as required.
AUSCOAL Super maintains a reserve account to manage
As at the date of this PDS the Trustee’s aim is to slowly
certain historical insurance arrangements and also a separate
build the ORR over 3 years so that by 30 June 2013 it will
reserve account to manage historical pension obligations for
have built up to 0.5% of the value of the Fund.
a small group of members.
51
Frequently asked questions
What is Choice of Fund? If I’m an AUSCOAL Super member, can other
Choice of Fund means you may have a choice as to which members of my family join too?
super fund your employer pays your Superannuation
Guarantee contributions to on your behalf. AUSCOAL Super is not a Public Offer fund, which
means there are restrictions on who can join.
Who can choose? Currently, only your spouse can become a ‘spouse
Not every employee is eligible to make this choice. member’ of the Fund.
Generally, if you are working in the public sector, or your
super is paid under a state award/industrial agreement/ Can I transfer money from another fund into
certified agreement/Australian Workplace Agreement, or you
AUSCOAL Super?
are a member of a ‘defined benefit fund’, Choice of Fund
may not apply to you. Yes. You can complete a Transfer F0rm to enable us to
arrange the transfer on your behalf. Before transferring
Your employer can advise whether you are eligible.
money from any other super fund into AUSCOAL Super,
Alternatively, you can visit the Government’s website
we recommend you contact the other fund and ask about:
www.asic.gov.au/superchoice for further information.
■ Your current balance
Can I choose any fund? ■ The account balance on transfer
If you are eligible for Choice of Fund, you must choose a ■ Any costs involved and any loss of insurance benefits.
‘complying’ super fund, ie a fund that meets certain legal
standards. Otherwise, you can choose to have your super
Can I leave my money in AUSCOAL Super
paid into a ‘Retirement Savings Account’ which is offered by
some financial institutions. when I leave the industry?
AUSCOAL Super is a complying superannuation fund for Yes. AUSCOAL Super allows members to keep their money
employees of the coal mining and related industries. This in the Fund indefinitely.
means if you are eligible to join (see page 6) and you are
eligible for Choice of Fund, you can choose to become a If I start working for a non-industry employer,
member of AUSCOAL Super and have your contributions paid can my new employer contribute to AUSCOAL
into an account in your name.
Super?
If you are already a member, and you are eligible for Choice
of Fund, you can ask your employer to direct contributions Yes. The Trust Deed allows employers to contribute on
to your AUSCOAL Super account if they are not already behalf of existing members who start work outside the coal
doing so. industry.
Your new employer will need to complete an application to
Where can I get more information? become a non-industry employer. On approval, your new
For further information visit the Australian Taxation Office’s employer can begin making contributions on your behalf.
website www.ato.gov.au/super
How can I increase my salary sacrifice
contribution?
Your payroll office administers salary sacrifice payments
to AUSCOAL Super. The arrangements in place with your
employer will govern how often you can increase or decrease
the amount paid.
52 AUSCOAL Super | TOLL FREE 1300 AUSCOAL (1300 287 262) | Web: www.auscoalsuper.com.au
Definition of key terms
Benefit is a payment from a superannuation fund, whether Private equity is an investment in unquoted and/or
it is paid in cash or transferred to another fund. unlisted companies.
Child includes: Public offer superannuation fund is a super fund that is
■ a stepchild, an ex-nuptial child, or an adopted child open to anyone entitled to contribute to a superannuation
of the member fund.
■ a child of a member’s spouse Release Authority is a written notice issued by the ATO
■ a child of a de facto relationship, whether of the same where you are liable for excess contributions tax.
sex or different sex Return is the earnings (which may be positive or negative)
■ a child born as a result of artificial conception under of a superannuation or investment fund from the
certain circumstances investment of monies in the fund.
■ a child born under certain surrogacy arrangements Return seeking bonds are high yield bonds and emerging
Condition of release is a Government legislated requirement market debt. High yield debt is defined as corporate bonds
to be able to access your superannuation. with relatively low credit ratings and therefore higher
expected risk and return. Emerging market debt refers to
Concessional contributions include Superannuation bonds issued by institutions from emerging economies.
Guarantee (SG) contributions, salary sacrifice, extra
employer contributions and self-employed contributions for Risk is the potential for your super to go up and down in
which a tax deduction is claimed (previously these were value.
called deductible contributions). Rollover is the transfer of money from one superannuation
Contributions are regular or one-off payments made to fund to another fund, or eligible scheme.
a superannuation fund. Spouse includes another person:
Dependant includes a spouse, a child, a person with whom ■ whether of the same sex or different sex, with whom
a member has an interdependency relationship, any other the member is in a relationship that is registered under
person who in the opinion of the Trustee, is financially a law of a State or Territory, and
dependent on a member for maintenance and support and ■ who although not legally married to the member, lives
any other person who satisfies the definition of ‘dependant’ with the member on a genuine domestic basis in a
in the Superannuation Industry (Supervision) Act 1993. relationship as a couple.
Hedge funds are where investment managers attempt to Superannuation Guarantee (SG) is the prescribed minimum
produce targeted returns or absolute returns, regardless of level of superannuation required under the Superannuation
underlying trends in financial markets. They implement a Guarantee (Administration) Act 1992 that an employer must
wide array of trading and longer-term strategies, across contribute for employees.
equity, fixed income and commodity markets, striving to
Tax offset is an entitlement which reduces the amount of
exploit market inefficiencies.
income tax to be paid.
Infrastructure is a diverse asset class that encompasses
Temporary resident is a person holding a temporary visa
a large and varied number of investments, such as toll
under the Migration Act 1958.
roads, airports, pipelines, telecommunication networks and
electricity generation facilities. Total and permanent disability (TPD) Refer page 39 for
definition.
Non-concessional contributions are contributions made after
tax, ie you make the contributions after tax has been taken Trust Deed is the legal document which sets out the
out of your pay at your marginal rate of tax (previously, governing rules of AUSCOAL Super.
these were called undeducted contributions). Unit price – When you pay money into your super, you
Non-public offer superannuation fund is a superannuation will be allocated units in the investment options you’re
fund which is generally open to employees of certain investing in. Each unit represents an equal part of the value
employers, such as one type of industry. of the assets the investment option has invested in. These
units are valued daily to reflect the value of the assets the
Preserved superannuation means the benefit must be
investment option has invested in and can move up and
retained in a superannuation fund, approved deposit fund
down in line with changes in the value of these assets. The
or retirement savings account until the member
unit price is calculated by dividing the value of the assets
has met a condition of release under the Superannuation
(after allowing for certain fees, taxes and expenses) by the
Industry (Supervision) Act 1993.
number of units on issue for that investment option.
53
Guide to completing your forms
How do I complete the forms:
To apply to join AUSCOAL Super you’ll need to complete the following forms…
■ Membership Application form
Use this form to become a member of AUSCOAL Super.
or
■ Spouse Membership Application form
Use this form to become a spouse member of AUSCOAL Super.
and the
■ Tax File Number Notification
Use this form to provide your Tax File Number to AUSCOAL Super.
Please ensure you read this PDS and complete each form carefully. It is much
easier to process your application quickly if we have all the information
required. Remember to sign and date your application form(s) before sending
them to AUSCOAL Super. We cannot act on the form if it is not signed. Send
the completed form(s) to:
AUSCOAL Super
Locked Bag 1
Warners Bay NSW 2282
Contact AUSCOAL Super on TOLL FREE 1300 AUSCOAL (1300 287 262)
if you have any questions.
54 AUSCOAL Super | TOLL FREE 1300 AUSCOAL (1300 287 262) | Web: www.auscoalsuper.com.au
auscoal suPer
memBershiP aPPlication
Use this form to become a member of AUSCOAL Super. Please complete this form even if your employer has already provided us with your
details to ensure the information is correct and complete, including your contact details and date of birth.
Please complete in BLOCK letters using a black or blue pen. If you make a mistake while completing this form, simply cross out and
initial to verify your change. Please do not use liquid paper, as this will make your application invalid. When complete, mail this form
to AUSCOAL Super Locked Bag 1 Warners Bay NSW 2282. Remember to sign the form (we cannot act on this form if it is not signed). It
is important that you read the AUSCOAL Super Product Disclosure Statement. Contact AUSCOAL Super on TOLL FREE 1300 AUSCOAL
(1300 287 262) if you have any questions. Faxed copies of this form will not be accepted.
1. your Personal details
Surname Member number (if you have one)
Given names Mr Ms Mrs Miss Dr Other
Residential address Date of birth (DD/MM/YYYY)
Suburb State Postcode
Postal address (if the same as your residential address tick box)
Suburb State Postcode
Telephone (work) Telephone (home) Mobile number
Email address (home) Email address (work)
Employer’s name Start date (DD/MM/YYYY)
Have you ever received, been admitted for, or been eligible for a total and permanent
disablement (TPD) benefit from any superannuation fund or life insurance policy? Yes No
Do you hold a temporary resident visa? Yes No
If yes, attach a copy to this application.
2. memBer declaration and signature
� I have read AUSCOAL Super’s Privacy Statement on the next � I am the person identified on this form and I am an Australian
page. I understand that my personal information will be resident for taxation purposes.
handled by AUSCOAL Super to provide and manage my � By signing this Membership Application form I agree to be
superannuation. Without this information AUSCOAL Super bound by the terms and conditions of the Trust Deed.
may not be able to provide my superannuation benefits and
� The statements above are true and complete, to the best of
choices, other than benefits required by law.
my knowledge.
Please sign here. This request will be invalid if not signed.
I have read the member declaration above.
Your signature:
Date (DD/MM/YYYY)
✗
> PTO to read our privacy statement
TRUSTEE: AUSCOAL SUPERANNUATION PTY LTD ABN 70 003 566 989 AFSL 246864
OFFICE USE ONLY
AUSCOAL SUPERANNUATION FUND ABN 16 457 520 308 Member number
Please return this comPleted form to auscoal suPer locked Bag 1 Warners Bay nsW 2282 PAGE 1 OF 2
Toll free: 1300 AUSCOAL (1300 287 262) | INTL +61 (2) 4948 3333 | FAX: +61 (2) 4948 6955 | enquiries@auscoal.com.au | www.auscoalsuper.com.au 07/10
3. PriVacy statement
To provide you with superannuation benefits, including In some cases, AUSCOAL Super is required by law to
death and disability benefits, and to properly manage the collect personal information about you. For example,
Fund and provide services to you, AUSCOAL Super will under tax legislation, AUSCOAL Super is required to
hold personal information about you. This information collect your Tax File Number before it can accept after
typically includes your name, address, date of birth, tax (non-concessional) contributions from you. Also,
gender, occupation, salary, Tax File Number, medical under anti-money laundering and counter-terrorism
information, usage of the AUSCOAL Super website and financing legislation, AUSCOAL Super must collect certain
other similar information. information about you before payment of benefits or
commencing pension payments.
AUSCOAL Super generally collects this information either
from you or your employer. Your personal information You can access your personal information held by
may be disclosed to AUSCOAL Services as the Fund’s AUSCOAL Super. If any of your personal information is
administrator, AUSCOAL Advisory Services and other incorrect, you may have the opportunity to correct it.
professional advisers, insurers, government bodies, your However, there are some circumstances where you may
employer and other parties as required, including the be denied access to your information. AUSCOAL Super’s
trustee of any other fund you may transfer to. AUSCOAL Privacy Officer will advise if any of these circumstances
Advisory Services provides services to AUSCOAL Super apply.
and may also contact you directly if they have information AUSCOAL Super abides by the National Privacy Principles
or offer services which they believe might be of value to under the Privacy Act 1988 (Cth) and has adopted a
you. Privacy Policy that details how we handle members’
By becoming an AUSCOAL Super member, you consent to personal information. If you would like a copy of our
this handling of your personal information. If you do not Privacy Policy please contact:
provide us with your personal information we may not be Privacy Officer
able to provide your superannuation benefits and choices AUSCOAL Superannuation Fund
other than those required by law. PO Box 246
Warners Bay NSW 2282
Or call TOLL FREE 1300 AUSCOAL (1300 287 262).
Please return this comPleted form to PAGE 2 OF 2
auscoal suPer locked Bag 1 Warners Bay nsW 2282 07/10
auscoal suPer
sPouse memBershiP aPPlication
Use this form to become a spouse member of AUSCOAL Super.
Please complete in BLOCK letters using a black or blue pen. If you make a mistake while completing this form, simply cross out and
initial to verify your change. Please do not use liquid paper, as this will make your application invalid. When complete, mail this form
to AUSCOAL Super Locked Bag 1 Warners Bay NSW 2282. Remember to sign the form (we cannot act on this form if it is not signed). It
is important that you read the AUSCOAL Super Product Disclosure Statement. Contact AUSCOAL Super on TOLL FREE 1300 AUSCOAL
(1300 287 262) if you have any questions. Faxed copies of this form will not be accepted.
1. sPouse aPPlicant Personal details
Surname Mr Ms Mrs Miss Dr Other
Given names Date of birth (DD/MM/YYYY)
Residential address
Suburb State Postcode
Postal address (if the same as your residential address tick box)
Suburb State Postcode
Telephone (work) Telephone (home) Mobile number
Email address (home) Email address (work)
Do you hold a temporary resident visa? Yes No If yes, attach a copy to this application.
2. reQuired documentation
Please attach the following documents: � a copy of your marriage certificate or proof you are in a
� a certified copy of one of your driver’s licence or passport or defacto relationship (eg a rates notice or rental agreement in
government issued photo identification, and both names), and
� if you are a temporary resident, your temporary resident visa.
3. sPouse memBer declaration and signature
� I have read AUSCOAL Super’s Privacy Statement on the � My spouse is the person identified in Section 4 of this form
next page. I understand that my personal information will as the AUSCOAL Super member and I live with him/her on a
be handled by AUSCOAL Super to provide and manage my permanent basis. If at any time in the future I am unable to make
superannuation. Without this information AUSCOAL Super this declaration truthfully, I will immediately notify AUSCOAL
may not be able to provide my superannuation benefits Super in writing.
and choices, other than benefits required by law. � By signing this Spouse Membership Application form I agree
� I am the person identified on this form and I am an to be bound by the Trust Deed.
Australian resident for taxation purposes.
The statements above are true and complete, to the best of my knowledge.
Your signature:
Date (DD/MM/YYYY)
✗
Please turn over to sign the AUSCOAL Super member declaration and to
read the spouse contribution rules and our Privacy Statement >
TRUSTEE: AUSCOAL SUPERANNUATION PTY LTD ABN 70 003 566 989 AFSL 246864
OFFICE USE ONLY
AUSCOAL SUPERANNUATION FUND ABN 16 457 520 308 Member number
Please return this comPleted form to auscoal suPer locked Bag 1 Warners Bay nsW 2282 PAGE 1 OF 2
Toll free: 1300 AUSCOAL (1300 287 262) | INTL +61 (2) 4948 3333 | FAX: +61 (2) 4948 6955 | enquiries@auscoal.com.au | www.auscoalsuper.com.au 07/10
4. auscoal suPer memBer declaration and signature
I am the person identified on this form as the AUSCOAL Super member. I am an Australian resident for taxation purposes. My
spouse is the person identified in Section 3 of this form as the spouse member and I live with him/her on a permanent basis. If
at any time in the future I am unable to make this declaration truthfully, I will immediately notify AUSCOAL Super in writing. I am
aware that spouse contributions remain the ‘property’ of my spouse.
AUSCOAL Super member’s name AUSCOAL Super member number
AUSCOAL Super member’s signature:
Date (DD/MM/YYYY)
✗
5. sPouse contriBution rules
� All cheques should be made payable to ‘AUSCOAL Super – � Spouse contributions can only be made by bank or personal
on behalf of [Spouse’s name]’ and posted to Locked Bag 1 cheque. Please note the cheque must be drawn from the
Warners Bay NSW 2282. For example, if your name is contributing spouse’s bank account, ie from the AUSCOAL Super
Mrs A Walker, the cheque should be made out to member indicated in Section 4. The AUSCOAL Super member
‘AUSCOAL Super – on behalf of Mrs A Walker.’ must sign the cheque.
� Spouse contributions must be at least $100 each. � A receipt will be issued by return mail.
� All spouse contributions are preserved and treated as
non concessional contributions.
6. PRIVACY STATEMENT
To provide you with superannuation benefits, including In some cases, AUSCOAL Super is required by law to
death and disability benefits, and to properly manage the collect personal information about you. For example,
Fund and provide services to you, AUSCOAL Super will under tax legislation, AUSCOAL Super is required to
hold personal information about you. This information collect your Tax File Number before it can accept after
typically includes your name, address, date of birth, tax (non-concessional) contributions from you. Also,
gender, occupation, salary, Tax File Number, medical under anti-money laundering and counter-terrorism
information, usage of the AUSCOAL Super website and financing legislation, AUSCOAL Super must collect certain
other similar information. information about you before payment of benefits or
commencing pension payments.
AUSCOAL Super generally collects this information either
from you or your employer. Your personal information You can access your personal information held by
may be disclosed to AUSCOAL Services as the Fund’s AUSCOAL Super. If any of your personal information is
administrator, AUSCOAL Advisory Services and other incorrect, you may have the opportunity to correct it.
professional advisers, insurers, government bodies, your However, there are some circumstances where you may
employer and other parties as required, including the be denied access to your information. AUSCOAL Super’s
trustee of any other fund you may transfer to. AUSCOAL Privacy Officer will advise if any of these circumstances
Advisory Services provides services to AUSCOAL Super and apply.
may also contact you directly if they have information or AUSCOAL Super abides by the National Privacy Principles
offer services which they believe might be of value to you. under the Privacy Act 1988 (Cth) and has adopted a
By becoming an AUSCOAL Super member, you consent to Privacy Policy that details how we handle members’
this handling of your personal information. If you do not personal information. If you would like a copy of our
provide us with your personal information we may not be Privacy Policy please contact:
able to provide your superannuation benefits and choices Privacy Officer
other than those required by law. AUSCOAL Superannuation Fund
PO Box 246
Warners Bay NSW 2282
Or call TOLL FREE 1300 AUSCOAL (1300 287 262).
OFFICE USE ONLY
Received Processed Welcome Pack
Please return this comPleted form to PAGE 2 OF 2
auscoal suPer locked Bag 1 Warners Bay nsW 2282 07/10
auscoal suPer
taX file numBer notification
Use this form to provide your Tax File Number (TFN) to AUSCOAL Super or call TOLL FREE 1300 AUSCOAL (1300 287 262) to
provide your TFN over the phone.
If using this form please complete in BLOCK letters using a black or blue pen. If you make a mistake while completing this form,
simply cross out and initial to verify your change. Please do not use liquid paper, as this will make your request invalid. When
complete mail this form to Locked Bag 1 Warners Bay NSW 2282. This request will be invalid if not signed. Faxed copies of this form
will not be accepted.
The Trustee of AUSCOAL Super is authorised to ask you to provide your TFN under superannuation legislation. Further details are outlined
in section 2 below. You are not obligated to provide your TFN to AUSCOAL Super. However, if you choose not to provide your TFN your
superannuation contributions may be taxed an extra 31.5% and we will be unable to accept your personal superannuation contributions.
1. your Personal details
Surname Member number (if you have one)
Given names Mr Ms Mrs Miss Dr Other
X X X X X
Street name Date of birth (DD/MM/YYYY)
D D M M Y Y Y Y
Suburb State Postcode
Telephone (work) Telephone (home) Mobile number
2. your taX file numBer
My Tax File Number is
Under the Superannuation Industry (Supervision) Act � we will be able to accept all types of contributions to your account/s
1993, we are authorised to collect your TFN, which will � the tax on contributions to your superannuation account/s will
only be used for lawful purposes. These purposes may not increase
change in the future as a result of legislative change. We
� other than the tax that may ordinarily apply, no additional tax will
may disclose your TFN to another superannuation provider
be deducted when you start drawing down your superannuation
when your benefits are being transferred unless you tell
benefits, and
us in writing that your TFN not be disclosed to any other
superannuation provider. � it will make it easier to trace different superannuation accounts in your
name so you receive all your superannuation benefits when you retire.
It is not an offence not to quote your TFN. However,
giving your TFN to us will have the following If you provide your TFN, we will also provide your TFN to the Commissioner
advantages (which may not otherwise apply): of Taxation. Otherwise your TFN will be treated as confidential.
3. memBer’s signature
Please sign here. This request will be invalid if not signed.
I have read the above and understand the implications of providing my TFN.
Your signature:
Date (DD/MM/YYYY)
✗ D D M M Y Y Y Y
TRUSTEE: AUSCOAL SUPERANNUATION PTY LTD ABN 70 003 566 989 AFSL 246864
OFFICE USE ONLY
AUSCOAL SUPERANNUATION FUND ABN 16 457 520 308 Member number
Please return this comPleted form to auscoal suPer locked Bag 1 Warners Bay nsW 2282 PAGE 1 OF 1
Toll free: 1300 AUSCOAL (1300 287 262) | INTL +61 (2) 4948 3333 | FAX: +61 (2) 4948 6955 | enquiries@auscoal.com.au | www.auscoalsuper.com.au 07/10
This page has been left blank intentionally
Please return this comPleted form to
auscoal suPer locked Bag 1 Warners Bay nsW 2282
Your next steps... contact us
AUSCOAL Super INTL +61 (2) 4948 3333
F +61 (2) 4948 6955
Toll free 1300 AUSCOAL E enquiries@auscoal.com.au
(1300 287 262) W www.auscoalsuper.com.au
AUSCOAL Super
472 The Esplanade
Warners Bay NSW 2282
An AUSCOAL Service Officer can answer any general questions you may have and can guide you through
the necessary forms to complete. You can speak with an AUSCOAL Service Officer over the phone or if
convenient, arrange an appointment to meet in person.
AUSCOAL Super INTL +61 (2) 4948 3333
F +61 (2) 4948 6955
E enquiries@auscoal.com.au
Toll free 1300 AUSCOAL W www.auscoalsuper.com.au
(1300 287 262) M Locked Bag 1
Warners Bay NSW 2282
A 472 The Esplanade
Warners Bay NSW 2282
AUSCOAL Superannuation Fund ABN 16 457 520 308
Trustee: AUSCOAL Superannuation Pty Ltd ABN 70 003 566 989 AFSL 246864
Administrator: AUSCOAL Services Pty Ltd ABN 49 051 315 014
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