Get documents about "MLC Navigator Access Super and Pension
Document Sample
MLC Navigator Access Super and Pension
Product Disclosure Statement
MLC Navigator Access Superannuation Service
MLC Navigator Access Pension Service
2 October 2010
N AV I G AT O R
Purpose of the Product Disclosure Statement Insurer
MLC Navigator Access Super and Pension Service (‘the Service’) MLC Limited ABN 90 000 000 402 AFSL 230694 (‘the Insurer’),
offers a Superannuation Service and a Pension Service. This is the underwriter and issuer of Protectionfirst products
Product Disclosure Statement (‘PDS’) describes the important described in this PDS. As a member of the Service, your
features of the Service and will help you to: insurance policy will be issued by the Insurer to the Trustee,
and may only be enforced by the Trustee.
(a) decide whether this product will meet your needs, and
(b) compare this product with other products you may National Australia Bank Group
be considering The Trustee, the Administrator and the Insurer are part of the
National Australia Bank group (‘NAB Group’).
You should obtain and read the latest copy of this PDS before
you make a decision to invest. The latest version is available Disclaimer
free of charge by calling us on 1300 428 482. This offer is only
None of National Australia Bank Limited ABN 12 004 044 937
open to people receiving this PDS within Australia.
AFSL 230686 (‘NAB’), the Trustee, the Administrator, their
Structure of the Service related bodies corporate nor their respective officers
guarantees or accepts liability in respect of any investments
The MLC Master Plan (‘Master Plan’) is made up of two
available through the Service.
divisions: the MLC Superannuation Fund ABN 40 022 701 955
(‘the Fund’) and the MLC Pooled Superannuation Trust The information in this PDS is general information only and
ABN 89 787 168 280 (‘the PST’). The Fund is a regulated does not take account of the investment objectives, financial
superannuation fund that is made up of separate sub-plans. situation or particular needs of any particular person. Before
MLC Navigator Access Super and Pension Service is a making an investment decision, you should carefully read this
sub-plan of the Fund. PDS, which describes the main features of the Service, and talk
to your financial adviser. Your financial adviser will provide you
The assets of the Service are invested entirely into the PST.
with a copy of the current MLC Navigator Access Investment
The PST then invests funds into the underlying Investment
Options PDS or you can obtain a copy by contacting Client
Options (‘Investment Options’) to correspond with those
Services on 1300 428 482.
selected by investors, and holds those investments on behalf
of the Service.
Contact details
The Master Plan and each of its divisions are governed
MLC Navigator Client Services
by a Trust Deed dated 24 September 1990 as amended
GPO Box 2567
(‘Trust Deed’).
Melbourne VIC 3001
Trustee and Issuer Telephone: 1300 428 482
NULIS Nominees (Australia) Limited ABN 80 008 515 633, Facsimile: (03) 9869 1595
Australian Financial Services License (‘AFSL’) 236465 (‘NULIS’),
Monday to Friday 8:00am to 6:00pm (Melbourne time)
is the trustee of the Service and the issuer of this PDS and of
interests in the Service. It is also the trustee of the PST. In this Web: mlc.com.au
PDS references to ‘Trustee’, ‘we’, ‘our’ and ‘us’, refer to NULIS.
Contact details:
NULIS Nominees (Australia) Limited
GPO Box 2567
Melbourne Victoria 3001
Administrator
Navigator Australia Limited ABN 45 006 302 987 AFSL 236466
(‘Navigator’) is the administrator of the Service. In this PDS
references to the ‘Administrator’ are to Navigator.
Contents
At a glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Investing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
What is MLC Navigator Access Super and Pension Service? . . . . . . 6
Ten reasons to invest with MLC Navigator Access . . . . . . . . . . . . . . 7
How the Service works . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Fees and other costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Taxation information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Other important information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Updated information
Some of the information contained in this PDS may change from time
to time for the purpose of continuous disclosure notifications. Where
those changes are not materially adverse from the point of view of a
reasonable person deciding, as a retail client, whether to invest in the
Service, we may not always update or replace this PDS to reflect the
changes. In these cases, the updated information will be made available
through our website mlc.com.au or a paper copy of the updated
information will be provided without charge on request if you call
Client Services on 1300 428 482.
1 1
At a glance
This page provides a quick summary of the main features and options available through MLC Navigator Access Super and
Pension Service.
Super Pension
Lump sum investment
Minimum initial investment $3,000 $20,000
Minimum additional investment $1,000 Not applicable
Regular investment facility
Minimum initial investment $1,000 Not applicable
Minimum instalment (per direct debit) $100 Not applicable
Transaction minimums
Minimum portfolio balance $1,000 $1,000
Minimum balance per Investment Option No minimum No minimum
Minimum switch No minimum No minimum
Minimum withdrawal $500 $500
Product features
Progressive investment facility ✔ ✔
Regular investment facility ✔ Not applicable
Regular payment facility Not applicable Available
Investment switching1 No charge No charge
Death benefit nomination options ✔ ✔
Insurance Options2
Death ✔ Not applicable
Death & TPD ✔ Not applicable
Income protection ✔ Not applicable
Administration
24 hour online access to portfolio information ✔ ✔
Online transactions via your financial adviser ✔ ✔
Reporting Online/paper Online/paper
Other features
Your financial adviser has access to our sophisticated tax ✔ ✔
management processes – helping to manage your tax liabilities.
Fees
For information on fees charged through MLC Navigator Access Super and Pension Service refer to page 22.
1. Transaction costs may apply. For further information, refer to page 24.
2. Protectionfirst Insurance is offered through the Services via Protectionfirst. This product is issued by the Insurer and has its own product disclosure statement.
The product disclosure statement for Protectionfirst can be obtained from your financial adviser, or by calling MLC Navigator Client Services on 1300 428 482.
2 2
Investing
Investing
Understanding risk and return As a general rule, the higher the level of risk you are
prepared to accept, the higher the potential return could be.
Please be aware that neither the Trustee nor the The chance of incurring a loss is generally also greater with a
Administrator guarantees your investments through higher level of risk. Risk relates to the potential for variations
the Service nor any income or rate of return . in the rate of return as well as for the loss of, or reduction
The value of your investments can rise and fall . in the value of, the assets in which you invest.
Any investment decision you make means you must take Your financial adviser can assist you in assessing the risk profile
a risk of some sort. The decision will relate to factors such with which you are comfortable, and relating this to your
as the amount of money that you wish to invest, your investment goals. Your financial adviser can then assist you in
circumstances, your personal financial risk tolerance and selecting a mix of investment strategies consistent with your
your needs for the future. own risk tolerance to help you meet your financial needs.
It is important you understand the relationship between The following table provides a summary of the key features
risk and return, especially in light of the time frame you are of the four main asset classes and some of the potential risks
considering for your investment. associated with each asset class.
Table 1: Asset classes
Asset class Relative risk Relative return Features What to be aware of
Cash Low Low Relatively safe compared to Returns fluctuate in line with market
the other asset classes, with interest rates. Returns are expected to
generally immediate access be relatively low over time and offer little
to funds. protection against inflation.
Fixed interest Medium Medium Generally less volatile when Returns can vary over time and may not
compared to shares and keep pace with inflation. Access to funds
property, however some risk is not as immediate as for Cash.
of negative returns.
Property High Medium to high Capital value and returns Property markets are sensitive to the
should rise with inflation, economic cycle, subject to medium term
however the risk of a volatility and may result in losses over the
negative return in any one short term. Access to funds may be an
year is high. issue with some investments.
Shares High High Returns should be greater Volatility of the stock market may result
than inflation over the in losses in the short term. Access to
longer term. Risk of a funds is reasonable and diversification is
negative return in any one recommended to minimise exposure to
year is high. any one fund manager, sector or company.
3 3
Investing
Risk management and It is important to identify the level of exposure to international
investments and to make sure you are comfortable with the
other information impact that currency movements may have before you invest
in an investment product.
When you are constructing a portfolio you should consider
the following four characteristics of each strategy or Risk – hybrid / high yield investment funds
investment: liquidity, return, risk and diversification. Investment managers in this category are taking advantage
of the higher interest that is paid for non-traditional debt
Discuss these with your financial adviser. This will enable
assets. The reason for the extra return offered on these
effective comparison between investment options and
investments is that they are usually regarded as not as secure
ensure that the strategy selected meets your own risk
as Government Fixed Interest Securities. As a result, there is
tolerance, needs and objectives.
potential for high volatility and lower liquidity.
Liquidity Risk – gearing
The term liquidity refers to the ease with which an Some investment funds utilise gearing within the fund.
investment can be converted into cash or disposed of at This means that the investment fund borrows money so
market value. that it has a greater amount to invest. Where an investment
fund utilises gearing it has the effect of magnifying returns.
Return It is important to recognise that while gearing can magnify
Refers to the amount earned from an investment or which is positive returns, it can also magnify losses.
made on its disposal.
It is also important to identify if gearing is allowed and to
what level it may be allowed in the investment strategy,
Risk before you invest in an investment fund.
In general terms, ‘risk’ means the relative likelihood of
changes in the amount of returns from, and in the value of, Risk – investments
an investment. Your investment in the Service will be affected by the
performance of the Investment Options you have selected.
One commonly used measure of investment risk is volatility.
All Investment Options are subject to varying risks and
This refers to the tendency of investment values to fluctuate.
generally all change in value. Different asset classes perform
This volatility can apply to both the market price and the
differently at different times. Please refer to the MLC Navigator
income of a particular investment.
Access Investment Options PDS for a description of the
Some of the specific investment risks associated with significant investment risks.
investing in the investment products offered through the
Service are set out below. For more information on the risks Diversification
associated with specific investment products please refer
Diversification is the most common method used by investors
to the MLC Navigator Access Investment Options Product
to protect themselves against risk.
Disclosure Statement. Other risks relating to investing in
superannuation, including through the Service, are set out Diversification means spreading your portfolio across a number
on page 5. of asset classes with different levels of risk (eg. shares and
fixed interest). Further diversification is available by then
Risk – currency selecting a mix of investment products within a particular
asset class. For example within Australian shares you can
Where an investment product has exposure to international
invest in investment funds managed by more than one
investments the returns of the investment product can
manager and across managers using different styles of
be influenced by currency movements. Some investment
investment management.
managers actively manage their exposure to currency
movements with the aim of reducing the currency influence
on the investment returns.
4
Investing
Investment strategies and However, in the case of illiquid investments for a member,
the Trustee is not required to rollover or transfer the whole
investments available of your withdrawal benefit (or partial amount requested to
be transferred) within 30 days, provided that the Trustee has
MLC Navigator Access Super and Pension Service provides you complied with the relevant superannuation regulations.
with access to a range of Investment Options, including multi-
We are required to give effect to your request to redeem
manager diversified Pre Select Investment Options, multi-
from illiquid investments and move your benefit as soon as
manager single sector Pre Select Investment Options and
practicable. You should be aware that transfer requests for
single manager Investment Options. Each Investment Option
a benefit that has illiquid investments may take substantially
is a registered scheme of which Navigator is the Responsible
longer than 30 days.
entity. Information on the Investment Options is contained in
the MLC Navigator Access Investment Option PDS. You will be required to complete a declaration which
acknowledges the information above before your funds are
The MLC Navigator Access Investment Option PDS will help
invested in an illiquid investment.
you make an informed decision about your investments
through the Service. This document will tell you about the
investment strategies available through the Service, the Other risks to consider
investment objectives, asset allocations and underlying
investment managers of the Investment Options, the risks In addition to the specific investment risks described on
of investing in the Investment Options assets, and the pages 3 to 5, there are risks associated with investing in
associated fees and charges. superannuation, including through the Service:
Before making any investment decisions your financial Risk – changes in superannuation law
adviser must provide you with a copy of the MLC Navigator and regulation
Access Investment Option PDS. Your financial adviser may Changes are made frequently to superannuation law, which
also have access to further information on each of the may affect your ability to access your investment or make
Investment Options. contributions to the Service. Changes can also occur to the
For a current list of available Investment Options, please taxation of superannuation, which may affect the value of
see the Investment Allocation Authority for MLC Navigator your investment, and to social security, which may affect
Access Super and Pension Service which is available from your entitlement to government benefits.
your financial adviser or by contacting Client Services on
1300 428 482.
Risk – administration
Delays in purchasing and selling investments may occur
if a transaction request is not fully completed or signed
Illiquid Investments or incorrect information is provided. There is some risk
that system failure may cause a delay in the processing of
An investment is an illiquid investment if it either:
transactions on your account.
■■ cannot be converted to cash in less than the specified
time period to rollover, transfer or a withdrawal benefit, or Risk – pensions
■■ converting it to cash within the time period specified There is no guarantee that your pension balance will be
would be likely to have a significant adverse impact on the sufficient to last for the rest of your life. Depending on
realisable value of the investment factors such as how long you live, expense levels, investment
earnings, your level of income chosen and whether you make
A number of the Investment Options in the Service are
lump sum withdrawals, your funds may not last you for the
illiquid investments. Investments that have been classified
rest of your life.
as illiquid investments are indicated on the Investment
Allocation Authority. For more information on the reasons Risk – early withdrawal
why specific investments are illiquid, please refer to the
Superannuation is intended to be a long term investment.
MLC Navigator Access Investment Options PDS.
If you withdraw or transfer your money within a short time
You can choose to move some or all of your accumulated after investing, you may receive less than you invested due to
benefit from your superannuation account or pension the effect of fees and costs or short-term market volatility.
account into another superannuation product. We must
generally action any requests to move within 30 days.
5
What is MLC Navigator Access
Super and Pension Service?
Within the MLC Navigator Access Super and Pension Service, The Pension Service provides an Account-based Pension
there are two distinct services: which is a tax effective income stream in retirement, or if
you are transitioning towards retirement. For Account-based
Pensions that are not being used to transition towards
1. Super Service retirement, you can vary the pension payments as long
as they are above certain minimum limits prescribed by
The Super Service provides a flexible investment vehicle that
superannuation law. The pension payments are made by
accepts non-concessional (eg. personal) and concessional
direct credit to your bank account. You can also withdraw
(eg. employer) lump sum contributions, regular contributions,
lump sums from an Account-based Pension, if some of your
rollovers from other superannuation funds, spouse
benefit is an unrestricted non-preserved amount.
contributions, family law payment splits and government
co-contributions. Pension payments drawn from an Account-based Pension
when you are transitioning towards retirement still offer
For more details on the types of contributions you can make,
you some flexibility, allowing you to vary the payments
please refer to page 13.
you receive so long as they are within the minimum
and maximum limits prescribed by superannuation law.
2. Pension Service Restrictions apply to withdrawing lump sums.
The Pension Service allows individuals to convert their Refer to page 17 for more details.
superannuation into an Account-based Pension. You can
easily transfer your investments from the Super Service to
the Pension Service without incurring transaction costs,
triggering capital gains tax liability, or redeeming any
Investment Options.
6 6
Ten reasons to invest with
MLC Navigator Access
1. Choose from leading 4. Flexibility to change
investment managers You have complete flexibility to change your investments as
your needs and other personal circumstances change. You
You can invest across a range of Investment Options which can switch and add to your investments and update your
are managed by some of Australia’s leading investment records quickly and easily, anytime.
managers. This gives you the benefits of greater diversification
enabling you to spread your risk.
There are five multi-manager diversified Pre Select
5. Flexible pension payments
Investment Options and five multi-manager single sector If you invest in the Pension Service you can choose to have
Pre Select Investment Options, each carefully designed to regular income payments monthly, quarterly, half yearly or
suit different investment needs. These Investment Options yearly to suit your lifestyle.
are managed by a number of investment managers.
6. Effective tax processes
2. More ways to build
With your financial adviser you can manage your capital
your wealth gains tax liabilities by choosing the most appropriate parcels
of units to be redeemed.
The Super Service makes it easy for you to build on your
superannuation by allowing lump sum payments or regular
contributions through our Regular Investment Facility. 7. Contributions tax is paid at
the last possible moment
3. Protecting your wealth –
When a concessional contribution is made to your
insurance superannuation fund, the fund is obliged to pay 15 per cent
tax on the total amount deposited*. This 15 per cent is
You can include Protectionfirst with your Super Service. It
commonly called ‘contributions tax’. Many superannuation
offers you peace of mind in knowing you have access to
funds deduct the contributions tax at the time you make
protection to cover the financial consequences of sickness,
a contribution. The Superannuation Service deducts your
injury, disability or death. For further information regarding
15 per cent contributions tax at the latest possible moment
insurance refer to page 21.
meaning these amounts are invested in your account for
longer before they are paid to the Australian Tax Office.
* Concessional contributions include employer contributions and your
contributions for which a tax deduction is claimed by you.
7 7
Ten reasons to invest with MLC Navigator Access
8. Manage Capital Gains Tax 10.Transition to retirement
(CGT) on retirement using As you approach retirement age, you may not be ready to
stop work completely.
the Pension Service The Service provides you with flexible pension options that
MLC Navigator Access Super and Pension Service may can assist you to reduce your working hours and still maintain
provide CGT advantages: you can buy investments in the or even improve your lifestyle. If you are aged 55 or more,
Super Service, in your accumulation phase, and transfer you may be able to start taking some of your superannuation
them ‘in specie’ to your Pension Service without paying any now as a retirement income stream.
CGT – rather than selling down your super investments and
Using this feature can reduce your income tax, CGT and
re-buying them in a pension fund. Your unrealised super CGT
Medicare levy. You can also continue to make contributions
liability is effectively removed on retirement if you sell your
to your Super Service account and may be able to benefit
investments in the Pension Service, as you pay no income
from the Mature Age Workers Tax Offset.
tax or CGT on investments, however you still benefit from
receiving tax credits for the franking credits on your investments. Please speak to your financial adviser for details.
9. Anti-detriment
(tax back benefit)
Through the Service you may also have the additional benefit
of ‘anti-detriment’. This means that eligible dependants of a
deceased member may be paid an anti-detriment payment to
offset the impact of tax previously paid on contributions.
For more information, refer to page 21.
8
How the Service works
How the Service works
How do I invest into the Service? the next processing date. The time taken to complete the
purchase of your investments will be subject to the type of
Your initial investment in the Service is made through investments selected.
your financial adviser. You must complete the Application Important: The Administrator and/or your financial institution
Form to nominate the Investment Options in which you may charge you a dishonour fee for debits that are returned
would like your money invested. You can also select the unpaid, and the Administrator may terminate your direct debit
Investment Options for any future investment you might facility if debits are returned unpaid on three consecutive
make (Super Service only) by completing the Regular/
occasions. If any debit requested by you is not made, you
Additional investment column on the Investment Allocation
remain obliged to pay any amount owing to the Administrator.
Authority. This selection can differ from your initial
investment allocation.
Your initial investment into the Service can be made via:
Electronic funds transfer
■■ cheque Using electronic funds transfer enables you to deposit your
funds directly into our applications account. To ensure your
■■ direct debit
transactions can be processed quickly and efficiently, please
■■ electronic funds transfer make sure you also include your surname and first name (up
Note: for additional investments ®
is also available to 18 characters), as indicated on the Application Form, so
(see page 11). that we may identify where the money is coming from.
The Trustee nor the Administrator will not be held liable for
Cheques delays in purchasing and allocating Investment Options as a
result of receiving insufficient or incorrect information when
To make your investment by cheque please write a you submit funds via an electronic funds transfer.
non-negotiable cheque to:
Contact Client Services for details on how to electronically
‘MLC Navigator Access Super and Pension Service’.
transfer funds directly into our applications account. Please
ensure that a transaction description can be transmitted
Direct debit (your financial institution can confirm if this is the case) and if
not, contact us prior to making the deposit.
By choosing to direct debit, you are authorising the
Administrator to deduct your funds from your bank account.
Tax File Number for acceptance
To make your investment via direct debit, you will need to
complete the Direct Debit Request included in the Application of contributions
Form accompanying this PDS. Where a bank account is Superannuation funds must generally return within 30 days
held in joint names, both signatures are required. Generally, of receipt any personal contributions made by members for
the purchase of your investments will be initiated on the whom a valid tax file number (‘TFN’) is not held by the fund.
preferred date of debit as per your completed Direct Debit
Request form. If no date is specified this will be initiated on
® Registered to Pty Ltd ABN 69 079 137 518
9 9
How the Service works
The Service can accept employer contributions if a valid ■■ receives any insurance proceeds from applicable
TFN is not held by the Fund. However, if the Service does insurance policies
not hold a valid TFN by the end of its income year, you will
The CMT and CMA are generally used for funds not
incur excess tax.
immediately required for transactions. The CMT is currently
the Cash Account Income Fund ARSN 136 989 305 (‘CAIF’).
Your account The Administrator is the Responsible Entity of the CAIF and
receive management fees in that capacity.
Once the Trustee accepts your application for membership
of the Service, we will establish an account for you. This The CMA is the NAB Cash Manager issued by NAB.
incorporates a Transaction Account, any insurance cover
Prior to investing, your financial adviser will provide a copy of
offered through Protectionfirst and held by the Trustee
the PDS for the CAIF and the terms and conditions for the
with you as the life insured, and an interest in the PST
NAB Cash Manager. These documents can also be obtained
representing investments held for you in your selected
from your financial adviser, by contacting Client Services or
Investment Options.
visiting our website at mlc.com.au
For reporting purposes the Transaction Account may be
There might be occasions where your Transaction
referred to as the Cash Account.
Account balance becomes negative. These circumstances
Your nominated investments are usually purchased within might include:
five business days of your application being approved, but ■■ Where you switch between Investment Options. In this
may take a maximum of 30 business days from the date the circumstance your sale proceeds might not be received
Trustee receives both the completed Application Form and all before your purchases are processed.
contribution money with the acceptable detail.
■■ Where you request a partial withdrawal from the Service.
If the Trustee is unable to accept a contribution or rollover In this circumstance the proceeds from selling down
amount, it will be returned without interest. investments to fund the withdrawal might not be received
before the actual withdrawal is completed.
Your account balance will be the balance in your Transaction
Account, including any insurance proceeds, plus the value ■■ Where your Adviser Service Fee is deducted. In this
of your investments, less any outstanding service fees circumstance the balance of your Transaction Account
and charges and any taxes. The value of your investments may temporarily be negative before sufficient Investment
is determined by the investment market value less any Options are sold to fund the payment of this fee.
Investment Option fees, taxes and charges. Under these circumstances enough investments will be sold
down to ensure your Transaction Account balance is always
Transaction Account restored to as close to zero as possible. If you do not want
the Trustee to sell your Investment Options in the order
To facilitate the efficient processing of transactions, the they appear in the Application Form you can nominate
Service incorporates a Transaction Account. The balance of the order in which you would prefer them to be sold (sell
this account will be maintained as close as possible to zero priority option).
(subject to any allowance for upcoming pension payments,
reinvestment of income distributions and any instructions A Transaction Account overdraw fee will be charged for any
you have provided to the Trustee under a Regular period that your Transaction Account balance is negative.
Investment Facility). Refer to page 24 for details.
Any money received on your behalf will be paid into
the Transaction Account pending investment into your Sell priority option
nominated Investment Options.
The sell priority option allows you to nominate the order in
The Transaction Account is made up of deposits with an which you would like to sell your Investment Options should
Approved Deposit-taking Institution (‘ADI Account’), a Cash your Transaction Account balance fall below the minimum
Management Account (‘CMA’) and a Cash Management holding requirements (refer to page 10).
Trust (‘CMT’). The ADI Account is used to:
To nominate a sell priority, specify the order in which
■■ buy and sell investments nominated by you
you would like your Investment Options to be sold using
■■ receive investment income the ‘sell priority’ column included in the Investment
■■ pay any fees, charges and taxes applicable to your Allocation Authority.
investments
The Investment Option nominated with the lowest number
■■ transact any application, sale or withdrawal requests (ie. ‘1’) will be the first investment to be sold.
■■ pay pensions and benefits
If you do not specify a sell priority option, or if we only have
■■ pay any insurance premiums for any Protectionfirst a sell down priority for some Investment Options, we will sell
insurance policies (if applicable) your Investment Options in the order in which they are listed
in the Investment Allocation Authority current at that time.
10
How the Service works
Income distributions If you do not provide details for your additional investments
we will use your initial investment instructions. You can
The Investment Options may distribute income a number of change your Additional Investment Allocation at any time by
times throughout the year. completing an Additional Investments Form. An Investment
Option may become unavailable for further investment
You can choose to have your income distributions because it has been closed.
automatically reinvested into your selected Investment
Options (see ‘Reinvestment of earnings’ section of the Please note that your financial adviser can assist you in
Application Form). If you do not give us these instructions setting and changing your Additional Investment Allocation.
then any income distribution you receive will be deposited You should be aware that by using this feature you may not
into your Transaction Account and may be subject to the always have the current MLC Navigator Access Investment
automatic sweep process described below. Option PDS and other continuous disclosure notifications at
the time that an investment is made. To obtain a current PDS
Please note, reinvesting income distributions may mean that you should speak to your financial adviser or contact Client
you acquire an additional investment in an Investment Option Services on 1300 428 482.
in which you hold units without having received the current
MLC Navigator Access Investment Option PDS and other One-off investment instructions can be supplied for ad hoc
continuous disclosure notifications. To obtain the current additions by providing an Additional Investments Form with
your investment. If you are using ® or electronic funds
PDS you should speak to your financial adviser or contact
Client Services on 1300 428 482. transfer we must receive this form before you remit your funds.
Please note that we cannot accept additional member
Automatic sweep from cash contributions if we do not hold a valid TFN for you .
to investment Regular additions
If you want to make regular investments you can set up
The Service has an automatic process to take any money a Regular Investment Facility (RIF). A RIF is an easy and
greater than $20 out of the Transaction Account (subject to convenient way to contribute to your account. You can
any allowance for upcoming pension payments, reinvestment establish a RIF via direct debit from a nominated bank
of income distributions and any instructions you have account, subject to the minimum of $100 per deposit.
provided to us under a Regular Investment Facility) and invest
it into your nominated Investment Option. You may nominate the date on which amounts are
withdrawn from your nominated bank account. RIF
If your Transaction Account has a negative balance, any instalments will generally be deposited into your Transaction
money deposited into your Transaction Account will first be Account on that day. RIF investments will continue until we
used to reduce your negative balance. receive written instructions to change or cancel the facility.
The automatic sweep process will not apply to investors that You may change or cancel your RIF at any time. Regular
have a Progressive Investment Facility (refer to page 11). investments received via a RIF will be invested as per your
Additional Investments Allocation as described above.
When you set up your account you may nominate your
To set up a RIF you will need to complete the Application
preferred Investment Option for investment of any money in
Form and a Direct Debit Request.
your Transaction Account which is subject to the automatic
sweep process (see the ‘Cash Sweep Investment Option
Progressive investing
Nomination’ section of the Application Form). If you do not
make a nomination, the first Investment Option in which The Progressive Investment Facility (PIF) allows you to invest
you hold units will be selected, following the order in which fixed amounts on a regular basis into nominated Investment
they appear in the Investment Allocation Authority current Options from amounts held in your Transaction Account.
at that time. You can benefit from gradually investing into Investment
Options and reduce the risk associated with attempting to
time the market with a lump sum investment. You have the
Additions flexibility to specify the frequency of purchases on a monthly
or quarterly basis and can instruct us to invest in Investment
You can make ad hoc additional investments into the Super Options in instalments for any period.
Service by ®
, direct debit, electronic funds transfer or
cheque without the need to complete any further forms. From time to time, Investment Options can become
unavailable if they have been removed from the investment
By completing the additional investment column in the list in the Investment Allocation Authority or are closed to
Investment Allocation Authority you can predetermine further investment. If this happens to an Investment Option
which Investment Option you want to purchase for any you have nominated under the PIF, your money will be
future ad hoc and/or regular investments you make into the retained in the Transaction Account. You must ensure your
Super Service.
® Registered to Pty Ltd ABN 69 079 137 518
11
How the Service works
Transaction Account has sufficient funds to fund purchases Example:
and to ensure that your Transaction Account does not You have selected an initial investment weighting of
incur a negative balance. If your Transaction Account has 10 per cent in Investment Option A, 40 per cent in
a negative balance your progressive investment will not Investment Option B and 50 per cent in Investment Option
be processed. This ensures charges incurred for a negative C. After a year the investments have changed in value
Transaction Account balance are minimised. If you wish to and weighting due to investment growth. You now have
take advantage of the PIF, please complete the Investment 5 per cent in Investment Option A, 30 per cent in Investment
Allocation Authority. Option B and 65 per cent in Investment Option C. The
Automatic Re-weighting facility will automatically bring
How do I change my investments? your portfolio back into line with your initial weightings
of 10 per cent in Investment Option A, 40 per cent in
You can change between Investment Options at any time. investment Option B and 50 per cent in Investment Option C.
Switching simply involves the selling of an Investment To prevent unnecessary transactions for small amounts,
Option(s) with the proceeds used to purchase an alternative periodic re-weighting will only be enacted on your account
Investment Option(s). The Switching and Re-weighting Form where the weighting of one of your Investment Options
is available from your financial adviser or by calling Client differs from your preferred weighting by greater than a
Services on 1300 428 482. Switching instructions may also selected tolerance. If no tolerance is selected, the default will
be given by your financial adviser online using n-link, which be set at 3 per cent.
may be a more efficient method.
Example:
The Trustee or the Administrator may postpone the Using the previous example, if you had selected a tolerance
implementation of your investment switches in certain of 5 per cent and after a year your portfolio comprised
circumstances consistent with superannuation law and 8 per cent in Investment Option A, 44 per cent Investment
the Trust Deed, including where: Option B and 48 per cent Investment Option C, the portfolio
■■ unit pricing is unavailable or unreliable would not be automatically re-weighted as none of the
■■ to process the switch would be detrimental to Investment Options is more than 5 per cent away from its
other members initial weighting.
■■ extreme circumstances exist How do I set up an Automatic
■■ the switch includes illiquid investments. Re‑weighting facility?
You can set up an Automatic Re-weighting facility by
Automatic Re-weighting facility completing Sections 5 (Super) and 7 (Pension) of the
Application Form which accompanies this PDS. Specific
After your funds are initially invested in accordance with Investment Options for re-weighting can be nominated
your instructions, the value of your investments will change in the re-weighting column in the Investment Allocation
over time (depending upon your investment choices). Section. You can set up, amend or reinstate an Automatic
The proportions of your investments as part of your overall Re-weighting facility at any time in the future by completing
account balance are also likely to change over time. The the relevant section on the Switching and Re-weighting
Automatic Re-weighting facility allows you to elect to form. For further information on this facility, please speak to
have eligible Investment Options within your portfolio your financial adviser.
re-weighted automatically so as to reflect your preferred
initial weightings. Important information
The following are important points which should
Please note those Investment Options that are not part of the
be considered when electing to use the Automatic
Automatic Re-weighting facility are not impacted.
Re-weighting facility:
You can elect to have your Investment Options periodically ■■ the Automatic Re-weighting facility will automatically
re-weighted on or around the last weekend of: ensure your Transaction Account meets any minimum
■■ February, May, August and November (quarterly) holding requirements as part of the periodic re-weighting
■■ February and August (half yearly) process. The standard sell priority process, as outlined on
page 10 of the PDS, will not apply
■■ August (yearly)
■■ if you submit an investment, withdrawal or switch request
that is not in line with your nominated weightings, your
Automatic Re-weighting facility will be cancelled
12
How the Service works
■■ automatic re-weighting may not result in your portfolio ■■ spouse contributions*
exactly matching your preferred initial weightings due ■■ an amount if you are a non-member spouse (as defined
to market movements in the value of your Investment under Family Law) who has received a family law
Options during the re-weighting process payment split
■■ your investments will not be automatically re-weighted ■■ small business CGT concession contributions
where on day of processing the automatic re-weight,
■■ structured settlements, orders for personal injury, or lump
none of the differences in the weightings of your
sum workers compensation payments
Investment Options exceed the selected tolerance level
■■ if an Investment Option which you have nominated for Initial contributions must be accompanied by a completed
Automatic Re-weighting is no longer available or closed to Application Form.
new investment, your Automatic Re-weighting facility will Your financial adviser can submit applications electronically
be cancelled which can often be a more efficient method.
■■ no fees are charged for the Automatic Re-weighting
Directed termination payments rolled over to the
facility, however normal transaction costs apply
Superannuation Service will be categorised as preserved
■■ where units in an Investment Option are sold as part of benefits, limiting your access to these benefits (see section
the periodic re-weighting process this may result in a titled ‘Withdrawals from the Superannuation Service’
capital gain or loss being realised on page 16). For a directed termination payment to be
rolled into the superannuation system the payment must
Transferring from MLC Navigator be specified in an existing employment contract as at
9 May 2006 that provides for payment before 1 July 2012.
Access Super and Pension Service
Age-related contributions
to the MLC Navigator Retirement
Contributions up to age 65
Service The Super Service can accept:
As your circumstances change you may require a more ■■ mandated employer contributions (these are contributions
comprehensive investment solution. We cater for your to meet the Superannuation Guarantee requirements and
changing financial needs by allowing you to transfer your contributions made under a Certified Agreement or an
investments into the MLC Navigator Retirement Service, Award made by an industrial authority)
a more comprehensive investment solution offering more ■■ voluntary employer contributions
features and greater investment choice. This provides you ■■ salary sacrifice contributions
with tools necessary to implement effective superannuation ■■ personal contributions
and retirement planning strategies throughout the different
■■ spouse contributions*
stages of your life.
■■ Government co-contributions
As an added benefit, current legislation allows for the
■■ selected directed termination payments from employers
transfer of MLC Navigator Access Super and Pension Service
investments into the MLC Navigator Retirement Service ■■ a contribution splitting payment from your spouse but
without incurring any CGT upon transfer as the assets only where you have not fully retired from the workforce
remain within the same superannuation fund. after your preservation age. Refer to page 16 for details.
Contributions from age 65 but less than 70
Contributing to the Super Service The Super Service can accept:
■■ mandated employer contributions (defined previously),
The Super Service may accept:
■■ personal contributions, spouse contributions and
■■ concessional contributions, which include employer voluntary employer contributions, and selected directed
contributions (mandated and voluntary) and salary termination payments from employers where you have
sacrifice contributions worked at least 40 hours in any period of 30 consecutive
■■ non-concessional contributions, which include personal days during the financial year in which the contribution
contributions (lump sum and regular) was made. Once this condition is met, contributions can
■■ rollovers from other superannuation funds be accepted for the rest of the relevant financial year. If
you do not tell us you do not meet this condition within
■■ selected directed termination payments from employers
14 days of a contribution being made, we will take it that
for a limited time
you meet the requirements for us to be able to accept that
■■ Government co-contributions contribution. If we determine at any time later that you
■■ contribution splitting payment from your spouse had not met the work test criteria when required for a
contribution, we must return those ineligible contributions.
* This includes domestic partners of the same sex.
13
How the Service works
Contributions from age 70 but less than 75 If you do not supply your TFN within the required timeframe,
The Super Service can accept: you will not be able to claim the additional tax back.
mandated employer contributions made under a Certified
■■
Limits on contributions
Agreement or an Award made by an industrial authority
The government has imposed caps on the amount of
■■ personal contributions, salary sacrifice contributions
contributions you can make to a superannuation fund in
and voluntary employer contributions, selected directed
a financial year. The size of the limit depends on the type
termination payments from employers where you have
of contribution.
worked at least 40 hours in any 30 consecutive day
period in a financial year. Once this condition is met, Concessional contributions
contributions can be made for the rest of the relevant
Concessional contributions generally include any contribution
financial year. If you do not tell us you do not meet this
made by you or on your behalf that is included in the
condition within 14 days of a contribution being made,
assessable income of the Service and is taxed at 15 per cent.
we will take it that you meet the requirements for us to
This includes all:
be able to accept that contribution. If we determine at
any time later that you had not met the work test criteria ■■ contributions made on your behalf by your employer
when required for a contribution, we must return those ■■ personal contributions for which a deduction is claimed
ineligible contributions.
■■ contributions made for you by a third party, other than
If you do not meet the eligibility requirements for employer your spouse
contributions described above, any contributions made for
Concessional contributions are capped at $25,000 per
you by your employer are required to be returned to your
financial year. This limit will be indexed to AWOTE (Average
employer. Special regulations apply to determine the amount
Weekly Ordinary Time Earnings) each year. However the
to be returned and the timing of such payments. Refer to
indexed amount will be rounded down to the nearest
page 28 and 29 for further information.
multiple of $5,000.
Contributions from age 75 Transitional provisions apply allowing anyone currently
Once you have reached age 75 only mandated employer aged 50 and over to be eligible for a $50,000 transitional
contributions made under a Certified Agreement or an cap for each financial year until financial year ending
Award made by an industrial authority can be paid into the 30 June 2012. If you turn 50 before 1 July 2012 you will be
Super Service. able to use this transitional cap from the financial year you
turn 50, up to 30 June 2012 as above. The transitional cap
Contributions and Tax File Number will not be indexed.
We are required to advise the Australian Tax Office (ATO) If the total of concessional contributions in a financial
of all contributions paid by you or for you. year made by you or for you, for all your superannuation
Your employer is required to give us your TFN if you products, is in excess of the cap for these contributions, the
have quoted it to them for employment purposes after excess concessional contributions are exposed to additional
30 June 2007, and if they make a superannuation tax at 31.5 per cent. You will receive an assessment
contribution for you to us. specifically for this tax from the ATO, together with details of
your options for paying it (see below for further details).
If you have not provided your TFN (or an employer has not
provided your TFN), contributions you make are required to Non‑concessional contributions
be returned to you within 30 days of the Trustee becoming
Non-concessional contributions generally include any
aware that it does not hold a valid TFN for you. Special
contribution made by you or on your behalf that is
regulations apply to determine the amount to be returned
not included in the assessable income of the Service.
and the timing of such payments. Refer to page 26 to 29 for
This includes:
further information.
■■ personal contributions for which a deduction is
If you or an employer has not provided your TFN before the not claimed
end of the financial year in which the contribution is made,
■■ spouse contributions
the Service is required to pay an additional 31.5 per cent
tax on any concessional contribution made for you by your ■■ Government co-contributions (not counted towards the
employer, which will be charged to your account. If your non-concessional contribution cap)
TFN is supplied in the next three financial years after the Non-concessional contributions are capped at six times the
additional tax is paid to the ATO, the amount deducted from current concessional contributions cap – that is, $150,000 for
your account will be claimed from the ATO and re-credited the 2010/11 financial year.
to your account. In some cases the amount re-credited will
include interest if it was the failure of your employer to If the total of non-concessional contributions in a financial
pass your TFN to the Service that resulted in you paying the year for all your superannuation products is in excess of the
additional tax. The rate of interest is set by legislation and is cap for these contributions the excess non-concessional
typically a conservative rate of return. contributions are exposed to tax at 46.5 per cent. You will
receive an assessment specifically for this tax from the ATO,
14
How the Service works
together with details of how you must pay it (see below for 3. you must notify the Trustee before or at the time
further details). of making the contribution, and the contribution
must be made within 90 days of when you receive
If you are under age 65, you can bring forward two years
the payment or the structured settlement or order
of non-concessional contributions cap so that the maximum
takes effect.
non-concessional contributions you can make to all your
superannuation in that financial year without incurring There are no caps on the amount of these payments that can
the tax described above is three times the current cap be made to superannuation.
applying in that year – that is $450,000 for the 2010/11
financial year. Once you contribute more than the annual Paying excess contributions tax (concessional and
cap in a financial year, that sets your cap limit for 3 years. non‑concessional contributions)
Example – if you contribute $160,000 in 2010/11, you have You will have 21 days from when the ATO gives you the
a total of ($450,000 – $160,000 =) $290,000 left that notice of assessment to pay the assessment. If you fail to
you can contribute over 2011/12 and 2012/13 without the pay the assessment within 21 days, the ATO will generally
contributions incurring tax as described above. impose a penalty for each day payment is overdue.
Depending on whether your assessment is for concessional
People over age 65 will not be able to bring forward
or non-concessional contributions, different options and
contributions and will be limited to the current year’s
requirements apply to the assessment.
non-concessional contributions cap.
In some limited circumstances, the Commissioner of
The Service cannot accept single non-concessional
Taxation may deal with contributions that exceed the caps
contribution payments in excess of three times the current
by disregarding them or allocating them to another financial
non-concessional cap for persons aged 64 or less on 1 July
year for the purposes of calculating excess contributions
of the financial year, or the current non-concessional cap for
tax. You must apply to the Commissioner within 60 days of
persons aged 65 or over but less than 75 on 1 July of the
receiving an excess contributions tax assessment. For further
financial year. Any amount of a contribution made in excess
information call the ATO Superannuation Hotline (13 10 20).
of this limit will be returned to you.
Concessional contributions
Exemptions from non‑concessional
For concessional contributions, you have the option of paying
contribution caps
some or all of the assessment out of your account, subject
Some personal contributions can be made to superannuation to following the requirements and time limits imposed by
and not count towards the non-concessional contribution the Government. You will have 90 days from the date of the
caps. These are small business CGT concession contributions release authority to provide it to a trustee of a fund that holds
within regulated limits and payments for personal injuries superannuation for you and can deal with such authorities
resulting in permanent incapacity. (which includes us) before the release authority will expire.
Small business CGT concession contributions If you make a valid request to us, we are required to pay the
amount you requested out of the Service within 30 days.
All or part of the proceeds from the sale of eligible small
business assets contributed to super can be exempted Non-concessional contributions
from the non-concessional cap, up to a lifetime limit of For non-concessional contributions, you must pay the
$1.1 million. This limit may be indexed in subsequent assessment out of superannuation, which can include
financial years. payments from your account. You will have 21 days from
the date of the release authority to provide it to the trustee
The rules concerning what types of assets will come under
of a fund that holds superannuation for you and can deal
this exemption are complex. We strongly recommend
with such authorities (which includes us) before the release
that you seek specific tax advice referable to your own
authority will expire. If you fail to give the release authority
circumstances prior to making any decision regarding your
to an appropriate trustee in time, the ATO may give a release
contributions that may involve this exemption.
authority directly to an appropriate trustee (including us). If
Payments for personal injuries resulting in you or the ATO make a valid request to us, we are required to
permanent incapacity pay the amount requested out of the Service within 30 days.
If a payment meets the following criteria, it can be
Government co-contributions
contributed to superannuation:
If you have a total income less than the upper limit in a
1. the payment must be in one of the following forms:
financial year you may qualify for Government Co-contributions
a. structured settlement;
if you meet certain conditions. The other conditions include:
b. order for personal injury payment; or
■■ making personal non-concessional contributions
c. lump sum workers compensation payment
during a financial year
2. two legally qualified medical practitioners certify ■■ receipt of at least 10 percent of your total income
that you are unlikely to ever be able to be gainfully deriving from carrying on a business, eligible
employed, in a capacity for which you are reasonably employment or a combination of both
qualified, as a result of the injury; and
15
How the Service works
■■ not holding an eligible temporary resident visa at any time
during a financial year
Investing in the Pension Service
■■ being aged less than 71 years at the end of a financial year To establish a member account in the Pension Service
■■ lodging an income tax return for a financial year you must have an existing superannuation account in the
Superannuation Service and have met a full condition of
The upper limit for the 2010/11 financial year is $61,920. release ( see page 17, Table 2), or rollover a superannuation
Income threshold limits relating to the Government benefit that has an unrestricted non-preserved status, or
Co-contribution in the 2010/11 financial year are set out below: have reached your preservation age ( see page 17, Table 3).
Table 1: You cannot make further contributions to an existing
Government co-contributions in 2010/11 Account-based Pension once pension payments have
Upper limit to get commenced. However, you can open more than one
$31,920 account with the Pension Service by completing another
maximum co-contribution
Upper limit to get partial
Application Form.
$61,920
co-contribution If you have received a payment split as a non member spouse
Maximum co-contribution $1,000 (as defined under Family Law) you may transfer or rollover
any unrestricted non-preserved component (or any preserved
Personal contribution component where you are over preservation age) to open a
$1,000 ($1.00 co-contribution
required for maximum Pension account within the Service.
for $1.00 personal contribution)
co-contribution#
3.333 cents per dollar reduction When can I open an account in the
Reduction factor for income over $31,920 but
less than $61,920
Pension Service?
Only unrestricted non-preserved superannuation benefits
# For the self-employed, only personal contributions for which you have not
claimed a tax deduction will count for co-contribution purposes. can be used to open an account in the Pension Service
if you are under your preservation age. Superannuation
For the purposes of the Government’s Superannuation benefits from the superannuation system become
Co-contribution scheme, total income for the financial year unrestricted non-preserved when you satisfy an appropriate
is the sum of your assessable income, reportable employer condition of release. (See Table 2 for further details).
superannuation contributions and reportable fringe benefits
(if any) for the financial year. Transition to retirement
You do not need to apply for the Government Co-contribution. MLC Navigator Access Super and Pension Service has a
The ATO will work out if you are entitled to receive a transition to retirement facility. This means, once you have
co-contribution using information from your superannuation reached your preservation age, you are able to open an
fund and tax return. Payment of co-contributions to your account in the Pension Service without retiring completely,
account will not be made until the year following the and even while still contributing to your Superannuation
financial year in which your contribution is made. Service account. This account can only be used to make
pension payments, until you have met a full condition of
Splitting of contributions release (see Table 2).
You are able to split superannuation contributions with
your spouse.* Contribution splitting allows you, as a member
of the Service, to split an amount of the concessional
Withdrawals from the
contributions made to your account to your spouse’s Super Service
account. Splitting contributions may enable you to optimise
the superannuation benefits available to you as a couple in Superannuation is a long term investment. The Government
retirement, either as a lump sum or a tax effective income has placed restrictions on when you can get access to
stream. Up to a maximum of 85 per cent of concessional your benefits.
contributions made in the previous financial year can be split.
In general, subject to meeting one of the conditions of
You can only split contributions from a superannuation fund release set out in Table 2, you can request a full or partial
to which they were made. That is, if you move to a new withdrawal of your benefits. You may also rollover any or
superannuation fund and rollover your benefits to the new all of your benefits into another complying superannuation
superannuation fund, you cannot then elect to split the fund, approved deposit fund or other approved savings
contributions made to the original superannuation fund after scheme. We recommend you speak to your financial adviser
the rollover occurs. before rolling over your superannuation benefit. Another
option, once a condition of release has been met, is to
Not all superannuation funds offer the ability to split your
transfer some or all of your benefits to the Pension Service,
contributions, or alternatively accept contribution splits from
which offers an Account-based Pension.
your spouse’s superannuation fund.
Please refer to Taxation Information on page 26 for
* This includes domestic partners of the same sex. information regarding the taxation of benefits on withdrawal.
16
How the Service works
If you die, the whole of your account balance, including
early release on the basis of severe financial hardship as
any insurance proceeds (if applicable), will be paid to your
defined in superannuation law
dependants or legal personal representative. See page 20
for details of beneficiary options. if you have been a temporary resident of Australia,
your temporary resident visa has expired and you
Maximum amount of benefits payable have permanently departed Australia and satisfy the
associated superannuation law requirements
The maximum amount of the benefits payable will be
equal to your account balance. Your account balance will
depend on the amounts contributed by you, previous benefit Temporary residents
payments, the costs, expenses, fees and taxes that have
been charged to your account, the performance of the Important superannuation information for
investments you have selected, and any insurance proceeds temporary residents
(if applicable). If you are a temporary resident, or were a temporary resident
and have now left Australia, the following conditions of
Withdrawal restrictions release are not available to you unless you met them before
Subject to meeting one of the conditions of release, you can 1 April 2009: retirement after preservation age, resignation
request a full or partial withdrawal at any time by sending us from your employment after age 60, attaining age 65,
a completed Withdrawals form, available from your financial commencing a pension after preservation age, severe
adviser or the Administrator. financial hardship or compassionate grounds.
The minimum you can withdraw is $500 (or the balance If you are a temporary resident, or you were a temporary
in your account if the balance remaining in your account resident and have left Australia, benefits may only be paid in
after the payment would be less than $1,000). It is a the event of your death, permanent or temporary incapacity,
requirement to maintain a minimum account balance of to pay excess contributions tax, if you suffer a terminal
$1,000. Access to your superannuation savings will depend medical condition or because of your permanent departure
on the classification of your benefit based on the following from Australia, unless you met the requirements of another
preservation categories: condition before 1 April 2009.
■■ preserved We must pay benefit amounts for temporary residents who
■■ restricted non-preserved have left Australia to the Australian Taxation Office (‘ATO’)
■■ unrestricted non-preserved. following the appropriate request from the ATO.
These restrictions and requirements to pay your benefit
Preserved benefits to the ATO do not apply to you if you hold an Investment
You may cash part or all of your preserved benefit if you can Retirement (405) or Retirement (410) visa, have become a
satisfy one of the conditions of release, as summarised in permanent resident or citizen of Australia or are a permanent
Table 2. resident or citizen of New Zealand.
The Trustee will not notify you of the payment of your benefit
Table 2:
to the ATO, or issue a final statement (an ‘exit statement’) to
Conditions of release of preserved benefits
you if your benefit is transferred to the ATO. (For this, it relies
attaining 65 years of age on relief granted by the Australian Securities and Investments
resignation from employment on or after age 60 Commission (‘ASIC’) from periodic statement regulatory
requirements.)
retirement on or after your preservation age
(refer to Table 3) Once your superannuation benefit is transferred to the
ATO, we can no longer pay you your benefit, but you have
commencement of a non-commutable Pension on or the right to make an application to the ATO to arrange for
after your preservation age until another condition of payment of your benefit.
release is met
permanent incapacity Table 3: Preservation age
Date of birth Preservation age
temporary incapacity (subject to withdrawal restrictions)
terminal medical condition Before 1 July 1960 55
death 1 July 1960 – 30 June 1961 56
giving a release authority as provided by the regulations for 1 July 1961 – 30 June 1962 57
payment in regard to excess contributions tax 1 July 1962 – 30 June 1963 58
early release approved by the Australian Prudential 1 July 1963 – 30 June 1964 59
Regulation Authority on the basis of ‘compassionate
grounds’ as defined in superannuation law 1 July 1964 or after 60
17
How the Service works
Restricted non-preserved benefits Please note that the Trust Deed allows the Trustee 30 days
(or such additional period as you nominate) in which to carry
Access to your restricted non-preserved benefits is also
out a termination of your membership and longer where you
subject to the conditions of release as detailed in Table 2.
have invested in certain illiquid Investment Options. Refer to
You can also access your restricted non-preserved benefits
page 5 for details of regulatory illiquid investment provisions.
if you cease gainful employment with an employer who had
made contributions into the Service in respect of you, which For partial redemption requests, the Trust Deed also allows the
comprise restricted non-preserved money. Trustee up to 180 days in which to carry out your request and
longer where you have invested in certain Investment Options.
If any of these conditions of release are satisfied then your
Benefit payments are paid by direct credit into your nominated
benefit may be accessed at any time.
bank account. Please provide all relevant account details on
your Withdrawals Form, which is available from your financial
Unrestricted non-preserved benefits
adviser or Client Services on 1300 428 482. The Administrator
Your unrestricted non-preserved benefits can be withdrawn may set a percentage or a dollar limit on the amount that may
at any time. remain in any individual Investment Option after a withdrawal
is completed.
Tax on concessional contributions where no
TFN has been provided Rollovers from the Super Service
If you do not provide your TFN by the end of the Service You may rollover or transfer any or all of your benefits into
income year (ie. 30 June), we will withdraw the amount of another complying superannuation fund, approved deposit
excess tax from your account that the Service is required to fund or other approved savings schemes. Subject to the
pay to the ATO. restrictions upon withdrawal of benefits from the Super
Service, you also have the option to transfer your benefits
Withdrawing from the into the Pension Service, without incurring any cost. We
recommend you speak to your financial adviser about rolling
Pension Service over or transferring your superannuation benefit.
Ask for a Transfer to Pension Service Form to complete the
Withdrawals can be made as regular pension payments,
rollover from the Super Service to the Pension Service.
additional pension payments, or as an additional pension
payment, or as a lump sum superannuation benefit where
you have met a relevant condition of release as detailed in How does the Pension
Table 2. Generally, a lump sum withdrawal will be paid in
cash and if you are under age 60 a Pay As You Go (‘PAYG’) Service work?
amount may be deducted. Alternatively, you can rollover
On starting your pension, and at 1 July each year, you have
your benefits to another superannuation fund, approved
the flexibility to specify the level of pension you wish to
deposit fund or retirement savings account.
receive subject to the following:
■■ pension payments being above the minimum limit
Withdrawal procedures specified by regulations (the limit is pro-rated to 30 June
in the first year of your pension). Generally, the limit
Generally, payment of a withdrawal request will be made
equals your Pension Service account balance multiplied
within five business days of receipt of your completed
by the percentage factor, which is based on your age
request, provided there are sufficient funds held in your
at the start of your pension and then on each 1 July.
Transaction Account. If any of your investments are required
The minimum limit is rounded up to the nearest $10.
to be sold to action your withdrawal request, the operations
and procedures of some individual investment managers may ■■ if you start your pension after 31 May, no pension
cause the payment of funds to take longer than five business payment is required to be made until the following
days. Please refer to the MLC Navigator Access Investment financial year unless requested (similar provisions apply
Options PDS for further details. to any new pension you may start).
If you choose to withdraw your total account balance, we Your financial adviser can show you how your limit is
will estimate income distributions which would have been calculated. The minimum percentages applying at the date
payable from your investments (where applicable) as at the of this PDS are shown below.
date the Trustee carries out the withdrawal request as part
of the calculation of the final payout figure.
Some investment products are considered illiquid investment
products such as property trusts and Capital Protected funds
and may take longer to redeem investments from than other
investment products.
18
How the Service works
Table 4: Minimum percentages any time, from unrestricted non-preserved amounts. The
minimum limit is not recalculated until the next 1 July after
Age % for 2010–11 % from the partial withdrawal.
1 July 2011
A sufficient balance is required in your Transaction Account
under 65 2% 4% to satisfy pension payments. If we need to sell some of your
65 to 74 2.5% 5% investments to meet the pension payment request, and no
written instructions are received from you or your financial
75 to 79 3% 6% adviser on the order of redemption, funds will be redeemed
80 to 84 3.5% 7% from your investments as per the default sell down order
(refer to page 10).
85 to 89 4.5% 9%
90 to 94 5.5% 11% Transition to retirement pension
95 or more 7% 14% Pension payments from Account-based Pensions started
under transition to retirement regulations are limited to
The Application Form will ask you to nominate the amount, a maximum of 10 per cent of the account value as at
frequency, annual payment, escalation percentage and commencement and each financial year. This will apply until
commencement date of your pension payments. you meet a full condition of release, for example by reaching
age 65 or by retiring before then.
Pension payments are made from your Transaction Account.
Your account balance will be the balance in your Transaction
Account plus the value of your investments, proceeds of Tracking your investments is simple
any insurance benefits (if applicable), less fees, charges,
any taxes, pension payments and payments made under a All your investments are consolidated into easy to understand
family law splits. It is possible that your Account-based reporting statements. This saves you time and makes tracking
Pension may not provide you with payments for the your investments simple.
rest of your life . Pension payments will cease should your Twice a year we will send you a report detailing the value of
account balance be exhausted. your portfolio and any transactions that have taken place in
Pension payments will be credited directly to your nominated the period.
bank account, building society or credit union account.
Member benefit statement
Please inform us immediately if you change your bank
account details or your mailing address. Provides details of your account including market exposure,
all contributions, withdrawals, income and fees for the period
If you fully commute an Account-based Pension, part of and any binding death nomination you may have in place.
the lump sum payment or rollover benefit may need to be
treated as a pension payment. This is to top-up the pension Pension Service summary
payments to at least the minimum annual pension amount, Provides details of your pension payments for the following
pro-rated on days from previous 1 July to the date of year, and gives you the opportunity to amend your
commutation. The balance of the commutation amount may payment amounts.
be an additional pension payment or a superannuation lump
sum benefit (only a lump sum benefit can be rolled over to Annual Trustee Reports
another fund). Each year we prepare an Annual Trustee Report for MLC
If you nominate a reversionary pensioner, so that your Navigator Access Super and Pension Service. This Report
spouse or another eligible dependant is paid a pension after includes information about the investment strategies offered,
your death (explained further on page 21), the minimum and the financial statements. When you apply to become
limit is recalculated from the next financial year after the a member of the Service, you agree that we will provide
reversionary pension commences using your spouse’s or this Report to you by making it available on our website
other dependant’s age. mlc.com.au each year, unless advised otherwise. You can
then download it directly from the website at your convenience.
Each year, we will inform you of your new minimum pension
You can request that a hard copy of this Report be mailed to
limit and will ask you if you would like to vary the amount of
you by contacting Client Services on 1300 428 482.
your pension payments (above the Government minimum).
As an alternative to this, you may choose an annual payment You can also view up-to-the-minute information about your
escalation percentage amount. If you nominate a percentage investments online, 24 hours a day at mlc.com.au including:
in this section, your payments will be increased by this ■■ all transactions
amount each year subject to being above the minimum ■■ portfolio valuation
pension limit. ■■ market exposure
If you need additional funds then you are able to request ■■ investment details
a partial withdrawal from your investment portfolio at
19
How the Service works
Transaction confirmations most appropriate nomination can be difficult, therefore we
recommend you seek professional advice before making
Confirmation of the transactions undertaken on your account
your choice.
can be viewed on our website mlc.com.au. We may also send
you hard copy confirmations of these transactions.
Binding nomination
Please note that in the future the Trustee may, at its Your binding nomination states the proportion of your death
absolute discretion, decide that confirmation of your benefit you want to be paid to your dependants and/or
account transactions may only be available to you through legal personal representative. If a valid binding nomination
an electronic facility. is provided, the Trustee has no role in deciding who will
receive your benefits in the event of your death. Where
Death benefits there is a valid binding nomination, the Trustee will distribute
benefits to the person(s) nominated. However, the Trustee
In the event of your death while still a member of the Service, with input from the beneficiaries and their financial adviser
the Trustee must pay your remaining benefit to one or more will decide whether to pay a lump sum or Account-based
of your dependants or your legal personal representative. Pension to your beneficiaries. Please note that splitting of
superannuation benefits between spouses on separation may
A dependant is:
override the terms of a binding death benefit nomination.
■■ your spouse* (including de facto spouse)
A binding nomination is only valid if each of the following
■■ any of your children (any age)
requirements is met:
■■ any other person with whom, in the opinion of the
■■ it is in writing
Trustee, you have an interdependency relationship
■■ it is signed and dated by you in the presence of two
■■ any other person who is, in the opinion of the Trustee,
witnesses (who are both at least 18 years of age and
financially dependent on you.
neither is a nominated beneficiary)
Two people (whether or not related by family) have an ■■ it contains a declaration signed and dated by both the
interdependency relationship if: witnesses stating that the member signed the nomination
■■ they have a close personal relationship, and in their presence
■■ they live together, and ■■ it is not more than three years after the date of signing or
■■ one or each of them provides the other with date of confirmation
financial support, and ■■ only dependants and/or your legal personal
■■ one or each of them provides the other domestic representatives are nominated
support and personal care. ■■ the proportion of benefit to be paid to each nominee is
clearly indicated on the nomination (and the proportions
If either of the two people suffers from a physical,
add up to exactly 100 per cent).
intellectual or psychiatric disability that prevents them from
satisfying these requirements, they have an interdependency You may amend or revoke your binding nomination by
relationship if they have a close personal relationship. completing a Nomination of Beneficiaries Form which is
available from your financial adviser or Client Services on
You have the following death benefit nomination options in
1300 428 482. We will provide you with a record of your
the event of your death:
current nominations in your Member’s Benefit Statement
■■ binding nomination which is sent to you as part of your Periodic Statements
■■ non-binding nomination package each year. This will allow you to review your binding
■■ nomination of reversionary pensioner who is a dependant nominations and make any necessary changes where your
(only applicable for the Pension Service). personal circumstances change.
The Nomination of Beneficiaries Form is on pages 63 to 65 If you do not provide a valid binding nomination, we will
of the application forms section and can be used if you pay your death benefits to your dependant(s) or to your
would like to provide a binding or a non-binding nomination. legal personal representative, based on our sole discretion,
If you are a Pension Service investor and you would like although the Trustee will take into account any non-binding
to nominate a reversionary pensioner, you can do this in nominations you have made. If a nominated dependant dies
section 5 of the Pension Service Application Form. Where a or ceases to be a dependant before or after the date of your
reversionary pension nomination is selected it will override death, your binding nomination will be invalid.
any other nominations that you may make. Choosing the
* This includes domestic partners of the same sex.
20
How the Service works
Non-binding nomination If a member dies, a child of the deceased member,
who receives the member’s benefits in the form
You may nominate your dependants and the proportion of
of a pension or an annuity, can no longer receive
your benefits to be allocated to each dependant. You can
the benefits in that form on becoming 25 years
amend this nomination at any time by writing to the Trustee.
of age unless the child has a disability of the kind
When assessing who is entitled to your benefits in the event
described below.
of your death the Trustee will take this nomination into
account, however we are not bound by this nomination. The balance of a reversionary pension account for a child
would be paid to the child tax free as a lump sum, where
Furthermore, pursuant to the Trust Deed, the Trustee must
pension payments could not be paid.
distribute the benefit to one or more of the deceased’s
dependants. Where no dependants can be identified, ‘Section 8(1)’ disability
the Trustee may distribute the benefit to member’s legal
personal representative (executor or administrator of the The regulations use a definition from section 8(1) of the
deceased’s estate). Disability Services Act 1986 for pension payments to a child
aged 18 or over.
Reversionary pension nomination It is a disability that:
As a member of the Pension Service you have the option (a) is attributable to an intellectual, psychiatric,
of nominating a spouse* or de facto spouse, certain sensory or physical impairment or a combination of
children, financial dependants or someone with whom you such impairments;
have an interdependency relationship as a reversionary (b) is permanent or likely to be permanent; and
pensioner. If you do this, then on your death, the Trustee
(c) results in:
will continue to pay a pension to the reversionary pensioner
until your account expires (or earlier for some children (i) a substantially reduced capacity of the person for
with the account balance then paid as a lump sum). If the communication, learning or mobility; and
reversionary pensioner you nominate is your spouse, after (ii) the need for ongoing support services.
they begin receiving your pension they can commute it and
roll it over within the superannuation system. Anti-detriment (tax back benefit)
If you nominate a reversionary pensioner the tax treatment Taxation legislation provides for an additional anti-detriment
of the pension will be as follows: payment in relation to death benefits paid to eligible
beneficiaries of a deceased member to offset the impact of
■■ if the primary pensioner was age 60 or over at time of
tax on contributions since its introduction from 1 July 1988.
death, the pension will continue to be paid tax free
The amount and applicability of this additional payment
■■ if the primary pensioner was under age 60 at time of
varies from member to member (conditions may apply).
death, the taxable component of the pension stream will
Please note, anti-detriment payments will not be made to
be taxable at the reversionary’s marginal tax rate (and the
reversionary pensioners.
reversionary will be entitled to the 15 per cent tax offset)
unless the reversionary pensioner is age 60 or over or until
the reversionary pensioner reaches age 60 after which the Protectionfirst – insurance
pension payments will be tax free.
The Service provides access to Protectionfirst to cover the
If a member dies, their children may be reversionary financial consequences of sickness, injury, disability or
pensioners only if at the time of the member’s death death. If you’re unable to work for a short time because of
the child: sickness or injury and your claim is accepted, you may be
(a) is less than 18 years of age; or paid a regular income. In the event of death or permanent
disability, if your claim is accepted, a lump sum benefit may
(b) being 18 or more years of age:
be paid. You can arrange for insurance cover through the
(i) is financially dependent on the member and Super Service.
less than 25 years of age; or
Any premiums will be deducted from your Transaction
(ii) has a disability of the kind described below. Account. To apply for insurance you must obtain a product
disclosure statement for Protectionfirst. Please refer to your
financial adviser for further information.
If a benefit from your insurance policy becomes payable, the
proceeds will be paid into your Transaction Account and a
condition of release will need to be met prior to the benefit
being paid to you by the Trustee.
Insurance is not available under the Pension Service.
* This includes domestic partners of the same sex.
21
Fees and other costs
The information in the following box is a standard consumer advisory warning and does not provide specific information on the
fees and charges that you may be charged.
Did you know?
Small differences in both investment performance and fees and costs can have a substantial impact on your long term
returns. For example, total annual fees and costs of 2 per cent of your account balance rather than 1 per cent could reduce
your final return by up to 20 per cent over a 30 year period (for example, reduce it from $100,000 to $80,000).
You should consider whether features such as superior investment performance or the provision of better investor services
justify higher fees and costs.
You may be able to negotiate to pay lower contribution fees and management costs where applicable. Ask the fund or
your financial adviser.
To find out more
If you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian
Securities and Investments Commission (ASIC) website (fido.asic.gov.au) has a Superannuation fee calculator to help
you check out different fee options.
This section shows fees and other costs that you may be You should read all the information about fees and costs
charged. These fees and costs may be deducted from your because it is important to understand their impact on
money, from the returns on your investment or from the your investment.
MLC Navigator Access Super and Pension Service assets
Fees and costs for each particular Investment Option are set
as a whole.
out in the MLC Navigator Access Investment Options PDS.
Taxes and insurance costs are set out in another part of
(The information on page 24 under Management Costs is a
this document.
summary of the information provided in the MLC Navigator
Fees are shown including Goods and Services Tax (‘GST’), Access Investment Options PDS.)
reduced input tax credits (‘RITC’) and stamp duty unless
otherwise stated.
22 22
Fees and other costs
Table 5
Type of fee or cost Amount How and when paid
Fees when your money moves in or out of MLC Navigator Access Super and Pension Service
Establishment Fee Nil Not applicable
The fee to open your investment
Contribution Fee Up to 4% (up to $40 per $1,000) of the The Contribution Fee is deducted from
The fee on each amount contributed amount of each contribution. each amount you contribute when
to your investment – either by you or Please note, the Contribution Fee is deducted at the it is invested. This fee together with
your employer Investment Option level Management Costs can be negotiated
with your financial adviser.
Withdrawal Fee Nil Not applicable
The fee on each amount you take out
of your investment
Termination Fee Nil Not applicable
The fee to close your investment
Management Costs
The fees and costs for managing The Management Costs (excluding any Calculated and charged by the
your investment in a particular Performance Fees) in relation to each individual investment options and
Investment Option Investment Option other than the Access reflected in the unit price/assets of
Perpetual Geared Australian Equity the Investment Options. Refer to the
What you pay for specific Investment
Option, is up to 2.70% per annum of MLC Navigator Access Investment
Options is shown in the table
the net asset value of each Investment Option PDS for more details on
‘Management Costs’ and ‘Buy/sell
Option (up to $27 per annum per $1,000) how and when these fees and costs
spreads’ in the MLC Navigator Access
are charged.
Investment Options PDS The Management Cost in relation to the
Access Perpetual Geared Australian Equity
Option is an estimated 4.18% per annum
of your investment ($41.80 per annum
per $1,000)
Please note, the Management Costs are deducted at
the Investment Option level
Service Fees
Investment Switching Fee* Nil Not applicable
The fee for changing
Investment Options
Adviser Service Fee A fee of between nil and 2.20% If you elect to pay your financial
The fee paid or payable to your per annum (nil to $22 per annum per adviser a service fee (please refer to
financial adviser for advice about $1,000) of your average account balance page 24), this fee will be deducted
your investment from your Transaction Account on a
monthly basis. Your investments may
be sold to fund the payment from
your Transaction Account.
Additional explanation of Contribution Fee
fees and costs The maximum Contribution Fee that can be charged is
4 per cent of the amount of each investment into an
The Service does not charge any Contribution Fees or Investment Option. The actual rate payable by you is
Management Costs. Contribution Fees and Management negotiated between you and your financial adviser.
Costs are charged by the MLC Navigator Access Investment This fee may be different for initial and subsequent
Options. Details of the fees relating to each Investment Option, investments. The Contribution Fee is used to pay the
and adviser and sponsor remuneration payments, are set out adviser initial remuneration from the Investment Options
in the MLC Navigator Access Investment Options PDS. to your financial adviser. Further information on how the
contribution fee operates is disclosed in the MLC Navigator
Access Investment Options PDS.
* Transaction costs such as buy sell spreads may apply
23
Fees and other costs
Management Costs Goods and Service Tax (‘GST’)
The investment products used for the Transaction Account For information about GST implications for the Service,
and the Investment Options offered through the Services please refer to page 27.
have management costs. They are generally deducted from
investment earnings before the earnings are passed on to Insurance premiums
you. The relevant disclosure document will contain details Premiums for any insurance cover you have arranged through
of these costs, which may be expressed as an Investment the Service will be deducted directly from your Transaction
Management Charge (IMC). Account and will vary depending on a number of factors
including your age, required cover, smoker status, sex and
Transaction Costs health. To apply for insurance you must obtain a product
For some Investment Options, there may be a price disclosure statement for Protectionfirst. For a copy of the
difference between buying and selling units (Spread). product disclosure statement, or to obtain an indicative quote
This represents a cost imposed by the investment manager on insurance rates, please speak with your financial adviser.
in order to protect existing unit holders from transaction
expenses such as brokerage and settlement costs arising Incidental fees
from redemptions and new applications. Usually the Spread
Request for information
is between 0.5 and 2 per cent.
You may in future be charged a fee in relation to a request
Adviser Service Fee to obtain access to your personal information. However, the
Administrator currently does not charge a fee for accessing
You may authorise the Trustee to pay your financial adviser
your personal information.
a service fee from your Transaction Account. Under
superannuation law, the Trustee can only make these payments Direct debit fees
if the financial planning advice you receive is limited to your You are liable for any charges that may result from the use
investment in the Service. The Adviser Service Fee is limited of the Direct Debit Facility, including fees charged to us as
to 2.2 per cent per annum of your average account balance, a result of debits returned unpaid. These charges will be
excluding the balance of your Transaction Account (if any), debited to your Transaction Account.
and may be a percentage or fixed dollar amount. This fee is
not entitled to a reduced input tax credit (see page 27). The Cheque dishonour fees
fee is deducted on a monthly basis and is calculated based If you invest using a cheque and it is dishonoured by your
on the total annual fee divided by 365 days and multiplied financial institution, you may be charged the dishonour fee
by the number of days within a month. If you authorise the imposed on us by your financial institution and this fee may
Administrator to pay your financial adviser an Adviser Service be deducted from your Transaction Account.
Fee, you can alter or cease this fee at any time by writing to
Client Services. Transaction Account overdraw fee
If your Transaction Account goes into a negative balance, a
Additional benefits to financial advisers fee will be charged for the period that your account has a
In addition, the Administrator can pay an additional amount negative balance. The fee equates to interest charged at the
to your financial adviser and/or their licensee in return for the daily rate applicable, which is attributable to your Transaction
promotion and marketing of MLC Navigator Access Super Account for the period that your Transaction Account has a
and Pension Service. Any such payments may be based on negative balance.
various methods. They may be paid in the form of cash,
airfares, accommodation, conferences, subsidised business Other charges permitted by the Trust Deed
loans, subsidised service offerings and other rewards. Your The Trust Deed allows additional charges to be imposed. The
financial adviser should provide you with a financial services Trustee has no present intention to impose these charges.
guide and/or statement of advice, which will provide more If the Trustee subsequently decides to impose any of these
specific details of these benefits. charges you will be given 30 days prior written notice.
Any such benefits are paid for by the Administrator from The charges are a participation charge (maximum of $10 per
its own resources, and do not involve extra charges to the month per member) and a Trustee remuneration charge
Service or to members in the Service. (maximum of two per cent per annum of the net assets
In accordance with the Financial Services Council Ltd/ of the sub-plan).
Financial Planning Association Industry code on Alternative
Forms of Remuneration (‘the Code’) a register of alternative
Member benefit protection
remuneration (‘the register’) for non-cash benefits is If at any time, the amount of your benefits in the Super
maintained for these benefits. The register outlines the Service is less than $1,000 and they include or have included
alternative forms of remuneration which are paid to and Superannuation Guarantee or award contributions made by
received from other Financial Services Council Ltd/Financial your employer, superannuation regulations limit the amount
Planning Association members. The register may be accessed of particular charges that can be deducted from your benefits.
by contacting Client Services.
24
Fees and other costs
Expenses Benefit of tax deduction
The Trustee is entitled under the Trust Deed to recover The management costs for your investment are paid out of
certain expenses from your account. These include (but are your MLC Navigator Access Investment Options and their
not limited to) the costs of acquiring, selling, and collecting underlying funds. There is no tax deduction available to the
or distributing the proceeds of any investments selected Trustee or Administrator to pass on to you.
by you including legal fees, stamp duties, brokerage,
Premiums for insurance are tax deductable and this benefit is
commission, valuation fees and registration fees, and the
reflected in the tax payable on the income of the Super Service.
cost of insurance premiums. At present the Trustee does not,
and does not intend to, deduct any other expenses from
Fee example
your account. If this changes in the future, you will receive
30 days prior written notice of the change. Example: Annual fees and costs for a member invested
in the Access Pre Select Growth Investment Option
Expenses associated with the return of The table below gives an example of how the fees and costs
contributions and/or no-TFN contributions in the Access Pre Select Growth Investment Option for this
income tax product can affect your superannuation investment over a
If contribution amounts are required to be returned and/or one-year period. You should use this table to compare this
no TFN contributions income tax (and any interest) is credited product with other superannuation products.
to your account as per regulatory requirements, the expenses
of processing these transactions may be charged against
your account.
Table 6: Example of annual fees and costs for the Access Pre Select Growth Investment Option
Example – the Access Pre Select Growth Balance of $50,000 with total contributions of $5,000
Investment Option during the year
Contribution Fee for MLC Nil Nil
Navigator Access Super and
Pension Service
Contribution Fee for Access Pre 0% to 4%1,2 For every $5,000 of contributions you invest in this Investment
Select Growth Investment Option Option, you will be charged between $0 and $200
PLUS Management Costs Up to 1.95%2,3,4 And, for every $50,000 you have in the fund (in this Investment
Option), you will be charged up to $9755 each year
EQUALS Cost of fund (including If you put in $5,000 during a year and your balance was $50,000,
cost of selected Investment then for that year you will be charged fees:
Options) up to $1,175
What it costs you will depend on the Investment Option
you choose and the fees you negotiate with your fund or
financial adviser
Additional fees and costs may apply.
The above examples do not include the effect of transactional costs (buy/sell spread) that may apply as described in the ‘Fees
and other Costs’ section.
1. The Contribution Fee is a one-off payment at the time the investment is made.
2. This fee will depend on the fees you have negotiated with your financial adviser. For further information refer to the MLC Navigator Access Investment Options PDS.
3. This figure represents the Management Costs for the Access Pre Select Growth Investment Option as specified in the MLC Navigator Access Investment Options PDS.
4. Management Costs do not include the optional Adviser Service Fee, Incidental or Transaction Account overdraw fees (see page 24 for further details).
5. This figure is calculated based on the initial $50,000 only. Thus, the calculation ignores the effect of contributions and earnings on the account balance during the
year. Therefore the ‘Cost of fund’ in the example does not include the impact of cashflow movements during the year on Management Costs.
25
Taxation information
The information in this section has been prepared on the ■■ If the following circumstances are established, interest
basis of the latest taxation legislation as at 1 September 2010. will be added to the amount of the offset by the ATO,
Individual circumstances may result in this information not and the interest (less 15 per cent fund tax) will also be
being applicable to your particular investments, contributions credited to the member:
or benefits. We strongly suggest that you seek the advice of - the member quoted their TFN to their employer before
tax professionals in regard to your specific circumstances. the end of the Service income year
- the employer failed to pass the member’s TFN to the
Income tax concessions trustee of the Service before the end of the income year
- due to the employer’s failure, contributions made to the
on contributions Service formed part of its no-TFN contribution income
You may be entitled to claim income tax deductions on - the tax payable on the no-TFN contribution income
contributions paid into your account. We recommend that relates to the tax offset received by the Fund
you seek professional tax advice in relation to income tax
concessions on contributions.
Taxation of earnings
Taxation of contributions The Service is a sub-plan of a regulated superannuation
fund which complies with the requirements under the
All complying superannuation funds pay tax at a rate of superannuation legislation. Therefore the net income derived
15 per cent on concessional contributions and on all amounts by the Super Service, including net capital gains, is subject to
transferred into the Service which contain an untaxed element. tax at the rate of 15 per cent. The effective rate of tax paid
The Trustee deducts the taxation payable on contributions by the Super Service may be less than 15 per cent due to
and rollovers at the time the Service is liable to pay the tax certain allowances and credits such as dividend imputation
or at the time you leave, whichever is first. credits and indexation of, or discount of, capital gains.
In addition, as some of the Investment Options generate
Employer contributions received for a member for whom a income or gains on which tax is paid by the entity invested in
valid TFN is not held by the end of the fund’s income year in (being pooled superannuation trusts), the Super Service pays
which the contribution is received are classified as no-TFN no further tax on such income or gains.
contributions income of the Services, and a further 31.5
per cent tax must be paid by the Services, and the amount The Pension Service accounts are in a tax-exempt
charged to the account of that member. environment, which means your investment earnings
accumulate tax free in your account. Finally, to the extent
■■ If a valid TFN is supplied for the member in the next the Trustee is able to utilise any imputation credits derived
three financial years after the further tax is paid, the on your investments, you will be entitled to benefits arising
Service will receive a tax offset equal to the amount of from this.
this tax, which will be credited to the member’s account
26 26
Taxation information
Where an asset acquired by a superannuation fund before is 2.5 per cent (10 per cent less 7.5 per cent). You will receive
21 September 1999 has been held for more than 12 months the benefit of any RITC that the Administrator can claim in
before it is disposed of, the superannuation fund has the the form of a credit to your Transaction Account. Unless
choice of including in assessable income: stated otherwise fees shown in this section are net of RITC.
■■ two thirds of the realised nominal gain (ignoring
indexation), or
Taxation of your benefit
the whole of the difference between the disposal price
payments – lump sum
■■
and the indexed cost base (frozen at 30 September 1999).
For CGT assets acquired by superannuation funds on or after Any withdrawal from the Service of a lump sum payment
21 September 1999 and held for at least 12 months, two is a superannuation lump sum benefit, a component of
thirds of the difference between the disposal price and the which can form part of your assessable income (and may be
original cost (adjusted for tax free / deferred income amounts subject to concessional tax treatment), unless rolled over to
received) will be subject to CGT. another complying superannuation fund or approved deposit
fund. The Trustee may be required to make a Pay As You Go
(‘PAYG’) withholding deduction from your superannuation
Goods and Services Tax lump sum benefit. The tax treatment of the components of
GST does not apply to your investment as it is a financial a lump sum benefit payment are detailed in the following
supply that is input taxed. However, GST will apply to fees table. We will provide you with a superannuation lump sum
and charges on services provided to you. benefit Payment Summary (2 copies) for the amount of the
superannuation lump sum benefit paid, which contains details
The Service is entitled to claim RITC of 75 per cent of the GST of any PAYG deducted and an assessable amount, both of
remitted to the ATO on most of the services provided. This which need to be transferred into your next tax return.
means the net impact of the GST on most fees and charges
Table 7: Taxation of superannuation lump sum benefit payments
Age Tax free component Taxable component
Aged 60 and over Not subject to tax Not subject to tax
(and not assessable income) (and not assessable income)
Over preservation age and under age 60 Not subject to tax First $160,000* is tax free and the
(and not assessable income) balance is taxed at not more than 15%
Under preservation age Not subject to tax Taxed at not more than 20%
(and not assessable income)
The Medicare levy is also payable on the amount included in your taxable income (1.5% for 2010/2011).
* applicable for the 2010/2011 financial year and is increased each 1 July in line with AWOTE index rounded down to the nearest multiple of $5,000.
The tax free component of each lump sum payment will be the same proportion that the whole of your total tax free
component bears to your total account value (proportioning rule).
Taxation of pension payments The tax free component of each pension payment will be
the same proportion of that payment as your total tax free
Benefits paid to you in the form of pension payments from component at the start of your pension bears to the total
age 60 are tax free and are not assessable income. account value at commencement.
Pension payments made to you before age 60 may be made Where PAYG withholding amounts are required to be
up of a tax free component (which is not assessable income) deducted, this will be done prior to the payment of your
and a taxable component (which is assessable income). pension payments, and you will receive a PAYG Payment
Summary after the end of the financial year detailing the
Superannuation providers will keep track of the tax free amount of PAYG withholding amounts deducted throughout
component value of your superannuation interests. For the year.
many people, this will be made up of the value of any
non-concessional contributions they make, but it can also You may also be entitled to a tax offset of up to 15 per
contain the value of Undeducted Contributions, Pre-July 83 cent on the tax on the assessable portion of each pension
Component, post-June 1994 invalidity components and payment. For the Service to reduce the PAYG withholding
other specially recognised amounts as at 30 June 2007. amounts deducted from your pension payments by taking
27
Taxation information
account of the tax offset, you must complete a Tax File You may wish to obtain further information and discuss the
Number Declaration and indicate on it that we are to do this. options for death benefits with your financial adviser.
The tax offset is available only for pension amounts paid
after you reach your preservation age unless the pension
payments are disability superannuation benefits. Taxation of disability benefits
You may be eligible to qualify for a reduced rate of Medicare If the Trustee is able to release your benefits because
Levy in which case you may vary your tax withholding you fulfil the permanent incapacity requirements of
deductions on your pension payments by completing a superannuation legislation, your benefit may also qualify
Medicare Levy Variation Declaration. (Medicare Levy is for concessional treatment as a ‘disability superannuation
1.5 per cent for the 2010/2011 financial year.) To qualify, benefit’ (now also available to self-employed members).
you must be a low income earner or receive benefits from
An additional tax free amount is worked out after the benefit
either the Department of Veterans’ Affairs or Centrelink or
is treated as an ordinary superannuation benefit payment.
be a member of the Australian defence forces. Please contact
The benefit is taxed accordingly, dependent upon the various
your financial adviser or Client Services on 1300 428 482 to
benefit payment components.
obtain further information.
If the Trustee is unable to release the claims proceeds
received from a particular insurance policy, the monies will
Taxation of death benefits be held in the fund until you meet a condition of release
(see below). At the time of payment, the benefit will be
Death benefits from the Super Service are tax free when
treated as an ordinary superannuation benefit payment and
paid to a death benefits dependant, which can be a
will be taxed accordingly dependent upon various benefit
spouse* (including de facto spouse), a former spouse, a
payment components.
child aged less than 18, a person with whom you have an
interdependent relationship (refer to page 20), or a financial
dependant (which can be a former spouse). Adult children Your tax file number
are not death benefit dependants for tax purposes unless
they meet one of the other relationships with the deceased If you do not supply your TFN or claim an exemption from
member listed above as well being their child. providing it, tax must be deducted from each pension
payment and lump sum withdrawals paid to you before age
Death benefits paid to a member’s estate are also tax-free
60 at the top marginal tax rate plus the Medicare levy (for
provided they are distributed to one or more death
Australian residents).
benefits dependants.
Collection of TFNs is authorised by tax laws, the
Where the benefit is paid directly to a person who is not a
Superannuation Industry (Supervision) Act 1993 and Privacy
death benefits dependant, it is taxed as a superannuation
Act 1988. Trustees are required to ask you to provide your
lump sum benefit received by them and PAYG withholding
TFN to your superannuation fund. Providing your TFN to your
amounts may be deducted. Any tax free component amount
fund will mean employer contributions paid for you will not
of the deceased member’s account is tax free to these
be exposed to no-TFN contributions income tax. This will
beneficiaries in proportion to the amount of their benefits to
also allow your fund trustee to use your TFN for the purposes
the whole account. The balance is their taxable component
contained in the Superannuation Industry (Supervision) Act
and is taxed at not more than 15 per cent, unless the benefit
1993, including for paying superannuation benefit payments.
arises wholly or partly from insurance proceeds paid to the
Service. Where insurance proceeds are involved, part of the The purposes currently authorised include:
taxable component of the benefit will be the taxed element ■■ withholding PAYG amounts from superannuation benefit
and taxed at no more than 15 per cent and part will be payments at concessional rates
the untaxed element and will be taxed at no more than ■■ finding and amalgamating your superannuation benefits
30 per cent (Medicare levy applies to payments direct to where insufficient information is available
these beneficiaries).
■■ passing your TFN to the ATO where you receive a benefit
PAYG withholding amounts are not deducted by the Trustee or have unclaimed superannuation money after reaching
from death benefits paid to a deceased member’s estate. the aged pension age
Taxation on the benefits is the responsibility of the executor ■■ allowing the trustee of your superannuation fund to
or trustee of the estate. provide your TFN to a superannuation fund or Retirement
Death benefits paid as a pension before the deceased Savings Account (RSA) provider receiving any benefits you
member had commenced a pension can receive concessional may transfer. Your trustee won’t pass your tax file number
tax treatment. Different rules apply where a member dies to any other fund or RSA provider if you tell the trustee in
after commencing a pension from the Pension Service. writing that you do not want them to pass it on
■■ allowing your superannuation provider to quote your TFN
to the ATO when reporting details of contributions.
* This includes domestic partners of the same sex.
28
Taxation information
The Service must return any contribution an individual
makes for themselves if a valid TFN is not held by or
Exemption details
provided to the Service for them within 30 days of If you are exempt from quoting a TFN for payment purposes
making the contribution . This means that if you make please insert the appropriate code in the Tax File Number
the initial contribution with your application, rather Section of the Application Form.
than your employer, and do not provide your TFN,
your contribution must be returned and you will be Table 8: Exemption codes
unable to become a member of MLC Navigator Access
Super and Pension Service . I receive the age, service, invalid or
01
veteran’s pension
You are not required to provide your tax file number.
Declining to quote your tax file number is not an offence. Other pension (wife, carer, widow, sole parent
02
However, if you do not give your superannuation fund your or special benefit pension)
tax file number, either now or later: Association etc – an entity not required to lodge
03
■■ you will not be able to become a member unless a a tax return
contribution is made for you by your employer
■■ employer contributions made for you will be taxed at an 04 Territory resident
effective total rate of 46.5 per cent
05 Non-resident of Australia
■■ a larger PAYG withholding amount may be deducted from
your superannuation benefits than the tax payable on Note: Exemption applicable to PAYG withholding and lump sum tax rates.
them (even if you get the difference back at the end of
the financial year in your income tax assessment)
■■ it may be more difficult to find your superannuation Taxation of terminal illness benefit
benefits if you change address without notifying
If you fulfil the terminal illness requirements of superannuation
your fund or to amalgamate any multiple
tax legislation, your terminal illness benefit will be tax free.
superannuation accounts.
The lawful purposes for which your TFN can be used and
the consequences of not quoting your TFN may change in
future, as a result of legislative change. For more information,
please contact your fund or the ATO Superannuation Hotline
(13 10 20).
29
Other important information
Roles of the providers Arrangements entered into by the Trustee
with related entities
The Trustee and the Administrator The Trustee, the Administrator and the Insurer are part of the
NAB Group.
NULIS Nominees (Australia) Limited, as trustee of the MLC
Navigator Access Super Service and Account-based pension, The Trustee has retained the Administrator’s services as
ensures that the Service is operated at all times in accordance administrator to carry out the day-to-day administration and
with applicable legislation. The Trustee has appointed the client service role.
Administrator to operate and administer MLC Navigator
The Administrator is the responsible entity for all the Investment
Access Super Service and Account-based Pension Service.
Options offered within the Service and is entitled to receive
The Administrator performs the day-to-day activities,
fees from the Investment Options, details of which are set
including the processing of applications, withdrawals,
out in the MLC Navigator Access Investment Options PDS.
switches, other instructions and the payment of pensions.
The Administrator is the responsible entity of the CAIF and
The Trustee is a registrable superannuation entity (‘RSE’)
is entitled to receive fees, details of which are set out in the
licensee under the Superannuation Industry (Supervision)
relevant Product Disclosure Statement. The CMA is issued
Act 1993 (‘SIS legislation’) and accordingly has a risk
by NAB.
management strategy in place. The Fund and the PST
are RSEs registered with APRA, with appropriate risk The Insurer is the underwriter and issuer of the Protectionfirst
management plans in place. products mentioned in this PDS and receives premiums in
respect of insurance policies issued by it.
The Trust Deed requires the Trustee to operate MLC
Navigator Access Super and Pension Service at all times NAB also has shareholdings in certain adviser groups, of
in accordance with the requirements for complying which your financial adviser may be a representative.
superannuation funds as described in the SIS legislation.
The Trustee is also the trustee of the PST. The Trustee invests
The Trustee is also responsible for the overall administration
the assets of the Service entirely into the PST. The PST then
of the Service’s assets in accordance with the Trust Deed.
invests funds into the underlying MLC Navigator Access
One of the RSE licence conditions imposed on the Trustee Investment Options to correspond with the Investment
is a requirement to have at least $5 million in net tangible Options selected by investors and holds those investments
assets or to have secured a bank guarantee for that amount. on behalf of the Service.
The Trustee has secured such a guarantee in the form of a
The Trustee undertakes that it will not deal with service
bank guarantee from Westpac Banking Corporation. This
providers to the Service who are associates of the Trustee
guarantee is held at the registered office of the Trustee.
more favourably than it would deal with any other independent
service providers. Under the law, where the Trustee invests
money of the Service in or with itself, it must deal with itself
strictly on arm’s length terms.
30 30
Other important information
Family Law and superannuation benefits balance. Generally, our fees and charges cannot exceed
investment earnings (except in the cases of payment of taxation
In the event of separation or divorce, the superannuation
or where investment earnings are negative). In this case, the
interests of married couples can be divided either by an
Trustee may elect to transfer your account to the Australian
agreement or court order. This means that superannuation
monies can be split or divided, allowing part or all of a Eligible Rollover Fund (‘Australian ERF’).
superannuation benefit to be transferred from one spouse We will advise you in writing at your last known address if
(including de facto) to the other. we intend to transfer your account balance and will proceed
The proportioning rule for lump sum benefit tax components if you don’t respond with instructions regarding an alternate
(see page 27 for details) also applies to splits of superannuation super fund.
interests in the event of separation or divorce. Please note, a transfer to an ERF may be detrimental to
you as the ERF may have a different fee structure, different
Who can request information? investment strategies and does not offer insurance benefits.
Information on your superannuation entitlements can be
requested by: Any insurance cover under your Service membership will
cease on your transfer to the Australian ERF.
■■ you
■■ your spouse, or The Australian ERF can be contacted on 1800 677 424.
■■ any other person (in the case of an agreement prior to The Trustee is required to pay to the ATO lost member
marriage) intending to enter into an agreement with accounts in the Superannuation Service where we have not
you regarding splitting superannuation, in the event of received contributions for at least 5 years and, based on the
breakdown of the marriage. information reasonably available to us, we are satisfied that
we will never be able to contact you.
The information is only provided to the person who makes
the request.
Unclaimed Money
What information is supplied? If you are:
The information provided by us varies depending on the ■■ age 65, and
type of superannuation account. The information we send ■■ we have not received contributions for you for a period of
may include details of the account balance, superannuation at least 2 years, and
component breakdown, preservation status, your eligible
■■ after 5 years we have been unable to contact you after
service period and other information sufficient to allow the
the return of two written communications sent to your
person requesting the information to accurately value the
last known address, and appropriate public searches,
superannuation benefit.
the Trustee is required to pay your benefit to the ATO as
Please note: if the request is made by someone other than
unclaimed money.
you, we are prevented by legislation from informing you that
the request has been made.
How do I change my details?
Minimum account balance and For security reasons, please contact us in writing or fax if
lost members you need to:
■■ change your address
What happens if my total account balance ■■ nominate a new bank account for your pension payments
falls below the minimum allowed by the ■■ alter your pension payment details
Trustee or if I become a lost member? ■■ alter your financial adviser’s details, fees or remuneration.
If your total account balance is below $1,000, the Trustee Your financial adviser can also notify the Administrator of
may elect to transfer your account balance to an Eligible some changes via a secure internet connection.
Rollover Fund (ERF).
Changes to pension payments need to be received at least
You are considered lost if the Trustee is satisfied that two seven days prior to a payment being due, to ensure that the
written communications sent to your last known address have updated details can be processed. If you have set up a direct
been returned unclaimed. If a member is lost or a member’s debit arrangement and wish to change your bank account
account balance is less than $1,000, superannuation regulations details please complete and send us a new Direct Debit
limit the amount of charges that can be deducted from the Request. Contact your financial adviser for further details.
31
Other important information
Customer identification Differences between investing
Australian anti-money laundering and counter-terrorism
financing legislation (‘AML/CTF Law’) requires the providers directly and investing through a
of financial products and services to conduct customer
identification. This may occur on account opening, during
superannuation fund
the course of the customer relationship and/or upon There are a number of differences between the rights you
withdrawal of funds. You will be asked to provide copies of have with investment funds held to provide benefits for you
appropriate documentation to verify your identity. This may through a superannuation fund, such as MLC Navigator Access
affect processing times for certain transactions – for example Super and Pension Service, and your rights if you invested
withdrawals may be delayed if we are not provided with directly, holding the same investments in your own name.
suitable identification when requested we will not be liable
The key differences are:
to you if we delay or refuse any transaction or request by you
due to any AML/CTF Law requirement. ■■ all investments through the MLC Navigator Access Super
and Pension Service are held in the name of the Trustee,
and not in your name. This means that you will not receive
Trustee and Trust Deed direct communications from the underlying investment
managers in relation to your investments
arrangements ■■ you do not have a right to call, attend or vote at a
meeting of investors in a investment fund in which your
Valuation of investments superannuation is invested because the Trustee is the legal
It is the duty of the Trustee to value the assets of MLC owner of the shares and units
Navigator Access Super and Pension Service periodically. ■■ if you were a direct investor, you would be able to apply
For most investments this will be the value of the underlying for and withdraw from investments without the fees and
funds’ assets. The Trustee will, if necessary, obtain reports of product limitations imposed by the Services and the
approved valuers as to the market value of investments held. legislative restrictions on access to superannuation benefits
MLC Navigator Access Super and Pension Service is not unit
■■ the time taken in processing investor transactions may be
linked and therefore has no unit prices. For information relating
slower than the time taken for a direct investment. This is
to the calculation of unit prices for the MLC Navigator Access
due to the nature of a superannuation fund that may deal
Investment Options, you should consult your financial adviser
with several investment managers to complete a single
and the MLC Navigator Access Investment Options PDS.
investor request. The unit prices of wholesale investments
available through the Services may differ from the retail
The Trust Deed
equivalents released by the external investment manager
MLC Navigator Access Super and Pension Service is a sub-
■■ if you were a direct investor, you would generally be
plan of the MLC Superannuation fund. A copy of the Trust
entitled to a 14 day ‘cooling off’ period with respect to
Deed governing the MLC Superannuation fund may be
your retail investment fund investments. The Trustee is
inspected during normal business hours at the offices of
a wholesale investor and so does not become entitled
the Administrator.
to any ‘cooling off’ rights when investing in units in
wholesale investment funds on your behalf.
Retirement and replacement of the Trustee
■■ If you were a direct investor you would be subject to
In accordance with the Trust Deed, the Trustee may retire as
the complaints and dispute resolution process of the
Trustee of the Service, but must appoint another corporation
investment fund, which may include Financial Ombudsman
to act as Trustee in its place. In certain circumstances, if it is
Service (‘FOS’), rather than the complaints and dispute
no longer empowered to act as a Trustee, it must retire.
resolution process of the Service which is set out on
page 33.
Professional indemnity insurance
The Trustee is covered by indemnity insurance in relation to
its responsibilities under MLC Navigator Access Super and
Pension Service.
32
Other important information
Role of your financial adviser If you do cancel your membership during the cooling-off
period, the amount paid will be adjusted to take into account
You can only become a member of MLC Navigator Access any increase or decrease in the value of the Investment
Super and Pension Service with the assistance of a financial Options which have been purchased prior to receipt of your
adviser. Your financial adviser will help you: cancellation request, and any tax payable by the Trustee for
the period of membership. If your investment consisted of
■■ understand your present financial position
preserved or restricted non-preserved benefits as a result of
■■ identify your goals and financial issues a transfer or rollover from another superannuation fund or
■■ make more informed decisions about your money a contribution, you must nominate another superannuation
■■ choose an investment strategy that best suits you. fund or rollover vehicle to which these amounts are to
be paid.
Your financial adviser plays an important role in establishing
and maintaining your overall investment portfolio. When you
join the Service, you authorise your financial adviser to give Enquiries and complaints
us instructions on your behalf about changes you want to
make to your account. These instructions include: resolution
■■ switching between investments MLC Navigator Access Super and Pension Service has an
■■ additional deposits internal procedure for dealing with investor enquiries and
■■ changing account details complaints. Replies to most enquiries will be given over the
phone within a short period. If you have any queries, please
■■ withdrawals to your nominated bank account.
call MLC Navigator Client Services on 1300 428 482.
Please note that your nominated bank account can only be
If your enquiry is complicated we may ask you to detail it in
changed by providing us with your written authorisation.
writing. Enquiries and complaints can be made in writing to:
You can also send directly to us signed written instructions to
Complaints Officer
transact or update details on your account.
MLC Navigator Access Super and Pension Service
In addition, your financial adviser may also provide you with GPO Box 2567
access to an online facility through which you can submit Melbourne Victoria 3001
instructions to us electronically to transact or update details.
Under superannuation legislation such enquiries and
You will be required to agree to certain terms and conditions
complaints are required to be dealt with within 90 days
before using this facility. For further information please speak
of receipt.
to your financial adviser.
If you are not satisfied with a decision of the Trustee
in relation to your complaint, you can contact the
Past performance Superannuation Complaints Tribunal (‘the SCT’). The SCT is
an independent tribunal established by the Commonwealth
Performance figures for each Investment Option are available,
Government to review certain types of complaints involving
by contacting Client Services on 1300 428 482. The MLC
superannuation trustees.
Navigator Access Investment Options PDS may also include
past performance figures. The SCT may be able to assist you to resolve a complaint, but
only after you have made use of the Trustee’s own enquiries
Past performance should not be taken as an indication
and complaints procedure. Once the SCT accepts a complaint
of future performance for Investment Options .
it tries to conciliate the dispute by helping members and
the superannuation trustee to reach agreement. Where this
Cooling-off period is unsuccessful the SCT will formally review the matter and
make a binding decision.
After becoming a member of the Service you are entitled to
a 14 day cooling-off period. This period commences on the SCT contact details:
earlier of: Superannuation Complaints Tribunal
Locked Bag 3060
■■ the end of the fifth day after your application for
Melbourne VIC 3001
membership of the Service being accepted, or
■■ receipt by you of your investment confirmation. Phone: 1300 884 114
Fax: 03 8635 5588
During the cooling-off period you can cancel your Website: sct.gov.au
membership without being liable to pay any charges (except
for the adjustments noted below). A request to cancel your If you have any complaints or questions about the privacy
membership during the cooling-off period must be made to of your information, please contact Client Services on
the Administrator in writing. 1300 428 482.
33
Other important information
If your complaint is not resolved by us to your satisfaction, ■■ involved in corporate re-organisation or involved in a
you may write to the Privacy Commissioner at: transfer of all or part of the assets or business of the
NAB Group organisation
Office of the Privacy Commissioner
GPO Box 5218 ■■ involved in the payments system including financial
Sydney NSW 2001 institutions, merchants and payment organisations
■■ which are the NAB Group’s organisations which wish
to tell you about their products or services that might
Personal information better serve your financial, e-commerce and lifestyle
needs or promotions or other opportunities, and their
Privacy Notification related service providers, except where you tell the
The Administrator is a member of the NAB Group. NAB Group NAB Group not to
includes banking, financing, funds management, financial ■■ as required or authorised by law and /or where you have
planning, superannuation, insurance, broking and e-commerce given your consent.
organisations. This statement is an outline of certain matters
Your personal information may also be used in connection
relating to the collection and handling of your personal
with such purposes. As the NAB Group operates
information by NAB Group organisations.
throughout Australia and overseas, some of these uses
and disclosures may occur outside your state or territory
Collecting your personal information
and outside Australia.
NAB Group organisations will collect personal information
for the purposes of: Gaining access to your personal information
■■ providing you with the relevant product or service Subject to some exceptions allowed by law, you can gain
(including assessing your application) access to your personal information. If access is denied, you
■■ managing and administering the product or service will be given reasons for this. For more information about
■■ identifying you and protecting against fraud your personal information and our Privacy Policy please
contact Client Services on 1300 428 482 or visit mlc.com.au
■■ verifying your authority to act on behalf of a customer
■■ determining whether a beneficiary will be paid a benefit
upon a person’s death Auditor
■■ letting you know about products or services from across
The auditor of MLC Navigator Access Super and Pension
the NAB Group that might better service your financial,
Service is Ernst & Young of 8 Exhibition Street, Melbourne.
e-commerce and lifestyle needs or promotions or other
opportunities in which you may be interested.
If you provide us with incomplete or inaccurate personal Direct Debit Service Agreement
information, we may not be able to process your requests
and applications or manage or administer your products or The Administrator’s commitment to you
services. It may also not be possible to tell you about other If you complete a Direct Debit Request, you authorise
products or services from across the NAB Group that might the Administrator to debit a specified amount from your
better serve your financial, e-commerce and lifestyle needs. nominated Australian bank, building society or credit union
account, and transfer the amount into your MLC Navigator
Using and disclosing your personal Access Super or Pension account. Debits will be for one off
information payments and/or for regular monthly payments, as requested
NAB Group organisations may disclose your personal by you on your application. Debits will be made on or around
information to other organisations: the preferred date nominated by you on your application.
■■ involved in providing, managing or administering the If no date is specified, debits may be made on or around
products and services the we offer, including third-party the day of the month that the Administrator processes your
suppliers (eg. printers, posting services), other NAB application. Where the due date for the debit falls on a non-
Group organisations, its advisers and loyalty and affinity business day, the debit will be made on the next business
program partners day. The Administrator will provide you with not less than
14 days written notice of any changes we propose to make
■■ who are your financial or legal advisers or representatives
to your direct debit facility. The Administrator may charge
and their service providers
you a dishonour fee for debits that are returned unpaid by
■■ involved in maintaining, reviewing and developing our your financial institution, and may terminate your direct debit
products, business systems, procedures and infrastructure facility if debits are returned unpaid on three consecutive
including testing or upgrading our computer systems occasions.
34
Other important information
The Administrator will keep all information provided by you, ■■ unless otherwise indicated, direct us to redeem
including details of your nominated account at the financial investments in your account in the order in which they
institution, private and confidential, and will use such appear in the Application Form current at that time, if
information subject to our privacy policy. your Transaction Account balance becomes negative or to
meet your request for regular pension payments (if any)
The Administrator will promptly investigate and respond
to any queries or complaints regarding debits. The ■■ where electing in the application form for income
Administrator will endeavour to forward a response to distributions to be re-invested and/or additional contributions,
you within five business days. The Administrator may for or by you, you understand that you may not have the
terminate this arrangement, but only by giving you not less most current MLC Navigator Access Investment Options
than 14 days notice in writing. PDS or continuous disclosure notification
■■ agree to the Trustee providing Annual Trustee Reports to
Your commitment to the Administrator you by making them available to you online at our website
It is your responsibility to check with your financial institution as detailed on page 19 of this PDS, unless you advise the
that direct debiting is available on your account, prior to Trustee otherwise
completing the Direct Debit Request. You must ensure at all ■■ authorise your financial adviser and their staff (‘Adviser’),
times that sufficient funds are available in your nominated as your agent, to convey your instructions in relation
account to meet a debit on the due date. It is your to your account (as described on page 12 of this PDS)
responsibility to advise the Administrator if your nominated to the Administrator by any method acceptable to the
account is to be altered, transferred or closed. You are liable Administrator (including electronically), and you release
for any charges that may result from the use of the direct and indemnify the Administrator and the Trustee from and
debit facility, including fees charged to the Administrator against all liability arising as a result of the Administrator, in
as a result of debits returned unpaid. These charges will be accordance with such instructions, acting or omitting to act
debited to your Transaction Account. If any debit requested ■■ acknowledge that none of the NAB, the Trustee, the
by you is not made, you remain obliged to pay any amount Administrator, nor any of their related companies or
owing to the Administrator. officers guarantee the performance or return of capital of
any investments you have selected
Your rights
■■ authorise the Trustee to deduct all fees and expenses,
You may direct all enquiries regarding the direct debit facility disclosed in this PDS
to Client Services. You may request to defer or alter your
■■ authorise the Trustee and the Administrator to provide
direct debit facility, including any stops or cancellations, by
your financial adviser with any information in relation to
giving written notice to the Administrator at least five business
your investment with the Service
days prior to the next scheduled debit. You may cancel your
direct debit facility at any time by giving written notice to the ■■ acknowledge that it is your responsibility to monitor your
Administrator. Five business days notice is required by the Investment Options and to make any changes as you
Administrator to act on such a request. The Administrator will see necessary
confirm to you that the debit has been stopped. ■■ agree that you will only seek or obtain financial planning
advice from your financial adviser for which the Adviser
Service Fee is to be deducted from your account if that
Declarations by applicant advice relates solely to your investment in the Service
By completing and signing the relevant Application Form, you: ■■ confirm that all information provided by you in the
Application Form is true and correct and undertake to
■■ agree to be bound by the provisions of the Trust Deed dated
inform the Trustee of any changes to that information
24 September 1990 (as amended), governing the Service
■■ confirm that you meet the eligibility requirements, as
■■ confirm that you have read the PDS dated 2 October 2010
applicable, as outlined on page 13 of the PDS
and any supplementary PDS
■■ acknowledge you have read and understood the tax
■■ confirm that you have received and read the PDS used for
file number information on pages 26 to 29 of this PDS,
the Transaction Account and the MLC Navigator Access
including the implications for not disclosing or authorising
Investment Options PDS which was provided by your
the use of your tax file number
financial adviser
■■ acknowledge you have read and understood the privacy
■■ confirm that you have received and read the Investment
material on page 34 of this PDS and consent to the
Allocation Authority
collection, use and disclosure of your personal information
■■ confirm that you have been fully informed of the nature as described in that material
and risks associated with each of the Investment Options
■■ acknowledge the information contained in the PDS is of a
which you have selected from the MLC Navigator Access
general nature only. In the preparation of these documents,
Investment Options PDS and that you are satisfied that
no account has been taken of your investment objectives,
the Investment Options are suitable for your own
financial situation or particular needs
individual needs
35
Other important information
■■ acknowledge and accept that where you have invested ■■ you have provided the applicant with all information
into an illiquid investment product the Trustee may take necessary for the purpose of understanding the effect of
longer than 30 days, but within the limits prescribed by any risks involved in the relevant underlying investments
the Trust Deed, in which to switch out of your Investment and that you have provided the applicant with a copy of
Option, or terminate and transfer your membership, and the PDS used for the Transaction Account
■■ understand that advance notice will not be given of any ■■ you have fully disclosed all fees and costs associated with
investing in the Service to the applicant
product changes that are not materially adverse and are
aware that any non material changes will be made available ■■ the applicant meets the eligibility requirements outlined
on mlc.com.au or can be obtained free of charge by on page 13 of this PDS in relation to contributions to
the Service
contacting Client Services on 1300 428 482.
■■ you will not seek, charge or receive an Adviser Service
Fee for any financial planning advice provided to the
Declarations by financial adviser applicant, if the advice is not solely in relation to
the applicant’s investment in the Service, and
By stamping and submitting the attached Application Form,
you confirm that: ■■ you will not convey any instructions to the Trustee or
the Administrator on behalf of the applicant unless you
■■ you are a holder of a current Australian Financial Services
receive such instructions from the applicant
Licence authorising you to provide financial services
relating to MLC Navigator Access Super and Pension ■■ you have identified the applicant from appropriate
Service and the investments made by the applicant identification documents in accordance with Australian
through MLC Navigator Access Super and Pension Service anti-money laundering and counter-terrorism financing
or have been appointed as an authorised representative to legislation (AML/CTF) Law, you are satisfied that the
act on behalf of the holder of such a licence applicant is who they claim to be and a copy of the
identification document(s) has been provided with the
■■ you have provided the applicant with a current copy
Application Form.
of both the MLC Navigator Access Investment Options
PDS as well as this PDS dated 2 October 2010 and any
supplementary Product Disclosure Statement
MLC_PL043B_1010
36
MLC Navigator Access
Super and Pension Forms
Completing your application form
■ Accounts can be set up faster by completing application forms online.
■ Use black pen.
■ Print within the boxes in clear BLOCK LETTERS.
■ Use crosses in boxes where applicable.
■ The applicant must complete and sign this form.
■ Keep a photocopy of your completed application for your records.
■ Please ensure all relevant sections are complete before submitting this form otherwise follow up will be required
resulting in processing delays.
It is important that you read and understand the declarations on page 35 of the PDS prior to signing these
application forms.
Doc u m ent s to b e c o m pleted
Super Service Pension Service
Superannuation Service Application Form 3 n/a
Direct Debit Request (if applicable) 3 n/a
Pension Service Application Form n/a 3
Tax File Number Declaration #
n/a 3
Tax Deduction Notice n/a 3
Nomination of Beneficiaries Form 3 3
Application to Transfer Superannuation Benefits Form 3 3
# Tax File Number declaration: You should supply your Tax File Number or exemption to the Trustee. You are not required to do so but if you do not do so, the Trustee will
generally not be able to accept member contributions for you and will be required to deduct PAYG at 46.5% from any lump-sum withdrawals or pension payments to you
when you are under age 60.
Su p eran nuatio n Ser vic e Accou nt
Step 1: Existing customer details Step 5: Automatic re-weighting
Please indicate if you are an existing customer with Navigator, You can use this section to elect to have some or all of your
and if so your account number. This includes if you are an Investment Options re-weighted automatically on a periodic
existing Protectionfirst Policy Holder, or a member or investor basis to reflect your preferred initial weightings. For more
in a product administered by Navigator. Please note if you information refer to page 12 of the PDS for more details.
were an existing superannuation or investment customer
Step 6: Reinvestment of earnings
prior to 12 December 2007 or have previously provided
Navigator with the customer identification information Please tell us whether you would like your earnings to be
detailed in the Customer Identification Verification on page 9 reinvested. Refer to page 11 of the PDS for details.
of the Application Form, you do not need to comply with the Step 7: Your Investment Options
identification requirements. Please tell us which Investment Options you would like to
Step 2: Investor details invest in by using the current Investment Allocation Authority.
Please fill in your full name and contact details as well as your Step 8: Cash Sweep Investment Option nomination
personal Tax File Number. Please nominate your preferred Investment Option into which
Step 3: Employer details any money in your Transaction Account should be swept using
If you will be receiving employer contributions into your the automatic sweep process.
account please supply your employer’s contact details. Step 9: Fees and adviser remuneration
Step 4: Investment details This section is to be completed with your financial adviser.
Please confirm the type of initial contribution, amount of your Please indicate the level of Adviser Initial Remuneration on
initial investment and also use this section if you wish to make initial and subsequent investments. Please also indicate the
regular or progressive investments into your Service account from level of Adviser Service Fee if applicable. Refer to page 24 of
your nominated Australian bank account or financial institution the PDS for details.
account – you must also complete the direct debit details.
1
Step 10: Customer declaration Step 13: Nomination of beneficiaries
You must read and sign the declaration. Applications should be Complete this form if you want to nominate who your benefits
signed personally or under power of attorney. When documents will be paid to in the event of your death. You can request to
are signed under a power of attorney, a certified copy of the make either a binding or non-binding death nomination.
relevant power of attorney which satisfies the relevant legislative Step 14: Transfer of benefits
requirements must be enclosed with the Application Form.
This form can be used if you want to consolidate into the
Step 11: Adviser declaration Services all your superannuation currently being held with
Your financial adviser must read and sign the adviser declaration. other superannuation providers. Refer to page 13 of the PDS
for details.
Step 12: Direct debit request
Complete this form if your initial contribution is a direct debit, Step 15: Mailing the completed application
or if you are setting up a Regular Investment Facility. The Completed forms and cheque(s) should be forwarded to:
agreement, which outlines the Administrator’s responsibilities MLC Navigator Access Super and Pension Service
as Administrator and your responsibilities with regards to GPO Box 2567
direct debit requests, can be found on page 34 of the PDS. Melbourne, VIC 3001
Pen sio n Ser vic e Ac c ou nt
Step 1: Existing customer details STEP 10: Cash sweep Investment Option nomination
Please indicate if you are an existing customer with the Please nominate your preferred Investment Option into which
Administrator, and if so your account number. This includes any money in your Transaction Account should be swept using
if you are an existing Protectionfirst Policy Holder (policy the automatic sweep process.
number), or a member or investor in a product administered
STEP 11: Fees and adviser remuneration
by the Administrator. Please note if you were an existing
superannuation or investment customer prior to 12 December This section is to be completed with your financial adviser.
2007 or have previously provided the Administrator with the Please indicate the level of Adviser Initial Remuneration on your
customer identification information detailed in the Customer investment. Please also indicate the level of Adviser Service Fee
Identification Verification on page 9 of the Application Form, if applicable. Refer to page 24 of the PDS for details.
you do not need to comply with the identification requirements. STEP 12: Conditions of release
STEP 2: Existing account Please indicate which condition of release you have met, in
If you have a current account with the Administrator, please order to commence your account in the Pension Service.
indicate your account number. STEP 13: Customer declaration
STEP 3: Investor details You must read and sign the declaration. Applications should
Please fill in your full name and contact details as well as your be signed personally or under power of attorney. When
personal tax file number. documents are signed under a power of attorney, a certified
copy of the relevant power of attorney which satisfies the
STEP 4: Pension details relevant legislative requirements must be enclosed with the
Please advise us the pension payment level and the bank Application Form.
account details where you would like to receive payments
STEP 14: Adviser declaration
from your account.
Your financial adviser must read and sign the adviser declaration.
STEP 5: Reversionary pensioner
STEP 15: Tax file number declaration
Please indicate here the details of your reversionary pensioner.
Complete this form to supply details of your tax file number.
STEP 6: Investment details Refer to page 21 for details.
Please confirm the type of initial contribution, amount of
STEP 16: Tax Deduction Notice
your initial investment and confirm you are eligible to make a
contribution and/or have a contribution made for you. You can Use this form if you are transferring from an existing
also use this section to tell us if you wish to use the Progressive Superannuation Account and intend to claim a tax deduction.
Investment Facility. STEP 17: Nomination of beneficiaries
Step 7: Automatic re-weighting Complete this form if you want to nominate who your benefits
You can use this section to elect to have some or all of your will be paid to in the event of your death. You can request to
Investment Options re-weighted automatically on a periodic make either a binding or non-binding death nomination.
basis to reflect your preferred initial weightings. For more STEP 18: Transfer of benefits
information refer to page 12 of the PDS for more details. This form can be used if you want to consolidate into the
STEP 8: Reinvestment of earnings Services all your superannuation benefits currently being held
Please tell us whether you would like your earnings to with other superannuation providers. See page 31 of this
be reinvested. application form for details.
STEP 9: Your Investment Options STEP 19: Mailing the completed application
Please tell us which Investment Options you would like to Completed forms and cheque(s) should be forwarded to:
invest in by using the current Investment Allocation Authority. MLC Navigator Access Super and Pension Service
GPO Box 2567
Melbourne, VIC 3001
2
MLC Navigator Access Super and Pension
Super Service Application Form
Trustee: NULIS Nominees (Australia) Limited ABN 80 008 515 633 AFSL 236465
MLC Superannuation Fund ABN 40 022 701 955
Date Issued: 2 October 2010
Please complete this application in BLACK INK using BLOCK letters.
Before signing this Application Form, please ensure that you have read and understood the Product Disclosure Statement
(PDS) and any Supplementary Product Disclosure Statement (SPDS) for MLC Navigator Access Super and Pension as well as
the MLC Navigator Access Investment Options PDS and any subsequent SPDS.
1. E xistin g c u sto m er d et ails
Are you an existing customer with the Administrator?
Yes, my account number is
No
2 . Investo r d et ails
Title Family name
Given name Second given name
Any other name you are known by
Title Family name
Given name Second given name
If you are known by any further names than listed above, please provide details of the additional information on page 10.
Additional information attached
Date of birth Gender
/ / Male Female
Australian resident (for tax purposes) Country of residence (if not in Australia)
Yes No
Tax File Number or exemption
(Refer to page 28 of the MLC Navigator Access Super and Pension PDS for information relating to quoting tax file number
and its collection.)
Daytime phone number Mobile phone number
( )
Email
Residential address
State Postcode
Postal address (Complete only if this is different to your residential address)
State Postcode
3
3. E m ployer d et ails (if a p plic a ble)
Employer name
Contact name Phone number
Address
State Postcode
4 . Invest m ent d et ails
(i) My initial contribution is made up of: Method of payment
(3) Tick applicable method
Direct
Cheque EFT
Lump sum Debit*
Personal concessional contribution $ , , .
Personal non-concessional contribution $ , , .
Employer contribution $ , , .
Eligible spouse contribution $ , , .
Rollover $ , , .
Directed termination payment $ , , .
Superannuation Guarantee Contribution shortfall $ , , .
Superannuation Holding Account Reserve payment $ , , .
Contribution split $ , , .
CGT exempt amount contribution $ , , .
Small business CGT concession contribution $ , , .
Structured settlement/personal injury payment $ , , .
TOTAL $ , , .
* Please complete the Direct Debit Request on page 23.
Personal concessional contributions will be recorded as non-concessional contributions unless you provide us with a
“section 290-170” Statement that you will claiming them as a tax deduction. We will send you a form to assist you to do
this after the end of each financial year, and send you an acknowledgement so that you can claim the deduction.
Number of payments (if known)
Source of payments (if known)
Payment 1
Payment 2
Payment 3
4
(ii) Do you wish to use the Progressive Investment Facility? Note: A Progressive Investment Facility cannot be used
in conjunction with an automatic re-weighting facility.
No – please move to section (iii)
(if no date is specified the first instalment will commence
Yes, my preferred date for first instalment is / / on the next processing date)
Number of instalments Amount $ , . Frequency: Monthly Quarterly
(this amount must be the monthly or quarterly
instalment amount)
(iii) Do you wish to use the Regular Investment Facility?
No – please move to section (iv)
Yes, my regular preferred contribution commencement date is / /
(Please complete the Direct Debit Request on page 23.) (if no date is specified the first instalment will
commence on the next processing date)
Personal contribution – concessional $ , , .
Personal contribution – non-concessional $ , , .
Employer contribution $ , , .
Eligible spouse contribution $ , , .
Total monthly contribution $ , , .
We will show the total contributions you made, including any made using the Regular Investment Facility, on the form we
send you after the end of each financial year to assist you making your “section 290-170” Statement of the amount of
your contributions you will be claiming as a tax deduction.
(iv) Are you intending to make any other additional investments?
No – please move to section 5
Yes – indicate the amount (if known) or the type of contribution:
Contribution type Amount
Personal contribution – concessional $ , , .
Personal contribution – non-concessional $ , , .
Employer contribution $ , , .
Eligible spouse contribution $ , , .
We will show the total contributions you made, including any additional contributions you made, on the form we send you
after the end of each financial year to assist you making “section 290-170” Statement of the amount of your contributions
you will be claiming as a tax deduction.
5. Au to matic re -weig htin g fac ilit y
Do you wish to have your Investment Options periodically re-weighted back to their initial target weight?
No – please move to section 6
Yes, I would like my Investment Options automatically re-weighted as follows:
re-weight my entire portfolio
re-weight part of my portfolio
(please nominate in section 7 the Investment Options you would like to have automatically re-weighted)
Target weight tolerance % (if a percentage is not specified it will default to 3%)
Re-weight frequency Quarterly Half-yearly Yearly (if a frequency is not specified it will default to half-yearly)
Preferred commencement date / / (if no date is specified the commencement date
will be the next re-weighting date)
5
6. Reinvest m ent of earnin g s
Do you wish to have the earnings on your Investment Options invested back into your selected Investment Options?
Yes No
7. C a s h Swee p Invest m ent O ptio n no minatio n
Please nominate below the Investment Option into which any money in your Transaction Account should be swept:
8 . Fees
Refer to pages 22 to 25 of this PDS for a full explanation of the fee options. All amounts in this section should be entered
inclusive of GST.
(i) Adviser Initial Remuneration
(a) Initial investment:
Customised . % OR $ , (to a maximum of 4.29%)
(b) Additional or regular investment:
Customised . % (to a maximum of 4.29%)
Note: The remuneration specified here will apply for all additional and regular investments made after this application unless we receive an alternative instruction.
(ii) Adviser Ongoing Remuneration
0 . 6 0 % p.a. OR . % p.a. (to a maximum of 0.60% p.a.)
(iii) Adviser Service Fee
The Adviser Service Fee including the Adviser Ongoing Remuneration must not exceed 2.2% p.a. of the investor’s total account balance. This fee will be deducted
on a monthly basis from your Transaction Account.
No – please move to section 10
Yes –
Amount: $ , p.a.
and/or . % p.a.
Note: This fee will be effective on the 1st of the next calendar month.
6
9. Cu sto m er d ec laratio n
The Trustee or your financial adviser is obliged to give you the Product Disclosure Statement to which this form relates and any
Supplementary PDS for MLC Navigator Access Super and Pension (‘PDS’) and the MLC Navigator Access Investment Options
Product Disclosure Statement. These will help you understand the product and decide if it is appropriate to your needs.
By signing this Application Form I hereby declare that:
• the statements and answers set forth in this Application Form are true and complete;
• I have received, read and understood the PDS to which this application relates as well as the MLC Navigator Access
Investment Options Product Disclosure Statement and am able to make the declarations as detailed on page 35 of the PDS;
• I agree to the Trustee providing Annual Trustee Reports to me by making them available online at mlc.com.au as detailed
on page 19 of the PDS, unless I advise the Trustee otherwise;
• I authorise the tax file number on the Application Form to be used with this account; and
• I am eligible to make the superannuation contributions or receive contributions made on my behalf in accordance with
the eligibility criteria detailed on page 13 of the PDS.
Signature of applicant Date
/ /
7
10. Adviser d ec laratio n
I have attached a copy of the appropriate customer documentation as outlined in the Customer Identification Verification
on page 9.
Yes
No (this information has been provided previously or the investor was an existing superannuation or investment customer with the
Administrator prior to 12 December 2007)
I confirm
• all information provided at section 9 is true and correct
• I have read and understood, and am able to make, the declarations as detailed on page 35 of the PDS.
Financial adviser signature Date
/ /
7
Adviser details
Adviser name
Adviser code Office
Dealer group
Contact name Contact phone number
( )
Adviser stamp
7
T h i s p a g e h a s b e e n l e f t b l a n k i n t e n t i o n a lly
8
Customer Identification Verification
Please note the following customer identification documentation must be provided to your financial adviser.
Original or certified copy of either:
Australian passport
or
State or Territory driver’s licence
or
Proof of age card
(issued by an Australian State or Territory bearing your photograph, name and date of birth)
If you do not have any of the above, an original or certified copy of one item of documentation from Column A and one
item of documentation from Column B below is to be provided:
Column A Column B
Australian birth certificate Letter from Centrelink within the last 12 months regarding a
government assistance payment showing your name and address.
Australian birth extract Utilities bill or local government notice within the last three months
showing your name and address.
Australian citizenship certificate Notice issued by the ATO within the last 12 months showing your
name and address.
Pension or Health card issued by Centrelink Notice from school principal showing name, address and period of
attendance if you are under 18 issued within previous three months.
If you cannot meet any of the above requirements please contact Client Services on 1300 428 482.
9
Additional Information
Please use this form to provide any additional information required under section 2 of the Application Form.
10
MLC Navigator Access Super and Pension
Pension Service Application Form
Trustee: NULIS Nominees (Australia) Limited AFSL 236465
MLC Superannuation Fund ABN 40 022 701 955
Date Issued: 2 October 2010
Please complete this application in BLACK INK using BLOCK letters.
Before signing this Application Form, please ensure that you have read and understood the Product Disclosure Statement
(PDS) and any Supplementary Product Disclosure Statement (SPDS) for MLC Navigator Access Super and Pension as well as
the MLC Navigator Access Investment Options PDS and any subsequent SPDS.
1. E xistin g c u sto m er d et ails
Are you an existing customer with the Administrator?
Yes, my account number is
No
2 . A re you t ran sferrin g fro m an existin g accou nt?
No – move to section 3
Yes – please provide your account number and move to section 4
Investor account number
Are you transferring your entire account? Yes No
3. Investo r d et ails
Title Family name
Given name Second given name
Any other name you are known by
Title Family name
Given name Second given name
If you are known by any further names than listed above, please provide details of the additional information on page 18.
Additional information attached
Date of birth Gender
/ / Male Female
Australian resident (for tax purposes) Country of residence (if not in Australia)
Yes No
Tax File Number or exemption
(Refer to page 28 of the MLC Navigator Access Super and Pension PDS for information relating to quoting
tax file number and its collection.)
Daytime phone number Mobile phone number
( )
11
Email
Residential address
State Postcode
Postal address (complete only if this is different to your residential address)
State Postcode
4 . Pen sio n d et ails
(i) Transition to Retirement (TTR)
This pension will be used for the Transition to Retirement Facility.
(Refer to page 16 of the MLC Navigator Access Super and Pension PDS for further information.)
Yes No
(ii) Pension payment details
(Refer to page 14 of the MLC Navigator Access Super and Pension PDS, which explains the minimum and maximum annual pension payment limits.)
Please select the Payment level:
Minimum Maximum (TTR Pension only)
OR
Annual payment required Payment escalation
$ , % Payment is gross of tax
Please note: the annual pension payment amount will be pro rated if your pension commences during the financial year.
Frequency of payment
Monthly Quarterly Half yearly Yearly
Preferred date for pension payment to commence / /
Nominated bank account details
BSB Number Account number
–
Account name
Name of bank
Branch address
12
5. N o minatio n of rever sio nar y p en sio ner
In the event of my death, I nominate my pension to revert to:
Name
Date of birth Gender
/ / Male Female
Address
State Postcode
*A reversionary pensioner must be one of the following at date of your death:
Relationship: Spouse De facto spouse Child less than age 18
Child 18 or over but:
• under age 25 financially dependent on you, or
• has a “section 8 (1)” disability as described in the PDS on page 21
(Pension payments to a child can only be made to age 25 unless the child has a “section 8(1)” disability at the time of payments after age 25.)
Not your child and
Interdependency relationship dependant Dependant (including financial)
Refer to page 20 of the MLC Navigator Access Super and Pension PDS for more information. Any valid reversionary
pensioner nomination will override a binding death benefit nomination.
6. Invest m ent d et ails
(i) My investment consists of:
Non-concessional contributions
Personal contribution# (Please tick the appropriate box below) $ , , .
# I will not be claiming a tax deduction for this contribution.
Spouse contribution (only available until age 70) $ , , .
Please tick one of the following boxes to indicate that you are eligible to make a contribution (refer to pages 13 to 14 of the
PDS for further information on eligibility to contribute)
I am under age 65
I am over age 65, but less than age 75 (or age 70, if this contribution includes spouse contributions), and have worked
at least 40 hours in a 30 consecutive day period, in the current financial year
External rollover/Transfer
Amount $ , , .
Total amount contributed $ , , .
Number of payments
Source of payments (if known)
Payment 1
Payment 2
Payment 3
13
(ii) Do you wish to use the Progressive Investment Facility?
No – please move to section 7
(if no date is specified the first instalment will commence
Yes, my preferred date for first instalment is / / on the next processing date)
Number of instalments Amount $ , , . Frequency: Monthly Quarterly
(this amount must be the monthly or quarterly
instalment amount)
Note: a Progressive Investment Facility cannot be used in conjunction with an automatic re-weighting facility.
7. Au to matic re -weig htin g fac ilit y
Do you wish to have your Investment Options periodically re-weighted back to their initial target weight?
No – please move to section 8
Yes, I would like my Investment Options automatically re-weighted as follows:
re-weight my entire portfolio
re-weight part of my portfolio
(please nominate in section 9 the Investment Options you would like to have automatically re-weighted)
Target weight tolerance % (if a percentage is not specified it will default to 3%)
Re-weight frequency Quarterly Half-yearly Yearly (if a frequency is not specified it will default to half yearly)
Preferred commencement date / / (if no date is specified the commencement date
will be the next re-weighting date)
8 . Reinvest m ent of earnin g s
Do you wish to have the earnings on your Investment Options invested back into your selected Investment Options?
Yes
No
Note: All earnings in respect of the Capital Protected Investment Options will be automatically reinvested.
9. C a s h Swee p Invest m ent O ptio n no minatio n
Please nominate below the Investment Option into which any money in your Transaction Account should be swept:
10. Fees
Refer to pages 22 to 25 of this PDS for a full explanation of the fee options.
(i) Adviser Initial Remuneration
Customised . % OR $ , (to a maximum of 4.29%)
(ii) Adviser Ongoing Remuneration
0 . 6 0 % p.a. OR . % p.a. (to a maximum of 0.60% p.a.)
14
(iii) Adviser Service Fee
The Adviser Service Fee including the Adviser Ongoing Remuneration must not exceed 2.2% p.a. of the investor’s total
account balance. This fee will be deducted on a monthly basis from your Transaction Account.
No – please move to section 10
Yes –
Amount: $ , p.a.
and/or . % p.a.
Note: This fee will be effective on the 1st of the next calendar month.
11. Co n ditio n s of relea se
You can use some or all of your superannuation to start an Account-based Pension if you are over your preservation
age, whether you have retired or are still working. If retired, your superannuation will all have become unrestricted
non-preserved, and you will be able to make commutations and receive lump sum benefits from your Account-based
Pension account balance as well as receive the pension payments. If still working, your pension is a “non-commutable
Account-based Pension”, and you will only be able to make commutations, from any unrestricted non-preserved amount
already in your superannuation, until you meet a further condition of release. For conditions of release at any age involving
permanent incapacity or financial hardship, please contact us.
To the Trustee of MLC Navigator Access Super and Pension:
I am an Australian citizen, New Zealand citizen or a permanent resident of Australia and have satisfied one of the following
conditions of release (tick one):
I have reached my preservation age and wish to commence a non-commutable account-based pension; or
I am age 55 or over, but not yet age 65. I am not gainfully employed and I never intend to again become gainfully
employed, either on a full-time or part-time basis; or
I am age 60 or over, but not yet age 65, and an arrangement under which I was employed has come to an end
after I was age 60; or
I have attained age 65; or
I have a terminal medical condition; or
other (refer to page 17 for a full list of conditions of release).
12 . Cu sto m er d ec laratio n
The Trustee or your financial adviser is obliged to give you the MLC Navigator Access Super and Pension Product Disclosure
Statement to which this form relates and any Supplementary Product Disclosure Statement for MLC Navigator Access Super
and Pension (‘PDS’) and the MLC Navigator Access Investment Option Product Disclosure Statement. These will help you
understand the product and decide if it is appropriate to your needs.
By signing this Application Form I hereby declare that:
• the statements and answers set forth in this Application Form are true and complete;
• I have received, read and understood the PDS to which this application relates as well as the MLC Navigator Access
Investment Options Product Disclosure Statement and am able to make the declarations as detailed on page 35 of the PDS;
• I agree to the Trustee providing Annual Trustee Reports to me by making them available to me online at mlc.com.au as
detailed on page 19 of the PDS, unless I advise the Trustee otherwise; and
• I authorise the tax file number on the Application Form to be used with this account.
Signature of applicant
7
Date / /
15
13. Adviser d ec laratio n
I have attached a copy of the appropriate customer documentation as outlined in the Customer Identification Verification
on page 17.
Yes
No (this information has been provided previously or the investor was an existing superannuation or investment customer with the
Administrator prior to 12 December 2007.)
I confirm
• all information provided at section 11 is true and correct
• I have read and understood, and able to make, the declarations as detailed on page 35 of the PDS.
Financial adviser signature
7
Date / /
Adviser details
Adviser name
Adviser code Office
Dealer group
Contact name Contact phone number
( )
Adviser stamp
16
Customer Identification Verification
Please note the following customer identification documentation must be provided to your financial adviser.
Original or certified copy of either:
Australian passport
or
State or Territory driver’s licence
or
Proof of age card
(issued by an Australian State or Territory bearing your photograph, name and date of birth)
If you do not have any of the above, an original or certified copy of one item of documentation from Column A and one
item of documentation from Column B below is to be provided:
Column A Column B
Australian birth certificate Letter from Centrelink within the last 12 months regarding a
government assistance payment showing your name and address.
Australian birth extract Utilities bill or local government notice within the last three months
showing your name and address.
Australian citizenship certificate Notice issued by the ATO within the last 12 months showing your
name and address.
Pension or Health card issued by Centrelink Notice from school principal showing name, address and period of
attendance if you are under 18 issued within previous three months.
If you cannot meet any of the above requirements please contact Client Services on 1300 428 482.
17
Additional Information
Please use this form to provide any additional information required under section 2 of the Application Form.
18
ORIGINAL – ATO copy
Tax file number declaration
This declaration is NOT an application for a tax file number.
■ Use a black or blue pen and print clearly in BLOCK LETTERS.
■ Print X in the appropriate boxes.
■ Read all the Instructions before you complete this declaration.
30920710
www.ato.gov.au
Section A: To be completed by the PAYEE
1 What is your tax 6 On what basis are you paid? (Select only one.)
file number (TFN)? Full-time Part-time Labour Superannuation Casual
OR I have made a separate application/enquiry to employment employment hire income stream employment
See Privacy the ATO for a new or existing TFN.
of information 7 Are you an Australian resident You must answer No
on page 4 of the OR I am claiming an exemption because I am under Yes No
for tax purposes? at question 8.
Instructions. 18 years of age and do not earn enough to pay tax.
OR I am claiming an exemption because I am in 8 Do you want to claim the tax-free threshold from this payer?
receipt of a pension, benefit or allowance. Only claim the tax-free threshold from one payer.
If you have more than one source of income and currently claim
2 What is your name? Title: Mr Mrs Miss Ms the tax-free threshold from another payer, do not claim it now.
Surname or family name Answer No at questions 9 and 10 unless you are a non-resident
Yes No claiming a senior Australians, zone or overseas forces tax offset.
First given name 9 Do you want to claim the senior Australians tax offset by reducing the
amount withheld from payments made to you?
Complete a Withholding declaration (NAT 3093), but only if you
Other given names Yes are claiming the tax-free threshold from this payer. If you have No
more than one payer, see page 3 of the Instructions.
10 Do you want to claim a zone, overseas forces, dependent spouse or special
3 If you have changed your name since you last dealt with the ATO, tax offset by reducing the amount withheld from payments made to you?
show your previous family name Yes Complete a Withholding declaration (NAT 3093). No
11 (a) Do you have an accumulated Higher Education Loan
Day Month Year
Program (HELP) debt?
Your payer will withhold additional amounts
4 What is your date of birth? Yes to cover any compulsory repayments. No
(b) Do you have an accumulated Financial Supplement debt?
5 What is your home address in Australia? Your payer will withhold additional amounts
Yes to cover any compulsory repayments. No
DECLARATION by payee: I declare that the information I have given is true and correct.
Signature
Date
Suburb or town Day Month Year
You MUST SIGN here
State/territory Postcode
There are penalties for deliberately making a false or misleading statement.
Once Section A is completed and signed, give it to your payer.
Section B: To be completed by the PAYER (if you are not lodging online)
1 What is your Australian business number (ABN) or Branch number 4 What is your business address?
your withholding payer number? (if applicable)
2 If you don’t have an ABN or withholding payer number,
have you applied for one? Suburb or town
See ‘More information’ on page 4
Yes No
of the Instructions.
State/territory Postcode
3 What is your registered business name or trading name
(or your individual name if not in business)?
5 Who is your contact person?
Business phone number
6 If you no longer make payments to this payee, print X in this box
DECLARATION by payer: I declare that the information I have given is true and correct.
Signature of payer Return the completed original ATO copy to: IMPORTANT
Date For WA, SA, NT, VIC or TAS For NSW, QLD or ACT See reverse side of
Day Month Year PAYER’s copy for:
Australian Taxation Office Australian Taxation Office
PO Box 795 PO Box 9004 ■ payer obligations
ALBURY NSW 2640 PENRITH NSW 2740 ■ lodging online.
There are penalties for deliberately making a false or misleading statement.
TAXPAYER-IN-CONFIDENCE (when completed)
NAT 3092-07.2010 [JS 15580]
T h i s p a g e h a s b e e n l e f t b l a n k i n t e n t i o n a lly
20
Ta x file nu m b er d ec laratio n superannuation fund, in writing, not to disclose your TFN to any
other trustee.
Section A: To be completed by the payee Questions 2, 3, 4 and 5
Fill in your personal information.
Question 1
Question 6
What is your tax file number (TFN)?
This question asks you to supply your TFN. On what basis are you paid?
Your payer and the ATO are authorised by the Taxation Administration Check with your payer if you are not sure of the basis of your payment.
Act 1953 to collect your TFN on this form. It is not an offence not to
quote your TFN. However, your payer is required to withhold at the Question 7
highest marginal rate plus Medicare levy (46.5% for the 2010/11 financial
year) from all payments made to you if you do not:
Are you an Australian resident for tax purposes?
Generally, the ATO considers you to be an Australian resident for tax
■ provide a Tax file number declaration (NAT 3092) to your payer purposes if you:
■ quote your TFN, or
■ have always lived in Australia or you have come to Australia and now
■ claim an exemption from quoting your TFN.
live here permanently
You will find your tax file number (TFN) on: ■ are an overseas student doing a course that takes more than six months
■ your income tax notice of assessment to complete
■ correspondence sent to you by the ATO, or ■ have been in Australia continuously for six months or more and for
most of that time you worked in the one job and lived in the same
■ a payment summary issued by your payer.
place, or
If you have a tax agent, they may also be able to tell you your TFN. ■ will be or have been in Australia for more than half of the financial
If you still cannot find your TFN phone 13 28 61 between 8.00am and year (unless your usual home is overseas and you do not intend to live
6.00pm, Monday to Friday. You will be asked for details only you, or your in Australia).
authorised representative would know.
If you go overseas temporarily and do not set up a permanent home in
You may claim an exemption from supplying your TFN. Print X in the another country, you may continue to be treated as an Australian resident
appropriate box if you: for tax purposes.
■ have lodged a TFN application or enquiry form for individuals or made a The criteria the ATO uses to determine your residency status are not the
phone or counter enquiry to obtain your TFN. Your payer will withhold same as those used by the Department of Immigration and Citizenship
at the standard rate but, if they do not have your TFN after 28 days, they or Centrelink.
will withhold an amount at the top marginal rate of tax plus Medicare Non-resident tax rates are different
levy (46.5% for 2010/11 financial year) from future payments, or
A higher rate of tax applies to non-residents’ taxable income and
■ are claiming an exemption from quoting a TFN. You are exempt from non-residents are not entitled to a tax-free threshold.
quoting your TFN if you are:
It is against the law to claim the tax-free threshold and tax offsets if you
- under 18 and do not earn enough to pay tax, or
are a non-resident of Australia for tax purposes. However, there is an
- an applicant or recipient of certain pensions, benefits or exception with zone or overseas forces tax offsets, go to question 10 for
allowances from: more information.
- Centrelink – however you will need to quote your TFN if you If you need help deciding whether you are an Australian resident for tax
receive Austudy, Newstart, sickness or parenting allowance purposes, phone 13 28 61.
- Department of Veterans’ Affairs – a service pension under the Answer ‘NO’ to this question if you are not an Australian resident for tax
Veterans’ Entitlement Act 1986, or purposes. You must also answer ‘NO’ at questions 8, 9 and 10 (unless you
are a non-resident claiming a senior Australians, zone or overseas forces
- the Military Rehabilitation and Compensation Commission.
tax offset).
Provision of your TFN to your superannuation fund
Your payer must pass your TFN to the superannuation fund to which Question 8
contributions are being made on your behalf. If your superannuation fund
does not have your TFN, we can provide it to them. This enables:
Do you want to claim the tax-free threshold from
this payer?
■ your superannuation fund to accept all types of contributions to The tax-free threshold is the amount of income you can earn each year
your account(s) that is not taxed (currently, the tax-free threshold applies to the first
■ no increase to the tax on contributions to your superannuation account(s) $6,000 of your annual income). It is available only to people who are
■ no additional tax to be deducted when you start drawing down Australian residents for tax purposes (that is, people who answered YES
your superannuation benefits, other than the tax that may ordinarily at question 7).
apply, and Answer ‘YES’ if you:
■ ease in tracing different superannuation accounts in your name so that ■ are an Australian resident for tax purposes
you receive all your superannuation when you retire.
■ are not currently claiming the tax-free threshold from another payer, and
Under the Superannuation Industry (Supervision) Act 1993, your ■ want to claim the tax-free threshold.
superannuation fund is authorised to collect your TFN, which will only be
used for lawful purposes. These purposes may change in the future as a
result of legislative change. The trustee of your superannuation fund may
disclose your TFN to another superannuation provider, when your benefits
are being transferred. You may request to the trustee of your
21
Change to withholding for low income tax offsets (including those for a dependent parent, spouse’s parent or
If you answer ‘YES’ your payer will reduce your withholding to allow a invalid relative, housekeeper, or child-housekeeper) by reducing the
claim for 50% of the low income tax offset amount relevant to this level amount withheld from payments made to you. You also need to complete
of regular earnings. a Withholding declaration (NAT 3093).
Answer ‘NO’ if you: Answer ‘NO’ to this question if you are not eligible or choose to receive
any of these tax offsets as an end-of-year lump sum through the
■ answered ‘NO’ to question 7 tax system.
■ have claimed the tax-free threshold from another payer, or Non-resident
■ do not wish to claim the tax-free threshold.
If you are not a resident of Australia for tax purposes, you are not entitled
Do you have more than one job or payer? to claim a dependent spouse tax offset or a special tax offset. You may be
entitled to claim the zone or overseas forces tax offset.
You can claim the tax-free threshold from only one payer at a time.
Generally you should claim it from the payer you expect to pay you the For more information on your entitlement:
most income during the year. If you want to change the payer you are
■ visit www.ato.gov.au/declarationguide
currently claiming the tax-free threshold from, you must also give them a
Withholding declaration (NAT 3093) to advise them that you no longer ■ phone 13 28 61 between 8.00am and 6.00pm, Monday to Friday.
want to claim the tax-free threshold from them.
If you receive any taxable Centrelink payments or allowances such as Question 11
Newstart, Austudy or Youth Allowance, you are probably already claiming (a) Do you have an accumulated Higher Education
the tax-free threshold with Centrelink. This means you cannot also claim it Loan Programme (HELP) debt?
from another payer.
Answer ‘YES’ if you have an accumulated HELP debt.
If you expect to earn more than $16,500 from the job where you have
claimed the tax-free threshold, you may end up with a tax debt at the end Answer ‘NO’ if you do not have an accumulated HELP debt, or you have
of the income year. To avoid having a debt, you should ask one or more repaid all your HELP debt in full.
of your payers to withhold additional amounts by completing a You have a HELP debt if either:
Withholding declaration – upwards variation (NAT 5367).
■ the Australian Government lends you money under HECS-HELP,
For more information on deciding whether you can claim the tax-free FEE-HELP, OS-HELP, VET FEE-HELP
threshold, which payer you should claim it from or how to vary your
■ you have a debt from the previous Higher Education Contribution
withholding rate, phone 13 28 61.
Scheme (HECS).
Question 9 (b) Do you have an accumulated Financial
Do you want to claim the senior Australians tax Supplement debt?
offset by reducing the amount withheld from Answer ‘YES’ if you have an accumulated Financial Supplement debt.
payments made to you? Answer ‘NO’ if you do not have an accumulated Financial Supplement
Claim benefits and tax offsets with only one payer debt, or you have repaid all your Financial Supplement debt in full.
It is against the law to reduce your withholdings, or claim the senior Have you repaid this debt?
Australians tax offset, with more than one payer at the same time.
When you have repaid your accumulated HELP or Financial Supplement
If you receive income from more than one source, contact the ATO on debt, you must complete a new Withholding declaration (NAT 3093).
1300 360 221 between 8.00am and 6.00pm, Monday to Friday for advice
This publication was current to 1 July 2010
prior to completing this question.
Answer ‘YES’ if you are eligible and choose to receive the senior Privacy of information
Australians tax offset by reducing the amount withheld from payments
The ATO is authorised by the tax laws, including the Income Tax
made to you during the year. You need to complete a Withholding
Assessment Act 1936 to ask for the information on this declaration.
declaration (NAT 3093).
This information will help the ATO to administer those laws.
Answer ‘NO’ if you are:
Where the ATO is authorised by law to do so, it may give this
■ not eligible for the senior Australians tax offset, or information to other government agencies. These agencies could include
■ eligible and want to claim your entitlement to the tax offset as a lump Centrelink, the Australian Federal Police, the Child Support Agency,
sum in your end-of-year income tax assessment. and the Departments of Families, Housing, Community Services and
Indigenous Affairs, Veterans’ Affairs, and Education, Employment
For more information on your eligibility to claim the tax offset or rebate and Workplace Relations.
income, phone 13 28 61.
Only certain people and organisations can ask for your TFN. These include
employers, some Australian Government agencies including Child Support
Question 10 Agency, trustees for superannuation funds, payers under the PAYG
Do you want to claim a zone, overseas forces, system, higher education providers and investment bodies such as banks.
dependent spouse or special tax offset by reducing The ATO is authorised by the Taxation Administration Act 1953 to collect
the amount withheld from payments made to you? your TFN. You are not required by law to provide your TFN. However,
quoting your TFN reduces the risk of administrative errors and having
Claim tax offsets with only one payer
extra tax withheld.
It is against the law to claim tax offsets from more than one payer at the
If you need more information about how the tax laws protect your
same time.
personal information, or have any concerns about how the ATO has
Answer ‘YES’ to this question if you are eligible and choose to receive the handled your personal information, phone 13 28 61 between 8.00am
zone, overseas forces, dependent spouse (married or de facto) or special and 6.00pm, Monday to Friday.
Please ensure that you have answered all the questions and have signed and dated the declaration.
Give the completed form to your payer.
Trustee: NULIS Nominees (Australia) Limited ABN 80 008 515 633, AFSL 236465
GPO Box 2567 Melbourne Victoria 3001 Telephone 1300 428 482 Facsimilie 03 9820 1534
22
MLC Navigator Access Super and Pension
Direct Debit Request
Trustee: NULIS Nominees (Australia) Limited AFSL 236465
MLC Superannuation Fund ABN 40 022 701 955
Date Issued: 2 October 2010
Investo r d et ails
Title Family name
Given name Second given name
Investor account number (if known)
I/We (Surname or company name)
(Given names or ABN)
request Navigator Australia Limited (ABN 45 006 302 987) (‘the Administrator’), until further notice, to debit my/our
account at the financial institution identified below, any amounts which the Administrator (User ID No. 077691), may debit
or charge me/us through the direct debit request system. This request will remain in force in accordance with the terms
described in the direct debit service agreement provided to me/us.
Det ails of ac c ou nt to b e d e bited
Name of financial Institution
Account name
BSB number Account number
–
Initial Direc t De bit
Preferred date of debit Amount of initial direct debit payment
/ / $ , , .
(If no date is specified the first instalment
will commence on the next processing date.)
Reg ular Invest m ent Fac ilit y
Preferred date of debit
/ /
(If no date is specified the first instalment
will commence on the next processing date.)
23
Aut ho risatio n
I/We declare we have read the direct debit service agreement details on page 34 of the PDS and agree to be bound by them:
A) For joint bank accounts, both to sign together.
B) For company accounts, please execute this form under seal (if required) by two directors or a director and secretary on
behalf of the company.
A) Individual or joint account holders B) Companies or Trustee companies
sign here. sign here.
If the account is in joint names, both people must sign. If signing under company seal, we confirm it was affixed in
our presence.
Signature of account holder 1 Director
7 7
Signature of account holder 2 Director/Sole Director and Secretary (Delete as applicable)
7 7
Date
Date
/ /
/ /
Company Seal (if required under your company’s constitution)
24
MLC Navigator Access Super and Pension
Tax Deduction Notice – Section 290-170
Trustee: NULIS Nominees (Australia) Limited AFSL 236465
MLC Superannuation Fund ABN 40 022 701 955
Date Issued: 2 October 2010
You may be eligible to claim a tax deduction if you are self employed or substantially self employed and you have made
personal contributions to your MLC Navigator Access Superannuation account. You can use this form if you are transferring
from an existing MLC Navigator Access Superannuation account to a MLC Navigator Access Pension account and intend to
claim a tax deduction.
Investor account name
Investor account number
I understand that this is a notice advising the Trustee (NULIS Nominees (Australia) Limited) that I am an eligible person and
able to claim a tax deduction in respect of my personal contributions.
Financial Year: Last financial year Current financial year
Total personal contributions: $ , . $ , .
Personal contributions I am claiming as a tax deduction: $ , . $ , .
Declaration under section 290-170 of the Income Tax Assessment Act 1997:
I am lodging this notice before both of the following dates:
• the day that I lodged my income tax return for the 20 / 20 financial year; and
• the end of the income year after the said financial year.
At the time of completing this notice:
• I am still a member of the fund named in this notice;
• I intend to claim the personal contributions stated in this notice as a tax deduction;
• I have not yet made a contribution splitting application in respect of these contributions;
• I have not yet commenced a superannuation income stream based in whole or part on these contributions; and
• the amount covered by this notice has not been included in a previous notice for the 20 / 20 financial year.
I understand that this notice cannot be revoked or withdrawn but may be varied by reducing the amount advised in
this notice if:
• I have not lodged my income tax return and it is on or before 30 June in the financial year following the year I made
the contribution; or
• my claim has been disallowed and I am reducing the amount claimed as a deduction by the amount which has been disallowed.
Important note: if you do not provide your section 290-170 notice in regard to the contributions listed before a payment is made, any lump sum PAYG we are required to
withhold may be more or less than the tax payable. Any under/over tax paid will be adjusted in your tax assessment for the relevant financial year.
Member’s signature
7
Address
State Postcode
Suburb
Note: you are ineligible to claim a tax deduction once you are in the Pension Service.
25
T h i s p a g e h a s b e e n l e f t b l a n k i n t e n t i o n a lly
26
MLC Navigator Access Super and Pension
Nomination of Beneficiaries Form
Trustee: NULIS Nominees (Australia) Limited AFSL 236465
MLC Superannuation Fund ABN 40 022 701 955
Date Issued: 2 October 2010
This form should be completed if you want to nominate who your benefits will be paid to in the event of your death.
For more information please read page 20 of the PDS.
Please complete these instructions in BLACK INK using BLOCK letters.
I am requesting a non-binding nomination (complete sections 1, 2, 3 and 4)
OR
I am requesting a binding nomination (a nomination will only be valid if you complete all sections except 4)
1. Investo r d et ails
Is this to be applicable to an existing Navigator account? Yes No
Investor account name
Investor account number
2 . Benefic iar y d et ails
Beneficiary one
Given name Family name
Date of birth / / Male Female
Address
State Postcode
Relationship: Spouse De facto spouse Interdependency relationship dependant
Child Dependant (including financial) Legal personal representative
Beneficiary two
Given name Family name
Date of birth / / Male Female
Address
State Postcode
Relationship: Spouse De facto spouse Interdependency relationship dependant
Child Dependant (including financial) Legal personal representative
27
Beneficiary three
Given name Family name
Date of birth / / Male Female
Address
State Postcode
Relationship: Spouse De facto spouse Interdependency relationship dependant
Child Dependant (including financial) Legal personal representative
Beneficiary four
Given name Family name
Date of birth / / Male Female
Address
State Postcode
Relationship: Spouse De facto spouse Interdependency relationship dependant
Child Dependant (including financial) Legal personal representative
3. Deat h b enefit alloc atio n
To t a l p a y m e n t a l l o c a t i o n
Total
Beneficiary
allocation (%)
Example: Beneficiary A 70%
Beneficiary B 30%
Beneficiary one
Beneficiary two
Beneficiary three
Beneficiary four
100%
4 . Dec laratio n – no n - bin din g no minatio n
I declare that I have read the current PDS for MLC Navigator Access Super and Pension and understand how the
nomination of beneficiaries for my death benefits works.
Signature of applicant
7
Date / /
28
5. Dec laratio n – bin din g no minatio n
I have read and understood the information on binding nominations in the current Product Disclosure Statement for
MLC Navigator Access Super and Pension.
I understand that:
• this binding nomination will be valid for three years from the date on which it is signed
• this binding nomination will take effect upon my death as long as the nomination has been completed in accordance
with superannuation law requirements and is valid at the time of my death
• I have the right to amend or revoke this nomination at anytime by notifying NULIS Nominees (Australia) Limited
(‘the Trustee’)
• the beneficiaries I have nominated are my dependants or my legal personal representative. If these beneficiaries do not
meet this status at the time of my death, this nomination will be invalid
• if this nomination is not current or is invalid at the time of my death, the Trustee will pay out my death benefit solely at
their discretion
• the Trustee is not bound by any information I have entered in the Payment preferences section in section 3, and will use
this information only as a guide
• a valid reversionary pensioner nomination will override a binding nomination.
Signature of applicant
7
Date / /
Print name
6. Wit nes ses fo r bin din g no minatio n
I declare that I:
• am over 18 years of age
• am not a beneficiary nominated on this form
• witnessed this nomination being signed by the applicant in my presence
First witness
7
Date / /
Print name
Second witness
7
Date / /
Print name
29
T h i s p a g e h a s b e e n l e f t b l a n k i n t e n t i o n a lly
30
MLC Navigator Access Super and Pension
Application to transfer superannuation
benefits between funds
Trustee: NULIS Nominees (Australia) Limited AFSL 236465
MLC Superannuation Fund ABN 40 022 701 955
Date Issued: 2 October 2010
You should complete this form if you want to consolidate your superannuation into MLC Navigator Access Super and
Pension. Please complete these instructions in BLACK INK using CAPITAL letters, and then post this form to the paying
institution. You will need to fill out a separate form for each fund, please photocopy this form if required.
Before you fill out this form you should be aware that:
• you should ask your previous fund for all information about fees or charges (including exit/ transfer/withdrawal fees) that
may apply to this transfer and any benefit entitlements (including insurance cover/amounts and the available investment
options) that you need in order to understand the effects of transferring your benefits from your previous super fund.
• Capital Gains Tax (‘CGT’) liability may arise and be deducted prior to a rollover or transfer of benefits from your other
account. Neither the Trustee nor Navigator Australia Limited (‘the Administrator’) bears any liability for any CGT or Stamp
Duty liability incurred as a result of a rollover or transfer, even if they perform the same role in respect of both funds.
1. Investo r d et ails
Navigator account number
Title Family name
Given name Second given name
Date of birth Gender
/ / Male Female
Tax File Number or exemption
Under the Superannuation Industry (Supervision) Act 1993, you are not obliged to disclose your Tax File Number,
but there may be tax consequences. Refer to page 28 of the PDS for further information.
Daytime phone number Mobile phone number
( )
Residential address
State Postcode
Postal address (Complete only if this is different to your residential address)
State Postcode
31
2 . Fu n d d et ails
MLC Navigator Access Super and Pension account type:
MLC Navigator Access Super and Pension – Super (SPIN NUL0077AU)
MLC Navigator Access Super and Pension – Pension (SPIN NUL0076AU)
Fund ABN: 40 022 701 955
All cheques and relevant documentation should be then sent to:
MLC Navigator Access Super and Pension
GPO Box 2567
Melbourne VIC 3001
Tel: 1300 428 482 Fax: 03 9869 1595
3. Det ails of p reviou s su p eran nuatio n fu n d
Previous fund name
Previous fund account number
Fund address
State Postcode
Fund phone number
( )
Approximate value of benefits $ , , . Full withdrawal Partial withdrawal
4 . Proof of id entit y (s e e ‘ C o m p l e t i n g p r o o f o f i d e n t i t y ’ o n p a g e 3 4)
I have attached a certified copy of my driver’s licence or passport,
OR
I have attached certified copies of BOTH:
Birth/Citizenship certificate or Centrelink Pension Card, AND
Centrelink payment letter or Government / local council notice (<1 year old) that contains your name and address
32
5. Au t ho risatio n
• I request and consent to the transfer of my benefits from my previous fund to MLC Navigator Access Super and Pension
and I authorise NULIS Nominees (Australia) Limited (‘the Trustee’) to act on my behalf in arranging and receiving
information on this transfer
• for any contributions that my employer has not yet contributed to my previous fund, I authorise these to be transferred
to the MLC Navigator Access Super and Pension
By signing this form I am making the following statements:
• I declare that the information I have provided is true and correct
• I understand that CGT liability may arise and be deducted from my account prior to any rollover or transfer of benefits
• I understand that the trustee of my previous fund is discharged from any further liability, including CGT or Stamp
Duty and liability (if applicable), in respect of any amount once benefits have been transferred. This includes benefits
transferred where the trustee performs the same role in respect of both funds
• I understand that the Service may deduct tax from my untaxed portion, if any, of the superannuation benefit payment
• I approve the deduction of transfer, exit or withdrawal fees, if any, from the benefits transferred (subject to legislative
restrictions), and
• I do not require any further information in relation to fees or charges (including exit/transfer/withdrawal fees) that apply
to this transfer and any benefit entitlements (including insurance cover/amounts and the available investment options)
that I need in order to understand the effects of transferring my benefits from my previous super fund
Privacy
• I understand that by completing this Form, I am consenting to my personal information being used and disclosed as
outlined in the Privacy Policy, which I can obtain by contacting Client Services or through mlc.com.au
Signature
7
Date / /
Name
33
Co m pletin g p roof of id entit y
You will need to provide documentation with this transfer request to prove you are the person to whom the
superannuation entitlements belong.
Acceptable documents
The following documents may be used:
EITHER
One of the following documents only:
• driver’s licence issued under State or Territory law
• passport
OR
One of the following documents:
• birth certificate or birth extract
• citizenship certificate issued by the Commonwealth
• pension card issued by Centrelink that entitles the person to financial benefits
AND
One of the following documents:
• letter from Centrelink regarding a Government assistance payment
• notice issued by Commonwealth, State or Territory Government or local council within the past twelve months that
contains your name and residential address. For example:
- Tax Office Notice of Assessment
- Rates notice from local council.
Have you changed your name or are you signing on behalf of another person?
If you have changed your name or are signing on behalf of the applicant, you will need to provide a certified linking
document. A linking document is a document that proves a relationship exists between two (or more) names.
The following table contains information about suitable linking documents.
Purpose Suitable linking documents
Change of name Marriage certificate, deed poll or change of name certificate from Births,
Deaths and Marriages Registration Office
Signed on behalf of applicant Guardianship papers or Power of Attorney
Certification of personal documents
All copied pages of ORIGINAL proof of identification documents (including any linking documents) need to be certified as
true copies by any individual approved to do so (see below).
The person who is authorised to certify documents must sight the original and the copy and make sure both documents
are identical, then make sure all pages have been certified as true copies by writing or stamping ‘certified true copy’
followed by their signature, printed name, qualification (eg. Justice of the Peace, Australia Post employee, etc) and date.
The following can certify copies of the originals as true and correct copies:
• a permanent employee of Australia Post with five or more years of continuous service
• a finance company officer with five or more years of continuous service (with one or more finance companies)
• an officer with, or authorised representative of, a holder of an Australian Financial Services Licence (AFSL), having five or
more years continuous service with one or more licensees
• a notary public officer
• a police officer
• a registrar or deputy registrar of a court
• a Justice of the Peace
• a person enrolled on the roll of a State or Territory Supreme Court or the High Court of Australia, as a legal practitioner
• an Australian consular officer or an Australian diplomatic officer
• a judge of a court
• a magistrate, or
• a Chief Executive Officer of a Commonwealth court.
34
509 St Kilda Road Melbourne Victoria 3004 Telephone 1300 428 482 Fax 03 9869 1595 mlc.com.au
2 October 2010
Compliance Advice
This letter can be given to the fund you are transferring from to confirm that the MLC Navigator Access Super and
Pension (a sub plan of the MLC Superannuation Fund (‘The Fund’)) is administered as a complying fund.
This form can also be given to your employer to confirm that the Fund accepts employer contributions.
MLC Navigator Access Super and Pension – Super SPIN NUL0077AU
MLC Navigator Access Super and Pension – Pension SPIN NUL0076AU
The Fund is constituted under the MLC Master Plan Trust Deed.
On behalf of NULIS Nominees (Australia) Limited, the Trustee, I confirm that:
1. The Fund is a resident regulated superannuation fund within the meaning of the Superannuation Industry (Supervision)
Act 1993 (‘SIS’), and is administered as a complying fund;
2. The Fund is not subject to a direction from the Australian Prudential Regulation Authority to not accept any employer
contributions under section 63 of the SIS Act; and
3. Under the provisions of the trust deed governing the fund, benefits may be rolled over or transferred to other
regulated complying funds, or rolled over or transferred from other regulated funds.
MLC Navigator Access Super and Pension Service accepts contributions via Cheque, Direct Debit, BPAY® or Electronic
Funds Transfer.
Payments via cheque should be made payable to MLC Navigator Access Super and Pension.
For details on how to pay via electronic funds transfer, BPAY® or for a Direct Debit Request, contact Client Services
on 1300 428 482.
Yours faithfully,
Brian Marriott
Chief Operating Officer
NULIS Nominees (Australia) Limited
Tr u s t e e : N U L I S N o m i n e e s ( A u s t r a l i a) L i m i t e d A B N 8 0 0 0 8 515 6 3 3 A F S L 2 3 6 4 6 5
G P O B ox 2 5 67 M e l b o u r n e V i c t o r i a 3 0 0 1
M LC Superannuation Fund ABN 4 0 022 701 955
® Registered to BPAY Pty Ltd ABN 69 079 137 518
T h i s p a g e h a s b e e n l e f t b l a n k i n t e n t i o n a lly
MLC_PL043F_1010
36
MLC Navigator Client Services
C Al l 1300 428 482
Monday to Friday 8:00am to 6:00pm (Melbourne time)
PO S T GPO Box 2567
Melbourne Victoria 3001
WEB mlc.com.au
Navigator Australia Limited
ABN 45 006 302 987
AFSL 236466
MLC_PL043B_1010
Related docs
Other docs by yaofenjin
The_dead_easy_way_to_make_DivXmovies_from_DVDsThis_tut_test_research_1071197616
Views: 3 | Downloads: 0
