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AON MASTER TRUST PERSONAL SUPER Member Guide Product Disclosure Statement Please read this document before making a decision to invest. Trust Aon Master Trust ABN phone fax
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AON MASTER TRUST PERSONAL SUPER Member Guide Product Disclosure Statement Please read this document before making a decision to invest. Trust Aon Master Trust ABN phone fax aonmastertrust.com.au Trustee and Issuer Aon Superannuation Pty Limited ABN AFSL Issued 1 July 2009 THE AON MASTER TRUST SUPERANNUATION IS A LONG-TERM INVESTMENT. THE AON MASTER TRUST OFFERS YOU INVESTMENT AND INSURANCE OPTIONS TO SUIT YOUR NEEDS. The Aon Master Trust is a registered superannuation fund which invests for the benefit of members. At 1 July 2009, the Trust had over $1.4 billion in assets, over 55,000 members, and over 500 participating employers. The Aon Master Trust is managed by Aon Superannuation Pty Limited, an approved trustee regulated by the Australian Prudential Regulation Authority (APRA). Aon Superannuation Pty Limited ( the trustee ) is a wholly owned subsidiary of Aon Consulting Pty Limited, part of the Aon group of companies. Financial planning services are not offered by Aon Superannuation Pty Limited. AIG Life is the insurer of your death, total and permanent disablement (TPD) and income protection benefits. AIG Life has agreed to this Product Disclosure Statement (PDS) containing information about AIG Life in the Insurance section on pages 21 to 34 and has not withdrawn its consent. AIG Life has not issued this PDS and has not approved any statements in this PDS that do not refer to AIG Life. About this Product Disclosure Statement This PDS describes the main features of Aon Master Trust Personal Super. It will help you compare the Aon Master Trust with other superannuation funds. Additional information is available if required see Other important information on page 44. If a person needs more information about a financial services licensee, they will need to contact the financial services licensee. Aon Master Trust Personal Super is for individual and self-employed members, spouses and organisations with less than five employees. The Aon Master Trust also offers Corporate Super (for organisations with five employees or more), a pension option for those interested in purchasing an income stream and a transition to retirement pension for those planning for retirement. Contact us for more information. A membership in Aon Master Trust Personal Super cannot be issued to you unless you use the application forms attached to either a paper or electronic copy of this PDS. The offer made in this PDS is available only to persons receiving this PDS within Australia. If you are printing an electronic copy of this PDS you must print all pages including the application forms. If you make this PDS available to another person, you must give them the entire electronic file or printout, including the application forms. To become a member, read this PDS then mail us your completed Personal Super: Member application form and initial deposit or rollover instructions see forms at the back of this PDS. We recommend you consult a licensed adviser if required. Your membership will begin on the date the trustee sends you notification that your application has been accepted. To protect consumers, a cooling-off period applies to investments in this product. We also have a formal complaints resolution procedure should you have a complaint about this product. Refer to page 46 for more information. Product ratings Aon Master Trust Personal Super has been awarded a five star rating for 2009 by The Heron Partnership (for more information on the ratings system used and to view the Heron Financial Services Guide for Superannuation Ratings see heronpartners.com.au). References to The Heron Partnership in this PDS have been authorised by the trademark holder. The analysis and information upon which ratings are based is considered accurate at the time a particular product is rated. However, ratings agencies give no guarantee or warranty and make no representation as to the product or accuracy of the third party information provided to them. Ratings are produced without taking into account any individual s financial needs, circumstances and objectives any person should assess the appropriateness of the advice in regard to their own financial situation and consult a licensed adviser. aonmastertrust.com.au 2 CONTENTS Summary of features... 4 Your contributions... 6 The nuts and bolts of investing... 8 Investment options summary...10 Investment options pre-mixed Investment options sector Information on SRI option Insurance options Insurance costs...29 Tax and super...35 Fees and other costs...37 Accessing your super benefits...42 Extra benefits...43 Other important information...44 What to do next...47 Directory...71 Fees and conditions Fees and conditions in this PDS apply to members who join Aon Master Trust Personal Super on or after 1 July Fees and conditions will change over time and we will notify you of material changes. Existing members fees and conditions are as notified. The trustee reserves the right to correct any omissions in this PDS. If there is a discrepancy between this PDS and the trust deed, the trust deed will be the final authority. Member forms are also available on our website aonmastertrust.com.au. The information in this document is general in nature. Your personal objectives, needs or financial situation were not taken into account when preparing this information. You should consider the appropriateness of any general advice before acting on it, having regard to your own objectives, financial situation and needs. If the information relates to a financial product, you should obtain and consider the relevant Product Disclosure Statement before making any decision to purchase that financial product. This document has been prepared by Aon Consulting Pty Limited (ABN , AFSL ) a related body corporate of the trustee of the Aon Master Trust (ABN ), Aon Superannuation Pty Limited (ABN , AFSL ). This is a relationship that might reasonably be expected to be capable of influencing Aon Consulting Pty Limited when the company provides financial product advice to clients in respect of the Aon Master Trust. 3 SUMMARY OF FEATURES AON MASTER TRUST PERSONAL SUPER IS FOR INDIVIDUALS, THE SELF-EMPLOYED AND ORGANISATIONS WITH LESS THAN FIVE EMPLOYEES. Contributions The minimum balance required to open a Personal Super account is $1,500 per member. The Aon Master Trust can accept the following contributions on your behalf: employer contributions, including Superannuation Guarantee (SG) contributions personal contributions super benefits rolled over from other funds government co-contributions spouse contribution splits and payments made under family law arrangements eligible overseas pension transfers spouse contributions. Super benefits Benefits may be payable in a range of circumstances, including your: retirement total and permanent disablement total and partial disability death. In addition you can choose to transfer your benefits within the Aon Master Trust or roll over your benefits in some circumstances. Investment options You can choose an investment option or mix of options that suits you. If you do not make a choice the current default Personal Super investment is the Balanced Index option, under the pre-mixed section on page 11. There are over 30 options to choose from, arranged in two categories see pages 10 to 18. Insurance options You can choose the type and level of insurance that suits you. There is no default level of insurance. Options to suit you You can choose from three types of insurance cover and can combine cover (see pages 21 to 34): death total and permanent disablement income protection. Provision of all insurance cover is subject to acceptance of cover by the insurer, AIG Life. In the event of your death or total and permanent disablement, the benefit payable is your account balance, plus your insurance benefit (if any) less taxes and fees (if any), subject to approval by the trustee/insurer. Extra benefits Our extra benefits program my ebenefits delivers the other things in life, giving you access to a great range of products and services including: tax and legal helpline general insurance financial planning home loans travel shopping adventure and leisure health and well-being entertainment. It is available to you FREE. Access is by logging into your Aon Master Trust account, calling us on or by at Just another way to help make life easier for you and your family. For more information see page 43. Pre-mixed options Sector options. aonmastertrust.com.au 4 Fees summary Compare our value with other super funds Establishment fee none. Contribution fee up to 5% pa as negotiated between you and your adviser. Transfer fee up to 5% pa as negotiated between you and your adviser. Investment switching fee none. Member fee $66.50 pa (may be indexed). Asset administration fee up to 1.3% pa as negotiated between you and your adviser. Portfolio rebate for account balances over $250,000. Management fee between 0.43% and 1.32% pa depending on investment options chosen (default option fee is 0.46% pa), plus any performance fees which may be earned. Withdrawal fee $80 per payment (may be indexed). Adviser service fee up to 2% pa or up to $10,000 pa, as negotiated between you and your adviser, where applicable. See Fees and other costs on pages 37 to 41. Make the most of your membership Get your super together Rolling your super into one account may save you fees. Send us a completed Request to transfer whole balance of superannuation benefits between funds form at the back of this PDS. See page 7 for more information. Boost your balance To make personal contributions to your super, send us a completed Personal Super: Super contributions form, or for regular contributions complete a Direct debit request and agreement form. Both forms are at the back of this PDS. Your spouse can join too Your spouse can join the Aon Master Trust and you are able to make contributions on behalf of your spouse see next page for more information. They should obtain a separate copy of this PDS and complete the Personal Super: Member application form. Plan your investment strategy You can switch your current and/or future investments at no cost. You can do it online once you receive your username and register online or you can send us a completed Switching investment options current members form or a Change member details and options form. Choose the right insurance cover You can customise insurance cover and premiums according to your needs and the insurance calculator on our website aonmastertrust.com.au may help you make a choice. You can also transfer existing insurance cover (from a retail policy or super fund) to the Aon Master Trust. See pages 21 to 34 for more information on insurance options and forms that you need to complete. Nominate your beneficiaries To make a binding nomination, complete and send us the Binding death benefit nomination form at the back of this PDS. To make a non-binding nomination, complete the relevant section in the Change member details and options form available on our website, or you can go online to make nominations once you receive your username and register for online services. The Trust may make anti-detriment payments to eligible dependants. For additional information on death benefit nominations and anti-detriment payments see pages 28 and 45 and the factsheets Binding death benefit nomination and Tax on death benefits on our website. Plan ahead for retirement The Aon Master Trust offers you the option to purchase a pension and a transition to retirement pension see page 42. You can download a Pension PDS from our website or call us on to have a copy mailed to you. Financial planning services For details of a qualified adviser near you, call us on Website and customer service Forms for change of details, voluntary contributions, death benefit nominations, direct debits, spouse membership, insurance changes and super transfers and payments are available on our website aonmastertrust.com.au. You can also access educational material, including factsheets, annual reports, guides, calculators and other useful links and resources. Our contact centre is open Monday to Friday, 7am to 7pm Eastern Standard Time (excluding NSW public holidays). Call us on YOUR CONTRIBUTIONS THE AON MASTER TRUST CAN ACCEPT CONTRIBUTIONS FROM YOU, YOUR EMPLOYER (OR YOUR COMPANY IF YOU ARE SELF-EMPLOYED) AND YOUR SPOUSE, AS WELL AS TRANSFERS FROM OTHER SUPERANNUATION FUNDS. Making your super grow You can keep your benefits in super as long as you like and earnings will be taxed at concessional tax rates. You can also contribute to super until you turn 75 as long as you are gainfully employed on at least a part-time basis (you must work for at least 40 hours in 30 consecutive days in the financial year in which you contribute) after you reach age 65. Making your own super contributions is optional but even small contributions may make a big difference to your benefits over time. Concessional contributions Employer contributions Under Superannuation Guarantee (SG) laws, employers must make super contributions based on a percentage of salary or wages for most employees aged 18 to 70 who earn $450 or more (before tax) in a calendar month. This percentage is currently 9%. These contributions will count towards a member s concessional contribution cap. Under choice of fund legislation, you can choose which super fund your employer pays these contributions into. This is called your chosen fund. If you wish to choose the Aon Master Trust to receive your SG contributions, the It s your choice form on the Aon Master Trust web site will give you and your employer all the information you need. Salary sacrifice contributions It is possible to arrange before-tax contributions to your super (known as salary sacrifice ) if your employer agrees to making these contributions. You can also choose to have your bonus or pay rise paid into your super fund before tax is deducted, subject to employer approval. These contributions can be regular or one-off and may allow you to pay less income tax than if you made the same contribution from your after-tax pay. Contact us or ask your employer for more details. Contribution caps apply. Self-employed contributions If you are self-employed or substantially self-employed, you are able to claim a full deduction for personal contributions you make to super until age 75. Contribution caps apply. You should complete the Self-employed declaration in the Member application form to ensure that we note your self-employed status. Non-concessional contributions Personal contributions You may make after-tax personal contributions if you are under age 65. You may also make personal contributions between 65 and 75, as long as you are gainfully employed on at least a part-time basis (you must work for at least 40 hours in 30 consecutive days in the financial year in which you contribute). Contribution caps apply. Personal contributions can be made regularly by direct debit from your bank account using the Direct debit request and agreement form at the back of this PDS. One-off contributions can be made at any time using the Super contributions form at the back of this PDS. These forms are also available from our website or by contacting us. Eligible spouse contributions You can contribute to the Aon Master Trust on behalf of your spouse if your spouse is under age 65. A spouse between 65 and 70 must be gainfully employed at least on a part-time basis (40 hours in a period of no more than 30 consecutive days in the financial year in which the contribution is made) to be eligible for spouse contributions. This could mean that as a couple you will pay less lump sum tax. Your spouse must already be a member of, or must join, the Aon Master Trust. A spouse can be either a same sex or opposite sex partner. Your spouse may also contribute to the Aon Master Trust for you subject to the conditions outlined above. See Tax rebates for spouse contributions on page 36 or contact us for further details. aonmastertrust.com.au 6 Government co-contribution The Government may pay a superannuation co-contribution of up to $1,000 for you. The Government will match every $1.00 you add to your super as an after-tax personal contribution, as long as your income is below the minimum threshold for that financial year. Self-employed members may also qualify for the co-contribution. For more information, including the current thresholds, refer to the Government co-contributions factsheet on our website aonmastertrust.com.au, contact the Australian Taxation Office (ATO) on or visit ato.gov.au/super. Contribution caps Tax concessions will be available only up to the concessional and non-concessional contribution caps, unless you qualify under transitional rules. For more information on the contribution caps see the ATO website ato.gov.au/super, or the factsheet Contributions on our website aonmastertrust.com.au. Rolling over money from other funds If you have had different jobs, you may have money in a number of different super funds. Moving or rolling over these balances into one account may reduce fees and paperwork and will make it easier to keep track of your super. To roll over balances from other funds to the Aon Master Trust, complete the Request to transfer whole balance of superannuation benefits between funds form at the back of this PDS. If you wish to transfer your super to the Aon Master Trust from more than one fund, you can download additional copies of the form from our website aonmastertrust.com.au. You will need to provide a certified copy of a photo ID with each request. See Completing proof of identity on page 2 of the form for more information. UK pension transfers The Aon Master Trust is a qualifying recognised overseas pension scheme (QROPS) for UK pension transfers. UK pension benefits under the UK lifetime allowance receive concessional UK tax treatment when transferred to the Aon Master Trust. This contribution will be fully preserved until a condition of release is met. The UK fund must transfer the benefit in your name directly to the Aon Master Trust and all foreign exchange clearance charges will be deducted from the value of the benefit. These benefits are held in a QROPS Personal Super account and quarantined from other monies. For more information, see the Transferring your UK pension benefits to the Aon Master Trust guide on our website aonmastertrust.com.au. 7 THE NUTS AND BOLTS OF INVESTING BEFORE LOOKING AT YOUR INVESTMENT OPTIONS, HERE ARE SOME KEY INVESTMENT PRINCIPLES. In considering investment options, matching your time horizon with appropriate investments is critical. Please refer to the suggested minimum timeframe for each investment option. Typically, higher potential returns from investments are compensation for taking on greater risk and the time in an investment is an important dimension in assessing risk. Risk factors such as the risk of capital loss, erosion of returns from inflation, etc are influenced by the type of investment or asset class and the length of time that the investment is held. Each asset class has a different level of expected risk and return as outlined below. Shares represent part ownership of a company. Owning shares can provide both capital growth and income in the form of dividends. Shares that are listed or traded on a stock exchange fluctuate in price whenever there is a trade. The price can move considerably and frequently over the course of a day. Share investments offer a high level of risk and high potential return over the long term compared to cash, fixed interest or property. Property trusts and managed property funds invest in commercial, retail, industrial, hotel and residential real estate. Property investments offer returns based on property valuations and a rental income stream. Property trusts can either be listed (ie a security tradeable on a stock exchange) or unlisted. Property retur
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