2017 REPORT TRUSTEE - HOLDEN EMPLOYEES SUPERANNUATION FUND - SuperFacts.com
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TRUSTEE
REPORT
2017
H O L D E N E M P L OY E E S S U P E R A N N U AT I O N F U N D
TRUSTEE REPORT 2017
Contents FROM THE TRUSTEE
From the Trustee 1
Advice services for members 2 On behalf of the Trustee Board for the Holden Employees As to the Trustee Board itself, on 3 July 2017 Heinz Joham resigned
Superannuation Fund (“Fund”), I am pleased to present the Trustee from the Trustee Board. Heinz became a Trustee Director at the start
Member Guides 2 Report for the year ending 30 June 2017. of 2010. On behalf of the Board and members of the Fund, I would like
Your Fund website 3 to thank him for his contribution over the 7 years. At the same time, I
The Fund’s investments performed well over the year (refer the box on
Your 2017 Super Update 4 the right hand side of this page), and have significantly out-performed am pleased to welcome Gary Hale as his replacement.
How your Fund works 7 their return objectives over the 5 year period (refer pages 9 and 13 to
16).
How your super is invested 8
In another busy year for the Trustee, a major priority has been to
Investment: Defined Benefit Section 9 Kristen Hooke
assist members who ceased employment with GM Holden Ltd within
Investment: Accumulation Section the reporting year, and also preparing for those members who are Chair
and Retained Benefit Section 12 ceasing employment later in the 2017. At this very important time, we
Who manages your Fund? 18 have focused initiatives which help members to better understand their
superannuation and to ask the right questions of their financial adviser.
Financial summary 19
To this end, the Trustee has conducted Fund information sessions and Fund investment returns for the year ending 30 June 2017
Additional information 21 provided access to a free, half-hour, face-to-face appointment with a • Investment return of 4.9% p.a. for the Defined Benefit Section
What to do when you leave Fund adviser (the Fund adviser is a qualified financial adviser with • Returns for the investment options under the Accumulation
your employer 22 Mercer who has a detailed knowledge of the Fund). The feedback from and Retained Benefit Sections:
members has been overwhelmingly positive.
Who to contact 23 > 14.0% p.a. for the High Growth Option
While there has been a significant number of members who have left > 11.5% p.a. for the Balanced Option
Issued by Holden Employees Superannuation (or will be leaving) the Fund, I wish to reassure remaining members
Fund Pty Ltd, ABN 26 065 656 948, as Trustee > 8.5% p.a. for the Cautious Option
of the Holden Employees Superannuation Fund, that GM Holden is continuing to fully support the Fund, and the Trustee
ABN 77 289 319 006. is continuing to manage the Fund in the best interests of all members. > 5.8% p.a. for the Conservative Option
October 2017 > 1.5% p.a. for the Cash Option
Other key tasks for the Trustee were as follows:
Please be aware that past performance is not an indicator
• Transferring members in the Fund’s Retained Benefit Section who
of future performance.
had not chosen an investment option to a MySuper product (as
required by Government legislation) - this resulted in 924 members
with account balances totaling $61 million being transferred out of
the Fund; Fund statistics as at 30 June 2017
• Considering the impact of the Government changes to • Net assets of $586.3 million
superannuation commencing 1 July 2017 (refer to pages 4 and 5) • 2,821 members (including 1,218 members in the Retained Benefit
and advising members; Section and 34 pensioners)
• Participating in a prudential review by the Government Regulator • Benefits totalling $22.1 million paid to retiring and totally and
(APRA); and permanently disabled members
• Implementing the new accounting standard AASB 1056 for the • $1.1 million paid to families of members who died
Fund’s financial statements. • $140.3 million paid to other members who left the Fund, this
includes $61 million transferred to the AustralianSuper MySuper
Product for 964 Retained Benefit Section members.
1
TRUSTEE REPORT 2017
ADVICE SERVICES FOR MEMBERS MEMBER GUIDES
Managing personal finances is a complicated task that’s only getting harder and when you are Comprehensive Member Guides are available on the Fund website. These guides provide details of:
in a Defined Benefit fund it can become even more complicated. You are bombarded with tax • your contributions and benefits
and investment information and many of us struggle to navigate our way through it.
• your accounts (as applicable)
If you require any personal advice about superannuation, it is recommended that you consult
• the Government’s preservation and tax requirements applying to superannuation
a licenced financial adviser.
• the services available to you as a Fund member, and
The Trustee provides Fund members with access to quality advice in the following ways:
• what happens when you leave your employer.
• Fund Information and General Advice
• Face to face Super Advice
• Face to face Strategic Financial Advice
MEMBER GUIDE PLANT PAYROLL
Simply call the Fund Helpline on Freecall 1800 700 995
Member Guide
Plant Payroll
Important Notes:
MEMBER GUIDE SALARIED PAYROLL
1. Helpline staff are not representatives of the Trustee. Any general financial product advice
provided by the Helpline staff is provided by Mercer Financial Advice (Australia) Pty Ltd, HOLDEN EMPLOYEES SUPERANNUATION FUND
AFSL 411766. Member Guide
2. No employees of GM Holden Ltd are authorised to provide general financial product advice Salaried Payroll
to Fund members.
3. None of the Trustee, its Directors, the Fund Secretary or the Fund Administrator are able
to give any personal financial product advice relating to your own circumstances.
HOLDEN EMPLOYEES SUPERANNUATION FUND
2
TRUSTEE REPORT 2017
YOUR FUND WEBSITE AT WWW.HOLDENSUPER.COM.AU
The Fund website is a great resource offering a wealth of information on the Fund. Once in the secure member area you can:
The website is divided into two parts – a public area and a secure member area.
• find out how much super you currently have
The homepage provides access to: • review and make changes to your Member Investment Choice options
• information about the Fund’s Investments • view daily unit prices for the Member Investment Choice options
• an article library • update your telephone numbers and email address (and if you are a Retained Benefit Section
• a range of planning tools member you can update your home address)
• Fund documents • view or download your latest Benefit Statement, as well as those going back to 2007
• Member Guides and • view your current beneficiaries for the payment of your death benefits in the Fund, and update
• a range of Fund forms. them if required (not applicable if you are a Retained Benefit Section member)
• view your contribution details, and see how you’re tracking against the Government contribution
Via the homepage, you can also sign-in and access up-to-date information on your caps that apply
personal contributions and benefits.
• view your correspondence with the Fund, for example a completed Fund form, a financial advisor
authority, a roll in to the Fund, PIN reset requests, inquiries you have made to the Fund Helpline.
How to sign in
To access your personal account, you’ll need your Member Number (find this on
your last Benefit Statement) and your PIN (a PIN was issued to each member in early
April 2008).
If you have forgotten your PIN, please call the Fund Helpline on 1800 700 995
for assistance.
If you’ve provided an email address to the Fund previously, you can reset your PIN by
following the prompts to ‘Reset your PIN’ from the Sign-in section on the homepage.
Mobile Fund website
There is a mobile version of the Fund website – making it easier for you to view
your important account information on the go.
To access the mobile website you need an iPhone, Android, Windows, Blackberry
or non-tablet device and simply enter www.holdensuper.com.au into your browser. You then need
your Member Number and PIN to access your personal information.
Also, if you have any questions, you can call the Fund Helpline at the touch of a button.
3
TRUSTEE REPORT 2017
YOUR 2017 Super in Review Non-concessional contributions limit
for 2017-18
e.g. if the bring-forward’ rule was triggered by
an eligible member making non-concessional
Changes in age pension assets test
SUPER UPDATE From 1 January 2017, the age pension assets
The annual non-concessional (post tax)
contribution limit for 2017-18 is:
contributions of more than the annual limit of
$100,000 in 2017-18, excess non-concessional
test was varied so that: contributions will then generally only arise
• $100,000 if the combined balance of all your
• The level of assets which can be held before if that member’s total non-concessional
superannuation accounts as at 30 June 2017
they start to impact the age pension was contributions over 2017-18, 2018-19 and 2019-20
is less than $1.6 million and you did not
increased, which results in an increase in the exceed $300,000. However, from 1 July 2017:
trigger the ‘bring forward’ rule (see below) in
age pension for some retirees. • If the combined balance of all your
2015/16 or 2016/17, or
• The rate at which the age pension is superannuation accounts is $1.6 million
• A special calculation if the combined balance
reduced for each $1,000 of additional assets or more at the prior 30 June your non-
of all your superannuation accounts as at
was increased from $1.50 to $3.00 per concessional contribution limit for the year
30 June 2017 is less than $1.6 million and
fortnight. This reduces the age pension for is nil, even if you have not fully utilised all
you did trigger the ‘bring forward’ rule (see
some retirees. of your three year bring forward cap.
below) in 2015/16 or 2016/17, or
Concessional contributions limit for 2017-18 • If the combined balance of all your
• Nil if the combined balance of all your
The standard concessional (before tax) superannuation accounts is $1.4 million
superannuation accounts as at 30 June 2017
contribution limit for 2017-18 is $25,000 for all or more (but less than $1.6 million) at the
is $1.6 million or more.
ages. This is a reduction from 2016-17 when the prior 30 June, special bring forward
limits were $35,000 for those aged 50 or over Under the ‘bring forward’ rule, a member under restrictions apply
at 30 June 2017 and $30,000 for those younger age 65 at the start of a financial year (1 July)
• Special transitional rules apply to
than 50. Concessional contributions include can (unless they have already done so in the
determining your limit in 2017-18 if you
employer and salary sacrifice contributions. prior two years) generally bring forward two
triggered the bring-forward provisions in
years of non-concessional contributions and
From 1 July 2019 you may be entitled to the 2015/16 or 2016/17 financial year and
make non-concessional contributions of up
contribute more than the standard concessional did not fully utilise your bring forward limit
to three times the annual limit in that year.
contribution limit if: by 30 June 2017.
The ‘bring-forward’ rule will be triggered if
• You have not fully used your annual cap on an eligible member makes non-concessional Lost super accounts
concessional contributions in the previous contributions of more than the annual limit The account balance threshold for lost super
five years (but not counting years before 1 (e.g. $100,000 in 2017-18), with excess non- to be transferred to the ATO increased from
July 2018), and concessional contributions then only generally $4,000 to $6,000 from 31 December 2016.
• The combined balance of all your arising if that member’s total non-concessional These accounts will attract an interest rate
superannuation accounts is less than contributions in the trigger year (e.g. 2017-18) equal to increases in the Consumer Price
$500,000 on 30 June of the previous and the next two years exceed three times Index (CPI) after being transferred to the ATO.
financial year. the annual limit applicable in the trigger year
4
TRUSTEE REPORT 2017
Other 2016 Federal Budget reforms Removal of anti-detriment provision: Proposed changes yet to be
now legislated From 1 July 2017, the Government has removed legislated
the ‘anti-detriment’ tax deduction that was
High income concessional contributions available for some superannuation death benefits. Super measures to assist housing
threshold: From 1 July 2017, the income This provision allowed eligible death benefits affordability: In the 2017 Federal Budget, the
threshold at which high income earners pay to be augmented to offset the contributions tax Government announced a package of changes
additional contributions tax was reduced from introduced in 1988. to assist housing affordability, which included
$300,000 to $250,000.
Transition-to-retirement pensions: From 1 July the following superannuation measures:
Spouse contributions tax offset: From 1 July 2017, the tax exemption on earnings from • A First Home Super Saver Scheme (FHSSS)
2017, the income threshold for a low income assets supporting Transition to Retirement which is proposed to allow first-home
spouse to qualify for the maximum spouse Income Streams only applies where the buyers to save for a deposit inside their
contributions tax offset was increased from pensioner has reached age 65 or has notified superannuation account. Savers will be
$10,800 to $37,000 and the cut off income the Fund that they have satisfied another able to contribute $30,000 (up to $15,000
level for a partial offset increased from $13,800 relevant condition of release. The ability for a year within existing caps), and be able
to $40,000. However the offset is not available individuals to treat superannuation income to withdraw the contributions along with
if the low income spouse’s total superannuation stream payments as lump sums for tax deemed earnings in order to help fund a
balance is $1.6 million (indexed) or more. purposes was also removed. deposit on their first home. Concessional
$1.6 million superannuation pension transfer tax treatment is proposed to apply. The
Tax deduction for personal superannuation
balance cap: From 1 July 2017, a $1.6 million Government proposes to allow releases from
contributions: From 1 July 2017, most
(indexed) cap applies to the amount that 1 July 2018, with voluntary contributions
individuals will be eligible to claim an income
individuals can transfer into a superannuation made from 1 July 2017 to be eligible.
tax deduction for any after-tax personal
pension account that has tax-exempt investment Conditions to access super under the FHSSS
contributions they make to superannuation
earnings. Those with pension accounts above include that a member must be aged 18 or
(subject to the concessional limit).
$1.6 million at 1 July 2017 would need to more, not have used the FHSSS before, and
This option was previously largely restricted to
transfer the excess to a taxed superannuation never owned real property in Australia. The
the fully self-employed.
account or withdraw it from super. Special rules FHSSS will be administered by the ATO.
Note: The Fund elected not to permit
apply to defined benefit pensions. members to claim a tax deduction for personal • Allowing Australians aged over 65 to
Low income superannuation tax offset: contributions made to the Fund. make an exempt contribution to their
From 1 July 2017, the Government has superannuation after downsizing their family
Concessions for deferred pension products:
introduced a Low Income Superannuation home. The aim of this measure is to help
From 1 July 2017, the Government has extended
Tax Offset of up to $500 to offset tax on free up the stock of larger houses for young
the tax-exemption on investment earnings to
concessional contributions for members with families, by allowing older Australians to sell
deferred pension products that meet rules such
adjusted taxable incomes up to $37,000. their houses and contribute up to $300,000
as restrictions on access to capital. However
This is to replace the existing Low Income of the proceeds into superannuation.
treatment of these products under the age
Superannuation Contribution which applies for pension means tests is yet to be determined.
contributions made up to 30 June 2017.
Departing Australia superannuation
Co-contribution: From 1 July 2017, individuals payment tax: From 1 July 2017, the rate of
will not be eligible for the government tax on ‘departing Australia superannuation
co-contribution in an income year if their non- payments’ increased to 65 per cent for working
concessional contributions exceed their limit for holiday makers.
the year or if their total superannuation balance
is $1.6 million (indexed) or more.
5
TRUSTEE REPORT 2017
Existing voluntary contribution rules and Extension of capital gains rollover relief
restrictions would not apply to Downsizer for fund mergers:
contributions. This measure is proposed to The Government has announced it will extend
apply to proceeds from contracts for the sale the tax relief for merging superannuation funds
of a main residence entered into on or after 1 until 1 July 2020. Under current legislation this
July 2018. The home sold must have been held relief is only available up to 1 July 2017.
for a minimum of ten years but only needs to Superannuation objective:
have been the main residence for some portion The Government proposes to enshrine in
of this. Downsizer contributions must be non- legislation a superannuation objective ‘to
concessional contributions and can be up to provide income in retirement to substitute or
$300,000 for an individual or $600,000 (i.e. supplement the Age Pension’. The objective
$300,000 each) for a couple (both parties do is to serve as a guide to policy-makers,
not need to be on the home’s title). regulators, industry and the community about
Amending the Superannuation Guarantee superannuation’s fundamental purpose.
to exclude salary sacrifice contributions: Governance: The Government proposes to
The Government has announced it will amend require at least one-third independent directors
the Superannuation Guarantee (SG) legislation, (including an independent chair) on trustee
effective from 1 July 2018, to: boards for both public offer and non-public
• prevent contributions made under salary offer super funds.
sacrifice arrangements from satisfying an Choice of Fund: The Government proposes to
employer’s SG obligations; and remove the current exemption from Choice
• to specifically include salary or wages of Fund requirements for employees covered
sacrificed to superannuation in the by enterprise agreements and workplace
earnings base for calculating an determinations.
employer’s SG obligations Fund website information: The Government
Superannuation complaints body: proposes to require superannuation fund
The Government has announced it will websites to show: (i) a ‘product dashboard’
establish of a new ‘one-stop shop’ external with key information for their 10 largest non-
dispute resolution (EDR) body — the Australian MySuper investment options, from the second
Financial Complaints Authority (AFCA) — that half of 2019 (product dashboards are already
will deal with all financial disputes, including required for MySuper investment options); and
superannuation disputes from 1 July 2018. (ii) details of their investment holdings, from
AFCA is to replace the existing three EDR the first half of 2020.
bodies in the financial system (the Financial
Ombudsman Service (FOS), the Credit and
Investments Ombudsman (CIO) and the
Superannuation Complaints Tribunal (SCT))
and will operate under an ombudsman model.
6
TRUSTEE REPORT 2017
HOW YOUR Defined Benefit Section
You make Basic Contributions to this Section on either an after-tax
Accumulation Section
Under this Section you may have up to three separate accounts which
FUND WORKS or salary sacrifice basis. are established in your name. These accounts hold:
The Fund has three sections: Your employer pays the balance of the cost of providing the benefits. • the Supplementary Contributions paid by your employer,
The Fund Actuary monitors the Fund’s financial position and recommends • any Voluntary Additional Contributions you have chosen to make
• Defined Benefit Section the contribution rate that the employer must make. Government to the Fund, and
• Accumulation Section, and regulations require that an Actuarial Review of the Fund takes place
• any amounts you have chosen to rollover into the Fund.
• Retained Benefit Section. every three years. The purpose of this review is to provide information
to the Trustee on the funding and financial status of the Fund. The last Each account is made up of the accumulation of these contributions
completed Actuarial Review covered the three year period ending 30 June (after deducting any tax payable on employer contributions) with
2014 and showed the Fund was in a satisfactory financial position. investment earnings (which may be positive or negative).
Pages 9-11 of this report provide investment and performance details. You have a choice of investment options in which to invest your account
balances and you can change your investment options. Details can be
Due to the large number of members expected to leave the Fund as a found in the Member Investment Choice Guide available on the Fund
result of the plant closure in Elizabeth, South Australia, the Trustee applied website. Pages 13-17 of this report provide investment and performance
to, and was granted by, APRA permission to postpone the next Actuarial details as at 30 June 2017.
Review to 31 December 2017.
Full information on this Section is covered in the Member Guides
Your retirement, death and total and permanent disablement benefits are for Salaried Payroll and Plant Payroll available on the Fund website.
provided in the form of defined benefits. You can take your retirement
benefit as a lump sum or a pension. Retained Benefit Section
Full information on all your benefits in this Section is covered in the Any member who leaves GM Holden Ltd, and has a superannuation
Member Guides for Salaried Payroll and Plant Payroll available on the account balance of more than $1,000 can leave all or part of their
Fund website. benefit in the Fund. Members of this Section:
• have access to the Fund’s investment options,
• can roll-in amounts from other funds,
• can make lump sum personal contributions, and
• can make withdrawals of non-preserved amounts.
There are no entry fees to the Retained Benefit Section.
An administration fee is deducted from your account. The fee is:
• $1.48 per week for year ended 30 June 2017, and
• $1.51 per week from 1 July 2017.
This fee is indexed each 1 July to the increase in Average Weekly
Ordinary Time Earnings index.
Full information on this Section is covered in the Member Guide
available on the Fund website.
7
TRUSTEE REPORT 2017
HOW YOUR SUPER Your Fund has guidelines for investing
The Trustee has an Investment Government Framework that sets
Investment risk objective
Low to
Medium
Medium
Medium
to High
The Trustee has established a risk objective for the Defined Benefit
IS INVESTED
Low High
investment strategy and objectives covering how and where the Fund’s Very Section and for each
Very Member Investment Choice option.
Low High
assets will be invested as well as other investment related matters.
These are two measures for the risk objects:
Short-term risk
The Trustee regularly monitors the Fund’s performance against its Medium
Low to Medium
objectives and strategy, and changes are made where necessary. Medium to High
Short-term risk is the risk that a member’s
The Trustee does not directly use derivative instruments. Derivatives
Low High
superannuation savings will be reduced by the
are not an asset class; they are financial contracts in which parties
Very
Low annual volatility of investment markets.
Very
High
Medium
agree to arrangements for buying or selling an asset at a set price at Low to Medium
Short-term risk to High
Medium For this risk, the standard risk measure developed
some specified time in the future. Examples are share options or futures. Low Highby the Association of Superannuation Funds of
The underlying investment managers may use derivatives in managing Very VeryAustralia Limited and the Financial Services Council
Low High
their part of the pooled investment vehicles in which the Trustee is used. This measure has seven labels from
invests. The use of derivatives is monitored by the Investment Manager. Medium-term risk
“Very Low” to “Very High” based on the expected
Medium
Decisions to invest in or realise investments are based on key
Low to
Medium
Medium
to High number of negative annual returns over a 20 year
financial and managerial criteria. The Trustee does not separately Low High period (refer to the table below).
consider social, environmental or ethical factors or labour standards Very
Low to
Medium
Medium
Very
High
Low
to make these decisions. Medium to High
Long-term risk is the risk that a member’s
Low Medium-term risk High
This and the following pages outline the investment objectives, superannuation savings will not significantly
Very Very
Highoutperform inflation over a member’s superannuation
strategies and performance for each section of the Fund, apart from Low
the Fund’s Pension section. Long-term risk accumulation lifetime.
Low to
Medium
Medium This risk has the same labels as applying to the
Fund pensions Medium to High
short-term risk but is based on analysis specific
Low High
As at 30 June 2017, the Fund had 34 pensioners. The assets supporting to the definition of long-term risk.
Very Very
the Fund pensions are in a tax-exempt investment. During the year, the Low High
assets were invested in the Russell Diversified 50 (Tax Exempt Unit). Long-term risk
Table: Standard Risk Measure
Estimated number of negative
Risk Label
annual returns over any 20 year period
Very Low Less than 0.5
Low 0.5 to less than 1
Low to Medium 1 to less than 2
Medium 2 to less than 3
Medium to High 3 to less than 4
High 4 to less than 6
Very High 6 or Greater
8
TRUSTEE REPORT 2017
INVESTMENT: Investment return objective Low to
Medium
Medium
Low to
Medium
Medium
Medium
to High
Medium
to High
Low to
Medium
Medium
Low to
Medium
Medium
Medium
to High
Medium
to High
Since August 2014, the long term investment objective is to earn a return (after fees and tax) exceeding the rate of inflation
DEFINED BENEFIT (as measured by the Consumer Price Index (CPI) by at least 2.0% p.a. over rolling
Low 5 year
Low periods. High High Low Low High High
SECTION 20 Investment return for the year ended 30 June
Very
Low
Very
Low
Very
High
Very
High
Very
Low
Very
Low
Very
High
Very
High
for the last 5 years
Investment risk objective Short-term risk
Short-term risk
15.5% For an explanation of the two risk measures please refer to page 8
15 of this report.
10.9% Short-term risk Long-term risk
10 Medium Medium Medium Medium
Low to Low to Medium Medium Low to Low to Medium Medium
Medium Medium to High to High Medium Medium to High to High
5.5% 4.9% Low Low High High Low Low High High
5 3.9%
Very Very Very Very Very Very Very Very
Low Low High High Low Low High High
0 2013 2014 2015 2016 2017
The Annual Compound Return for the 5 year period to 30 June 2017
was 8.1% p.a. For the same period the CPI was 2.0% p.a.
Medium Medium
Low to Low to Medium Medium
Medium Medium to High to High
Low Low High High
Very Very Very Very
Low Low High High
9TRUSTEE REPORT 2017
Investment Strategy
The actual asset allocation at 30 June 2017 is shown in the table below. Also shown is the Strategic Asset Allocation at 30 June 2017.
The Strategic Asset Allocation is determined by the Trustee, in conjunction with the Fund’s Investment Adviser, as the appropriate asset
allocation mix to achieve the investment objective of the Defined Benefit Section (excluding the assets supporting pensioners).
Actual asset allocation % Strategic asset allocation %
Asset class at 30 June 2017 at 30 June 2017
Growth assets
Australian Shares 13.3 13.0
International Shares – Unhedged 4.9 5.0
International Shares – $A Hedged 4.8 5.0
International Property – $A Hedged 1.1 1.0
Global Listed Infrastructure – $A Hedged* 1.1 1.0
Total 25.2 25.0
Defensive assets
Australian Bonds 36.0 36.0
Australian Enhanced Cash 38.8 39.0
Total 74.8 75.0
*Global Listed Infrastructure – This investment aims to provide exposure to a diversified portfolio of predominantly global listed infrastructure
securities on stock exchanges in developing and emerging markets (such as countries included in the S&P Global Infrastructure Index).
10TRUSTEE REPORT 2017
Investment Returns and Crediting Rates
Whilst retirement, death and total and permanent disablement benefits are provided in the form
of defined benefits, your resignation benefit is different as it is an accumulation style benefit and
depends on the rate of interest credited to your Basic Contributions.
The Fund’s Crediting Rate Policy was changed with effect from 1 July 2010. Up to March 2012 when
the Notional Crediting Rate reserve reached nil, the Crediting Rate was calculated using a
smoothing approach but with a minimum rate of zero. For more information please refer to the
newsletter on crediting rates issued in April 2012.
From 1 April 2012 investment earnings are allocated to a member’s Basic Account using a Crediting
Rate equal to the actual investment return (after investment fees and tax) which may be positive
or negative.
From 1 July 2013, new superannuation legislation required the Trustee to establish an Operational
Risk Reserve. To build up this Reserve, a levy of 0.1% p.a. has been deducted when determining
the Crediting Interest Rate. This deduction ceased effective 31 October 2015. Refer to page 20
for further details.
The table below shows the history of the investment returns and the Crediting Interest Rate over
the 5 years to 30 June 2017.
Year as at 30 June Investment Return % p.a. Crediting Interest Rate % p.a.
2013 15.5 15.6
2014 10.9 10.8
2015 5.5 5.4
2016 3.9 3.9
2017 4.9 4.9
Annual Compound Rate
8.1 8.0
for the 5 year period
Past performance should not be taken as an indication of future performance. Investment returns
can go up or down.
11
11TRUSTEE REPORT 2017
INVESTMENT: Investment options
There are five investment options available for investing your accounts:
Changing your investment choice
You can change your investment choice at any time. You can choose
ACCUMULATION High Growth, Balanced, Cautious, Conservative and Cash. to invest your accounts in one or more investment options. You may
also invest your current account balances one way and your future
SECTION AND Your accounts invested in units contributions a different way.
Your accounts buy you units in your chosen investment options.
RETAINED The price of units varies from day to day, depending on the value of
To change your investment choice, you can either do this online or
complete and return a Changing your investment choice form (which
BENEFIT SECTION the underlying assets. As contributions go into your accounts, you get
more units in your chosen investment options. The total value of your
is available on the Fund website or by calling the Fund Helpline). Your
change will be processed on the first business day after your form is
accounts at any time is simply your total number of units in your chosen received. Before making a decision to change your investment options
investment options multiplied by the relevant unit sell price. you should read the Member Investment Choice Guide, also available
The impact of transaction and operational costs on the unit prices on the Fund website.
(i.e. expenses, commissions, brokerage and other fees which are incurred There are two costs which apply to changing investment options.
in buying or selling part or all of the underlying investments of each There is the buy/sell spread and a processing fee of $30.00 which
investment option) is passed on to members through what is commonly is debited to your account.
referred to as the buy/sell spread. The buy/sell spread is the difference
between the (higher) price at which members can purchase units Monitoring your investment
(the buy price) and the (lower) price at which members can sell units You can view the performance of each investment option on the Fund
(the sell price). No part of the buy/sell spread is paid to the Trustee. website, which shows up-to-date unit prices for all investment options.
For an example on how buy/sell spreads work in practice, please read The net earnings on your chosen investment options (which may be
the example on page 15 of the Member Investment Choice Guide, positive or negative) will be reflected via changes in the unit prices.
available on the Fund website.
Remember it is very important for most members that you take a long-
The buy/sell spread is different for each investment option and can term view of your investment rather than focusing on short-term results.
change over time. The buy/sell spreads at 1 July 2017 were:
Investment returns and risk objectives
• High Growth option: 0.51% of the amount invested.
The charts and tables on the following pages show each investment
• Balanced option: 0.43% of the amount invested. option’s objectives and strategy applicable at 30 June 2017, and returns
• Cautious option: 0.43% of the amount invested. over the past five years.
• Conservative option: 0.37% of the amount invested. The investment returns quoted reflect the change in unit prices over
• Cash option: Nil. the year expressed as a percentage. The unit prices for each option
reflect the value of the underlying investments after making provision
The latest buy/sell spreads for all options are available on the for investment tax and investment management fees.
Fund website.
Past performance should not be taken as an indication of future
performance. Remember, investment returns may be positive or negative.
Investment objectives on these pages are not a financial forecast.
12TRUSTEE REPORT 2017
HIGH GROWTH Investment return objective
This option aims to earn a return (after investment fees and tax) of at least 4.0% p.a. above the Consumer Price Index (CPI) over rolling 5 year periods.
OPTION For the 5 year period to 30 June 2017, this objective was met: the investment return was 12.0% p.a. and the CPI for the same period was 2.0% p.a.
Approximately 90% growth assets and
10% defensive assets. Investment return for the year ended 30 June Where the assets were invested at 30 June 2017
Suitable for investors who:
for the last 5 years
25
• are seeking to build wealth over 21.6% Growth Assets
Australian Shares 37.1%
the long term 20 International Shares 35.9%
• plan to invest for 6 years or more Infrastructure 3.9%
15.3%
14.0% Property 7.7%
• are willing to accept the possibility 15 Other Alternatives 3.3%
of negative returns over the 11.3% Commodities 0.6%
Medium
short to medium term. Medium
Low to Medium 10 Low to Medium Defensive Assets
Medium to High Medium to High Fixed Interest 5.4%
Cash 6.1%
5
Low High Low High
-0.9%
0
y Very Very Very
w High -5 Low High
2013 2014 2015 2016 2017
Short-term risk
The Annual Compound Return for the 5 year period to 30 June 2017
was 12.0% p.a.
Investment risk objective
For an explanation of the two risk measures please refer to page 8 of this report.
Short-term risk Long-term risk
Medium Medium
Medium Medium
Low to Medium Low to to
Low Medium
Medium Low to Medium Low to
Medium to High Medium
Medium to to
High
High Medium to High Mediu
Low High Low
Low High
High Low High Low
y Very Very
Very Very
Very Very Very Very
w High Low
Low High
High Low High Low
Short-term risk 13TRUSTEE REPORT 2017
BALANCED Investment return objective
This option aims to earn a return (after investment fees and tax) of at least 3.5% p.a. above the Consumer Price Index (CPI) over rolling 5 year periods.
OPTION For the five year period to 30 June 2017, this objective was met: the investment return was 10.3% p.a. and the CPI for the same period was 2.0% p.a.
Approximately 70% growth assets and
30% defensive assets. Investment return for the year ended 30 June Where the assets were invested at 30 June 2017
Suitable for investors who:
for the last 5 years
20 Growth Assets
• are seeking to build wealth over the 17.5%
Australian Shares 29.5%
medium to long term
International Shares 27.9%
15
• plan to invest for 5 years or more 13.4% Infrastructure 2.5%
11.5% Property 6.1%
• are willing to accept the possibility of Other Alternatives 3.3%
10.1%
negative returns over the shorter
10term. Defensive Assets
Medium Medium Fixed Interest 18.2
Low to Medium Low to Medium
Medium to High Medium to High Cash 12.5%
5
Low High Low High
0 0.1%
y Very Very 2013 2014 2015 2016 Very
2017
w High Low High
-5
The Annual Compound Return for the 5 year period to 30 June 2017
Short-term risk was 10.3% p.a.
Investment risk objective
For an explanation of the two risk measures please refer to page 8 of this report.
Short-term risk Long-term risk
Medium Medium
Medium Medium
Low to Medium Low to to
Low Medium
Medium Low to Medium Low to
Medium to High Medium
Medium to to
High
High Medium to High Mediu
Low High Low
Low High
High Low High Low
y Very Very
Very Very
Very Very Very Very
w High Low
Low High
High Low High Low
Short-term risk 14TRUSTEE REPORT 2017
CAUTIOUS Investment return objective
This option aims to earn a return (after investment fees and tax) of at least 3.0% p.a. above the Consumer Price Index (CPI) over rolling 5 year periods.
OPTION For the five year period to 30 June 2017, this objective was met: the investment return was 8.4% p.a. and the CPI for the same period was 2.0% p.a.
Approximately 50% growth assets and Investment return for the year ended 30 June Where the assets were invested at 30 June 2017
25
50% defensive assets.
Suitable for investors who: 13.3%
Growth Assets
20capital growth over
• are seeking some
Australian Shares 20.0%
the medium term
International Shares 16.7%
• plan to invest for 4 years or more Infrastructure 2.8%
15 the possibility
• are willing to accept
Property 5.1%
Other Alternatives 2.4%
of negative returns over the 10.9% Commodities 0.4%
Medium
shorter term. Medium Medium
Medium
Low to 10Medium Low to 8.3% Medium
8.5% LowLow
to to Medium Defensive Assets
Medium
Fixed Interest 29.3%
Low t
Medium to High Medium to High Medium
Medium to High
to High Mediu
Cash 23.3%
Low 5 High Low High LowLow High
High Low
1.4%
y 0 Very Very Very Very
Very Very
Very Very
High Low2013 2014 2015 2016 2017 High LowLow High
High Low
The Annual Compound Return for the 5 year period to 30 June 2017 was 8.4% p.a.
Short-term risk
Investment risk objective
For an explanation of the two risk measures please refer to page 8 of this report.
Short-term risk Long-term risk
Medium Medium Medium
Medium
Low to Medium Low to Medium LowLow
to to Medium
Medium Low t
Medium to High Medium to High Medium
Medium to High
to High Mediu
Low High Low High LowLow High
High Low
y Very Very Very Very
Very Very
Very Very
High Low High LowLow High
High Low
15TRUSTEE REPORT 2017
CONSERVATIVE Investment return objective
This option aims to earn a return (after investment fees and tax) of at least 2.0% p.a. above the Consumer Price Index (CPI) over rolling 5 year periods.
OPTION For the five year period to 30 June 2017, this objective was met: the investment return was 6.4% p.a. and the CPI for the same period was 2.0% p.a.
Approximately 30% growth assets
and 70% defensive assets. Investment return for the year ended 30 June Where the assets were invested at 30 June 2017
for the last 5 years
Suitable for investors who: 10
9.0% Growth Assets
• are happy with slower growth
8.1% Australian Shares 11.3%
• plan to invest for 3 years or more
8 International Shares 9.1%
Infrastructure 3.0%
• can accept only very little volatility
Property 4.2%
in returns. 6.2%
Other Alternatives 1.5%
5.8%
6 Defensive Assets
Medium
Medium Medium
Medium Fixed Interest 38.0%
Low
Lowtoto Medium
Medium Low
Lowtoto Medium
Medium Low
Lowtoto
Medium
Medium totoHigh
High Medium
Medium totoHighCash 33.0%
High Medium
Mediu
4
2.7%
Low
Low High
High Low
Low High
High Low
Low
2
Very
Very Very
Very Very
Very Very
Very Very
Very
0 Low
Low High
High Low
Low High
High Low
Low
2013 2014 2015 2016 2017
The Annual Compound Return for the 5 year period to 30 June 2017 Short-term
Short-termrisk
risk
was 6.4% p.a.
Investment risk objective
For an explanation of the two risk measures please refer to page 8 of this report.
Short-term risk Long-term risk
Medium
Medium Medium
Medium
Low
Lowtoto Medium
Medium Low
Lowtoto Medium
Medium Low
Lowtoto
Medium
Medium totoHigh
High Medium
Medium totoHigh
High Medium
Mediu
Low
Low High
High Low
Low High
High Low
Low
Very
Very Very
Very Very
Very Very
Very Very
Very
Low
Low High
High Low
Low High
High Low
Low
16TRUSTEE REPORT 2017
Medium
Low to Medium Low t
Medium to High Mediu
Low High Low
CASH OPTION Investment return objective
Very
This option aims to earn a return (after investment fees and tax) above the Bloomberg
Very Very
Low Ausbond Bank Bill Index (formerly known asHigh
UBS Bank Bill Index) Low
100% defensive assets. over a one year period. This objective was not met: the investment return for the year ended 30 June 2017 was 1.5% and the Bloomberg Ausbond
Bank Bill Index was 1.8%.
Suitable for investors who:
• are happy with slow growth Investment return for the year ended 30 June Where the assets were invested at 30 June 2017
• plan to invest for the short term for the last 5 years At 30 June 2017, the Cash Option was invested in the Russell PST
• want to minimise the chance of any Australian Cash Unit. This is invested in Australian Cash.
volatility in returns. 3.5 3.4%
3.0
2.6%
2.5 2.3%
2.0 1.9%
1.5% Medium
1.5 Low to Medium Low t
Medium to High Mediu
1.0
Low High Low
0.5
Very Very Very
0.0 2013 2014 2015 2016 2017 Low High Low
The Annual Compound Return for the 5 year period to 30 June 2017
was 2.3% p.a.
Investment risk objective
For an explanation of the two risk measures please refer to page 8 of this report.
Short-term risk Long-term risk
Medium Medium
Medium
Low to Medium Low to to
Low Medium
Medium Low to
Medium to High Medium
Medium to to
High
High Medium
Low High Low
Low High
High Low
Very Very Very
Very Very
Very Very
Low High Low
Low High
High Low
Short-term risk 17TRUSTEE REPORT 2017
WHO MANAGES Your Fund is run by the Trustee company called Holden Employees
Superannuation Fund Pty Ltd ABN 26 065 656 948. The Trustee manages
Fund Advisers
The Trustee is assisted by the following advisers:
YOUR FUND? the Fund according to the Fund’s Trust Deed and superannuation laws.
Actuary
Trustee insurance protection Mercer Consulting (Australia) Pty Ltd
The Fund pays for insurance to protect the Trustee, its Directors and
your Fund against claims against it. The Directors are not insured for Administrator and Consultants
liability arising from dishonest, wilful or reckless acts. Mercer Outsourcing (Australia) Pty Ltd
Auditor
Trustee Board
PricewaterhouseCoopers
As at 30 June 2017, the Directors of the Trustee Company were:
Insurer
Nominated by FVIU CommInsure
• Heinz Joham – Elizabeth, South Australia
Investment Manager
• Scott Gibbins – Port Melbourne, Victoria
Russell Investment Management Ltd
• Alex Kyriakopoulos – Elizabeth, South Australia
Investment Consultant
Effective 3 July 2017, Heinz Joham resigned from the Trustee Board. Chant West
Gary Hale was subsequently appointed as his replacement, effective
26 September 2017. Solicitor
Maddocks
Nominated by GM Holden Ltd
Internal Auditor/Risk Management Consultant
• Kristen Hooke (Chair) – Port Melbourne, Victoria
Compliance & Risk Services Pty Limited
• Alex Menta – Port Melbourne, Victoria
• Chris Meallin – Port Melbourne, Victoria Who manages the investments?
During the year, the assets of the Defined Benefit Section and the
Independent appointed by the Trustee Board High Growth, Balanced, Cautious, Conservative and Cash options were
• Kevin Kelly invested in the Russell Pooled Superannuation Trust.
This Trust, through its underlying funds managed by Russell Investment
Management Ltd, provides access to some of the leading asset class
specialist investment managers in the world.
The Fund invests in the Russell Pooled Superannuation Trust and not
with the individual investment managers selected by Russell Investment
Management Ltd.
18TRUSTEE REPORT 2017
FINANCIAL Changes in net assets
for the year ended June
2017
$
2016
$
Net assets at 30 June 2017
$
2016
$
SUMMARY Net Assets at beginning of the year 690,381,221 713,424,714 Investments
Investment Earnings Cash at Bank 3,772,693 2,344,858
This is a summary of the Fund’s audited
accounts for the year ended 30 June 2017. Change in Net Market Value of Investments 39,518,196 22,644,998 Pooled Superannuation Trusts 582,626,536 686,798,150
Investment Income 126,547 125,704 Other Assets
You can request a copy of the audited
accounts and auditor’s report from the Management fee rebates 1,275,241 1,373,762 Contributions Receivable 796,116 2,947,463
Fund Secretary. Contributions Deferred tax asset 16,804 19,586
Member contributions
Prepayments 42,115 870,199
Member Basic Contributions 848,868 1,093,772
Total Assets 587,254,264 693,014,592
Voluntary Additional Contributions 529,705 1,050,948
Less Liabilities
Government Co-contributions 5,128 11,848
Benefits payable 104,340 738,535
Employer contributions
Creditors and Accrued Expenses 158,858 302,047
Employer
15,368,735 21,914,480
(including Salary Sacrifice Member Basic) Current Tax Liability 560,347 1,169,271
Salary Sacrifice - Voluntary Contributions 2,568,546 2,747,096 Deferred Tax Liability 104,183 423,518
Supplementary contributions 4,397,133 5,068,762 Total Liabilities 927,728 2,633,371
Other Income Net Assets 586,326,536 690,381,221
Member Transfers In 720,938 661,284 Available to pay members' benefits 584,350,091 688,433,004
Insurance Proceeds 690,077 1,662,648 Operational Risk Reserve 1,976,445 1,948,217
Sundry 3,688 22,796
Total Income 66,052,802 58,378,098
Less Outgoings
Benefit Payments 164,151,879 74,528,114
General Administration Expenses 2,229,504 2,144,815
Insurance Premiums 825,737 732,768
Income Tax Expense 2,900,367 4,015,894
Total Outgoings 170,107,487 81,421,591
Equals
Net Assets at end of year 586,326,536 690,381,221
19TRUSTEE REPORT 2017
FINANCIAL Operational Risk Reserve
As required by superannuation law, the Trustee has funded an Operational The deductions from the unit prices and crediting rates ceased at
SUMMARY (cont) Risk Reserve (‘ORR’) within the Fund to provide protection against losses
resulting from operational risks within the Fund’s business operations.
31 October 2015.
The movements of the ORR over the last 3 years are as follows:
The Fund’s target ORR was set at 0.28% of net assets. Funding of it
• ORR as at 30 June 2015 $1,679,522
commenced from 1 July 2013 and was met by 31 October 2015.
It was done through a combination of: • ORR as at 30 June 2016 $1,948,217
• ORR as at 30 June 2017 $1,976,445
• amounts deducted from the unit prices of the Fund’s investment options
before daily unit prices are calculated and investment earnings allocated Since its inception, the assets supporting the ORR have been invested in
to member’s accounts in the Accumulation and Retained Benefit the same way as the Fund’s Cash investment option. Details regarding the
Sections; and Cash investment option are set out on page 17.
• amounts deducted from the monthly Crediting Rates before they are
calculated and applied to Member Basic Accounts.
20TRUSTEE REPORT 2017
ADDITIONAL If you have a query
Most queries can be sorted out over the phone, but if we are unable to
Surcharge
For some higher income earners and members who had not supplied
INFORMATION help you immediately, you may be asked to put your question in writing. their TFN, there has been an additional tax known as the surcharge
on certain contributions and some termination payments made by
If you are not satisfied with the response, you should write to the Fund
your employer.
Secretary, who will pass on your complaint to the Trustee. You can
expect a decision within 90 days. The surcharge ceased at 30 June 2005. Although the surcharge has been
removed in respect of future contributions, it will apply in respect of the
The Trustee always seeks to resolve any complaints to the satisfaction
period up to 30 June 2005.
of all concerned and in the best interests of all members of the Fund.
However, if you have followed the steps outlined above and are not This means that the ATO will continue to issue surcharge assessments
satisfied with the outcome or do not receive a response within 90 days, in respect of contributions and termination payments made before
you may be able to take the matter to the Superannuation Complaints 1 July 2005.
Tribunal (SCT). The SCT is an independent body that aims to resolve If the Fund is required to pay surcharge tax in respect of you, the tax
certain types of superannuation disputes. Any complaints must be payable is deducted from your benefit in the Fund.
lodged with the SCT within certain time limits.
If you roll over benefits into the Fund from another super fund, any
For more information about requirements and time limits, you can liability to pay the surcharge for contributions made to that fund that
contact the SCT via its online complaint service at www.sct.gov.au has not been paid may be transferred to the Fund.
or call the SCT on 1300 884 114. If the SCT accepts your complaint,
it will try and help you and the Fund reach a mutual agreement through If we receive a surcharge assessment after you have left the Fund, we
conciliation. If conciliation is unsuccessful, the complaint may be referred will return it to the ATO. The ATO will either forward it to the fund to
to the SCT for a determination that is binding. whom your benefit was paid to or to you if your benefit was paid direct
to you.
Like to know more?
There are Member Guides available on the Fund website containing
Special tax treatment
information about your benefits and the rules governing the Fund. Super can be one of the most effective ways to save because it is
You also receive an annual Benefit Statement containing important taxed at a lower rate than many other forms of income. To get this
personal information about your benefits in the Fund. tax advantage, your Fund must operate according to a strict set of laws.
To show that your Fund has followed these laws, the Trustee lodges
Other documents relating to the Fund that are available for you to look
a return each year with the Australian Prudential Regulation Authority.
at are the:
The Trustee is unaware of any event that occurred during the year that
• Trust Deed,
would affect this special tax treatment.
• latest audited accounts and auditor’s report, and
The Fund is a regulated complying superannuation fund for the purposes
• Privacy Policy. of government legislation. No penalties were imposed on the Trustee
If you have a question about your benefits in the Fund, please contact under section 38A of the Superannuation Industry (Supervision) Act 1993
the Fund Administrator. Please note that none of the Trustee Directors, during the year.
the Fund Secretary or the Fund Administrator are able to give any
personal financial advice relating to your own circumstances.
21TRUSTEE REPORT 2017
WHAT TO DO If you are about to leave your employer make sure you respond
promptly to letters from the Trustee about your benefit payment.
Should you wish to know more about the AMP Eligible Rollover Fund,
contact an AMP Customer Service Officer on 1300 300 288 for a copy
WHEN YOU LEAVE If your benefit is more than $1,000 and you are under age 65, and you
do not respond to the Trustee within 90 days of being notified of your
of their Product Disclosure Statement or go to amp.com.au.
If you have reached age 65 and have not told the Fund how and where
YOUR EMPLOYER benefit entitlement on ceasing employment with GM Holden, your benefit to pay your benefit, and you cannot be contacted, then your benefit will
will be automatically transferred to the Fund’s Retained Benefit Section. be considered to be unclaimed money. It will then be placed with the
If your benefit is less than $1,000 and you are under age 65, and you ATO. You will then need to contact the ATO to find out how to claim
do not respond to the Trustee within 90 days of being notified of your your benefit. In the past, unclaimed money was sometimes put to State
benefit entitlement on ceasing employment with GM Holden, your benefit or Territory unclaimed money authorities.
will be transferred to an Eligible Rollover Fund (ERF). Upon transfer,
Continuing your insurance
you will no longer be a member or have any rights under the Holden
Employees Superannuation Fund. The ERF used by the Fund is AMP The Fund’s insurance policy provides a continuation option for death
Eligible Rollover Fund. Set out below is a summary of some of the cover, which you may exercise if you are eligible (there are certain
significant features of the AMP Eligible Rollover Fund, current at the conditions that apply). This allows you to apply for a replacement
date of this Trustee report: individual insurance policy with the insurer within 60 days after your
cover under the Fund’s insurance policy ceases without the requirement
• The assets of the AMP Eligible Rollover Fund are invested in a to provide satisfactory evidence of good health.
capital guaranteed life insurance policy (Policy) issued to AMP
Superannuation Limited (ASL). The Policy is a ‘participating policy’ Cover under the continuation option is generally available up to the
in AMP Life’s No. 1 Statutory Fund (AMP No 1 Fund). There is no insured amount at the date your cover under the Fund’s policy ceases.
investment choice available to members within the AMP Eligible The cost of continuing your cover outside the Fund will be based on
Rollover Fund. the insurer’s prevailing individual policy premium rates, terms and
conditions. You will need to pay the premium for any individual policy
• The investment return (crediting rate) will not be negative.
you take out under the continuation option. For more information,
• The investment strategy for the AMP Eligible Rollover Fund is to invest refer to the Information Sheet “Insurance arrangements and options
in a core portfolio of cash and fixed interest, with limited exposure to when you leave employment” on the Documents & forms page of the
equities and alternative investments. Fund website.
• AMP Life declares multi-tiered crediting rates of investment earnings When you leave employment, you should call the Fund Helpline on
(interest) with respect to the Policy. The amount to be credited to a 1800 700 995 for more information about continuing your insurance.
member’s account is calculated based on a member’s daily balance
and credited annually (or on withdrawal).
• There are no fees charged directly to a member’s account by ASL.
Administration and investment fees as well as taxes (including
earnings tax) are deducted by AMP Life before declaring any interest
to be credited under the Policy.
• The AMP Eligible Rollover Fund is unable to accept contributions
from members or their employers, however rollovers from other
superannuation funds are permitted.
• The AMP Eligible Rollover Fund does not provide insurance cover.
• The AMP Eligible Rollover Fund undertakes many activities to assist in
locating any lost super you may have so you can consolidate all your
accounts (including your AMP Eligible Rollover Fund account) into
your active super account.
22TRUSTEE REPORT 2017
WHO TO CONTACT
Log onto
the Fund’s website
www.holdensuper.com.au
Call
Fund Helpline
1800 700 995
Email
Fund Administrator at
holden@mercer.com
Write to the Fund Administrator
Holden Employees Superannuation Fund
c/o Mercer Outsourcing (Australia) Pty Ltd
GPO Box 4303
Melbourne Vic 3001
Write to the Fund Secretary
Holden Employees Superannuation Fund
GPO Box 9946
Melbourne Vic 3001
23
23Disclaimer This annual report has been prepared by the Trustee to meet its legislative obligations under the Corporations Act 2001 and the Corporations Regulations 2001. The information contained in this annual report does not take account of the specific needs, personal or financial circumstances of any persons. Members should obtain specialist advice from a licensed financial adviser before making any decisions regarding their own superannuation arrangements or investments. The terms of your membership in the Fund are set out in the Fund’s Trust Deed, and should there be any inconsistency between this annual report and the Fund’s Trust Deed, the terms of the Fund’s Trust Deed prevail. While all due care has been taken in the preparation of this report, the Trustee reserves its right to correct any errors and omissions. All statements of law or matters affecting superannuation policy are current as at date of issue. This document contains general information about investments and investment performance. Please remember that past performance is not necessarily a guide to future performance. 24
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